Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

March 31, 2006, 2005 and 2004

FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19

MARCH 31, 2006 AND 2005

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

March 31, 2006, 2005 and 2004

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
BALANCE SHEETS		F-5
STATEMENTS OF OPERATIONS		F-11
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)		F-17
STATEMENTS OF CASH FLOWS		F-23
NOTES TO FINANCIAL STATEMENTS		F-29
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION		F-71
NOTES TO SCHEDULE III

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners Boston Capital Tax Credit Fund III L.P.

     We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19, in total and for each series, as of March 31, 2006 and 2005, and the related statements of operations, changes in partners’ capital and cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 2006. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $1,411,770 and $4,977,942 of the total partnership assets as of March 31, 2006 and 2005, respectively, and $(1,029,722), $(1,183,870) and $(4,823,952), of the total partnership loss for the years ended March 31, 2006, 2005 and 2004, respectively; of the assets for Series 15 as of March 31, 2006 and 2005, $470,219 and $1,117,044, respectively, and of the loss for Series 15 for the years ended March 31, 2006, 2005 and 2004, $(371,366), $(342,864) and $(375,084), respectively; of the assets for Series 16 as of March 31, 2006 and 2005, $0 and $0, respectively, and of the loss for Series 16 for the years ended March 31, 2006, 2005 and 2004, $0, $(255,186) and $(1,419,520), respectively; of the assets for Series 17 as of March 31, 2006 and 2005, $468,682 and $1,406,061, respectively, and of the loss for Series 17 for the years ended March 31, 2006, 2005 and 2004, $(350,453), $(271,167) and $(818,796), respectively; of the assets for Series 18 as of March 31, 2006 and 2005, $143,473 and $0, respectively, and of the loss for Series 18 for the years ended March 31, 2006, 2005 and 2004, $(120,686), $(187,413) and $(1,260,419), respectively; and of the assets for Series 19 as of March 31, 2006 and 2005, $329,396 and $2,454,837, respectively, and of the loss for Series 19 for the years ended March 31, 2006, 2005 and 2004, $(187,217), $(127,240) and $(950,133), respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal controls over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence

F-3

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.

     In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund III L.P. — Series 15 through Series 19, in total and for each series, as of March 31, 2006 and 2005, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 2006, in conformity with accounting principles generally accepted in the United States of America.

     Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 15 (a) in the index are presented for the purpose of complying with the Securities and Exchange Commission’s rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audit and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.

/s/Reznick Group, P.C.

Bethesda, Maryland
November 30, 2006

F-4

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS

March 31, 2006 and 2005

	Total
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	7,337,365		$	21,243,365
OTHER ASSETS
Cash and cash equivalents		3,292,462			3,776,197
Notes receivable		—			201,109
Deferred acquisition costs, net of accumulated amortization		861,443			913,828
Other assets		78,475			1,455,952
	$	11,569,745		$	27,590,451
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	41,411		$	1,145
Accounts payable — affiliates		23,452,067			21,838,219
Capital contributions payable		162,519			163,019
		23,655,997			22,002,383
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 21,996,102 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and outstanding at March 31, 2006 and 2005		(10,077,051	)		7,420,525
General partner		(2,009,201	)		(1,832,457	)
		(12,086,252	)		5,588,068
	$	11,569,745		$	27,590,451

(continued)

F-5

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS — CONTINUED

March 31, 2006 and 2005

	Series 15
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	594,892		$	1,479,898
OTHER ASSETS
Cash and cash equivalents		1,262,471			1,637,682
Notes receivable		—			—
Deferred acquisition costs, net of accumulated amortization		126,263			133,915
Other assets		27,002			21,368
	$	2,010,628		$	3,272,863
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,145		$	1,145
Accounts payable — affiliates		5,602,855			5,500,694
Capital contributions payable		4,208			4,208
		5,608,208			5,506,047
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,870,500 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued and outstanding at March 31, 2006 and 2005		(3,230,009	)		(1,879,257	)
General partner		(367,571	)		(353,927	)
		(3,597,580	)		(2,233,184	)
	$	2,010,628		$	3,272,863

(continued)

F-6

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS — CONTINUED

March 31, 2006 and 2005

	Series 16
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,974,221		$	4,684,946
OTHER ASSETS
Cash and cash equivalents		572,534			386,390
Notes receivable		—			—
Deferred acquisition costs, net of accumulated amortization		174,902			185,502
Other assets		—			110,860
	$	2,721,657		$	5,367,698
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	40,266		$	—
Accounts payable — affiliates		6,270,924			5,678,945
Capital contributions payable		71,862			72,362
		6,383,052			5,751,307
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,429,402 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and outstanding at March 31, 2006 and 2005		(3,158,172	)		86,836
General partner		(503,223	)		(470,445	)
		(3,661,395	)		(383,609	)
	$	2,721,657		$	5,367,698

(continued)

F-7

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS — CONTINUED

March 31, 2006 and 2005

	Series 17
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,915,188		$	4,891,801
OTHER ASSETS
Cash and cash equivalents		1,238,050			1,549,157
Notes receivable		—			201,109
Deferred acquisition costs, net of accumulated amortization		180,996			192,310
Other assets		46,473			1,233,966
	$	3,380,707		$	8,068,343
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		6,120,716			5,946,771
Capital contributions payable		67,895			67,895
		6,188,611			6,014,666
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,000,000 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued and outstanding at March 31, 2006 and 2005		(2,350,393	)		2,462,572
General partner		(457,511	)		(408,895	)
		(2,807,904	)		2,053,677
	$	3,380,707		$	8,068,343

(continued)

F-8

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS — CONTINUED

March 31, 2006 and 2005

	Series 18
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	726,046		$	1,935,611
OTHER ASSETS
Cash and cash equivalents		72,064			71,958
Notes receivable		—			—
Deferred acquisition costs, net of accumulated amortization		138,449			146,843
Other assets		5,000			88,604
	$	941,559		$	2,243,016
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		3,591,559			3,182,144
Capital contributions payable		18,554			18,554
		3,610,113			3,200,698
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,616,200 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2006 and 2005		(2,331,641	)		(637,878	)
General partner		(336,913	)		(319,804	)
		(2,668,554	)		(957,682	)
	$	941,559		$	2,243,016

(continued)

F-9

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

BALANCE SHEETS — CONTINUED

March 31, 2006 and 2005

	Series 19
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,127,018		$	8,251,109
OTHER ASSETS
Cash and cash equivalents		147,343			131,010
Notes receivable		—			—
Deferred acquisition costs, net of accumulated amortization		240,833			255,258
Other assets		—			1,154
	$	2,515,194		$	8,638,531
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		1,866,013			1,529,665
Capital contributions payable		—			—
		1,866,013			1,529,665
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 4,080,000 issued to the assignees at March 31, 2006 and 2005		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2006 and 2005		993,164			7,388,252
General partner		(343,983	)		(279,386	)
		649,181			7,108,866
	$	2,515,194		$	8,638,531

See notes to financial statements

F-10

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS

Years ended March 31, 2006, 2005 and 2004

	Total
	2006			2005			2004
Income
Interest income	$	17,903		$	9,210		$	12,206
Other income		32,509			15,730			17,897
Total income		50,412			24,940			30,103
Share of losses from operating limited partnerships		(3,518,129	)		(12,401,037	)		(9,459,170	)
Expenses
Professional fees		292,370			210,010			219,655
Partnership management fee		2,098,275			1,666,693			2,202,369
Amortization		52,384			354,082			68,754
Impairment loss		11,603,236			18,797,540			1,136,378
General and administrative expenses		160,338			146,436			191,263
		14,206,603			21,174,761			3,818,419
NET LOSS	$	(17,674,320	)	$	(33,550,858	)	$	(13,247,486	)
Net loss allocated to general partner	$	(176,744	)	$	(335,508	)	$	(132,474	)
Net loss allocated to assignees	$	(17,497,576	)	$	(33,215,350	)	$	(13,115,012	)
Net loss per BAC	$	(0.80	)	$	(1.51	)	$	(0.60	)

(continued)

F-11

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 15
	2006			2005			2004
Income
Interest income	$	6,699		$	2,762		$	3,752
Other income		175			6,415			3,055
Total income		6,874			9,177			6,807
Share of losses from operating limited partnerships		(301,091	)		(3,263,652	)		(1,044,879	)
Expenses
Professional fees		63,873			45,203			48,823
Partnership management fee		427,061			186,914			462,499
Amortization		7,652			60,550			10,511
Impairment loss		540,269			1,542,187			—
General and administrative expenses		31,324			29,575			44,282
		1,070,179			1,864,429			566,115
NET LOSS	$	(1,364,396	)	$	(5,118,904	)	$	(1,604,187	)
Net loss allocated to general partner	$	(13,644	)	$	(51,189	)	$	(16,042	)
Net loss allocated to assignees	$	(1,350,752	)	$	(5,067,715	)	$	(1,588,145	)
Net loss per BAC	$	(0.35	)	$	(1.32	)	$	(0.41	)

(continued)

F-12

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 16
	2006			2005			2004
Income
Interest income	$	3,019		$	2,507		$	2,995
Other income		2,637			2,253			4,610
Total income		5,656			4,760			7,605
Share of losses from operating limited partnerships		(302,965	)		(1,548,383	)		(2,471,947	)
Expenses
Professional fees		65,259			44,700			44,282
Partnership management fee		550,166			593,725			598,700
Amortization		10,600			126,268			16,851
Impairment loss		2,317,370			5,216,286			310,154
General and administrative expenses		37,082			33,026			45,110
		2,980,477			6,014,005			1,015,097
NET LOSS	$	(3,277,786	)	$	(7,557,628	)	$	(3,479,439	)
Net loss allocated to general partner	$	(32,778	)	$	(75,576	)	$	(34,794	)
Net loss allocated to assignees	$	(3,245,008	)	$	(7,482,052	)	$	(3,444,645	)
Net loss per BAC	$	(0.60	)	$	(1.38	)	$	(0.63	)

(continued)

F-13

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 17
	2006			2005			2004
Income
Interest income	$	6,253		$	2,506		$	3,317
Other income		5,839			1,210			5,384
Total income		12,092			3,716			8,701
Share of losses from operating limited partnerships		(696,243	)		(3,737,706	)		(2,291,175	)
Expenses
Professional fees		55,452			40,377			41,377
Partnership management fee		456,419			199,263			478,680
Amortization		11,312			87,588			15,550
Impairment loss		3,620,144			3,301,027			87,340
General and administrative expenses		34,103			31,089			45,423
		4,177,430			3,659,344			668,370
NET LOSS	$	(4,861,581	)	$	(7,393,334	)	$	(2,950,844	)
Net loss allocated to general partner	$	(48,616	)	$	(73,933	)	$	(29,508	)
Net loss allocated to assignees	$	(4,812,965	)	$	(7,319,401	)	$	(2,921,336	)
Net loss per BAC	$	(0.96	)	$	(1.46	)	$	(0.58	)

(continued)

F-14

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 18
	2006			2005			2004
Income
Interest income	$	689		$	533		$	894
Other income		10,855			352			2,448
Total income		11,544			885			3,342
Share of losses from operating limited partnerships		(543,556	)		(1,905,671	)		(1,890,630	)
Expenses
Professional fees		41,803			48,159			50,624
Partnership management fee		354,643			358,581			323,356
Amortization		8,391			65,247			11,414
Impairment loss		747,347			3,936,899			584,884
General and administrative expenses		26,676			26,026			28,277
		1,178,860			4,434,912			998,555
NET LOSS	$	(1,710,872	)	$	(6,339,698	)	$	(2,885,843	)
Net loss allocated to general partner	$	(17,109	)	$	(63,397	)	$	(28,858	)
Net loss allocated to assignees	$	(1,693,763	)	$	(6,276,301	)	$	(2,856,985	)
Net loss per BAC	$	(0.47	)	$	(1.74	)	$	(0.79	)

(continued)

F-15

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 19
	2006			2005			2004
Income
Interest income	$	1,243		$	902		$	1,248
Other income		13,003			5,500			2,400
Total income		14,246			6,402			3,648
Share of losses from operating limited partnerships		(1,674,274	)		(1,945,625	)		(1,760,539	)
Expenses
Professional fees		65,983			31,571			34,549
Partnership management fee		309,986			328,210			339,134
Amortization		14,429			14,429			14,428
Impairment loss		4,378,106			4,801,141			154,000
General and administrative expenses		31,153			26,720			28,171
		4,799,657			5,202,071			570,282
NET LOSS	$	(6,459,685	)	$	(7,141,294	)	$	(2,327,173	)
Net loss allocated to general partner	$	(64,597	)	$	(71,413	)	$	(23,272	)
Net loss allocated to assignees	$	(6,395,088	)	$	(7,069,881	)	$	(2,303,901	)
Net loss per BAC	$	(1.57	)	$	(1.73	)	$	(0.56	)

See notes to financial statements

F-16

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2006, 2005 and 2004

				General
Total	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	53,883,221		$	(1,364,475	)	$	52,518,746
Net loss		(13,115,012	)		(132,474	)		(13,247,486	)
Partners’ capital (deficit), March 31, 2004		40,768,209			(1,496,949	)		39,271,260
Distributions to partners		(132,334	)		—			(132,334	)
		(33,215,350	)		(335,508	)		(33,550,858	)
Partners’ capital (deficit), March 31, 2005		7,420,525			(1,832,457	)		5,588,068
Net loss		(17,497,576	)		(176,744	)		(17,674,320	)
Partners’ capital (deficit), March 31, 2006	$	(10,077,051	)	$	(2,009,201	)	$	(12,086,252	)

(continued)

F-17

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Years ended March 31, 2006, 2005 and 2004

				General
Series 15	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	4,884,170		$	(286,696	)	$	4,597,474
Net loss		(1,588,145	)		(16,042	)		(1,604,187	)
Partners’ capital (deficit), March 31, 2004		3,296,025			(302,738	)		2,993,287
Distributions to partners		(107,567	)		—			(107,567	)
		(5,067,715	)		(51,189	)		(5,118,904	)
Partners’ capital (deficit), March 31, 2005		(1,879,257	)		(353,927	)		(2,233,184	)
Net loss		(1,350,752	)		(13,644	)		(1,364,396	)
Partners’ capital (deficit), March 31, 2006	$	(3,230,009	)	$	(367,571	)	$	(3,597,580	)

(continued)

F-18

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Years ended March 31, 2006, 2005 and 2004

				General
Series 16	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	11,013,533		$	(360,075	)	$	10,653,458
Net loss		(3,444,645	)		(34,794	)		(3,479,439	)
Partners’ capital (deficit), March 31, 2004		7,568,888			(394,869	)		7,174,019
Distributions to partners		—			—			—
		(7,482,052	)		(75,576	)		(7,557,628	)
Partners’ capital (deficit), March 31, 2005		86,836			(470,445	)		(383,609	)
Net loss		(3,245,008	)		(32,778	)		(3,277,786	)
Partners’ capital (deficit), March 31, 2006	$	(3,158,172	)	$	(503,223	)	$	(3,661,395	)

(continued)

F-19

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Years ended March 31, 2006, 2005 and 2004

				General
Series 17	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	12,728,076		$	(305,454	)	$	12,422,622
Net loss		(2,921,336	)		(29,508	)		(2,950,844	)
Partners’ capital (deficit), March 31, 2004		9,806,740			(334,962	)		9,471,778
Distributions to partners		(24,767	)		—			(24,767	)
		(7,319,401	)		(73,933	)		(7,393,334	)
Partners’ capital (deficit), March 31, 2005		2,462,572			(408,895	)		2,053,677
Net loss		(4,812,965	)		(48,616	)		(4,861,581	)
Partners’ capital (deficit), March 31, 2006	$	(2,350,393	)	$	(457,511	)	$	(2,807,904	)

(continued)

F-20

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Years ended March 31, 2006, 2005 and 2004

				General
Series 18	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	8,495,408		$	(227,549	)	$	8,267,859
Net loss		(2,856,985	)		(28,858	)		(2,885,843	)
Partners’ capital (deficit), March 31, 2004		5,638,423			(256,407	)		5,382,016
Distributions to partners		—			—			—
		(6,276,301	)		(63,397	)		(6,339,698	)
Partners’ capital (deficit), March 31, 2005		(637,878	)		(319,804	)		(957,682	)
Net loss		(1,693,763	)		(17,109	)		(1,710,872	)
Partners’ capital (deficit), March 31, 2006	$	(2,331,641	)	$	(336,913	)	$	(2,668,554	)

(continued)

F-21

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Years ended March 31, 2006, 2005 and 2004

				General
Series 19	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2003	$	16,762,034		$	(184,701	)	$	16,577,333
Net loss		(2,303,901	)		(23,272	)		(2,327,173	)
Partners’ capital (deficit), March 31, 2004		14,458,133			(207,973	)		14,250,160
Distributions to partners		—			—			—
		(7,069,881	)		(71,413	)		(7,141,294	)
Partners’ capital (deficit), March 31, 2005		7,388,252			(279,386	)		7,108,866
Net loss		(6,395,088	)		(64,597	)		(6,459,685	)
Partners’ capital (deficit), March 31, 2006	$	993,164		$	(343,983	)	$	649,181

See notes to financial statements

F-22

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS

Years ended March 31, 2006, 2005 and 2004

	Total
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(17,674,320	)	$	(33,550,858	)	$	(13,247,486	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		3,518,129			12,401,037			9,459,170
Distributions received from operating limited partnerships		82,150			43,280			169,226
Impairment loss		11,603,236			18,797,540			1,136,378
Amortization		52,384			354,082			68,754
Changes in assets and liabilities
Other assets		85,044			—			—
Accounts payable and accrued expenses		40,266			—			(7,500	)
Accounts payable — affiliates		1,656,375			2,517,620			1,258,295
Net cash provided by (used in) operating activities		(636,736	)		562,701			(1,163,163	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(500	)		(37,498	)		(1,500	)
(Advance)/repayments (to)/from operating limited partnerships		—			96,741			1,081,417
Proceeds from disposition of operating limited partnerships		153,501			2,124,534			168,143
Net cash provided by (used in) investing activities		153,001			2,183,777			1,248,060
Cash flows from financing activities
Distributions to partners		—			(132,334	)		—
		—			(132,334	)		—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(483,735	)		2,614,144			84,897
Cash and cash equivalents, beginning		3,776,197			1,162,053			1,077,156
Cash and cash equivalents, end	$	3,292,462		$	3,776,197		$	1,162,053

(continued)

F-23

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 15
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(1,364,396	)	$	(5,118,904	)	$	(1,604,187	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		301,091			3,263,652			1,044,879
Distributions received from operating limited partnerships		—			253			—
Impairment loss		540,269			1,542,187			—
Amortization		7,652			60,550			10,511
Changes in assets and liabilities
Other assets		(20,635	)		—			—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		124,513			478,228			(17,105	)
Net cash provided by (used in) operating activities		(411,506	)		225,966			(565,902	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			(11,998	)		—
(Advance)/repayments (to)/from operating limited partnerships		—			78,284			508,254
Proceeds from disposition of operating limited partnerships		36,295			1,106,404			136,352
Net cash provided by (used in) investing activities		36,295			1,172,690			644,606
Cash flows from financing activities
Distributions to partners		—			(107,567	)		—
		—			(107,567	)		—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(375,211	)		1,291,089			78,704
Cash and cash equivalents, beginning		1,637,682			346,593			267,889
Cash and cash equivalents, end	$	1,262,471		$	1,637,682		$	346,593

(continued)

F-24

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 16
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(3,277,786	)	$	(7,557,628	)	$	(3,479,439	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		302,965			1,548,383			2,471,947
Distributions received from operating limited partnerships		5,850			52,769			46,358
Impairment loss		2,317,370			5,216,286			310,154
Amortization		10,600			126,268			16,851
Changes in assets and liabilities
Other assets		110,860			—			—
Accounts payable and accrued expenses		40,266			—			—
Accounts payable — affiliates		591,979			691,979			591,980
Net cash provided by (used in) operating activities		102,104			78,057			(42,149	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(500	)		(1,500	)		(1,500	)
(Advance)/repayments (to)/from operating limited partnerships		—			—			—
Proceeds from disposition of operating limited partnerships		84,540			—			—
Net cash provided by (used in) investing activities		84,040			(1,500	)		(1,500	)
Cash flows from financing activities
Distributions to partners		—			—			—
		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		186,144			76,557			(43,649	)
Cash and cash equivalents, beginning		386,390			309,833			353,482
Cash and cash equivalents, end	$	572,534		$	386,390		$	309,833

(continued)

F-25

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 17
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(4,861,581	)	$	(7,393,334	)	$	(2,950,844	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		696,243			3,737,706			2,291,175
Distributions received from operating limited partnerships		1,170			10,857			5,736
Impairment loss		3,620,144			3,301,027			87,340
Amortization		11,312			87,588			15,550
Changes in assets and liabilities
Other assets		(5,181	)		—			—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		194,120			493,650			(9,875	)
Net cash provided by (used in) operating activities		(343,773	)		237,494			(560,918	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			—			—
(Advance)/repayments (to)/from operating limited partnerships		—			75,000			573,163
Proceeds from disposition of operating limited partnerships		32,666			1,018,130			31,791
Net cash provided by (used in) investing activities		32,666			1,093,130			604,954
Cash flows from financing activities
Distributions to partners		—			(24,767	)		—
		—			(24,767	)		—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(311,107	)		1,305,857			44,036
Cash and cash equivalents, beginning		1,549,157			243,300			199,264
Cash and cash equivalents, end	$	1,238,050		$	1,549,157		$	243,300

(continued)

F-26

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 18
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(1,710,872	)	$	(6,339,698	)	$	(2,885,843	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		543,556			1,905,671			1,890,630
Distributions received from (refunded to) operating limited partnerships		2,269			(20,664	)		45,965
Impairment loss		747,347			3,936,899			584,884
Amortization		8,391			65,247			11,414
Changes in assets and liabilities
Other assets		—			—			—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		409,415			442,415			381,948
Net cash provided by (used in) operating activities		106			(10,130	)		28,998
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			—			—
(Advance)/repayments (to)/from operating limited partnerships		—			(56,543	)		—
Proceeds from disposition of operating limited partnerships		—			—			—
Net cash provided by (used in) investing activities		—			(56,543	)		—
Cash flows from financing activities
Distributions to partners		—			—			—
		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		106			(66,673	)		28,998
Cash and cash equivalents, beginning		71,958			138,631			109,633
Cash and cash equivalents, end	$	72,064		$	71,958		$	138,631

(continued)

F-27

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

STATEMENTS OF CASH FLOWS — CONTINUED

Years ended March 31, 2006, 2005 and 2004

	Series 19
	2006			2005			2004
Cash flows from operating activities
Net loss	$	(6,459,685	)	$	(7,141,294	)	$	(2,327,173	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		1,674,274			1,945,625			1,760,539
Distributions received from operating limited partnerships		72,861			65			71,167
Impairment loss		4,378,106			4,801,141			154,000
Amortization		14,429			14,429			14,428
Changes in assets and liabilities
Other assets
Accounts payable and accrued expenses		—			—			(7,500	)
Accounts payable — affiliates		336,348			411,348			311,347
Net cash provided by (used in) operating activities		16,333			31,314			(23,192	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			(24,000	)		—
(Advance)/repayments (to)/from operating limited partnerships		—			—			—
Proceeds from disposition of operating limited partnerships		—			—			—
Net cash provided by (used in) investing activities		—			(24,000	)		—
Cash flows from financing activities
Distributions to partners		—			—			—
		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,333			7,314			(23,192	)
Cash and cash equivalents, beginning		131,010			123,696			146,888
Cash and cash equivalents, end	$	147,343		$	131,010		$	123,696

(continued)

F-28

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund III L.P. (the “partnership” or “fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).

Pursuant to the Securities Act of 1933, the fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992, which covered the offering (the “Public Offering”) of the fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The fund originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.

The BACs issued and outstanding in each series at March 31, 2006 and 2005 are as follows:

Series 15	3,870,500
Series 16	5,429,402
Series 17	5,000,000
Series 18	3,616,200
Series 19	4,080,000
Total	21,996,102

In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

F-29

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The fund accounts for its investments in operating limited partnerships using the equity method, whereby the fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the fund recognizes the individual operating limited partnership’s losses only to the extent that the fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

Under Emerging Issues Task Force (EITF) 98-13, after the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2006		2005
Series 15	$	159,007	$	144,006
Series 16		8,018		8,018
Series 17		74,109		66,212
Series 18		57,536		57,123
Series 19		1,154		—
	$	299,824	$	275,359

A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. In addition, deferred acquisition costs related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero. Accordingly, the partnership recorded an impairment loss of $11,603,236, $18,797,540 and $1,136,378 during the years ended March 31, 2006, 2005 and 2004, respectively.

F-30

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year-end. The fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.

The fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund. These differences are shown as reconciling items in note C.

As of March 31, 2004, the partnership adopted FASB Interpretation No. 46 — Revised (“FIN 46R”), “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 residual returns, or both.

F-31

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

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.

Deferred Acquisition Costs

Acquisition costs were deferred until March 31, 1995. As of April 1, 1995, the fund reallocated certain acquisition costs, common to all Series, based on a percentage of equity raised to each Series. Acquisition costs are being amortized on the straight-line method starting April 1, 1995, over 27.5 years (330 months).

Accumulated amortization as of March 31, 2006 and 2005 is as follows:

	2006		2005
Series 15	$	162,907	$	155,255
Series 16		288,529		277,929
Series 17		246,753		235,440
Series 18		176,488		168,097
Series 19		157,219		142,791
	$	1,031,896	$	979,512

F-32

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Deferred Acquisition Costs (Continued)

The amortization of the deferred acquisition costs for each of the ensuing 5 years through March 31, 2011 is estimated to be $52,384 per year.

Selling Commissions and Registration Costs

Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees’ capital as incurred.

Income Taxes

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.

Cash Equivalents

Cash equivalents include repurchase agreements and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments.

During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.

F-33

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year-end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Net Income (Loss) per Beneficial Assignee Certificate

Net income (loss) per beneficial assignee partnership unit is calculated based upon the number of units outstanding during the year. The number of units in each series at March 31, 2006, 2005 and 2004 are as follows:

Series 15	3,870,500
Series 16	5,429,402
Series 17	5,000,000
Series 18	3,616,200
Series 19	4,080,000
	21,996,102

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

F-34

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE B — RELATED PARTY TRANSACTIONS

During the years ended March 31, 2006, 2005 and 2004, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The fee is payable without interest as sufficient funds became available from sales or refinancing proceeds from operating limited partnerships. The annual fund management fee charged to operations, net of reporting fees, during the years ended March 31, 2006, 2005 and 2004 by series, is as follows:

	2006		2005		2004
Series 15	$	427,061	$	186,914	$	462,499
Series 16		550,166		593,725		598,700
Series 17		456,419		199,263		478,680
Series 18		354,643		358,581		323,356
Series 19		309,986		328,210		339,134
	$	2,098,275	$	1,666,693	$	2,202,369

F-35

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership during the years ended March 31, 2006, 2005 and 2004 charged to each series’ operations are as follows:

	2006		2005		2004
Series 15	$	32,089	$	18,309	$	34,271
Series 16		35,683		19,276		31,287
Series 17		31,407		17,809		29,780
Series 18		25,697		14,604		19,803
Series 19		26,096		15,097		18,561
	$	150,972	$	85,095	$	133,702

The Partnership had previously recorded and paid BCAMLP in connection with the disposition of certain Operating Partnerships certain amounts which were incorrectly referred to as sales preparation fees. The payments were actually for reimbursement of overhead and salary expenses incurred by Boston Capital and its Affiliates in connection with the disposition three Operating Partnerships.

During the current period, management of Boston Capital decided to discontinue requesting reimbursement for overheard and salary expenses related to the disposition of assets. Additionally, Boston Capital’s management has decided to reimburse all previous reimbursements for such items by reducing other liabilities due to Boston Capital and its Affiliates from the Partnership. The sales preparation fees reimbursed for Series 15 and Series 17 were $22,352 and $20,175 respectively.

During the year ended Mach 31, 2005, the partnership reimbursed Boston Capital Asset Management Limited Partnership for overhead and salary expenses in connection with the disposition of certain operating limited partnerships in Series 15 and Series 17. During the year ended March 31, 2005, the amount incurred for Series 15 was $18,362 and Series 17 was $16,897.

F-36

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

During the year ended March 31, 2004, the partnership reimbursed Boston Capital Asset Management Limited Partnership for overhead and salary expenses in connection with the sale of certain operating limited partnerships in Series 15 and 17. During the year ended March 31, 2004, the amount incurred for Series 15 and 17 was $3,990 and $3,278, respectively.

Accounts payable — affiliates at March 31, 2006 and 2005 represents fund management fees and an operating limited partnership advance which are payable to Boston Capital Asset Management Limited Partnership. The carrying value of the accounts payable — affiliates approximates fair value.

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2006 and 2005, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 15		66		66
Series 16		62		64
Series 17		47		47
Series 18		34		34
Series 19		26		26
		235		237

F-37

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year end March 31, 2006 the partnership disposed of two of the operating limited partnerships and received additional proceeds from two operating limited partnerships which were disposed of in the prior year. A summary of the dispositions by Series for March 31, 2006 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition		Disposition
Series 15		—		—	$	36,295	$	36,295
Series 16		—		2		84,540		(23,530	)
Series 17		—		—		32,666		32,666
Series 18		—		—		—		—
Series 19		—		—		—		—
Total		—		2	$	153,501	$	45,431

During the year end March 31, 2005 the partnership disposed of two of the operating limited partnerships. A summary of the dispositions by Series for March 31, 2005 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition		Disposition
Series 15		—		1	$	1,106,404	$	(3,046,179	)
Series 16		—		—		—		—
Series 17		—		1		1,018,130		(2,791,520	)
Series 18		—		—		—		—
Series 19		—		—		—		—
Total		—		2	$	2,124,534	$	(5,837,699	)

F-38

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year end March 31, 2004 the partnership disposed of two of the operating limited partnerships. A summary of the dispositions by Series for March 31, 2004 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition		Disposition
Series 15		—		1	$	136,352	$	28,197
Series 16		—		—		—		—
Series 17		—		1		31,791		3,109
Series 18		—		—		—		—
Series 19		—		—		—		—
Total		—		2	$	168,143	$	31,306

Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 15	$	4,208	$	4,208
Series 16		71,862		72,362
Series 17		67,895		67,895
Series 18		18,554		18,554
Series 19		—		—
	$	162,519	$	163,019

F-39

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2006 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	146,730,517		$	23,053,125		$	36,828,371
Acquisition costs of operating limited partnerships		17,601,230			2,136,641			4,361,999
Syndication costs from operating limited partnerships		(56,632	)		—			—
Cumulative distributions from operating limited partnerships		(1,232,841	)		(16,705	)		(483,322	)
Cumulative impairment loss in investment in operating limited partnerships		(31,386,971	)		(2,082,456	)		(8,826,900	)
Cumulative losses from operating limited partnerships		(124,317,938	)		(22,495,713	)		(29,905,927	)
Investments in operating limited partnerships per balance sheets		7,337,365			594,892			1,974,221
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A)		(1,078,516	)		(132,937	)		(113,965	)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(2,904,726	)		(399,087	)		(788,200	)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A)		2,195,770			472,214			—

F-40

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(26,853,742	)		(10,800,283	)		(7,437,124	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		739,465			180,309			151,497
Cumulative impairment loss in investment in operating limited partnerships		31,386,972			2,082,456			8,826,900
Other		781,526			12,314			677,382
Equity per operating limited partnerships’ combined financial statements	$	11,604,114		$	(7,990,122	)	$	3,290,711

F-41

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2006 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	30,916,846		$	26,416,735		$	29,515,440
Acquisition costs of operating limited partnerships		3,782,255			3,587,531			3,732,804
Syndication costs from operating limited partnerships		—			(56,632	)		—
Cumulative distributions from operating limited partnerships		(127,060	)		(136,944	)		(468,810	)
Cumulative impairment loss in investment in operating limited partnerships		(5,622,625	)		(5,521,743	)		(9,333,247	)
Cumulative losses from operating limited partnerships		(27,034,228	)		(23,562,901	)		(21,319,169	)
Investments in operating limited partnerships per balance sheets		1,915,188			726,046			2,127,018
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A)		(710,224	)		(61,783	)		(59,607	)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(695,315	)		(387,564	)		(634,560	)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A)		752,440			617,683			353,433

F-42

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(4,378,592	)		(3,133,940	)		(1,103,803	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		59,201			105,595			242,863
Cumulative impairment loss in investment in operating limited partnerships		5,622,625			5,521,743			9,333,248
Other		(10,361	)		73,115			29,076
Equity per operating limited partnerships’ combined financial statements	$	2,554,962		$	3,460,895		$	10,287,668

F-43

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2005 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	150,090,856		$	23,053,125		$	40,188,710
Acquisition costs of operating limited partnerships		17,700,013			2,136,641			4,460,782
Syndication costs from operating limited partnerships		(56,632	)		—			—
Cumulative distributions from operating limited partnerships		(1,150,691	)		(16,705	)		(477,473	)
Cumulative impairment loss in investment in operating limited partnerships		(21,252,812	)		(1,542,187	)		(6,509,530	)
Cumulative losses from operating limited partnerships		(124,087,366	)		(22,150,976	)		(32,977,543	)
Investments in operating limited partnerships per balance sheets		21,243,368			1,479,898			4,684,946
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A)		(1,078,516	)		(132,937	)		(113,965	)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(2,904,726	)		(399,087	)		(788,200	)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A)		2,195,770			472,214			—

F-44

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(19,891,318	)		(9,480,451	)		(5,105,889	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		739,465			180,309			151,497
Cumulative impairment loss in investment in operating limited partnerships		21,252,813			1,542,187			6,509,530
Other		750,559			15,337			666,262
Equity per operating limited partnerships’ combined financial statements	$	22,307,415		$	(6,322,530	)	$	6,004,181

F-45

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2005 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	30,916,843		$	26,416,735		$	29,515,440
Acquisition costs of operating limited partnerships		3,782,255			3,587,531			3,732,804
Syndication costs from operating limited partnerships		—			(56,632	)		—
Cumulative distributions from operating limited partnerships		(125,889	)		(134,675	)		(395,949	)
Cumulative impairment loss in investment in operating limited partnerships		(3,388,367	)		(4,857,587	)		(4,955,141	)
Cumulative losses from operating limited partnerships		(26,293,041	)		(23,019,761	)		(19,646,045	)
Investments in operating limited partnerships per balance sheets		4,891,801			1,935,611			8,251,109
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A)		(710,224	)		(61,783	)		(59,607	)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(695,315	)		(387,564	)		(634,560	)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A)		752,440			617,683			353,433

F-46

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(2,988,161	)		(1,655,185	)		(661,632	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		59,201			105,595			242,863
Cumulative impairment loss in investment in operating limited partnerships		3,388,367			4,857,587			4,955,142
Other		(36,795	)		75,122			30,633
Equity per operating limited partnerships’ combined financial statements	$	4,661,314		$	5,487,066		$	12,477,381

F-47

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2005 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	321,081,575	$	53,804,608		$	78,070,091
Land		25,452,842		4,592,814			5,157,885
Other assets		36,965,381		8,937,520			9,941,760
	$	383,499,798	$	67,334,942		$	93,169,736
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	323,320,829	$	71,154,400		$	75,378,295
Accounts payable and accrued expenses		14,547,477		919,138			6,319,980
Other liabilities		31,307,263		3,225,408			5,275,636
		369,175,569		75,298,946			86,973,911
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		11,604,111		(7,990,122	)		3,290,711
Other partners		2,720,118		26,118			2,905,114
		14,324,229		(7,964,004	)		6,195,825
	$	383,499,798	$	67,334,942		$	93,169,736

F-48

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2005 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS — CONTINUED

	Series 17			Series 18		Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	77,755,113		$	49,085,784	$	62,365,979
Land		6,497,315			3,363,433		5,841,395
Other assets		8,443,631			5,156,585		4,485,885
	$	92,696,059		$	57,605,802	$	72,693,259
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	80,772,183		$	42,760,206	$	53,255,745
Accounts payable and accrued expenses		1,847,829			3,479,979		1,980,551
Other liabilities		10,126,354			6,494,667		6,185,198
		92,746,366			52,734,852		61,421,494
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		2,554,959			3,460,895		10,287,668
Other partners		(2,605,266	)		1,410,055		984,097
		(50,307	)		4,870,950		11,271,765
	$	92,696,059		$	57,605,802	$	72,693,259

F-49

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	341,154,819	$	56,873,203		$	86,445,518
Land		25,415,712		4,592,814			5,120,755
Other assets		35,093,395		8,058,023			9,371,379
	$	401,663,926	$	69,524,040		$	100,937,652
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	328,850,373	$	71,721,468		$	79,017,675
Accounts payable and accrued expenses		14,116,733		881,548			5,904,651
Other liabilities		31,892,230		3,040,758			7,005,604
		374,859,336		75,643,774			91,927,930
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		22,307,412		(6,322,530	)		6,004,181
Other partners		4,497,178		202,796			3,005,541
		26,804,590		(6,119,734	)		9,009,722
	$	401,663,926	$	69,524,040		$	100,937,652

F-50

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS — CONTINUED

	Series 17			Series 18		Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	81,210,289		$	51,444,165	$	65,181,644
Land		6,497,315			3,363,433		5,841,395
Other assets		8,402,158			4,565,103		4,696,732
	$	96,109,762		$	59,372,701	$	75,719,771
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	81,035,563		$	43,053,291	$	54,022,376
Accounts payable and accrued expenses		1,798,661			3,393,230		2,138,643
Other liabilities		10,193,493			6,082,519		5,569,856
		93,027,717			52,529,040		61,730,875
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		4,661,314			5,487,066		12,477,381
Other partners		(1,579,269	)		1,356,595		1,511,515
		3,082,045			6,843,661		13,988,896
	$	96,109,762		$	59,372,701	$	75,719,771

F-51

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2005 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	58,980,939		$	11,077,288		$	13,316,776
Interest and other		3,549,031			1,445,196			509,700
		62,529,970			12,522,484			13,826,476
Expenses
Interest		15,253,869			2,451,939			2,811,681
Depreciation and amortization		17,304,136			3,307,014			4,195,283
Taxes and insurance		8,573,097			1,623,654			2,012,956
Repairs and maintenance		12,262,347			2,530,644			2,848,350
Operating expenses		20,083,851			3,703,850			4,504,372
Other expenses		1,502,119			743,905			178,592
		74,979,419			14,361,006			16,551,234
NET LOSS	$	(12,449,449	)	$	(1,838,522	)	$	(2,724,758	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(11,432,430	)	$	(2,525,834	)	$	(2,632,449	)
Net loss allocated to other partners	$	(1,017,019	)	$	687,312		$	(92,309	)

* Amounts include $2,181,097, $2,353,014, $1,382,534, $1,483,682, and $441,017 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-52

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2005 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS — CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	14,952,587		$	8,066,043		$	11,568,245
Interest and other		826,975			255,588			511,572
		15,779,562			8,321,631			12,079,817
Expenses
Interest		4,270,237			2,099,231			3,620,781
Depreciation and amortization		3,984,108			2,660,275			3,157,456
Taxes and insurance		1,953,933			1,160,161			1,822,393
Repairs and maintenance		3,437,391			1,581,326			1,864,636
Operating expenses		5,051,351			2,854,792			3,969,486
Other expenses		167,600			236,103			175,919
		18,864,620			10,591,888			14,610,671
NET LOSS	$	(3,085,058	)	$	(2,270,257	)	$	(2,530,854	)
Net loss allocated to Boston
Capital Tax Credit Fund III L.P.*	$	(2,131,618	)	$	(2,027,238	)	$	(2,115,291	)
Net loss allocated to other partners	$	(953,440	)	$	(243,019	)	$	(415,563	)

* Amounts include $2,181,097, $2,353,014, $1,382,534, $1,483,682, and $441,017 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-53

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	59,366,277		$	11,009,637		$	14,031,581
Interest and other		3,693,610			939,847			518,148
		63,059,887			11,949,484			14,549,729
Expenses
Interest		15,640,453			2,503,274			3,215,239
Depreciation and amortization		17,707,870			3,372,711			4,521,303
Taxes and insurance		8,763,007			1,648,233			2,105,923
Repairs and maintenance		11,825,326			2,379,955			2,834,667
Operating expenses		19,436,889			3,635,801			4,819,223
Other expenses		1,996,566			867,817			238,349
		75,370,111			14,407,791			17,734,704
NET LOSS	$	(12,310,224	)	$	(2,458,307	)	$	(3,184,975	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(11,364,987	)	$	(2,454,426	)	$	(2,729,109	)
Net loss allocated to other partners	$	(945,237	)	$	(3,881	)	$	(455,866	)

* Amounts include $2,236,953, $1,180,726, $711,882, $408,340, and $263,746 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-54

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS — CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	14,893,243		$	7,820,197		$	11,611,619
Interest and other		1,637,723			234,556			363,336
		16,530,966			8,054,753			11,974,955
Expenses
Interest		4,125,007			2,093,137			3,703,796
Depreciation and amortization		3,999,711			2,653,403			3,160,742
Taxes and insurance		1,949,349			1,139,442			1,920,060
Repairs and maintenance		3,209,192			1,616,588			1,784,924
Operating expenses		4,432,025			2,808,854			3,740,986
Other expenses		215,765			301,539			373,096
		17,931,049			10,612,963			14,683,604
NET LOSS	$	(1,400,083	)	$	(2,558,210	)	$	(2,708,649	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(1,658,068	)	$	(2,314,011	)	$	(2,209,373	)
Net loss allocated to other partners	$	257,985		$	(244,199	)	$	(499,276	)

* Amounts include $2,236,953, $1,180,726, $711,882, $408,340, and $263,746 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-55

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	63,017,295		$	13,158,882		$	13,669,331
Interest and other		2,617,256			401,255			632,555
		65,634,551			13,560,137			14,301,886
Expenses
Interest		18,379,286			3,441,410			3,385,528
Depreciation and amortization		19,237,704			4,113,421			4,540,081
Taxes and insurance		9,418,586			1,916,762			2,343,147
Repairs and maintenance		12,682,168			2,883,343			2,877,862
Operating expenses		19,745,467			4,052,482			4,584,185
Other expenses		1,697,470			310,998			220,993
		81,160,681			16,718,416			17,951,796
NET LOSS	$	(15,526,130	)	$	(3,158,279	)	$	(3,649,910	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(13,270,258	)	$	(2,714,253	)	$	(3,479,688	)
Net loss allocated to other partners	$	(2,255,872	)	$	(444,026	)	$	(170,222	)

* Amounts include $1,641,177, $1,007,741, $642,170, $321,132, and $167,562 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-56

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS — CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	16,941,934		$	7,762,768		$	11,484,380
Interest and other		947,992			218,596			416,858
		17,889,926			7,981,364			11,901,238
Expenses
Interest		5,600,094			2,170,523			3,781,731
Depreciation and amortization		4,751,784			2,676,743			3,155,675
Taxes and insurance		2,188,913			1,135,847			1,833,917
Repairs and maintenance		3,723,698			1,470,995			1,726,270
Operating expenses		4,832,781			2,604,886			3,671,133
Other expenses		719,448			311,167			134,864
		21,816,718			10,370,161			14,303,590
NET LOSS	$	(3,926,792	)	$	(2,388,797	)	$	(2,402,352	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,936,454	)	$	(2,211,762	)	$	(1,928,101	)
Net loss allocated to other partners	$	(990,338	)	$	(177,035	)	$	(474,251	)

* Amounts include $1,641,177, $1,007,741, $642,170, $321,132, and $167,562 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-57

NOTE D — NOTES RECEIVABLE

Notes receivable at March 31, 2006 and 2005 consist of advance installments of capital contributions to operating limited partnerships. The notes at March 31, 2005 and 2004 are comprised of noninterest bearing and interest bearing notes with rates ranging from 3.66% to prime plus 3%. Prime was 7.75% and 5.75% as of March 31, 2006 and 2005, respectively. These notes are secured by future installments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 2006 and 2005 approximates fair value. The notes at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 15	$	—	$	—
Series 16		—		—
Series 17		—		201,109
Series 18		—		—
Series 19		—		—
	$	—	$	201,109

NOTE E — OTHER ASSETS

In addition, other assets include cash advanced to operating limited partnerships at March 31, 2006 and 2005, some of which is to be applied to capital contributions payable when certain criteria have been met. The advances at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 15	$	—	$	—
Series 16		—		110,860
Series 17		46,473		1,212,924
Series 18		5,000		49,947
Series 19		—		—
	$	51,473	$	1,373,731

F-58

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2006 is reconciled as follows:

	Total			Series 15			Series 16
Net loss for financial reporting purposes	$	(17,674,320	)	$	(1,364,396	)	$	(3,277,786	)
Operating limited partnership rents received in advance		17,397			1,974			2,667
Accrued fund management fees not deducted for tax purposes		1,656,375			124,513			591,979
Other		1,542,570			255,214			24,196
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(7,841,344	)		(2,181,097	)		(2,353,014	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		31,386,972			2,082,456			8,826,900
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,273,533	)		(311,854	)		(213,290	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(23,143,198	)		(3,141,932	)		(6,618,269	)
Loss for tax return purposes, year ended December 31, 2005	$	(15,329,081	)	$	(4,535,122	)	$	(3,016,617	)

F-59

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2006 is reconciled as follows:

	Series 17			Series 18			Series 19
Net loss for financial reporting purposes	$	(4,861,581	)	$	(1,710,872	)	$	(6,459,685	)
Operating limited partnership rents received in advance		12,372			384			—
Accrued fund management fees not deducted for tax purposes		194,120			409,415			336,348
Other		1,210,698			10,975			41,487
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,382,534	)		(1,483,682	)		(441,017	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		5,622,625			5,521,743			9,333,248
Excess of tax depreciation over book depreciation on operating limited partnership assets		(440,608	)		(111,102	)		(196,679	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(3,625,988	)		(4,853,702	)		(4,903,307	)
Loss for tax return purposes, year ended December 31, 2005	$	(3,270,896	)	$	(2,216,841	)	$	(2,289,605	)

F-60

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Total			Series 15			Series 16
Net loss for financial reporting purposes	$	(33,550,858	)	$	(5,118,904	)	$	(7,557,628	)
Operating limited partnership rents received in advance		50,001			1,976			34,290
Accrued fund management fees not deducted for tax purposes		2,457,154			478,228			691,980
Other		(230,720	)		333,002			(472,980	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,924,889	)		(2,247,379	)		(1,180,726	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		18,797,540			1,542,187			5,216,286
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,322,612	)		(291,762	)		(259,873	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		4,622,445			2,393,803			(122,434	)
Loss for tax return purposes, year ended December 31, 2004	$	(14,101,939	)	$	(2,908,849	)	$	(3,651,085	)

F-61

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 17			Series 18			Series 19
Net loss for financial reporting purposes	$	(7,393,334	)	$	(6,339,698	)	$	(7,141,294	)
Operating limited partnership rents received in advance		(5,308	)		696			18,347
Accrued fund management fees not deducted for tax purposes		493,650			381,948			411,348
Other		(193,408	)		97,528			5,138
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(767,575	)		(465,463	)		(263,746	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		3,301,027			3,936,899			4,801,141
Excess of tax depreciation over book depreciation on operating limited partnership assets		(383,483	)		(166,598	)		(220,896	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		2,302,027			124,307			(75,258	)
Loss for tax return purposes, year ended December 31, 2004	$	(2,646,404	)	$	(2,430,381	)	$	(2,465,220	)

F-62

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Total			Series 15			Series 16
Net loss for financial reporting purposes	$	(13,247,486	)	$	(1,604,187	)	$	(3,479,439	)
Operating limited partnership rents received in advance		(7,847	)		(15,176	)		363
Accrued fund management fees not deducted for tax purposes		1,793,157			196,461			591,980
Other		737,828			390,514			(196,503	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(3,932,199	)		(1,774,757	)		(1,016,059	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		1,136,378			—			310,154
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,457,442	)		(332,993	)		(124,429	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(16,294	)		368,137			97,756
Loss for tax return purposes, year ended December 31, 2003	$	(14,993,905	)	$	(2,772,001	)	$	(3,816,177	)

F-63

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 17			Series 18			Series 19
Net loss for financial reporting purposes	$	(2,950,844	)	$	(2,885,843	)	$	(2,327,173	)
Operating limited partnership rents received in advance		(170	)		(7,358	)		14,494
Accrued fund management fees not deducted for tax purposes		311,420			381,948			311,348
Other		722,623			10,732			(189,538	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(652,689	)		(321,132	)		(167,562	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		87,340			584,884			154,000
Excess of tax depreciation over book depreciation on operating limited partnership assets		(547,123	)		(185,692	)		(267,205	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(39,340	)		(228,172	)		(214,675	)
Loss for tax return purposes, year ended December 31, 2003	$	(3,068,783	)	$	(2,650,633	)	$	(2,686,311	)

F-64

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2006, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships — tax return December 31, 2005	$	(4,655,017	)	$	(10,441,363	)	$	(1,006,268	)
Estimated share of loss for the three months ended March 31, 2006		(2,195,770	)		(472,214	)		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		26,853,742			10,800,283			7,437,124
Impairment loss in investment in operating limited partnerships		(31,386,972	)		(2,082,456	)		(8,826,900	)
Historic tax credits		5,325,806			—			1,844,836
Other		13,395,576			2,790,642			2,525,429
Investments in operating limited partnerships — as reported	$	7,337,365		$	594,892		$	1,974,221

F-65

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2006, are as follows:

	Series 17			Series 18			Series 19
Investments in operating limited partnerships — tax return December 31, 2005	$	115,725		$	(148,187	)	$	6,825,076
Estimated share of loss for the three months ended March 31, 2006		(752,440	)		(617,683	)		(353,433	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,378,592			3,133,940			1,103,803
Impairment loss in investment in operating limited partnerships		(5,622,625	)		(5,521,743	)		(9,333,248	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		2,695,626			1,817,386			3,566,493
Investments in operating limited partnerships — as reported	$	1,915,188		$	726,046		$	2,127,018

F-66

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2005, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships — tax return December 31, 2004	$	12,307,036		$	(4,926,511	)	$	1,872,521
Estimated share of loss for the three months ended March 31, 2005		(2,195,770	)		(472,214	)		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		19,891,318			9,480,451			5,105,889
Impairment loss in investment in operating limited partnerships		(21,252,813	)		(1,542,187	)		(6,509,530	)
Historic tax credits		3,589,533			1,852,569			—
Other		8,904,061			(2,912,210	)		4,216,066
Investments in operating limited partnerships — as reported	$	21,243,365		$	1,479,898		$	4,684,946

F-67

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2005, are as follows:

	Series 17			Series 18			Series 19
Investments in operating limited partnerships — tax return December 31, 2004	$	4,233,050		$	1,959,563		$	9,168,413
Estimated share of loss for the three months ended March 31, 2005		(752,440	)		(617,683	)		(353,433	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,988,161			1,655,185			661,632
Impairment loss in investment in operating limited partnerships		(3,388,367	)		(4,857,587	)		(4,955,142	)
Historic tax credits		1,100,310			318,327			318,327
Other		711,087			3,477,806			3,411,312
Investments in operating limited partnerships — as reported	$	4,891,801		$	1,935,611		$	8,251,109

F-68

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE G — CASH EQUIVALENTS

On March 31, 2006 and 2005, Boston Capital Tax Credit Fund III L.P. purchased $3,200,000 and $3,600,000 of corporate debt securities under agreements to resell on April 1, 2006 and April 1, 2005, respectively. Interest is earned at rates ranging from .40% to .95% per annum.

NOTE H — CONTINGENCY

Mt. Vernon Associates, L.P., an operating limited partnership, has been notified by the IRS of certain instances of noncompliance relating to IRC Section 42 requirements. The Operating General Partner has corrected the files to the best of their ability; however, the Investment General Partner is in the process of assessing the situation. On January 9, 2003, the state agency conducted an audit and found one compliance issue, which has been corrected. The Investment General Partner continues to monitor this situation closely; however, it is not possible to determine the final result at this time. Accordingly, no adjustment has been made in the accompanying financial statements.

F-69

Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006, 2005 and 2004

NOTE I — QUARTERLY FINANCIAL INFORMATION

The following is a summary of the results of operations for each of the four quarters for the years indicated:

	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
2006
Total revenue	$	8,096		$	27,531		$	4,877		$	9,908
Loss from operations		(569,200	)		(751,825	)		(641,041	)		(12,194,125	)
Share of losses from Operating Limited Partnerships		(1,002,688	)		(960,024	)		(1,095,464	)		(459,953	)
Net loss		(1,571,888	)		(1,711,849	)		(1,736,505	)		(12,654,078	)
Net loss per BAC		(0.07	)		(0.08	)		(0.08	)		(0.57	)
2005
Total revenue	$	3,196		$	10,313		$	2,201		$	9,230
Loss from operations		(548,272	)		(761,696	)		(646,566	)		(19,193,287	)
Share of losses from Operating Limited Partnerships		(1,854,448	)		(1,598,316	)		(1,548,450	)		(7,399,823	)
Net loss		(2,402,720	)		(2,360,012	)		(2,195,016	)		(26,593,110	)
Net loss per BAC		(0.11	)		(0.11	)		(0.10	)		(1.20	)
2004
Total revenue	$	4,521		$	9,464		$	14,611		$	1,507
Loss from operations		(556,951	)		(778,596	)		(694,435	)		(1,758,334	)
Share of losses from Operating Limited Partnerships		(2,331,000	)		(2,128,398	)		(2,421,660	)		(2,578,112	)
Net loss		(2,887,951	)		(2,906,994	)		(3,116,095	)		(4,336,446	)
Net loss per BAC		(0.13	)		(0.13	)		(0.14	)		(0.20	)

F-70

Boston Capital Tax Credit Fund III LP — Series 15

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
APRIL GARDENS		1,433,832		50,000		1,773,331		25,673		50,000		1,799,004		1,849,004		936,642		5/93		9/92	5-27.5 yrs
ARKANSAS CITY		798,655		15,870		1,016,757		0		15,870		1,016,757		1,032,627		470,613		12/94		9/94	5-25 yrs
AUTUMNWOOD		1,274,738		50,000		1,669,609		20,780		50,000		1,690,389		1,740,389		824,354		1/93		8/92	5-27.5 yrs
BARTON VILLAGE		497,577		47,898		683,991		4,787		47,898		688,778		736,676		331,816		3/93		10/92	5-27.5 yrs
BECKWOOD MANOR EIGHT		1,192,246		60,000		1,498,746		13,990		58,000		1,512,736		1,570,736		645,550		8/95		8/94	5-27.5 yrs
BERGEN MANOR		984,011		42,000		1,256,858		57,312		42,000		1,314,170		1,356,170		681,255		7/92		7/92	7-27.5 yrs
BRIDLEWOOD		767,806		42,000		211,635		809,310		42,000		1,020,945		1,062,945		313,968		1/95		1/94	5-27.5 yrs
BRUNSWICK		787,464		69,000		953,553		11,477		69,214		965,030		1,034,244		488,955		9/92		4/92	7-27.5 yrs
BUENA VISTA APTS		1,418,944		75,000		1,767,511		18,983		75,000		1,786,494		1,861,494		937,708		1/92		3/92	7-27.5 yrs
CALEXICO SR		1,879,217		213,000		2,047,255		0		213,000		2,047,255		2,260,255		576,604		9/92		9/92	7-27.5 yrs
CHESTNUT HILL		721,049		40,000		904,814		17,675		40,000		922,489		962,489		335,756		9/92		9/92	7-27.5 yrs
CORALVILLE HOUSING		2,280,303		258,000		4,683,541		160,999		258,000		4,844,540		5,102,540		2,529,168		10/92		3/92	7-27.5 yrs
CURWENSVILLE		1,181,347		31,338		1,435,553		246,596		31,338		1,682,149		1,713,487		611,137		7/93		9/92	5-27.5 yrs
DEERFIELD		1,201,190		65,400		1,495,473		0		65,400		1,495,473		1,560,873		766,297		6/92		4/92	7-27.5 yrs
EAST MACHIAS		1,013,820		77,963		1,478,171		51,827		77,963		1,529,998		1,607,961		535,173		1/93		9/92	10-40 yrs
EAST PARK		492,714		2,000		980,413		45,737		2,000		1,026,150		1,028,150		469,509		1/94		6/94	5-27.5 yrs
EDGEWOOD		766,205		36,000		967,796		0		36,000		967,796		1,003,796		477,363		8/92		6/92	7-27.5 yrs

F-71

Boston Capital Tax Credit Fund III LP — Series 15

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
FAR VIEW		897,686		100,000		1,066,418		31,563			100,000		1,097,981		1,197,981		381,994		11/92		6/92	10-40 yrs
GRAHAM HOUSING		1,207,847		85,006		2,451,794		12,645			85,006		2,464,439		2,549,445		792,666		6/95		10/94	5-27.5 yrs
GRANTSVILLE		1,449,108		85,099		1,795,971		28,318			85,599		1,824,289		1,909,888		625,182		2/93		5/92	5-27.5 yrs
GREENTREE APTS		665,037		15,000		1,143,223		(9,253	)		15,000		1,133,970		1,148,970		788,817		10/75		4/94	5-27.5 yrs
GREENWOOD VIL		656,125		20,123		893,915		8,589			20,123		902,504		922,627		433,487		5/93		8/92	5-27.5 yrs
HARRISONVILLE II		595,524		15,000		744,677		47,918			15,000		792,595		807,595		435,597		11/91		3/92	7-27.5 yrs
HEALDTON		679,109		15,000		868,469		0			15,000		868,469		883,469		266,017		12/94		8/94	5-27.5 yrs
HEARTHSIDE		1,840,168		95,000		2,967,134		(25,779	)		95,000		2,941,355		3,036,355		1,276,559		11/92		4/92	7-27.5 yrs
HERONS LANDING		1,174,340		176,121		1,410,573		47,370			176,121		1,457,943		1,634,064		748,019		10/92		10/92	7-27.5 yrs
HIGGINSVILLE ESTATES		613,741		40,000		738,056		18,581			40,000		756,637		796,637		430,609		3/91		3/92	7-27.5 yrs
INV GROUP OF PAYSON		1,453,484		211,500		1,767,942		0			211,500		1,767,942		1,979,442		504,975		8/92		8/92	7-27.5 yrs
KEARNEY		619,228		30,000		763,159		24,574			30,000		787,733		817,733		435,583		1/92		5/92	7-27.5 yrs
LAKEVIEW		867,463		30,000		1,077,130		(900	)		30,000		1,076,230		1,106,230		548,421		7/92		4/92	7-27.5 yrs
LAURELWOOD		1,043,568		58,500		1,268,491		751			58,500		1,269,242		1,327,742		651,853		2/92		3/92	7-27.5 yrs
LEBANON II		894,150		40,000		1,090,397		31,618			40,189		1,122,015		1,162,204		547,640		2/93		8/92	5-27.5 yrs
LEBANON III		617,210		26,750		766,992		99,230			26,750		866,222		892,972		441,148		2/92		3/92	7-27.5 yrs
LILAC		701,229		36,000		897,897		0			36,000		897,897		933,897		451,989		7/92		6/92	7-27.5 yrs

F-72

Boston Capital Tax Credit Fund III LP — Series 15

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
LIVINGSTON PLAZA		653,008		32,500		868,525		0		32,500		868,525		901,025		408,467		11/93		12/92	5-27.5 yrs
MADISON PARTNERS		1,170,598		47,340		1,452,910		44,312		47,340		1,497,222		1,544,562		663,384		12/94		3/95	5-27.5 yrs
MANNING LANE		1,435,204		73,600		1,771,816		6,478		73,600		1,778,294		1,851,894		869,220		3/93		8/92	5-27.5 yrs
MARSHALL LANE		539,657		20,000		672,691		1,718		20,000		674,409		694,409		332,520		12/92		8/92	5-27.5 yrs
MARYVILLE		701,588		57,000		834,823		38,852		57,000		873,675		930,675		475,866		3/92		5/92	7-27.5 yrs
MONARK VILLAGE		310,201		68,900		570,916		7,468		68,900		578,384		647,284		237,679		3/94		6/94	5-27.5 yrs
N. PRAIRIE		856,413		5,000		1,121,143		33,513		5,000		1,154,656		1,159,656		606,619		5/93		9/92	5-27.5 yrs
OAKGROVE		393,816		5,000		460,291		18,881		5,000		479,172		484,172		269,947		11/91		4/92	7-27.5 yrs
OAKWOOD		1,082,915		42,000		1,341,412		17,729		42,000		1,359,141		1,401,141		706,865		5/92		5/92	7-27.5 yrs
OSAGE		838,412		110,000		2,309,861		84,028		110,000		2,393,889		2,503,889		1,248,503		6/92		4/92	7-27.5 yrs
OSCEOLA		604,425		54,600		797,763		182,224		27,300		979,987		1,007,287		502,483		5/92		5/92	7-27.5 yrs
PDC FIFTY FIVE		1,254,852		50,170		1,576,823		14,276		50,170		1,591,099		1,641,269		738,305		9/93		10/92	5-27.5 yrs
RAINIER		3,544,759		521,000		5,852,852		122,482		521,000		5,975,334		6,496,334		2,203,123		1/93		4/92	5-27.5 yrs
RIDGEVIEW		855,619		42,800		1,027,499		8,637		42,800		1,036,136		1,078,936		538,464		1/92		3/92	7-27.5 yrs
RIO MEMBRES II		755,467		48,938		930,376		30,078		48,938		960,454		1,009,392		354,863		4/92		4/92	7-27.5 yrs
ROLLING BROOK		805,930		35,000		1,006,667		48,183		35,000		1,054,850		1,089,850		555,319		11/92		6/92	7-27.5 yrs

F-73

Boston Capital Tax Credit Fund III LP — Series 15

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
SCHOOL STREET		637,647		127,852		1,353,622		139,110			38,509		1,492,732		1,531,241		857,535		5/92		4/92	5-27.5 yrs
SHENANDOAH		1,435,693		67,500		1,754,599		23,199			67,500		1,777,798		1,845,298		841,420		2/93		8/92	5-27.5 yrs
SHOWBOAT MANOR		776,128		31,200		968,253		18,535			31,200		986,788		1,017,988		523,042		2/92		7/92	5-27.5 yrs
SIOUX FALLS		1,100,657		146,694		2,656,753		85,748			146,694		2,742,501		2,889,195		1,429,178		9/92		5/92	7-27.5 yrs
SUNSET SQUARE		721,359		50,000		896,507		11,950			50,000		908,457		958,457		336,136		8/92		9/92	7-27.5 yrs
TAYLOR MILLS		750,438		24,000		936,166		0			24,000		936,166		960,166		478,758		5/92		4/92	7-27.5 yrs
TIMMONS VILLAGE		608,182		15,000		754,172		7,019			38,500		761,191		799,691		384,695		7/92		5/92	7-27.5 yrs
UNIVERSITY MEADOWS		2,210,149		62,985		3,579,473		49,855			62,985		3,629,328		3,692,313		1,921,082		12/92		6/92	5-28 yrs
VALATIE		1,269,811		30,000		1,712,263		88,382			30,000		1,800,645		1,830,645		911,454		4/93		6/92	7-27.5 yrs
VIRGEN DEL POZO		3,268,862		120,000		4,274,133		207,046			120,000		4,481,179		4,601,179		2,026,647		7/93		8/92	5-27.5 yrs
VILLA DEL MAR		1,433,997		50,000		1,792,888		70,354			50,000		1,863,242		1,913,242		999,043		8/92		8/92	7-27.5 yrs
WACHULA		1,444,283		66,720		1,770,669		31,452			66,720		1,802,121		1,868,841		887,949		10/92		9/92	5-27.5 yrs
WEEDPATCH		1,922,505		272,000		2,246,927		20,248			272,000		2,267,175		2,539,175		580,157		9/94		1/94	5-50 yrs
WESTERNPORT		1,450,976		18,645		1,833,384		63,007			18,645		1,896,391		1,915,036		876,676		2/93		7/92	5-27.5 yrs
WHITEWATER VILL		513,065		18,542		637,048		5,396			18,542		642,444		660,986		320,275		11/92		8/92	7-27.5 yrs
WOOD PARK POINTE		1,141,649		117,500		1,329,664		(1,318,376	)		117,500		11,288		128,788		9,583		5/92		6/92	5-27.5 yrs
		71,154,400		4,687,054		97,630,134		1,962,155			4,592,814		99,592,289		104,185,103		45,787,681

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005

There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-74

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/92				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		64,786,120
Other		0
				$	64,786,120
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/93				$	64,786,120
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		52,271,170
Other		0
				$	52,271,170
Deductions during period:
Cost of real estate sold	$	0
Other		(69,144	)
					(69,144	)
Balance at close of period — 3/31/94				$	116,988,146
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		10,630,188
Improvements, etc		182,886
Other		0
				$	10,813,074
Deductions during period:
Cost of real estate sold	$	0
Other		(927,768	)
					(927,768	)
Balance at close of period — 3/31/95				$	126,873,452

F-75

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15 (Continued)

Balance at close of period — 3/31/95			$	126,873,452
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		7,477,482
Improvements, etc		998,864
Other		0
			$	8,476,346
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/96			$	135,349,798
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		102,413
Improvements, etc		0
Other		0
			$	102,413
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/97			$	135,452,211
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		136,931
Other		0
			$	136,931
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/98			$	135,589,142

F-76

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15 (Continued)

Balance at close of period — 3/31/98				$	135,589,142
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		229,180
Other		0
				$	229,180
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/99				$	135,818,322
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		203,110
Other		0
				$	203,110
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/00				$	136,021,432
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		215,095
Other		0
				$	215,095
Deductions during period:
Cost of real estate sold	$	0
Other		(500,929	)
					(500,929	)
Balance at close of period — 3/31/01				$	135,735,598

F-77

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15 (Continued)

Balance at close of period — 3/31/01				$	135,735,598
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		422,538
Other		0
				$	422,538
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/02				$	136,198,136
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		369,190
Other		0
				$	369,190
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/03				$	136,527,326
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		387,486
Other		0
				$	387,486
Deductions during period:
Cost of real estate sold	$	(5,097,684	)
Other		0
					(5,097,684	)
Balance at close of period — 3/31/04				$	131,817,128

F-78

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15 (Continued)

Balance at close of period — 3/31/04				$	131,817,128
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		197,413
Other		(1,322,384	)
				$	(1,124,971	)
Deductions during period:
Cost of real estate sold	$	(26,715,597	)
Other		0
					(26,715,597	)
Balance at close of period — 3/31/05				$	103,976,560
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		208,543
Other		0
				$	208,543
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/06				$	104,185,103

F-79

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 15 (Continued)

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/92				$	0
Current year expense	$	1,151,027
Balance at close of period — 3/31/93				$	1,151,027
Current year expense	$	4,194,293
Balance at close of period — 3/31/94				$	5,345,320
Current year expense	$	4,646,907
Balance at close of period — 3/31/95				$	9,992,227
Current year expense	$	5,445,282
Balance at close of period — 3/31/96				$	15,437,509
Current year expense	$	4,587,940
Balance at close of period — 3/31/97				$	20,025,449
Current year expense	$	4,427,546
Balance at close of period — 3/31/98				$	24,452,995
Current year expense	$	4,453,997
Balance at close of period — 3/31/99				$	28,906,992
Current year expense	$	4,348,463
Balance at close of period — 3/31/00				$	33,255,455
Current year expense	$	3,625,904
Balance at close of period — 3/31/01				$	36,881,359
Current year expense	$	4,117,724
Balance at close of period — 3/31/02				$	40,999,083
Current year expense	$	4,130,487
Balance at close of period — 3/31/03				$	45,129,570
Current year expense	$	3,943,806
Reduction for real-estate sold		(2,183,384	)
Balance at close of period — 3/31/04				$	46,889,992
Current year expense	$	2,721,013
Reduction for real-estate sold		(7,100,462	)
Balance at close of period — 3/31/05				$	42,510,543
Current year expense	$	3,277,138
Balance at close of period — 3/31/06				$	45,787,681

F-80

Boston Capital Tax Credit Fund III LP — Series 16

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
1413 LEAVENWORTH		1,845,526		8,000		2,927,089		634,060			8,000		3,561,149		3,569,149		1,677,330		3/93		12/92	5-27.5 yrs
ANSON		1,250,875		40,202		1,683,348		24,022			40,202		1,707,370		1,747,572		594,402		9/93		12/92	10-40 yrs
AZTEC		991,730		115,000		1,299,311		29,957			115,000		1,329,268		1,444,268		655,088		5/93		5/93	5-27.5 yrs
BENTONIA ELDERLY		819,903		21,000		678,677		399,796			21,000		1,078,473		1,099,473		354,084		2/94		7/93	5-27.5 yrs
BERNICE VILLA		888,894		37,000		1,204,665		48,469			37,000		1,253,134		1,290,134		396,916		10/93		5/93	5-40 yrs
BLAIRSVILLE RENTAL I		741,008		58,377		866,980		41,529			35,000		908,509		943,509		372,815		9/94		12/92	5-27.5 yrs
BLAIRSVILLE RENTAL		725,283		84,359		804,895		61,404			49,500		866,299		915,799		357,987		7/94		12/92	5-27.5 yrs
BLOWING ROCK		499,021		47,500		663,473		17,107			47,500		680,580		728,080		271,365		11/94		12/93	5-27.5 yrs
BRANSON CHRISTIAN I		1,331,527		163,350		2,990,564		33,584			163,350		3,024,148		3,187,498		1,351,753		6/94		3/94	5-27.5 yrs
BRANSON CHRISTIAN II		1,101,829		0		2,497,066		66,846			0		2,563,912		2,563,912		1,126,255		8/94		7/94	5-27.5 yrs
BUTLER RENTAL		728,141		0		937,495		18,148			0		955,643		955,643		430,828		9/93		12/92	7-27.5 yrs
CANTERFIELD		748,737		48,000		934,169		(1,058	)		48,000		933,111		981,111		456,128		1/93		11/92	5-27.5 yrs
CAPE ANN		318,601		18,000		1,833,366		84,955			18,000		1,918,321		1,936,321		836,152		12/93		1/93	7-31.5 yrs
CASS PARTNERS		565,161		45,250		2,026,740		0			45,250		2,026,740		2,071,990		636,568		12/93		12/93	5-27.5 yrs
CEDAR TRACE		490,529		18,000		639,500		5,277			18,000		644,777		662,777		335,000		7/93		10/92	5-27.5 yrs
CONCORD ASSOC.		1,084,594		61,532		1,223,133		148,586			129,441		1,371,719		1,501,160		742,038		2/93		2/93	5-27.5 yrs
CLYMER PARK ASSOC		1,414,985		35,800		1,831,813		105,492			35,800		1,937,305		1,973,105		589,908		11/94		12/92	5-27.5 yrs
CUMBERLAND WOOD		1,414,225		114,449		1,780,622		106,400			113,625		1,887,022		2,000,647		559,645		10/94		12/93	6-40 yrs
DAVENPORT HOUSING		3,494,949		223,889		6,598,309		164,469			223,889		6,762,778		6,986,667		3,127,233		2/94		10/93	7-27.5 yrs
DEER RUN		612,803		30,000		1,536,783		0			30,000		1,536,783		1,566,783		727,345		3/93		8/93	5-27.5 yrs
EASTMAN ELDERLY		1,140,518		80,000		1,428,172		26,283			36,900		1,454,455		1,491,355		627,157		10/93		12/92	7-27.5 yrs
FAIRMEADOW APTS		858,999		53,296		1,184,327		44,098			53,296		1,228,425		1,281,721		383,042		7/93		1/93	5-27.5 yrs
FALCON RIDGE		1,012,489		25,000		1,332,798		50,323			25,000		1,383,121		1,408,121		411,212		1/95		4/94	5-27.5 yrs

F-81

Boston Capital Tax Credit Fund III LP — Series 16

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
GIBSON		867,220		30,290		1,138,786		(955	)		30,290		1,137,831		1,168,121		396,677		6/93		12/92	5-27.5 yrs
GREENFIELD		516,093		25,000		649,793		9,288			25,000		659,081		684,081		301,932		5/93		1/93	5-27.5 yrs
GREENWOOD		1,425,697		62,076		1,480,776		392,428			190,066		1,873,204		2,063,270		986,456		10/93		11/93	5-27.5 yrs
HARMONY HOUSE		1,420,984		57,000		1,764,438		23,280			57,000		1,787,718		1,844,718		654,476		7/93		11/92	5-27.5 yrs
HAYNES HOUSE		2,594,034		685,381		5,956,903		3,044,303			674,499		9,001,206		9,675,705		2,377,785		9/95		8/94	12-40 yrs
HOLLY TREE		863,050		58,900		1,069,733		4,853			58,900		1,074,586		1,133,486		525,360		2/93		11/92	5-27.5 yrs
IDABEL PROP.		1,338,057		50,000		1,791,971		0			50,000		1,791,971		1,841,971		907,272		12/93		4/93	5-25 yrs
ISOLA SQUARE		944,732		22,300		250,691		1,007,726			22,300		1,258,417		1,280,717		372,922		4/94		11/93	7-40 yrs
JOINER ELDERLY		767,397		47,719		1,026,013		51,772			47,719		1,077,785		1,125,504		525,348		6/93		1/93	5-40 yrs
LAWRENCEVILLE MANOR		1,380,461		61,370		1,660,796		64,641			61,370		1,725,437		1,786,807		776,319		7/94		2/94	5-27.5 yrs
LAWTELL MANOR		878,390		45,000		1,201,948		36,549			45,000		1,238,497		1,283,497		396,278		8/93		4/93	7-40 yrs
LOGAN LANE		1,266,595		54,000		1,602,465		(103	)		54,000		1,602,362		1,656,362		774,568		3/93		9/92	5-27.5 yrs
MEADOWS OF SOUTHGATE		2,125,556		252,000		4,575,879		13,745			252,000		4,589,624		4,841,624		1,323,121		5/94		7/93	12-40 yrs
MENDOTA VILLAGE		1,921,155		136,140		2,421,001		22,450			136,140		2,443,451		2,579,591		641,674		5/93		12/92	5-50 yrs
MIDCITY		2,618,243		15,058		6,611,666		18,729			15,058		6,630,395		6,645,453		2,757,836		6/94		9/93	5-27.5 yrs
NEWPORT HOUSING		1,176,390		160,000		1,405,411		(2,884	)		160,000		1,402,527		1,562,527		482,020		10/93		2/93	5-27.5 yrs
NEWPORT MANOR		923,737		31,908		1,175,109		94,333			31,908		1,269,442		1,301,350		429,619		12/93		9/93	5-40 yrs
PALATINE LP		1,361,848		37,400		1,785,282		74,646			37,400		1,859,928		1,897,328		858,999		5/94		5/94	5-27.5 yrs
RIVIERA APTS		1,632,238		100,000		2,979,700		625,261			132,400		3,604,961		3,737,361		1,581,330		12/93		12/92	5-27.5 yrs
SABLE CHASE		4,373,940		502,774		12,248,475		130,357			502,774		12,378,832		12,881,606		5,408,379		12/94		12/93	7-27.5 yrs
ST CROIX COMMONS		931,427		44,681		2,607,046		(655,017	)		44,681		1,952,029		1,996,710		887,900		12/94		10/94	5-27.5 yrs

F-82

Boston Capital Tax Credit Fund III LP — Series 16

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ST JOSEPH SQ		926,298		37,500		1,167,702		44,281		37,500		1,211,983		1,249,483		380,856		9/93		5/93	5-40 yrs
SIMMESPORT		894,527		60,000		1,171,005		55,440		60,000		1,226,445		1,286,445		403,230		6/93		4/93	7-40 yrs
STONY GROUND		1,387,240		127,380		1,794,961		28,248		129,005		1,823,209		1,952,214		795,638		6/93		12/92	5-27.5 yrs
SUMMERSVILLE		604,252		20,000		774,259		18,078		20,000		792,337		812,337		406,747		6/93		5/93	5-27.5 yrs
TALBOT VILLAGE		685,054		22,300		833,494		6,962		22,300		840,456		862,756		406,989		4/93		8/92	5-27.5 yrs
TCHULA ELDERLY		805,870		20,000		1,071,899		35,017		20,000		1,106,916		1,126,916		361,421		12/93		7/93	5-27.5 yrs
TUOLUMNE CITY		1,550,025		190,000		1,912,157		0		190,000		1,912,157		2,102,157		492,968		8/93		12/92	5-50 yrs
TURTLE CREEK		827,638		23,141		1,113,511		45,256		23,141		1,158,767		1,181,908		404,609		10/93		5/93	7-40 yrs
TWIN OAKS ASSOC		1,417,928		45,000		1,776,674		7,868		45,000		1,784,542		1,829,542		643,862		9/93		12/92	5-27.5 yrs
VICTORIA POINTE		1,408,539		153,865		1,437,570		366,033		128,900		1,803,603		1,932,503		748,136		1/95		10/94	5-27.5 yrs
VISTA LINDA APARTMENTS		2,456,355		143,253		2,961,671		144,581		143,253		3,106,252		3,249,505		1,292,175		12/93		1/93	5-27.5 yrs
WAKEFIELD HOUSING		1,231,015		88,564		1,480,003		45,865		88,564		1,525,868		1,614,432		538,327		2/93		9/92	10-40 yrs
WEST END MANOR		962,622		52,300		1,188,913		10,924		52,300		1,199,837		1,252,137		571,079		5/93		5/93	5-27.5 yrs
WESTCHESTER OAK GROVE		978,273		38,010		2,281,529		83,917		62,164		2,365,446		2,427,610		1,222,425		4/93		12/92	5-27.5 yrs
WESTCHESTER ST JOE		1,167,753		100,000		3,211,620		98,948		100,000		3,310,568		3,410,568		1,611,931		6/93		7/93	5-27.5 yrs
WESTVILLE PROPERTIES		681,490		25,000		912,139		0		25,000		912,139		937,139		473,716		7/93		2/93	5-25 yrs
WILCOX INVESTMENT GROUP		1,075,903		58,500		1,376,329		13,345		58,500		1,389,674		1,448,174		365,088		6/93		1/93	5-50 yrs
WOODLANDS APTS		909,942		30,000		668,555		587,935		30,000		1,256,490		1,286,490		523,205		2/95		9/94	5-27.5 yrs
		75,378,295		5,041,814		121,441,168		8,657,847		5,157,885		130,099,015		135,256,900		52,028,924

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2005.

There we no carrying costs as of December 31, 2005. The Column has been omitted for presentation purposes.

F-83

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/92			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		4,191,631
Improvements, etc		0
Other		0
			$	4,191,631
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/93			$	4,191,631
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		32,686,042
Improvements, etc		43,162,006
Other		0
			$	75,848,048
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/94			$	80,039,679
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		15,495,343
Improvements, etc		41,448,097
Other		0
			$	56,943,440
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/95			$	136,983,119

F-84

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16 (Continued)

Balance at close of period — 3/31/95				$	136,983,119
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		106,204
Improvements, etc		5,007,023
Other		0
				$	5,113,227
Deductions during period:
Cost of real estate sold	$	0
Other		(675,394	)
					(675,394	)
Balance at close of period — 3/31/96				$	141,420,952
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		97,847
Other		0
				$	97,847
Deductions during period:
Cost of real estate sold	$	0
Other		(1,512,675	)
					(1,512,675	)
Balance at close of period — 3/31/97				$	140,006,124
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		163,080
Other		0
				$	163,080
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/98				$	140,169,204

F-85

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16 (Continued)

Balance at close of period — 3/31/98			$	140,169,204
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		240,077
Other		0
			$	240,077
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/99			$	140,409,281
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		618,565
Other		0
			$	618,565
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/00			$	141,027,846
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		281,498
Other		0
			$	281,498
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/01			$	141,309,344

F-86

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16 (Continued)

Balance at close of period — 3/31/01			$	141,309,344
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		291,709
Other		0
			$	291,709
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/02			$	141,601,053
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		472,351
Other		0
			$	472,351
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/03			$	142,073,404
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		561,633
Other		0
			$	561,633
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/04			$	142,635,037

F-87

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16 (Continued)

Balance at close of period — 3/31/04				$	142,635,037
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		639,742
Other		0
				$	639,742
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/05				$	143,274,779
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		319,605
Other		0
				$	319,605
Deductions during period:
Cost of real estate sold	$	(8,337,484	)
Other		0
					(8,337,484	)
Balance at close of period — 3/31/06				$	135,256,900

F-88

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 16 (Continued)

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/92				$	0
Current year expense	$	0
Balance at close of period — 3/31/93				$	0
Current year expense	$	1,347,806
Balance at close of period — 3/31/94				$	1,347,806
Current year expense	$	3,630,765
Balance at close of period — 3/31/95				$	4,978,571
Current year expense	$	5,098,416
Balance at close of period — 3/31/96				$	10,076,987
Current year expense	$	4,859,372
Balance at close of period — 3/31/97				$	14,936,359
Current year expense	$	4,709,137
Balance at close of period — 3/31/98				$	19,645,496
Current year expense	$	4,715,345
Balance at close of period — 3/31/99				$	24,360,841
Current year expense	$	4,748,152
Balance at close of period — 3/31/00				$	29,108,993
Current year expense	$	4,694,454
Balance at close of period — 3/31/01				$	33,803,447
Current year expense	$	4,524,002
Balance at close of period — 3/31/02				$	38,327,449
Current year expense	$	4,501,163
Balance at close of period — 3/31/03				$	42,828,612
Current year expense	$	4,482,706
Balance at close of period — 3/31/04				$	47,311,318
Current year expense	$	4,397,188
Balance at close of period — 3/31/05				$	51,708,506
Current year expense	$	4,113,191
Reduction for real-estate sold		(3,792,773	)
Balance at close of period — 3/31/06				$	52,028,924

F-89

Boston Capital Tax Credit Fund III LP — Series 17

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ANNADALE HOUSING		12,106,016		226,000		12,180,150		389,778			226,000		12,569,928		12,795,928		3,782,852		6/90		2/89	5-50 yrs
ARTESIA PROPERTIES		1,364,632		30,730		1,865,231		9,786			30,730		1,875,017		1,905,747		823,708		9/94		9/94	5-27.5 yrs
ASPEN RIDGE		969,247		36,000		2,004,059		65,045			36,000		2,069,104		2,105,104		949,635		11/93		9/93	5-27.5 yrs
BLADENBORO		987,201		16,000		1,213,015		(26,766	)		16,000		1,186,249		1,202,249		475,086		7/95		3/95	5-27.5 yrs
BREWER ST		1,089,332		0		2,296,514		35,093			0		2,331,607		2,331,607		1,107,228		7/93		6/93	5-27.5 yrs
BRIARWOOD APTS		878,672		38,500		20,850		1,209,587			38,952		1,230,437		1,269,389		351,631		7/93		6/93	5-27.5 yrs
BRIARWOOD VILLAGE		1,103,487		42,594		1,418,259		3,781			42,594		1,422,040		1,464,634		633,719		5/94		10/93	5-27.5 yrs
BRIARWOOD DEKALB		1,104,789		96,000		2,943,443		32,333			96,000		2,975,776		3,071,776		935,451		6/94		10/93	5-40 yrs
CAIRO HOUSING		1,045,101		17,000		1,309,062		111,249			17,000		1,420,311		1,437,311		716,117		4/93		5/93	7-27.5 yrs
CAMBRIDGE YMCA		1,775,541		95,200		5,135,233		142,883			95,200		5,278,116		5,373,316		2,429,158		12/93		4/93	5-27.5 yrs
CANEYVILLE PROPERTIES		462,921		36,000		601,775		(13,800	)		36,000		587,975		623,975		284,978		4/93		5/93	5-27.5 yrs
CLINTON ESTATES		720,632		47,533		891,872		64,586			47,533		956,458		1,003,991		409,724		12/94		12/94	5-27.5 yrs
CLOVERPORT PROPERTIES		725,431		21,500		947,659		(7,038	)		21,500		940,621		962,121		447,598		7/93		4/93	5-27.5 yrs
COLLEGE GREEN		3,800,000		225,000		6,774,847		117,242			225,000		6,892,089		7,117,089		2,834,977		8/95		3/95	5-27.5 yrs
CROFTON ASSOC.		776,400		46,511		961,097		14,444			46,511		975,541		1,022,052		307,720		3/93		4/93	5-27.5 yrs
CYPRESS POINT		3,012,326		265,000		4,794,440		353,723			265,000		5,148,163		5,413,163		1,658,476		12/94		2/94	5-27.5 yrs
DEERWOOD VILLAGE		621,087		29,138		804,512		3,582			29,138		808,094		837,232		353,408		7/94		2/94	5-27.5 yrs
DOYLE VILLAGE		1,140,477		100,000		1,435,520		6,304			100,000		1,441,824		1,541,824		641,427		4/94		9/93	5-27.5 yrs
GALLAWAY ASSOC.		1,027,711		35,600		1,307,158		47,270			35,600		1,354,428		1,390,028		420,010		5/93		4/93	5-27.5 yrs
GLENRIDGE		1,997,809		350,000		2,208,213		7,278			350,000		2,215,491		2,565,491		720,578		6/94		6/94	5-27.5 yrs

F-90

Boston Capital Tax Credit Fund III LP — Series 17

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
GREEN ACRES		1,039,355		173,447		1,366,874		90,849		173,447		1,457,723		1,631,170		627,613		11/94		1/95
GREENWOOD PLACE		1,040,008		44,400		299,685		1,183,122		44,400		1,482,807		1,527,207		431,674		8/94		11/93	7-40 yrs
HACKLEY BARCLAY		2,709,596		174,841		4,603,493		326,279		175,000		4,929,772		5,104,772		2,303,129		12/94		12/93	5-27.5 yrs
HENSON CREEK		3,983,950		945,000		7,971,879		53,692		945,000		8,025,571		8,970,571		2,672,686		4/94		5/93	5-27.5 yrs
HICKMAN ASSOC.		517,878		24,000		673,642		9,779		24,000		683,421		707,421		207,426		12/93		11/93	5-27.5 yrs
HOUSTON VILLAGE		665,833		11,500		850,901		3,387		11,500		854,288		865,788		381,114		5/94		12/93	5-27.5 yrs
IVYWOOD		3,666,492		290,542		5,712,656		40,027		290,542		5,752,683		6,043,225		2,712,695		10/93		6/93	5-27.5 yrs
JONESTOWN MANOR		846,177		0		311,764		957,365		36,900		1,269,129		1,306,029		360,602		12/94		12/93	7-40 yrs
LARGO CENTER		4,035,388		1,012,500		7,262,001		82,566		1,012,500		7,344,567		8,357,067		2,246,818		6/94		3/93	5-27.5 yrs
LEE TERRACE		1,451,575		93,246		4,573		1,775,306		93,246		1,779,879		1,873,125		786,009		12/94		2/94	5-27.5 yrs
MIDLAND HOUSING		892,443		60,000		2,422,788		73,582		60,000		2,496,370		2,556,370		940,712		6/94		9/93	5-27.5 yrs
MOUNT VERNON		2,325,897		200,000		3,141,984		548,452		200,000		3,690,436		3,890,436		1,456,271		11/94		11/94	5-27.5 yrs
OAKWOOD OF BENNETSVILLE		853,944		60,000		1,074,857		20,101		60,000		1,094,958		1,154,958		505,606		12/93		9/93	5-27.5 yrs
OPELOUSAS POINT		1,345,049		50,000		559,121		1,415,455		50,000		1,974,576		2,024,576		598,941		3/94		11/93	5-27.5 yrs
PALMETTO VILLAS		1,590,200		60,724		2,034,151		18,400		60,724		2,052,551		2,113,275		701,180		4/94		5/94	5-27.5 yrs
PARK PLACE II		1,138,326		112,000		1,408,102		22,078		112,000		1,430,180		1,542,180		642,188		4/94		2/94	7-27.5 yrs
PINEHURST		784,831		24,000		1,033,022		48,826		24,000		1,081,848		1,105,848		501,974		2/94		2/94	5-27.5 yrs
QUAIL VILLAGE		852,781		30,450		1,060,273		2,468		30,450		1,062,741		1,093,191		456,465		2/94		9/93	7-27.5 yrs
SEA BREEZE		1,204,354		94,000		1,515,733		7,276		94,000		1,523,009		1,617,009		633,124		1/95		3/94		N/A
SHAWNEE HOUSING		993,782		182,786		2,347,227		113,423		182,786		2,460,650		2,643,436		1,235,581		10/92		2/93	7-27.5 yrs
SIXTH ST APTS		2,175,015		151,687		1,123,504		3,200,593		162,687		4,324,097		4,486,784		1,383,149		12/94		12/93	5-27.5 yrs
SKOWHEGAN HOUSING		1,514,085		100,000		2,121,472		127,131		100,000		2,248,603		2,348,603		773,962		8/94		9/94	5-27.5 yrs

F-91

Boston Capital Tax Credit Fund III LP — Series 17

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
SOLEDAD		1,891,273		340,000		2,005,222		0		340,000		2,005,222		2,345,222		509,502		1/94		10/93	5-50 yrs
SUGARWOOD PARK		3,260,174		281,875		5,949,680		41,991		281,875		5,991,671		6,273,546		2,472,295		7/95		4/94	5-27.5 yrs
VOORHEESVILLE		1,070,241		74,600		1,254,914		94,168		74,600		1,349,082		1,423,682		636,805		5/93		7/93	7-27.5 yrs
WAYNSBURG HOUSING		1,456,764		169,200		2,113,822		151,327		18,100		2,265,149		2,283,249		643,385		12/95		7/94	10-40 yrs
WHITE CASTLE		757,960		84,800		948,687		27,046		84,800		975,733		1,060,533		426,485		5/94		6/94	27.5 yrs
		80,772,183		6,599,904		112,284,936		13,001,049		6,497,315		125,285,985		131,783,300		47,530,872

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2005.

There we no carrying costs as of December 31, 2005. The Column has been omitted for presentation purposes.

F-92

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/93				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		58,662,502
Improvements, etc		0
Other		0
				$	58,662,502
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/94				$	58,662,502
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		31,044,766
Improvements, etc		39,965,487
Other		0
				$	71,010,253
Deductions during period:
Cost of real estate sold	$	0
Other		(26,680	)
					(26,680	)
Balance at close of period — 3/31/95				$	129,646,075
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		9,769,183
Improvements, etc		11,596,518
Other		0
				$	21,365,701
Deductions during period:
Cost of real estate sold	$	0
Other		(13,800	)
					(13,800	)
Balance at close of period — 3/31/96				$	150,997,976

F-93

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17 (Continued)

Balance at close of period — 3/31/96				$	150,997,976
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		12,406,150
Improvements, etc		133,058
Other		0
				$	12,539,208
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/97				$	163,537,184
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		337,191
Improvements, etc		0
Other		0
				$	337,191
Deductions during period:
Cost of real estate sold	$	0
Other		(1,598,364	)
					(1,598,364	)
Balance at close of period — 3/31/98				$	162,276,011
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		200,765
Other		0
				$	200,765
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/99				$	162,476,776

F-94

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17 (Continued)

Balance at close of period — 3/31/99				$	162,476,776
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		292,965
Other		0
				$	292,965
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/00				$	162,769,741
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		252,942
Other		0
				$	252,942
Deductions during period:
Cost of real estate sold	$	0
Other		(500,929	)
					(500,929	)
Balance at close of period — 3/31/01				$	162,521,754
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		525,052
Other		0
				$	525,052
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/02				$	163,046,806

F-95

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17 (Continued)

Balance at close of period — 3/31/02				$	163,046,806
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		376,998
Other		0
				$	376,998
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/03				$	163,423,804
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		638,913
Other		0
				$	638,913
Deductions during period:
Cost of real estate sold	$	(6,249,483	)
Other		0
					(6,249,483	)
Balance at close of period — 3/31/04				$	157,813,234
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		265,229
Other		0
				$	265,229
Deductions during period:
Cost of real estate sold	$	(26,715,597	)
Other		0
					(26,715,597	)
Balance at close of period — 3/31/05				$	131,362,866

F-96

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17 (Continued)

Balance at close of period — 3/31/05			$	131,362,866
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		420,434
Other		0
			$	420,434
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/06			$	131,783,300

F-97

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 17 (Continued)

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/93				$	0
Current year expense	$	727,342
Balance at close of period — 3/31/94				$	727,342
Current year expense	$	4,342,560
Balance at close of period — 3/31/95				$	5,069,902
Current year expense	$	4,963,158
Balance at close of period — 3/31/96				$	10,033,060
Current year expense	$	6,281,850
Balance at close of period — 3/31/97				$	16,314,910
Current year expense	$	5,040,935
Balance at close of period — 3/31/98				$	21,355,845
Current year expense	$	5,033,530
Balance at close of period — 3/31/99				$	26,389,375
Current year expense	$	4,909,920
Balance at close of period — 3/31/00				$	31,299,295
Current year expense	$	4,387,090
Balance at close of period — 3/31/01				$	35,686,385
Current year expense	$	4,846,606
Balance at close of period — 3/31/02				$	40,532,991
Current year expense	$	4,739,144
Balance at close of period — 3/31/03				$	45,272,135
Current year expense	$	4,532,137
Reduction for real-estate sold		(2,899,018	)
Balance at close of period — 3/31/04				$	46,905,254
Current year expense	$	3,850,470
Reduction for real-estate sold		(7,100,462	)
Balance at close of period — 3/31/05				$	43,655,262
Current year expense	$	3,875,610
Balance at close of period — 3/31/06				$	47,530,872

F-98

Boston Capital Tax Credit Fund III LP — Series 18

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ARCH DEVELOPMENT		1,618,505		107,387		6,724,849		118,969			112,853		6,843,818		6,956,671		2,758,478		12/94		4/94	7-27.5 yrs
AURORA		1,351,589		65,000		1,704,709		74,615			65,000		1,779,324		1,844,324		865,038		9/93		9/93	5-27.5 yrs
BEAR CREEK		4,440,703		488,011		8,884,145		65,623			491,639		8,949,768		9,441,407		4,294,943		4/95		3/94	5-27.5 yrs
CHATHAM MANOR		1,346,081		75,000		1,727,394		93,039			75,000		1,820,433		1,895,433		861,530		12/93		1/94	5-27.5 yrs
CHELSEA SQUARE		301,393		21,000		939,281		6,450			21,000		945,731		966,731		380,659		12/94		8/94	7-34 yrs
CLARKE SCHOOL		2,442,278		200,000		5,493,464		226,288			200,000		5,719,752		5,919,752		1,626,484		12/94		12/94	5-27.5 yrs
ELLIJAY RENTAL		812,465		48,000		1,000,609		2,336			48,000		1,002,945		1,050,945		334,003		1/95		1/94	40 yrs
EVERGREEN		2,660,383		157,537		4,337,312		623,152			157,537		4,960,464		5,118,001		2,342,043		1/95		8/94	5-27.5 yrs
GLEN PLACE		1,053,931		60,610		3,489,218		(169,758	)		60,610		3,319,460		3,380,070		1,445,947		6/94		4/94	5-27.5 yrs
HARRIS HOUSING		1,536,753		200,000		266,624		2,569,852			160,000		2,836,476		2,996,476		750,982		11/95		6/94	5-27.5 yrs
HUMBOLDT		694,230		40,191		845,252		26,528			40,191		871,780		911,971		367,151		4/95		8/94	5-27.5 yrs
JACKSON HOUSING		842,320		30,250		1,080,272		(7,162	)		30,250		1,073,110		1,103,360		451,445		6/94		1/94	5-27.5 yrs
LAKEVIEW MEADOWS		1,509,339		88,920		2,775,712		74,733			88,920		2,850,445		2,939,365		844,967		5/94		8/93	5-27.5 yrs
LANTHROP PROP		719,203		34,800		931,788		28,924			34,800		960,712		995,512		446,334		5/94		4/94	5-27.5 yrs
LEESVILLE ELDERLY		1,296,590		144,000		2,018,242		0			144,000		2,018,242		2,162,242		583,702		6/94		6/94	7-40 yrs
LOCKPORT		984,624		125,000		1,524,202		0			125,000		1,524,202		1,649,202		432,087		9/94		7/94	5-27.5 yrs
MAPLE LEAF		1,073,681		22,860		1,355,390		50,327			22,860		1,405,717		1,428,577		431,058		12/94		8/94	5-27.5 yrs
MARENGO PARK		733,829		50,010		886,695		5,220			50,010		891,915		941,925		407,329		3/94		10/93	5-27.5 yrs
NATCHITOCHES		942,455		50,000		1,634,279		10,000			50,000		1,644,279		1,694,279		454,800		12/94		6/94	7-40 yrs
NEWTON I		789,132		57,500		979,345		4,201			57,500		983,546		1,041,046		423,631		9/94		11/93	5-27.5 yrs

F-99

Boston Capital Tax Credit Fund III LP — Series 18

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
OSKALOOSA I		470,947		32,000		589,423		1,822		32,000		591,245		623,245		255,142		9/94		11/93	5-27.5 yrs
PARVINS		613,480		41,508		1,741,048		4,742		41,508		1,745,790		1,787,298		786,216		11/93		8/93	5-27.5 yrs
PEACHTREE		1,444,021		157,027		1,617,470		56,469		157,027		1,673,939		1,830,966		875,595		7/93		1/94	5-27.5 yrs
PONDEROSA		1,450,784		82,454		1,903,972		114,247		82,454		2,018,219		2,100,673		643,484		5/94		3/94	5-27.5 yrs
PRESTON WOODS		690,484		66,000		2,515,136		57,108		66,000		2,572,244		2,638,244		1,238,386		12/94		12/93	5-27.5 yrs
RICHMOND MANOR		1,001,195		54,944		1,285,522		43,107		54,944		1,328,629		1,383,573		601,101		6/94		6/94	5-27.5 yrs
RIO GRANDE		2,088,392		96,480		2,999,680		87,571		96,480		3,087,251		3,183,731		882,865		5/94		6/94	5-27.5 yrs
RIPLEY HOUSING		481,217		14,000		646,850		127,241		14,000		774,091		788,091		212,609		7/94		1/94	5-40 yrs
SAN JOAQUIN		1,773,314		55,000		2,463,181		22,475		55,000		2,485,656		2,540,656		582,496		12/94		3/94	5-50 yrs
TROY ESTATES		668,098		45,000		826,432		115,031		45,000		941,463		986,463		407,590		1/94		12/93	5-27.5 yrs
VIRGINIA AVENUE		1,179,072		121,238		3,510,339		12,226		121,238		3,522,565		3,643,803		1,490,059		10/94		10/94	5-27.5 yrs
VISTA LOMA		1,572,050		267,612		1,600,128		280,695		267,612		1,880,823		2,148,435		579,462		9/94		5/94	5-27.5 yrs
VIVIAN ELDERLY		228,446		45,000		1,668,938		0		45,000		1,668,938		1,713,938		489,331		9/94		7/94	7-40 yrs
WESTMINSTER MEADOWS		1,949,222		250,000		3,605,890		22,684		250,000		3,628,574		3,878,574		1,688,815		11/94		12/93	5-27.5 yrs
		42,760,206		3,394,339		75,572,791		4,748,755		3,363,433		80,321,546		83,684,979		31,235,762

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2005.

There we no carrying costs as of December 31, 2005. The Column has been omitted for presentation purposes.

F-100

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/93			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		4,002,185
Improvements, etc		0
Other		0
			$	4,002,185
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/94			$	4,002,185
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		42,200,169
Improvements, etc		19,531,960
Other		0
			$	61,732,129
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/95			$	65,734,314
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		16,282,424
Other		0
			$	16,282,424
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/96			$	82,016,738

F-101

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18 (Continued)

Balance at close of period — 3/31/96			$	82,016,738
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		137,752
Other		0
			$	137,752
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/97			$	82,154,490
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		164,466
Other		0
			$	164,466
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/98			$	82,318,956
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		200,573
Other		0
			$	200,573
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/99			$	82,519,529

F-102

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18 (Continued)

Balance at close of period — 3/31/99			$	82,519,529
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		90,225
Other		0
			$	90,225
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/00			$	82,609,754
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		204,609
Other		0
			$	204,609
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/01			$	82,814,363
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		125,890
Other		0
			$	125,890
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/02			$	82,940,253

F-103

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18 (Continued)

Balance at close of period — 3/31/02			$	82,940,253
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		164,756
Other		0
			$	164,756
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/03			$	83,105,009
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		224,824
Other		0
			$	224,824
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/04			$	83,329,833
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		105,841
Other		0
			$	105,841
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/05			$	83,435,674

F-104

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18 (Continued)

Balance at close of period — 3/31/05			$	83,435,674
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		249,305
Other		0
			$	249,305
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/06			$	83,684,979

F-105

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 18 (Continued)

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/93			$	0
Current year expense	$	39,475
Balance at close of period — 3/31/94			$	39,475
Current year expense	$	911,009
Balance at close of period — 3/31/95			$	950,484
Current year expense	$	2,835,031
Balance at close of period — 3/31/96			$	3,785,515
Current year expense	$	3,000,815
Balance at close of period — 3/31/97			$	6,786,330
Current year expense	$	2,884,157
Balance at close of period — 3/31/98			$	9,670,487
Current year expense	$	2,798,960
Balance at close of period — 3/31/99			$	12,469,447
Current year expense	$	2,799,855
Balance at close of period — 3/31/00			$	15,269,302
Current year expense	$	2,761,702
Balance at close of period — 3/31/01			$	18,031,004
Current year expense	$	2,752,123
Balance at close of period — 3/31/02			$	20,783,127
Current year expense	$	2,632,895
Balance at close of period — 3/31/03			$	23,416,022
Current year expense	$	2,613,670
Balance at close of period — 3/31/04			$	26,029,692
Current year expense	$	2,598,384
Balance at close of period — 3/31/05			$	28,628,076
Current year expense	$	2,607,686
Balance at close of period — 3/31/06			$	31,235,762

F-106

Boston Capital Tax Credit Fund III LP — Series 19

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ANKENEY HOUSING		3,123,015		217,500		8,144,577		185,262			217,500		8,329,839		8,547,339		2,437,626		3/95		8/94	10-40 yrs
CARROLLTON VILLA		1,322,464		60,015		2,682,843		187,165			60,015		2,870,008		2,930,023		1,196,039		3/95		6/94	5-27.5 yrs
CLARKE SCHOOL		2,442,278		200,000		5,493,464		226,288			200,000		5,719,752		5,919,752		1,626,484		12/94		12/94	12-40 yrs
FOREST ASSOCIATES		643,029		13,900		396,391		483,148			13,900		879,539		893,439		555,820		3/78		4/95	5-27.5 yrs
GARDEN GATE\FT WORTH		5,332,618		678,867		2,532,572		6,918,195			678,867		9,450,767		10,129,634		3,860,629		4/95		5/95	5-27.5 yrs
GARDEN GATE\PLANO		6,689,633		689,318		844,673		9,132,567			689,318		9,977,240		10,666,558		4,118,215		3/95		2/94	5-27.5 yrs
HEBBRONVILLE APTS.		502,019		50,711		650,002		20,243			50,711		670,245		720,956		201,668		4/94		12/93	7-40 yrs
HOLLISTER INV GRP		1,700,611		400,000		1,906,641		(61,972	)		400,000		1,844,669		2,244,669		394,536		5/95		3/95	5-50 yrs
HOLTS SUMMIT SQUARE		1,058,956		110,373		524,966		2,045,001			110,373		2,569,967		2,680,340		1,121,001		12/94		6/94	5-27.5 yrs
INDEPENDENCE PROPERTIES		828,754		38,500		503,166		517,210			38,500		1,020,376		1,058,876		317,618		12/94		6/94	5-40 yrs
JEFFERSON SQUARE		2,297,571		385,000		4,548,650		378,852			385,000		4,927,502		5,312,502		1,609,897		8/95		5/94	5-27.5 yrs
JENNY LYNN PROPERTIES		781,043		65,000		958,809		7,000			65,000		965,809		1,030,809		408,737		9/94		1/94	5-27.5 yrs
JEREMY ASSOCIATES		3,339,540		522,890		6,954,516		724,025			522,890		7,678,541		8,201,431		2,278,176		12/95		6/96	5-40 yrs
LONE STAR SR.		593,775		20,492		835,453		0			20,492		835,453		855,945		240,210		5/94		12/93	7-40 yrs
MADISON L.P.		634,602		42,707		810,978		14,549			32,568		825,527		858,095		359,158		10/94		12/93	5-27.5 yrs
MANSURA VILLA		936,321		20,254		301,687		1,023,072			25,000		1,324,759		1,349,759		350,245		8/95		5/94	5-27.5 yrs
MARTINDALE APTS.		654,753		40,270		861,032		29,803			40,270		890,835		931,105		268,571		1/94		12/93	7-40 yrs
MUNFORD VILLAGE		737,299		24,800		980,102		19,587			24,800		999,689		1,024,489		312,768		4/94		10/93	5-40 yrs
NORTHPOINTE LP		4,313,751		371,000		9,834,451		1,377			371,000		9,835,828		10,206,828		2,610,749		6/95		7/94	5-27.5 yrs
SAHALE HEIGHTS		834,295		72,000		1,062,350		111			72,000		1,062,461		1,134,461		459,834		6/94		1/94	5-27.5 yrs

F-107

Boston Capital Tax Credit Fund III LP — Series 19

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
SHERWOOD KNOLL		759,006		45,000		963,996		38,204			45,000		1,002,200		1,047,200		332,982		4/94		10/93	5-40 yrs
SUGARWOOD PARK		3,260,174		281,875		5,949,680		41,991			281,875		5,991,671		6,273,546		2,472,295		7/95		4/94	5-27.5 yrs
SUMMERSET HOUSING		916,826		68,665		1,160,825		(25,664	)		68,665		1,135,161		1,203,826		416,826		11/95		1/94	7-27.5 yrs
VISTA’S ASSOC.		4,707,271		831,600		7,055,338		28,264			831,600		7,083,602		7,915,202		2,351,164		1/95		12/93	5-27.5 yrs
WEDGEWOOD LANE		974,692		85,000		1,106,604		37,185			85,000		1,143,789		1,228,789		376,191		9/94		6/94	5-40 yrs
WILLOWOOD PARK		3,871,449		511,051		6,867,791		187,592			511,051		7,055,383		7,566,434		3,047,194		12/94		11/93	5-27.5 yrs
		53,255,745		5,846,788		73,931,557		22,159,055			5,841,395		96,090,612		101,932,007		33,724,633

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2005.

There we no carrying costs as of December 31, 2005. The Column has been omitted for presentation purposes.

F-108

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/93			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		9,012,131
Improvements, etc		0
Other		0
			$	9,012,131
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/94			$	9,012,131
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		24,845,235
Improvements, etc		13,156,474
Other		0
			$	38,001,709
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/95			$	47,013,840
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		410,291
Improvements, etc		52,257,570
Other		0
			$	52,667,861
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/96			$	99,681,701

F-109

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19 (Continued)

Balance at close of period — 3/31/96				$	99,681,701
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		7,477,406
Improvements, etc		594,800
Other		0
				$	8,072,206
Deductions during period:
Cost of real estate sold	$	(8,720,704	)
Other		(124,499	)
					(8,845,203	)
Balance at close of period — 3/31/97				$	98,908,704
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		224,896
Other		0
				$	224,896
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/98				$	99,133,600
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		228,405
Other		0
				$	228,405
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period — 3/31/99				$	99,362,005

F-110

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19 (Continued)

Balance at close of period — 3/31/99			$	99,362,005
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		280,218
Other		0
			$	280,218
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/00			$	99,642,223
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		493,159
Other		0
			$	493,159
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/01			$	100,135,382
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		432,177
Other		0
			$	432,177
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/02			$	100,567,559

F-111

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19 (Continued)

Balance at close of period — 3/31/02			$	100,567,559
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		77,825
Other		0
			$	77,825
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/03			$	100,645,384
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		751,197
Other		0
			$	751,197
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/04			$	101,396,581
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		271,562
Other		0
			$	271,562
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/05			$	101,668,143

F-112

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19 (Continued)

Balance at close of period — 3/31/05			$	101,668,143
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		263,864
Other		0
			$	263,864
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period — 3/31/06			$	101,932,007

F-113

Notes to Schedule III

Boston Capital Tax Credit Fund III LP — Series 19 (Continued)

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/93			$	0
Current year expense	$	98,220
Balance at close of period — 3/31/94			$	98,220
Current year expense	$	418,177
Balance at close of period — 3/31/95			$	516,397
Current year expense	$	2,779,948
Balance at close of period — 3/31/96			$	3,296,345
Current year expense	$	2,591,856
Balance at close of period — 3/31/97			$	5,888,201
Current year expense	$	3,087,218
Balance at close of period — 3/31/98			$	8,975,419
Current year expense	$	3,096,686
Balance at close of period — 3/31/99			$	12,072,105
Current year expense	$	3,079,193
Balance at close of period — 3/31/00			$	15,151,298
Current year expense	$	3,106,817
Balance at close of period — 3/31/01			$	18,258,115
Current year expense	$	3,126,263
Balance at close of period — 3/31/02			$	21,384,378
Current year expense	$	2,850,562
Balance at close of period — 3/31/03			$	24,234,940
Current year expense	$	3,332,665
Balance at close of period — 3/31/04			$	27,567,605
Current year expense	$	3,077,499
Balance at close of period — 3/31/05			$	30,645,104
Current year expense	$	3,079,529
Balance at close of period — 3/31/06			$	33,724,633

F-114