Exhibit 13

FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT

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

MARCH 31, 2007 AND 2006

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

March 31, 2007, 2006 and 2005

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.

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, 2007 and 2006, 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, 2007. 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 $728,741 and $1,411,770 of the total partnership assets as of March 31, 2007 and 2006, respectively, and $(593,912), $(1,029,722) and $(1,183,870) of the total partnership loss for the years ended March 31, 2007, 2006 and 2005, respectively; of the assets for Series 15 as of March 31, 2007 and 2006, $289,968 and $470,219, respectively, and of the loss for Series 15 for the years ended March 31, 2007, 2006 and 2005, $(117,013), $(371,366) and $(342,864) respectively; of the assets for Series 16 as of March 31, 2007 and 2006, $0 and $0, respectively, and of the loss for Series 16 for the years ended March 31, 2007, 2006 and 2005, $0, $0, and $(255,186), respectively; of the assets for Series 17 as of March 31, 2007 and 2006, $240,014 and $468,682, respectively, and of the loss for Series 17 for the years ended March 31, 2007, 2006 and 2005, $(202,389), $(350,453) and $(271,167) respectively; of the assets for Series 18 as of March 31, 2007 and 2006, $22,873 and $143,473, respectively, and of the loss for Series 18 for the years ended March 31, 2007, 2006 and 2005, $(120,600), $(120,686) and $(187,413), respectively; and of the assets for Series 19 as of March 31, 2007 and 2006, $175,886 and $329,396, respectively, and of the loss for Series 19 for the years ended March 31, 2007, 2006 and 2005, $(153,510), $(187,217) and $(127,240), 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

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, 2007 and 2006, 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, 2007, 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.
REZNICK GROUP, P.C.

Bethesda, Maryland
July 16, 2007

F-4

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

BALANCE SHEETS

March 31, 2007 and 2006

	Total
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,419,039		$	7,337,365
OTHER ASSETS
Cash and cash equivalents		1,947,702			3,292,462
Deferred acquisition costs, net of accumulated amortization		809,059			861,443
Other assets		56,367			78,475
	$	6,232,167		$	11,569,745
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,145		$	41,411
Accounts payable — affiliates		25,148,800			23,452,067
Capital contributions payable		162,519			162,519
		25,312,464			23,655,997
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and outstanding at March 31, 2007 and 2006		(17,019,215	)		(10,077,051	)
General partner		(2,061,082	)		(2,009,201	)
		(19,080,297	)		(12,086,252	)
	$	6,232,167		$	11,569,745

(continued)

F-5

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

BALANCE SHEETS — CONTINUED

March 31, 2007 and 2006

	Series 15
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	361,924		$	594,892
OTHER ASSETS
Cash and cash equivalents		1,345,224			1,262,471
Deferred acquisition costs, net of accumulated amortization		118,611			126,263
Other assets		21,367			27,002
	$	1,847,126		$	2,010,628
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,145		$	1,145
Accounts payable — affiliates		5,863,264			5,602,855
Capital contributions payable		4,208			4,208
		5,868,617			5,608,208
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued and outstanding at March 31, 2007 and 2006		(3,659,086	)		(3,230,009	)
General partner		(362,405	)		(367,571	)
		(4,021,491	)		(3,597,580	)
	$	1,847,126		$	2,010,628

(continued)

F-6

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

BALANCE SHEETS — CONTINUED

March 31, 2007 and 2006

	Series 16
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,126,865		$	1,974,221
OTHER ASSETS
Cash and cash equivalents		190,149			572,534
Deferred acquisition costs, net of accumulated amortization		164,302			174,902
Other assets		—			—
	$	1,481,316		$	2,721,657
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	40,266
Accounts payable — affiliates		6,572,789			6,270,924
Capital contributions payable		71,862			71,862
		6,644,651			6,383,052
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and outstanding at March 31, 2007 and 2006		(4,645,093	)		(3,158,172	)
General partner		(518,242	)		(503,223	)
		(5,163,335	)		(3,661,395	)
	$	1,481,316		$	2,721,657

(continued)

F-7

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

BALANCE SHEETS — CONTINUED

March 31, 2007 and 2006

	Series 17
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,286,994		$	1,915,188
OTHER ASSETS
Cash and cash equivalents		165,814			1,238,050
Deferred acquisition costs, net of accumulated amortization		169,684			180,996
Other assets		30,000			46,473
	$	1,652,492		$	3,380,707
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		6,440,636			6,120,716
Capital contributions payable		67,895			67,895
		6,508,531			6,188,611
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued and outstanding at March 31, 2007 and 2006		(4,386,701	)		(2,350,393	)
General partner		(469,338	)		(457,511	)
		(4,856,039	)		(2,807,904	)
	$	1,652,492		$	3,380,707

(continued)

F-8

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

BALANCE SHEETS — CONTINUED

March 31, 2007 and 2006

	Series 18
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	92,946		$	726,046
OTHER ASSETS
Cash and cash equivalents		107,343			72,064
Deferred acquisition costs, net of accumulated amortization		130,058			138,449
Other assets		5,000			5,000
	$	335,347		$	941,559
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		3,994,750			3,591,559
Capital contributions payable		18,554			18,554
		4,013,304			3,610,113
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2007 and 2006		(3,330,950	)		(2,331,641	)
General partner		(347,007	)		(336,913	)
		(3,677,957	)		(2,668,554	)
	$	335,347		$	941,559

(continued)

F-9

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

BALANCE SHEETS — CONTINUED

March 31, 2007 and 2006

	Series 19
	2007			2006
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	550,310		$	2,127,018
OTHER ASSETS
Cash and cash equivalents		139,172			147,343
Deferred acquisition costs, net of accumulated amortization		226,404			240,833
Other assets		—			—
	$	915,886		$	2,515,194
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Accounts payable — affiliates		2,277,361			1,866,013
Capital contributions payable		—			—
		2,277,361			1,866,013
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, 2007 and 2006		—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2007 and 2006		(997,385	)		993,164
General partner		(364,090	)		(343,983	)
		(1,361,475	)		649,181
	$	915,886		$	2,515,194

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, 2007, 2006 and 2005

	Total
	2007			2006			2005
Income
Interest income	$	41,815		$	17,903		$	9,210
Other income		96,772			32,509			15,730
Total income		138,587			50,412			24,940
Share of losses from operating limited partnerships		(1,280,294	)		(3,518,129	)		(12,401,037	)
Expenses
Professional fees		282,015			292,370			210,010
Partnership management fee		2,138,666			2,098,275			1,666,693
Amortization		52,384			52,384			354,082
Impairment loss		1,365,076			11,603,236			18,797,540
General and administrative expenses		208,273			160,338			146,436
		4,046,414			14,206,603			21,174,761
NET LOSS	$	(5,188,121	)	$	(17,674,320	)	$	(33,550,858	)
Net loss allocated to general partner	$	(51,881	)	$	(176,744	)	$	(335,508	)
Net loss allocated to assignees	$	(5,136,240	)	$	(17,497,576	)	$	(33,215,350	)
Net loss per BAC	$	(0.23	)	$	(0.80	)	$	(1.51	)

(continued)

F-11

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

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2007, 2006 and 2005

	Series 15
	2007		2006			2005
Income
Interest income	$	15,446	$	6,699		$	2,762
Other income		4,837		175			6,415
Total income		20,283		6,874			9,177
Share of income (losses) from operating limited partnerships		1,006,045		(301,091	)		(3,263,652	)
Expenses
Professional fees		66,443		63,873			45,203
Partnership management fee		393,151		427,061			186,914
Amortization		7,652		7,652			60,550
Impairment loss		—		540,269			1,542,187
General and administrative expenses		42,512		31,324			29,575
		509,758		1,070,179			1,864,429
NET INCOME (LOSS)	$	516,570	$	(1,364,396	)	$	(5,118,904	)
Net income (loss) allocated to general partner	$	5,166	$	(13,644	)	$	(51,189	)
Net income (loss) allocated to assignees	$	511,404	$	(1,350,752	)	$	(5,067,715	)
Net income (loss) per BAC	$	0.13	$	(0.35	)	$	(1.32	)

(continued)

F-12

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

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2007, 2006 and 2005

	Series 16
	2007			2006			2005
Income
Interest income	$	6,985		$	3,019		$	2,507
Other income		4,954			2,637			2,253
Total income		11,939			5,656			4,760
Share of losses from operating limited partnerships		(830,125	)		(302,965	)		(1,548,383	)
Expenses
Professional fees		67,919			65,259			44,700
Partnership management fee		555,951			550,166			593,725
Amortization		10,600			10,600			126,268
Impairment loss		—			2,317,370			5,216,286
General and administrative expenses		49,284			37,082			33,026
		683,754			2,980,477			6,014,005
NET LOSS	$	(1,501,940	)	$	(3,277,786	)	$	(7,557,628	)
Net loss allocated to general partner	$	(15,019	)	$	(32,778	)	$	(75,576	)
Net loss allocated to assignees	$	(1,486,921	)	$	(3,245,008	)	$	(7,482,052	)
Net loss per BAC	$	(0.27	)	$	(0.60	)	$	(1.38	)

(continued)

F-13

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

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2007, 2006 and 2005

	Series 17
	2007			2006			2005
Income
Interest income	$	12,850		$	6,253		$	2,506
Other income		13,085			5,839			1,210
Total income		25,935			12,092			3,716
Share of losses from operating limited partnerships		(428,223	)		(696,243	)		(3,737,706	)
Expenses
Professional fees		58,291			55,452			40,377
Partnership management fee		465,239			456,419			199,263
Amortization		11,312			11,312			87,588
Impairment loss		199,703			3,620,144			3,301,027
General and administrative expenses		45,859			34,103			31,089
		780,404			4,177,430			3,659,344
NET LOSS	$	(1,182,692	)	$	(4,861,581	)	$	(7,393,334	)
Net loss allocated to general partner	$	(11,827	)	$	(48,616	)	$	(73,933	)
Net loss allocated to assignees	$	(1,170,865	)	$	(4,812,965	)	$	(7,319,401	)
Net loss per BAC	$	(0.23	)	$	(0.96	)	$	(1.46	)

(continued)

F-14

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

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2007, 2006 and 2005

	Series 18
	2007			2006			2005
Income
Interest income	$	2,680		$	689		$	533
Other income		70,182			10,855			352
Total income		72,862			11,544			885
Share of losses from operating limited partnerships		(227,177	)		(543,556	)		(1,905,671	)
Expenses
Professional fees		52,884			41,803			48,159
Partnership management fee		354,725			354,643			358,581
Amortization		8,391			8,391			65,247
Impairment loss		404,990			747,347			3,936,899
General and administrative expenses		34,098			26,676			26,026
		855,088			1,178,860			4,434,912
NET LOSS	$	(1,009,403	)	$	(1,710,872	)	$	(6,339,698	)
Net loss allocated to general partner	$	(10,094	)	$	(17,109	)	$	(63,397	)
Net loss allocated to assignees	$	(999,309	)	$	(1,693,763	)	$	(6,276,301	)
Net loss per BAC	$	(0.28	)	$	(0.47	)	$	(1.74	)

(continued)

F-15

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

STATEMENTS OF OPERATIONS — CONTINUED

Years ended March 31, 2007, 2006 and 2005

	Series 19
	2007			2006			2005
Income
Interest income	$	3,854		$	1,243		$	902
Other income		3,714			13,003			5,500
Total income		7,568			14,246			6,402
Share of losses from operating limited partnerships		(800,814	)		(1,674,274	)		(1,945,625	)
Expenses
Professional fees		36,478			65,983			31,571
Partnership management fee		369,600			309,986			328,210
Amortization		14,429			14,429			14,429
Impairment loss		760,383			4,378,106			4,801,141
General and administrative expenses		36,520			31,153			26,720
		1,217,410			4,799,657			5,202,071
NET LOSS	$	(2,010,656	)	$	(6,459,685	)	$	(7,141,294	)
Net loss allocated to general partner	$	(20,107	)	$	(64,597	)	$	(71,413	)
Net loss allocated to assignees	$	(1,990,549	)	$	(6,395,088	)	$	(7,069,881	)
Net loss per BAC	$	(0.49	)	$	(1.57	)	$	(1.73	)

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, 2007, 2006 and 2005

				General
Total	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		40,768,209			(1,496,949	)		39,271,260
Distributions to partners		(132,334	)		—			(132,334	)
Net loss		(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	)
Distributions to partners		(1,805,924	)		—			(1,805,924	)
Net loss		(5,136,240	)		(51,881	)		(5,188,121	)
Partners’ capital (deficit), March 31, 2007	$	(17,019,215	)	$	(2,061,082	)	$	(19,080,297	)

(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, 2007, 2006 and 2005

				General
Series 15	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		3,296,025			(302,738	)		2,993,287
Distributions to partners		(107,567	)		—			(107,567	)
Net loss		(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	)
Distributions to partners		(940,481	)		—			(940,481	)
Net income		511,404			5,166			516,570
Partners’ capital (deficit), March 31, 2007	$	(3,659,086	)	$	(362,405	)	$	(4,021,491	)

(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, 2007, 2006 and 2005

				General
Series 16	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		7,568,888			(394,869	)		7,174,019
Distributions to partners		—			—			—
Net loss		(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	)
Net loss		(1,486,921	)		(15,019	)		(1,501,940	)
Partners’ capital (deficit), March 31, 2007	$	(4,645,093	)	$	(518,242	)	$	(5,163,335	)

(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, 2007, 2006 and 2005

				General
Series 17	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		9,806,740			(334,962	)		9,471,778
Distributions to partners		(24,767	)		—			(24,767	)
Net loss		(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	)
Distributions to partners		(865,443	)		—			(865,443	)
Net loss		(1,170,865	)		(11,827	)		(1,182,692	)
Partners’ capital (deficit), March 31, 2007	$	(4,386,701	)	$	(469,338	)	$	(4,856,039	)

(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, 2007, 2006 and 2005

				General
Series 18	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		5,638,423			(256,407	)		5,382,016
Distributions to partners		—			—			—
Net loss		(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	)
Net loss		(999,309	)		(10,094	)		(1,009,403	)
Partners’ capital (deficit), March 31, 2007	$	(3,330,950	)	$	(347,007	)	$	(3,677,957	)

(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, 2007, 2006 and 2005

				General
Series 19	Assignees			partner			Total
Partners’ capital (deficit), March 31, 2004		14,458,133			(207,973	)		14,250,160
Distributions to partners		—			—			—
Net loss		(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
Net loss		(1,990,549	)		(20,107	)		(2,010,656	)
Partners’ capital (deficit), March 31, 2007	$	(997,385	)	$	(364,090	)	$	(1,361,475	)

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, 2007, 2006 and 2005

	Total
	2007			2006			2005
Cash flows from operating activities
Net loss	$	(5,188,121	)	$	(17,674,320	)	$	(33,550,858	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		1,280,294			3,518,129			12,401,037
Distributions received from operating limited partnerships		30,836			82,150			43,280
Impairment loss		1,365,076			11,603,236			18,797,540
Amortization		52,384			52,384			354,082
Changes in assets and liabilities
Other assets		(7,126	)		85,044			—
Accounts payable and accrued expenses		(40,266	)		40,266			—
Accounts payable — affiliates		1,696,733			1,656,375			2,517,620
Net cash provided by (used in) operating activities		(810,190	)		(636,736	)		562,701
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			(500	)		(37,498	)
(Advance)/repayments (to)/from operating limited partnerships		—			—			96,741
Proceeds from disposition of operating limited partnerships		1,271,354			153,501			2,124,534
Net cash provided by (used in) investing activities		1,271,354			153,001			2,183,777
Cash flows from financing activities
Distributions to partners		(1,805,924	)		—			(132,334	)
Net cash provided by (used in) financing activity		(1,805,924	)		—			(132,334	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,344,760	)		(483,735	)		2,614,144
Cash and cash equivalents, beginning		3,292,462			3,776,197			1,162,053
Cash and cash equivalents, end	$	1,947,702		$	3,292,462		$	3,776,197

(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, 2007, 2006 and 2005

	Series 15
	2007			2006			2005
Cash flows from operating activities
Net income (loss)	$	516,570		$	(1,364,396	)	$	(5,118,904	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income (losses) from operating limited partnerships		(1,006,045	)		301,091			3,263,652
Distributions received from operating limited partnerships		—			—			253
Impairment loss		—			540,269			1,542,187
Amortization		7,652			7,652			60,550
Changes in assets and liabilities
Other assets		(4,365	)		(20,635	)		—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		260,409			124,513			478,228
Net cash provided by (used in) operating activities		(225,779	)		(411,506	)		225,966
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			—			(11,998	)
(Advance)/repayments (to)/from operating limited partnerships		—			—			78,284
Proceeds from disposition of operating limited partnerships		1,249,013			36,295			1,106,404
Net cash provided by (used in) investing activities		1,249,013			36,295			1,172,690
Cash flows from financing activities
Distributions to partners		(940,481	)		—			(107,567	)
Net cash provided by (used in) financing activity		(940,481	)		—			(107,567	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		82,753			(375,211	)		1,291,089
Cash and cash equivalents, beginning		1,262,471			1,637,682			346,593
Cash and cash equivalents, end	$	1,345,224		$	1,262,471		$	1,637,682

(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, 2007, 2006 and 2005

	Series 16
	2007			2006			2005
Cash flows from operating activities
Net loss	$	(1,501,940	)	$	(3,277,786	)	$	(7,557,628	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		830,125			302,965			1,548,383
Distributions received from operating limited partnerships		8,385			5,850			52,769
Impairment loss		—			2,317,370			5,216,286
Amortization		10,600			10,600			126,268
Changes in assets and liabilities
Other assets		(6,175	)		110,860			—
Accounts payable and accrued expenses		(40,266	)		40,266			—
Accounts payable — affiliates		301,865			591,979			691,979
Net cash provided by (used in) operating activities		(397,406	)		102,104			78,057
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			(500	)		(1,500	)
(Advance)/repayments (to)/from operating limited partnerships		—			—			—
Proceeds from disposition of operating limited partnerships		15,021			84,540			—
Net cash provided by (used in) investing activities		15,021			84,040			(1,500	)
Cash flows from financing activities
Distributions to partners		—			—			—
Net cash provided by (used in) financing activity		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(382,385	)		186,144			76,557
Cash and cash equivalents, beginning		572,534			386,390			309,833
Cash and cash equivalents, end	$	190,149		$	572,534		$	386,390

(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, 2007, 2006 and 2005

	Series 17
	2007			2006			2005
Cash flows from operating activities
Net loss	$	(1,182,692	)	$	(4,861,581	)	$	(7,393,334	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		428,223			696,243			3,737,706
Distributions received from operating limited partnerships		4,240			1,170			10,857
Impairment loss		199,703			3,620,144			3,301,027
Amortization		11,312			11,312			87,588
Changes in assets and liabilities
Other assets		5,181			(5,181	)		—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		319,920			194,120			493,650
Net cash provided by (used in) operating activities		(214,113	)		(343,773	)		237,494
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		—			—			—
(Advance)/repayments (to)/from operating limited partnerships		—			—			75,000
Proceeds from disposition of operating limited partnerships		7,320			32,666			1,018,130
Net cash provided by (used in) investing activities		7,320			32,666			1,093,130
Cash flows from financing activities
Distributions to partners		(865,443	)		—			(24,767	)
Net cash provided by (used in) financing activity		(865,443	)		—			(24,767	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,072,236	)		(311,107	)		1,305,857
Cash and cash equivalents, beginning		1,238,050			1,549,157			243,300
Cash and cash equivalents, end	$	165,814		$	1,238,050		$	1,549,157

(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, 2007, 2006 and 2005

	Series 18
	2007			2006			2005
Cash flows from operating activities
Net loss	$	(1,009,403	)	$	(1,710,872	)	$	(6,339,698	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		227,177			543,556			1,905,671
Distributions received from (refunded to) operating limited partnerships		933			2,269			(20,664	)
Impairment loss		404,990			747,347			3,936,899
Amortization		8,391			8,391			65,247
Changes in assets and liabilities
Other assets		—			—			—
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		403,191			409,415			442,415
Net cash provided by (used in) operating activities		35,279			106			(10,130	)
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 cash provided by (used in) financing activity		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		35,279			106			(66,673	)
Cash and cash equivalents, beginning		72,064			71,958			138,631
Cash and cash equivalents, end	$	107,343		$	72,064		$	71,958

(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, 2007, 2006 and 2005

	Series 19
	2007			2006			2005
Cash flows from operating activities
Net loss	$	(2,010,656	)	$	(6,459,685	)	$	(7,141,294	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of losses from operating limited partnerships		800,814			1,674,274			1,945,625
Distributions received from operating limited partnerships		17,278			72,861			65
Impairment loss		760,383			4,378,106			4,801,141
Amortization		14,429			14,429			14,429
Changes in assets and liabilities
Other assets		(1,767	)
Accounts payable and accrued expenses		—			—			—
Accounts payable — affiliates		411,348			336,348			411,348
Net cash provided by (used in) operating activities		(8,171	)		16,333			31,314
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 cash provided by (used in) financing activity		—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,171	)		16,333			7,314
Cash and cash equivalents, beginning		147,343			131,010			123,696
Cash and cash equivalents, end	$	139,172		$	147,343		$	131,010

(continued)

F-28

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

NOTES TO FINANCIAL STATEMENTS

March 31, 2007, 2006 and 2005

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, 2007 and 2006 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, 2007, 2006 and 2005

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:

	2007		2006
Series 15	$	169,007	$	159,007
Series 16		14,193		8,018
Series 17		85,401		74,109
Series 18		57,536		57,536
Series 19		2,921		1,154
	$	329,058	$	299,824

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 $1,365,076, $11,603,236 and $18,797,540 during the years ended March 31, 2007, 2006 and 2005, respectively.

F-30

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2007, 2006 and 2005

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, 2007 and 2006 is as follows:

	2007		2006
Series 15	$	170,559	$	162,907
Series 16		299,129		288,529
Series 17		258,065		246,753
Series 18		184,879		176,488
Series 19		171,648		157,219
	$	1,084,280	$	1,031,896

F-32

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2012 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, 2007, 2006 and 2005

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, 2007, 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
	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, 2007, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS

During the years ended March 31, 2007, 2006 and 2005, 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, 2007, 2006 and 2005 by series, is as follows:

	2007		2006		2005
Series 15	$	393,151	$	427,061	$	186,914
Series 16		555,951		550,166		593,725
Series 17		465,239		456,419		199,263
Series 18		354,725		354,643		358,581
Series 19		369,600		309,986		328,210
	$	2,138,666	$	2,098,275	$	1,666,693

F-35

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2007, 2006 and 2005 charged to each series’ operations are as follows:

	2007		2006		2005
Series 15	$	27,017	$	32,089	$	18,309
Series 16		28,902		35,683		19,276
Series 17		25,455		31,407		17,809
Series 18		21,244		25,697		14,604
Series 19		20,752		26,096		15,097
	$	123,370	$	150,972	$	85,095

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 year ended Mach 31, 2006, 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, 2007, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

Accounts payable — affiliates at March 31, 2007 and 2006 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, 2007 and 2006, 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, 2007 and 2006 by series are as follows:

	2007		2006
Series 15		63		66
Series 16		61		62
Series 17		47		47
Series 18		34		34
Series 19		26		26
		231		235

F-37

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year end March 31, 2007 the partnership disposed of three operating limited partnerships, sold a portion of its interest in one operating limited partnership, and received additional proceeds from one operating limited partnerships which was disposed of in the prior year. A summary of the dispositions by Series for March 31, 2007 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition		Disposition
Series 15		2		1	$	1,249,013	$	1,185,775
Series 16		1		—		15,021		15,021
Series 17		—		—		7,320		—
Series 18		—		—		—		—
Series 19		—		—		—		—
Total		3		1	$	1,271,354	$	1,200,796

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

F-38

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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	)

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, 2007 and 2006 by series are as follows:

	2007		2006
Series 15	$	4,208	$	4,208
Series 16		71,862		71,862
Series 17		67,895		67,895
Series 18		18,554		18,554
Series 19		—		—
	$	162,519	$	162,519

F -39

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	142,450,069		$	20,222,979		$	35,385,389
Acquisition costs of operating limited partnerships		17,360,869			2,103,832			4,154,447
Syndication costs from operating limited partnerships		(56,632	)		—			—
Cumulative distributions from operating limited partnerships		(1,263,654	)		(16,682	)		(491,707	)
Cumulative impairment loss in investment in operating limited partnerships		(31,880,319	)		(1,902,745	)		(8,134,883	)
Cumulative losses from operating limited partnerships		(123,191,294	)		(20,045,460	)		(29,786,381	)
Investments in operating limited partnerships per balance sheets		3,419,039			361,924			1,126,865
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A)		(1,078,516	)		(132,937	)		(113,965	)
The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(2,683,933	)		(383,846	)		(582,648	)
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)		2,146,189			422,633			—

F -40

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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)		(37,868,729	)		(11,800,839	)		(11,145,028	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		738,867			179,711			151,497
Cumulative impairment loss in investment in operating limited partnerships		31,918,158			1,902,745			8,134,883
Other		689,853			(15,397	)		683,314
Equity per operating limited partnerships’ combined financial statements	$	(2,719,072	)	$	(9,466,006	)	$	(1,745,082	)

F -41

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	30,909,526		$	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		(131,300	)		(137,877	)		(486,088	)
Cumulative impairment loss in investment in operating limited partnerships		(5,822,328	)		(5,926,733	)		(10,093,630	)
Cumulative losses from operating limited partnerships		(27,451,159	)		(23,790,078	)		(22,118,216	)
Investments in operating limited partnerships per balance sheets		1,286,994			92,946			550,310
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A)		(710,224	)		(61,783	)		(59,607	)
The fund has recorded acquisition costs at March 31, 2007 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, 2007, 2006 and 2005

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)		(5,912,028	)		(5,214,009	)		(3,796,825	)
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		5,855,208			5,926,733			10,098,589
Other		(7,974	)		6,394			23,516
Equity per operating limited partnerships’ combined financial statements	$	628,302		$	1,085,995		$	6,777,719

F -43

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2006 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2005 (see note A)		(1,078,516	)		(132,937	)		(113,965	)
The fund has recorded acquisition costs at March 31, 2006 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, 2007, 2006 and 2005

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 -45

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2006 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2005 (see note A)		(710,224	)		(61,783	)		(59,607	)
The fund has recorded acquisition costs at March 31, 2006 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, 2007, 2006 and 2005

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 -47

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	298,142,057		$	47,247,271		$	71,416,545
Land		24,949,002			4,226,094			5,020,765
Other assets		37,239,380			9,060,861			9,690,421
	$	360,330,439		$	60,534,226		$	86,127,731
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	314,708,386		$	65,849,535		$	72,792,033
Accounts payable and accrued expenses		15,356,280			700,217			6,352,475
Other liabilities		32,276,672			3,526,284			5,953,276
		362,341,338			70,076,036			85,097,784
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,719,072	)		(9,466,006	)		(1,745,082	)
Other partners		479,256			(75,804	)		2,775,029
		(2,239,816	)		(9,541,810	)		1,029,947
	$	360,101,522		$	60,534,226		$	86,127,731

F -48

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS — CONTINUED

	Series 17			Series 18		Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	74,419,890		$	46,842,715	$	58,215,636
Land		6,497,315			3,363,433		5,841,395
Other assets		8,998,113			5,404,593		4,085,392
	$	89,915,318		$	55,610,741	$	68,142,423
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	80,778,638		$	42,934,858	$	52,353,322
Accounts payable and accrued expenses		2,025,202			3,645,530		2,632,856
Other liabilities		10,023,905			6,999,004		5,774,203
		92,827,745			53,579,392		60,760,381
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		628,302			1,085,995		6,777,719
Other partners		(3,540,729	)		716,437		604,323
		(2,912,427	)		1,802,432		7,382,042
	$	89,915,318		$	55,381,824	$	68,142,423

F -49

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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 -50

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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 -51

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	58,875,372		$	10,385,426		$	13,183,737
Interest and other		2,480,868			352,578			522,327
		61,356,240			10,738,004			13,706,064
Expenses
Interest		14,519,066			2,133,821			2,767,142
Depreciation and amortization		16,773,001			3,027,505			4,072,542
Taxes and insurance		8,713,562			1,416,420			2,016,633
Repairs and maintenance		12,117,243			2,177,954			2,703,304
Operating expenses		20,677,354			3,547,357			4,780,549
Other expenses		4,584,892			404,447			2,105,022
		77,385,118			12,707,504			18,445,192
NET LOSS	$	(16,028,878	)	$	(1,969,500	)	$	(4,739,128	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(14,323,629	)	$	(1,831,371	)	$	(4,657,480	)
Net loss allocated to other partners	$	(1,705,249	)	$	(138,129	)	$	(81,648	)

* Amounts include $1,661,641, $3,818,509, $1,605,973, $2,090,617, and $2,695,033 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, 2007, 2006 and 2005

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, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS — CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	15,477,385		$	8,091,504		$	11,737,320
Interest and other		621,849			452,749			531,365
		16,099,234			8,544,253			12,268,685
Expenses
Interest		3,864,164			2,222,943			3,530,996
Depreciation and amortization		4,007,790			2,677,955			2,987,209
Taxes and insurance		2,189,002			1,270,761			1,820,746
Repairs and maintenance		3,518,007			1,786,476			1,931,502
Operating expenses		5,239,042			3,000,433			4,109,973
Other expenses		103,085			240,794			1,731,544
		18,921,090			11,199,362			16,111,970
NET LOSS	$	(2,821,856	)	$	(2,655,109	)	$	(3,843,285	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,022,904	)	$	(2,317,794	)	$	(3,494,080	)
Net loss allocated to other partners	$	(798,952	)	$	(337,315	)	$	(349,205	)

* Amounts include $1,661,641, $3,818,509, $1,605,973, $2,090,617, and $2,695,033 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, 2007, 2006 and 2005

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-54

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-55

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-56

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-57

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE E — OTHER ASSETS

Other assets include cash advanced to operating limited partnerships at March 31, 2007 and 2006, some of which is to be applied to capital contributions payable when certain criteria have been met. The advances at March 31, 2007 and 2006 by series are as follows:

	2007		2006
Series 15	$	—	$	—
Series 16		—		—
Series 17		30,000		46,473
Series 18		5,000		5,000
Series 19		—		—
	$	35,000	$	51,473

F-58

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	(5,188,121	)	$	516,570		$	(1,501,940	)
Operating limited partnership rents received in advance		(5,067	)		(2,271	)		598
Accrued fund management fees not deducted for tax purposes		1,696,733			260,409			301,865
Other		4,765,685			217,652			2,037,702
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(11,871,773	)		(1,661,641	)		(3,818,509	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		1,365,076			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,511,657	)		(295,391	)		(342,288	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,281,684	)		(1,159,999	)		121,317
Loss for tax return purposes, year ended December 31, 2006	$	(12,030,808	)	$	(2,124,671	)	$	(3,201,255	)

F-59

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2007 is reconciled as follows:

	Series 17			Series 18			Series 19
Net loss for financial reporting purposes	$	(1,182,692	)	$	(1,009,403	)	$	(2,010,656	)
Operating limited partnership rents received in advance		(2,517	)		(877	)		—
Accrued fund management fees not deducted for tax purposes		319,920			403,191			411,348
Other		(165,699	)		1,066,261			1,609,769
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,605,973	)		(2,090,617	)		(2,695,033	)
Impairment loss in investment in operating limited partnership not deductible for tax purposes		199,703			404,990			760,383
Excess of tax depreciation over book depreciation on operating limited partnership assets		(405,521	)		(218,630	)		(249,827	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		27,749			(247,893	)		(22,858	)
Loss for tax return purposes, year ended December 31, 2006	$	(2,815,030	)	$	(1,692,978	)	$	(2,196,874	)

F-60

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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		11,603,236			540,269			2,317,370
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		(3,359,462	)		(1,599,745	)		(108,739	)
Loss for tax return purposes, year ended December 31, 2005	$	(15,329,081	)	$	(4,535,122	)	$	(3,016,617	)

F-61

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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		3,620,144			747,347			4,378,106
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		(1,623,507	)		(79,306	)		51,835
Loss for tax return purposes, year ended December 31, 2005	$	(3,270,896	)	$	(2,216,841	)	$	(2,289,605	)

F-62

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-63

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-64

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2007, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships — tax return December 31, 2006	$	(16,076,357	)	$	(12,375,095	)	$	(4,003,807	)
Estimated share of loss for the three months ended March 31, 2007		(2,146,189	)		(422,633	)		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		37,868,729			11,800,839			11,145,028
Impairment loss in investment in operating limited partnerships		(31,918,158	)		(1,902,745	)		(8,134,883	)
Historic tax credits		5,325,806			—			1,844,836
Other		10,365,208			3,261,558			275,691
Investments in operating limited partnerships — as reported	$	3,419,039		$	361,924		$	1,126,865

F-65

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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, 2007, are as follows:

	Series 17			Series 18			Series 19
Investments in operating limited partnerships — tax return December 31, 2006	$	(2,524,577	)	$	(1,846,538	)	$	4,673,660
Estimated share of loss for the three months ended March 31, 2007		(752,440	)		(617,683	)		(353,433	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,912,028			5,214,009			3,796,825
Impairment loss in investment in operating limited partnerships		(5,855,208	)		(5,926,733	)		(10,098,589	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		3,406,881			1,207,558			2,213,520
Investments in operating limited partnerships — as reported	$	1,286,994		$	92,946		$	550,310

F-66

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-67

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

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-68

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

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2007, 2006 and 2005

NOTE G — CASH EQUIVALENTS

On March 31, 2007 and 2006, Boston Capital Tax Credit Fund III L.P. purchased $1,800,000 and $3,200,000 of corporate debt securities under agreements to resell on April 1, 2007 and April 1, 2006, respectively. Interest is earned at rates ranging from 1.8% to 3.0% 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, 2007, 2006 and 2005

NOTE I — QUARTERLY FINANCIAL INFORMATION — UNAUDITED

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
2007
Total revenue	$	7,034		$	83,301		$	29,388		$	18,864
Loss from operations		(577,984	)		(619,681	)		(676,185	)		(2,033,977	)
Share of losses from operating Limited Partnerships		(542,273	)		(479,064	)		(474,736	)		215,779
Net loss		(1,120,257	)		(1,098,745	)		(1,150,921	)		(1,818,198	)
Net loss per BAC		(0.05	)		(0.05	)		(0.05	)		(0.08	)
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	)

F-70

Boston Capital Tax Credit Fund III LP — Series 15
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2007

							Cost capitalized				Gross amount at
							subsequent to				which carried at
			Initial cost to company				acquisition				close of period
																					Life on which
	Encum-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation is
Description	brances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		computed
APRIL GARDENS		1,427,307		50,000		1,773,331		27,663		50,000		1,800,994		1,850,994		1,007,256		5/93		9/92	5-27.5 yrs
ARKANSAS CITY		793,801		15,870		1,016,757		0		15,870		1,016,757		1,032,627		509,623		12/94		9/94	5-25 yrs
AUTUMNWOOD		1,261,816		50,000		1,669,609		29,153		50,000		1,698,762		1,748,762		884,944		1/93		8/92	5-27.5 yrs
BARTON VILLAGE		495,194		47,898		683,991		4,787		47,898		688,778		736,676		356,525		3/93		10/92	5-27.5 yrs
BECKWOOD MANOR EIGHT		1,187,119		60,000		1,498,746		19,729		58,000		1,518,475		1,576,475		697,445		8/95		8/94	5-27.5 yrs
BERGEN MANOR		977,364		42,000		1,256,858		79,181		42,000		1,336,039		1,378,039		731,897		7/92		7/92	7-27.5 yrs
BRIDLEWOOD		759,313		42,000		211,635		822,001		42,000		1,033,636		1,075,636		340,684		1/95		1/94	5-27.5 yrs
BRUNSWICK		780,494		69,000		953,553		11,477		69,214		965,030		1,034,244		522,273		9/92		4/92	7-27.5 yrs
BUENA VISTA APTS		1,412,298		75,000		1,767,511		26,858		75,000		1,794,369		1,869,369		1,001,577		1/92		3/92	7-27.5 yrs
CALEXICO SR		1,870,908		213,000		2,047,255		0		213,000		2,047,255		2,260,255		616,713		9/92		9/92	7-27.5 yrs
CHESTNUT HILL		716,914		40,000		904,814		29,088		40,000		933,902		973,902		358,490		9/92		9/92	7-27.5 yrs
CURWENSVILLE		1,175,120		31,338		1,435,553		253,402		31,338		1,688,955		1,720,293		670,552		7/93		9/92	5-27.5 yrs
DEERFIELD		1,195,713		65,400		1,495,473		0		65,400		1,495,473		1,560,873		818,073		6/92		4/92	7-27.5 yrs
EAST MACHIAS		1,008,932		77,963		1,478,171		61,154		77,963		1,539,325		1,617,288		575,783		1/93		9/92	10-40 yrs
EAST PARK		482,803		2,000		980,413		45,737		2,000		1,026,150		1,028,150		507,848		1/94		6/94	5-27.5 yrs
EDGEWOOD		762,143		36,000		967,796		0		36,000		967,796		1,003,796		511,881		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, 2007

							Cost capitalized					Gross amount at
							subsequent to					which carried at
			Initial cost to company				acquisition					close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation is
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		computed
FAR VIEW		893,268		100,000		1,066,418		42,476			100,000		1,108,894		1,208,894		410,411		11/92		6/92	10-40 yrs
GRAHAM HOUSING		1,176,270		85,006		2,451,794		12,645			85,006		2,464,439		2,549,445		860,255		6/95		10/94	5-27.5 yrs
GRANTSVILLE		1,442,074		85,099		1,795,971		28,318			85,599		1,824,289		1,909,888		671,828		2/93		5/92	5-27.5 yrs
GREENTREE APTS		665,037		15,000		1,143,223		(317,932	)		15,000		825,291		840,291		485,966		10/75		4/94	5-27.5 yrs
GREENWOOD VIL		652,598		20,123		893,915		8,589			20,123		902,504		922,627		465,538		5/93		8/92	5-27.5 yrs
HARRISONVILLE II		593,028		15,000		744,677		57,139			15,000		801,816		816,816		465,068		11/91		3/92	7-27.5 yrs
HEALDTON		675,004		15,000		868,469		0			15,000		868,469		883,469		286,791		12/94		8/94	5-27.5 yrs
HEARTHSIDE		1,816,135		95,000		2,967,134		(25,779	)		95,000		2,941,355		3,036,355		1,355,528		11/92		4/92	7-27.5 yrs
HERONS LANDING		1,168,522		176,121		1,410,573		47,370			176,121		1,457,943		1,634,064		798,290		10/92		10/92	7-27.5 yrs
HIGGINSVILLE ESTATES		611,027		40,000		738,056		22,165			40,000		760,221		800,221		457,033		3/91		3/92	7-27.5 yrs
INV GROUP OF PAYSON		1,447,011		211,500		1,767,942		0			211,500		1,767,942		1,979,442		539,498		8/92		8/92	7-27.5 yrs
KEARNEY		616,327		30,000		763,159		40,273			30,000		803,432		833,432		464,852		1/92		5/92	7-27.5 yrs
LAKEVIEW		863,544		30,000		1,077,130		(900	)		30,000		1,076,230		1,106,230		586,010		7/92		4/92	7-27.5 yrs
LAURELWOOD		1,038,750		58,500		1,268,491		751			58,500		1,269,242		1,327,742		696,493		2/92		3/92	7-27.5 yrs
LEBANON II		888,416		40,000		1,090,397		31,618			40,189		1,122,015		1,162,204		587,175		2/93		8/92	5-27.5 yrs
LEBANON III		614,320		26,750		766,992		105,672			26,750		872,664		899,414		471,975		2/92		3/92	7-27.5 yrs
LILAC		696,187		36,000		897,897		0			36,000		897,897		933,897		483,935		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, 2007

							Cost capitalized				Gross amount at
							subsequent to				which carried at
			Initial cost to company				acquisition				close of period
																					Life on which
	Encum-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation is
Description	brances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		computed
LIVINGSTON PLAZA		648,889		32,500		868,525		0		32,500		868,525		901,025		438,390		11/93		12/92	5-27.5 yrs
MADISON PARTNERS		1,165,150		47,340		1,452,910		49,924		47,340		1,502,834		1,550,174		718,044		12/94		3/95	5-27.5 yrs
MANNING LANE		1,428,330		73,600		1,771,816		11,077		73,600		1,782,893		1,856,493		931,825		3/93		8/92	5-27.5 yrs
MARSHALL LANE		537,019		20,000		672,691		2,447		20,000		675,138		695,138		356,135		12/92		8/92	5-27.5 yrs
MARYVILLE		698,372		57,000		834,823		56,598		57,000		891,421		948,421		506,012		3/92		5/92	7-27.5 yrs
MONARK VILLAGE		307,918		68,900		570,916		7,468		68,900		578,384		647,284		256,858		3/94		6/94	5-27.5 yrs
N. PRAIRIE		851,840		5,000		1,121,143		33,513		5,000		1,154,656		1,159,656		648,582		5/93		9/92	5-27.5 yrs
OAKGROVE		391,791		5,000		460,291		20,367		5,000		480,658		485,658		286,192		11/91		4/92	7-27.5 yrs
OSAGE		764,462		110,000		2,309,861		84,028		110,000		2,393,889		2,503,889		1,331,034		6/92		4/92	7-27.5 yrs
OSCEOLA		596,640		54,600		797,763		183,416		27,300		981,179		1,008,479		535,925		5/92		5/92	7-27.5 yrs
PDC FIFTY FIVE		1,247,655		50,170		1,576,823		20,341		50,170		1,597,164		1,647,334		795,273		9/93		10/92	5-27.5 yrs
RAINIER		3,494,272		521,000		5,852,852		122,482		521,000		5,975,334		6,496,334		2,355,016		1/93		4/92	5-27.5 yrs
RIDGEVIEW		847,560		42,800		1,027,499		8,637		42,800		1,036,136		1,078,936		575,266		1/92		3/92	7-27.5 yrs
RIO MEMBRES II		752,026		48,938		930,376		30,078		48,938		960,454		1,009,392		378,433		4/92		4/92	7-27.5 yrs
ROLLING BROOK		801,991		35,000		1,006,667		48,183		35,000		1,054,850		1,089,850		592,996		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, 2007

							Cost capitalized					Gross amount at
							subsequent to					which carried at
			Initial cost to company				acquisition					close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation is
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		computed
SCHOOL STREET		637,647		127,852		1,353,622		162,881			38,509		1,516,503		1,555,012		920,649		5/92		4/92	5-27.5 yrs
SHENANDOAH		1,429,367		67,500		1,754,599		53,684			67,500		1,808,283		1,875,783		905,928		2/93		8/92	5-27.5 yrs
SHOWBOAT MANOR		772,411		31,200		968,253		28,910			31,200		997,163		1,028,363		557,960		2/92		7/92	5-27.5 yrs
SIOUX FALLS		1,064,605		146,694		2,656,753		85,748			146,694		2,742,501		2,889,195		1,523,568		9/92		5/92	7-27.5 yrs
SUNSET SQUARE		717,697		50,000		896,507		17,450			50,000		913,957		963,957		357,743		8/92		9/92	7-27.5 yrs
TAYLOR MILLS		747,023		24,000		936,166		0			24,000		936,166		960,166		512,125		5/92		4/92	7-27.5 yrs
TIMMONS VILLAGE		605,473		15,000		754,172		6,894			38,500		761,066		799,566		411,314		7/92		5/92	7-27.5 yrs
UNIVERSITY MEADOWS		2,235,469		62,985		3,579,473		74,935			62,985		3,654,408		3,717,393		2,054,073		12/92		6/92	5-28 yrs
VALATIE		1,250,051		30,000		1,712,263		101,355			30,000		1,813,618		1,843,618		983,488		4/93		6/92	7-27.5 yrs
VIRGEN DEL POZO		3,256,068		120,000		4,274,133		234,757			120,000		4,508,890		4,628,890		2,201,337		7/93		8/92	5-27.5 yrs
VILLA DEL MAR		1,427,942		50,000		1,792,888		71,201			50,000		1,864,089		1,914,089		1,076,155		8/92		8/92	7-27.5 yrs
WEEDPATCH		1,913,123		272,000		2,246,927		20,248			272,000		2,267,175		2,539,175		626,800		9/94		1/94	5-50 yrs
WESTERNPORT		1,443,932		18,645		1,833,384		63,007			18,645		1,896,391		1,915,036		948,307		2/93		7/92	5-27.5 yrs
WHITEWATER VILL		510,540		18,542		637,048		5,396			18,542		642,444		660,986		343,305		11/92		8/92	7-27.5 yrs
WOOD PARK POINTE		1,139,515		117,500		1,329,664		(1,318,375	)		117,500		11,289		128,789		9,583		5/92		6/92	5-27.5 yrs
		65,849,535		4,320,334		89,834,512		1,749,285			4,226,094		91,583,797		95,809,891		44,336,526

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2006

There were no carrying costs as of December 31, 2006. 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
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		305,989
Other		(308,679	)
				$	(2,690	)
Deductions during period:
Cost of real estate sold	$	(8,372,522	)
Other		0
					(8,372,522	)
Balance at close of period - 3/31/07				$	95,809,891

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
Current year expense	$	2,672,827
Reduction for real-estate sold		(4,123,982	)
Balance at close of period - 3/31/07				$	44,336,526

F-80

Boston Capital Tax Credit Fund III LP — Series 16
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
1413 LEAVENWORTH		1,850,486		8,000		2,927,089		634,060			8,000		3,561,149		3,569,149		1,805,292		3/93		12/92	5-27.5 yrs
ANSON		1,244,324		40,202		1,683,348		24,022			40,202		1,707,370		1,747,572		640,109		9/93		12/92	10-40 yrs
AZTEC		986,981		115,000		1,299,311		29,958			115,000		1,329,269		1,444,269		700,466		5/93		5/93	5-27.5 yrs
BENTONIA ELDERLY		815,718		21,000		678,677		400,768			21,000		1,079,445		1,100,445		381,480		2/94		7/93	5-27.5 yrs
BERNICE VILLA		875,998		37,000		1,204,665		50,662			37,000		1,255,327		1,292,327		426,153		10/93		5/93	5-40 yrs
BLAIRSVILLE RENTAL I		738,311		58,377		866,980		41,529			35,000		908,509		943,509		406,016		9/94		12/92	5-27.5 yrs
BLAIRSVILLE RENTAL		722,625		84,359		804,895		61,805			49,500		866,700		916,200		389,568		7/94		12/92	5-27.5 yrs
BLOWING ROCK		496,928		47,500		663,473		22,101			47,500		685,574		733,074		296,175		11/94		12/93	5-27.5 yrs
BRANSON CHRISTIAN I		1,289,867		163,350		2,990,564		38,714			163,350		3,029,278		3,192,628		1,461,610		6/94		3/94	5-27.5 yrs
BRANSON CHRISTIAN II		1,078,246		0		2,497,066		66,846			0		2,563,912		2,563,912		1,217,619		8/94		7/94	5-27.5 yrs
BUTLER RENTAL		723,602		0		937,495		18,103			0		955,598		955,598		464,919		9/93		12/92	7-27.5 yrs
CANTERFIELD		745,078		48,000		934,169		(1,058	)		48,000		933,111		981,111		489,392		1/93		11/92	5-27.5 yrs
CAPE ANN		276,131		18,000		1,833,366		84,955			18,000		1,918,321		1,936,321		903,052		12/93		1/93	7-31.5 yrs
CASS PARTNERS		555,161		45,250		2,026,740		(2,026,740	)		21,000		0		21,000		0		12/93		12/93	5-27.5 yrs
CEDAR TRACE		487,927		18,000		639,500		5,277			18,000		644,777		662,777		358,423		7/93		10/92	5-27.5 yrs
CONCORD ASSOC.		1,075,976		61,532		1,223,133		149,719			129,441		1,372,852		1,502,293		799,028		2/93		2/93	5-27.5 yrs
CLYMER PARK ASSOC		1,409,501		35,800		1,831,813		115,167			35,800		1,946,980		1,982,780		648,695		11/94		12/92	5-27.5 yrs
CUMBERLAND WOOD		1,407,365		114,449		1,780,622		106,400			113,625		1,887,022		2,000,647		606,787		10/94		12/93	6-40 yrs
DAVENPORT HOUSING		3,432,337		223,889		6,598,309		182,874			223,889		6,781,183		7,005,072		3,366,132		2/94		10/93	7-27.5 yrs
DEER RUN		595,588		30,000		1,536,783		0			30,000		1,536,783		1,566,783		782,356		3/93		8/93	5-27.5 yrs
EASTMAN ELDERLY		1,133,367		80,000		1,428,172		26,283			36,900		1,454,455		1,491,355		674,177		10/93		12/92	7-27.5 yrs
FAIRMEADOW APTS		854,470		53,296		1,184,327		44,098			53,296		1,228,425		1,281,721		414,440		7/93		1/93	5-27.5 yrs
FALCON RIDGE		1,006,418		25,000		1,332,798		97,768			25,000		1,430,566		1,455,566		446,643		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, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encumbr-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	ances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
GIBSON		859,875		30,290		1,138,786		4,519			30,290		1,143,305		1,173,595		424,577		6/93		12/92	5-27.5 yrs
GREENFIELD		534,021		25,000		649,793		26,226			44,530		676,019		720,549		361,600		5/93		1/93	5-27.5 yrs
GREENWOOD		1,416,863		62,076		1,480,776		397,329			190,066		1,878,105		2,068,171		1,064,451		10/93		11/93	5-27.5 yrs
HARMONY HOUSE		1,411,347		57,000		1,764,438		48,905			57,000		1,813,343		1,870,343		696,184		7/93		11/92	5-27.5 yrs
HAYNES HOUSE		2,446,904		685,381		5,956,903		3,340,507			674,499		9,297,410		9,971,909		2,650,306		9/95		8/94	12-40 yrs
HOLLY TREE		858,860		58,900		1,069,733		4,853			58,900		1,074,586		1,133,486		563,751		2/93		11/92	5-27.5 yrs
IDABEL PROP.		1,329,617		50,000		1,791,971		0			50,000		1,791,971		1,841,971		975,765		12/93		4/93	5-25 yrs
ISOLA SQUARE		940,409		22,300		250,691		1,007,726			22,300		1,258,417		1,280,717		406,110		4/94		11/93	7-40 yrs
JOINER ELDERLY		757,930		47,719		1,026,013		52,483			47,719		1,078,496		1,126,215		565,664		6/93		1/93	5-40 yrs
LAWRENCEVILLE MANOR		1,373,516		61,370		1,660,796		73,021			61,370		1,733,817		1,795,187		838,553		7/94		2/94	5-27.5 yrs
LAWTELL MANOR		869,467		45,000		1,201,948		39,254			45,000		1,241,202		1,286,202		427,428		8/93		4/93	7-40 yrs
LOGAN LANE		1,260,529		54,000		1,602,465		(103	)		54,000		1,602,362		1,656,362		830,729		3/93		9/92	5-27.5 yrs
MEADOWS OF SOUTHGATE		2,088,080		252,000		4,575,879		29,130			252,000		4,605,009		4,857,009		1,442,389		5/94		7/93	12-40 yrs
MENDOTA VILLAGE		1,910,695		136,140		2,421,001		22,450			136,140		2,443,451		2,579,591		692,464		5/93		12/92	5-50 yrs
MIDCITY		2,529,447		15,058		6,611,666		18,729			15,058		6,630,395		6,645,453		2,998,412		6/94		9/93	5-27.5 yrs
NEWPORT HOUSING		1,163,365		160,000		1,405,411		232			160,000		1,405,643		1,565,643		516,623		10/93		2/93	5-27.5 yrs
NEWPORT MANOR		917,713		31,908		1,175,109		97,974			31,908		1,273,083		1,304,991		465,417		12/93		9/93	5-40 yrs
PALATINE LP		1,361,848		37,400		1,785,282		88,099			37,400		1,873,381		1,910,781		931,816		5/94		5/94	5-27.5 yrs
SABLE CHASE		4,276,036		502,774		12,248,475		188,880			502,774		12,437,355		12,940,129		5,727,070		12/94		12/93	7-27.5 yrs
ST CROIX COMMONS		899,203		44,681		2,607,046		(657,470	)		44,681		1,949,576		1,994,257		956,847		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, 2007

							Cost
							capitalized
							subsequent		Gross amount at which carried
			Initial cost to company				to acquisition		at close of period
																					Life on which
	Encumbr-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation is
Description	ances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		computed
ST JOSEPH SQ		920,454		37,500		1,167,702		50,789		37,500		1,218,491		1,255,991		412,626		9/93		5/93	5-40 yrs
SIMMESPORT		884,775		60,000		1,171,005		57,851		60,000		1,228,856		1,288,856		438,489		6/93		4/93	7-40 yrs
STONY GROUND		1,379,069		127,380		1,794,961		61,311		129,005		1,856,272		1,985,277		846,486		6/93		12/92	5-27.5 yrs
SUMMERSVILLE		601,025		20,000		774,259		19,262		20,000		793,521		813,521		434,649		6/93		5/93	5-27.5 yrs
TALBOT VILLAGE		685,054		22,300		833,494		6,962		22,300		840,456		862,756		436,320		4/93		8/92	5-27.5 yrs
TCHULA ELDERLY		800,699		20,000		1,071,899		46,207		20,000		1,118,106		1,138,106		388,644		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		530,646		8/93		12/92	5-50 yrs
TURTLE CREEK		823,401		23,141		1,113,511		56,058		23,141		1,169,569		1,192,710		435,107		10/93		5/93	7-40 yrs
TWIN OAKS ASSOC		1,408,481		45,000		1,776,674		7,868		45,000		1,784,542		1,829,542		687,290		9/93		12/92	5-27.5 yrs
VICTORIA POINTE		1,401,883		153,865		1,437,570		366,033		128,900		1,803,603		1,932,503		812,880		1/95		10/94	5-27.5 yrs
VISTA LINDA APARTMENTS		2,446,778		143,253		2,961,671		155,181		143,253		3,116,852		3,260,105		1,374,715		12/93		1/93	5-27.5 yrs
WAKEFIELD HOUSING		1,225,080		88,564		1,480,003		50,104		88,564		1,530,107		1,618,671		577,206		2/93		9/92	10-40 yrs
WEST END MANOR		957,415		52,300		1,188,913		10,924		52,300		1,199,837		1,252,137		614,169		5/93		5/93	5-27.5 yrs
WESTCHESTER OAK GROVE		941,526		38,010		2,281,529		83,983		62,164		2,365,512		2,427,676		1,303,652		4/93		12/92	5-27.5 yrs
WESTCHESTER ST JOE		1,107,015		100,000		3,211,620		138,297		100,000		3,349,917		3,449,917		1,739,689		6/93		7/93	5-27.5 yrs
WESTVILLE PROPERTIES		674,614		25,000		912,139		0		25,000		912,139		937,139		508,558		7/93		2/93	5-25 yrs
WILCOX INVESTMENT GROUP		1,070,121		58,500		1,376,329		13,345		58,500		1,389,674		1,448,174		393,906		6/93		1/93	5-50 yrs
WOODLANDS APTS		906,488		30,000		668,555		596,760		30,000		1,265,315		1,295,315		572,193		2/95		9/94	5-27.5 yrs
		72,792,033		4,941,814		118,461,468		6,676,990		5,020,765		125,138,458		130,159,223		53,721,913

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2006.

There we no carrying costs as of December 31, 2006. 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
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		690,674
Other		(2,050,990	)
				$	(1,360,316	)
Deductions during period:
Cost of real estate sold	$	(3,737,361	)
Other		0
					(3,737,361	)
Balance at close of period - 3/31/07				$	130,159,223

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
Current year expense	$	3,274,319
Reduction for real-estate sold		(1,581,330	)
Balance at close of period - 3/31/07				$	53,721,913

F-89

Boston Capital Tax Credit Fund III LP — Series 17
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
ANNADALE HOUSING		12,685,618		226,000		12,180,150		441,485			226,000		12,621,635		12,847,635		4,089,687		6/90		2/89	5-50 yrs
ARTESIA PROPERTIES		1,354,889		30,730		1,865,231		17,964			30,730		1,883,195		1,913,925		890,524		9/94		9/94	5-27.5 yrs
ASPEN RIDGE		942,413		36,000		2,004,059		65,045			36,000		2,069,104		2,105,104		1,028,418		11/93		9/93	5-27.5 yrs
BLADENBORO		981,677		16,000		1,213,015		(26,766	)		16,000		1,186,249		1,202,249		516,748		7/95		3/95	5-27.5 yrs
BREWER ST		1,299,677		0		2,296,514		277,664			0		2,574,178		2,574,178		1,189,508		7/93		6/93	5-27.5 yrs
BRIARWOOD APTS		872,928		38,500		20,850		1,208,985			38,952		1,229,835		1,268,787		382,654		7/93		6/93	5-27.5 yrs
BRIARWOOD VILLAGE		1,098,350		42,594		1,418,259		3,781			42,594		1,422,040		1,464,634		683,424		5/94		10/93	5-27.5 yrs
BRIARWOOD DEKALB		1,040,312		96,000		2,943,443		32,333			96,000		2,975,776		3,071,776		1,007,975		6/94		10/93	5-40 yrs
CAIRO HOUSING		1,040,096		17,000		1,309,062		117,495			17,000		1,426,557		1,443,557		771,776		4/93		5/93	7-27.5 yrs
CAMBRIDGE YMCA		1,650,601		95,200		5,135,233		148,126			95,200		5,283,359		5,378,559		2,622,426		12/93		4/93	5-27.5 yrs
CANEYVILLE PROPERTIES		460,007		36,000		601,775		(13,800	)		36,000		587,975		623,975		305,486		4/93		5/93	5-27.5 yrs
CLINTON ESTATES		717,204		47,533		891,872		70,379			47,533		962,251		1,009,784		449,869		12/94		12/94	5-27.5 yrs
CLOVERPORT PROPERTIES		719,709		21,500		947,659		(7,038	)		21,500		940,621		962,121		480,374		7/93		4/93	5-27.5 yrs
COLLEGE GREEN		3,752,942		225,000		6,774,847		158,826			225,000		6,933,673		7,158,673		3,090,552		8/95		3/95	5-27.5 yrs
CROFTON ASSOC.		771,087		46,511		961,097		17,386			46,511		978,483		1,024,994		335,476		3/93		4/93	5-27.5 yrs
CYPRESS POINT		2,909,908		265,000		4,794,440		388,948			265,000		5,183,388		5,448,388		1,818,926		12/94		2/94	5-27.5 yrs
DEERWOOD VILLAGE		618,005		29,138		804,512		3,582			29,138		808,094		837,232		381,884		7/94		2/94	5-27.5 yrs
DOYLE VILLAGE		1,134,766		100,000		1,435,520		6,304			100,000		1,441,824		1,541,824		692,050		4/94		9/93	5-27.5 yrs
GALLAWAY ASSOC.		1,022,222		35,600		1,307,158		52,425			35,600		1,359,583		1,395,183		458,319		5/93		4/93	5-27.5 yrs
GLENRIDGE		1,988,503		350,000		2,208,213		7,278			350,000		2,215,491		2,565,491		773,313		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, 2007

							Cost
							capitalized
							subsequent		Gross amount at which carried
			Initial cost to company				to acquisition		at close of period
																					Life on which
	Encumbr-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation
Description	ances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		is computed
GREEN ACRES		1,009,451		173,447		1,366,874		95,486		173,447		1,462,360		1,635,807		682,585		11/94		1/95
GREENWOOD PLACE		1,035,857		44,400		299,685		1,182,672		44,400		1,482,357		1,526,757		472,796		8/94		11/93	7-40 yrs
HACKLEY BARCLAY		2,581,914		174,841		4,603,493		338,594		175,000		4,942,087		5,117,087		2,486,213		12/94		12/93	5-27.5 yrs
HENSON CREEK		3,979,968		945,000		7,971,879		57,538		945,000		8,029,417		8,974,417		2,877,613		4/94		5/93	5-27.5 yrs
HICKMAN ASSOC.		513,950		24,000		673,642		11,577		24,000		685,219		709,219		226,090		12/93		11/93	5-27.5 yrs
HOUSTON VILLAGE		651,356		11,500		850,901		3,387		11,500		854,288		865,788		411,081		5/94		12/93	5-27.5 yrs
IVYWOOD		3,621,127		290,542		5,712,656		40,027		290,542		5,752,683		6,043,225		2,915,255		10/93		6/93	5-27.5 yrs
JONESTOWN MANOR		842,475		0		311,764		957,365		36,900		1,269,129		1,306,029		392,720		12/94		12/93	7-40 yrs
LARGO CENTER		4,013,522		1,012,500		7,262,001		82,566		1,012,500		7,344,567		8,357,067		2,432,614		6/94		3/93	5-27.5 yrs
LEE TERRACE		1,444,627		93,246		4,573		1,792,766		93,246		1,797,339		1,890,585		852,360		12/94		2/94	5-27.5 yrs
MIDLAND HOUSING		874,639		60,000		2,422,788		78,199		60,000		2,500,987		2,560,987		1,013,168		6/94		9/93	5-27.5 yrs
MOUNT VERNON		2,323,989		200,000		3,141,984		597,820		200,000		3,739,804		3,939,804		1,585,028		11/94		11/94	5-27.5 yrs
OAKWOOD OF BENNETSVILLE		849,443		60,000		1,074,857		19,996		60,000		1,094,853		1,154,853		545,026		12/93		9/93	5-27.5 yrs
OPELOUSAS POINT		1,336,812		50,000		559,121		1,420,904		50,000		1,980,025		2,030,025		650,043		3/94		11/93	5-27.5 yrs
PALMETTO VILLAS		1,575,059		60,724		2,034,151		15,379		60,724		2,049,530		2,110,254		735,399		4/94		5/94	5-27.5 yrs
PARK PLACE II		1,319,244		112,000		1,408,102		23,884		112,000		1,431,986		1,543,986		669,418		4/94		2/94	7-27.5 yrs
PINEHURST		777,330		24,000		1,033,022		57,125		24,000		1,090,147		1,114,147		542,704		2/94		2/94	5-27.5 yrs
QUAIL VILLAGE		847,108		30,450		1,060,273		2,468		30,450		1,062,741		1,093,191		495,055		2/94		9/93	7-27.5 yrs
SEA BREEZE		1,198,662		94,000		1,515,733		7,276		94,000		1,523,009		1,617,009		690,553		1/95		3/94		N/A
SHAWNEE HOUSING		948,688		182,786		2,347,227		113,423		182,786		2,460,650		2,643,436		1,322,856		10/92		2/93	7-27.5 yrs
SIXTH ST APTS		2,147,001		151,687		1,123,504		3,200,593		162,687		4,324,097		4,486,784		1,500,199		12/94		12/93	5-27.5 yrs
SKOWHEGAN HOUSING		1,478,855		100,000		2,121,472		130,269		100,000		2,251,741		2,351,741		829,807		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, 2007

							Cost
							capitalized
							subsequent		Gross amount at which carried
			Initial cost to company				to acquisition		at close of period
																					Life on which
	Encum-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		is computed
SOLEDAD		1,879,484		340,000		2,005,222		0		340,000		2,005,222		2,345,222		548,868		1/94		10/93	5-50 yrs
SUGARWOOD PARK		3,198,654		281,875		5,949,680		41,991		281,875		5,991,671		6,273,546		2,682,587		7/95		4/94	5-27.5 yrs
VOORHEESVILLE		1,064,526		74,600		1,254,914		105,950		74,600		1,360,864		1,435,464		690,184		5/93		7/93	7-27.5 yrs
WAYNSBURG HOUSING		1,449,528		169,200		2,113,822		152,631		18,100		2,266,453		2,284,553		711,110		12/95		7/94	10-40 yrs
WHITE CASTLE		754,455		84,800		948,687		28,816		84,800		977,503		1,062,303		463,429		5/94		6/94	27.5 yrs
		80,778,638		6,599,904		112,284,936		13,529,104		6,497,315		125,814,040		132,311,355		51,394,150

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2006.

There we no carrying costs as of December 31, 2006. 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
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		528,055
Other		0
			$	528,055
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period - 3/31/07			$	132,311,355

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
Current year expense	$	3,863,278
Balance at close of period - 3/31/07				$	51,394,150

F-98

Boston Capital Tax Credit Fund III LP — Series 18
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
ARCH DEVELOPMENT		1,667,060		107,387		6,724,849		127,469			112,853		6,852,318		6,965,171		3,008,484		12/94		4/94	7-27.5 yrs
AURORA		1,345,470		65,000		1,704,709		90,061			65,000		1,794,770		1,859,770		933,666		9/93		9/93	5-27.5 yrs
BEAR CREEK		4,940,929		488,011		8,884,145		92,274			491,639		8,976,419		9,468,058		4,596,764		4/95		3/94	5-27.5 yrs
CHATHAM MANOR		1,345,452		75,000		1,727,394		122,216			75,000		1,849,610		1,924,610		935,749		12/93		1/94	5-27.5 yrs
CHELSEA SQUARE		301,393		21,000		939,281		9,200			21,000		948,481		969,481		414,881		12/94		8/94	7-34 yrs
CLARKE SCHOOL		2,421,552		200,000		5,493,464		226,288			200,000		5,719,752		5,919,752		1,774,617		12/94		12/94	5-27.5 yrs
ELLIJAY RENTAL		809,949		48,000		1,000,609		2,336			48,000		1,002,945		1,050,945		367,824		1/95		1/94	40 yrs
EVERGREEN		2,631,020		157,537		4,337,312		623,152			157,537		4,960,464		5,118,001		2,529,093		1/95		8/94	5-27.5 yrs
GLEN PLACE		1,018,680		60,610		3,489,218		(169,758	)		60,610		3,319,460		3,380,070		1,567,766		6/94		4/94	5-27.5 yrs
HARRIS HOUSING		1,526,501		200,000		266,624		2,623,827			160,000		2,890,451		3,050,451		825,837		11/95		6/94	5-27.5 yrs
HUMBOLDT		691,613		40,191		845,252		26,528			40,191		871,780		911,971		397,805		4/95		8/94	5-27.5 yrs
JACKSON HOUSING		838,157		30,250		1,080,272		(7,162	)		30,250		1,073,110		1,103,360		490,819		6/94		1/94	5-27.5 yrs
LAKEVIEW MEADOWS		1,487,824		88,920		2,775,712		81,187			88,920		2,856,899		2,945,819		921,382		5/94		8/93	5-27.5 yrs
LANTHROP PROP		714,885		34,800		931,788		34,388			34,800		966,176		1,000,976		481,984		5/94		4/94	5-27.5 yrs
LEESVILLE ELDERLY		1,293,052		144,000		2,018,242		0			144,000		2,018,242		2,162,242		634,110		6/94		6/94	7-40 yrs
LOCKPORT		982,175		125,000		1,524,202		0			125,000		1,524,202		1,649,202		470,129		9/94		7/94	5-27.5 yrs
MAPLE LEAF		1,073,711		22,860		1,355,390		54,034			22,860		1,409,424		1,432,284		469,405		12/94		8/94	5-27.5 yrs
MARENGO PARK		729,335		50,010		886,695		5,220			50,010		891,915		941,925		437,904		3/94		10/93	5-27.5 yrs
NATCHITOCHES		940,715		50,000		1,634,279		10,000			50,000		1,644,279		1,694,279		495,866		12/94		6/94	7-40 yrs
NEWTON I		785,331		57,500		979,345		4,201			57,500		983,546		1,041,046		457,949		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, 2007

							Cost
							capitalized
							subsequent		Gross amount at which carried
			Initial cost to company				to acquisition		at close of period
																					Life on which
	Encum-				Buildings and						Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements		Land		improvements		Total		depreciation		construction		acquired		is computed
OSKALOOSA I		468,693		32,000		589,423		1,822		32,000		591,245		623,245		275,670		9/94		11/93	5-27.5 yrs
PARVINS		571,762		41,508		1,741,048		4,742		41,508		1,745,790		1,787,298		848,628		11/93		8/93	5-27.5 yrs
PEACHTREE		1,436,361		157,027		1,617,470		63,098		157,027		1,680,568		1,837,595		940,993		7/93		1/94	5-27.5 yrs
PONDEROSA		1,443,567		82,454		1,903,972		130,592		82,454		2,034,564		2,117,018		700,848		5/94		3/94	5-27.5 yrs
PRESTON WOODS		656,423		66,000		2,515,136		57,108		66,000		2,572,244		2,638,244		1,334,810		12/94		12/93	5-27.5 yrs
RICHMOND MANOR		995,447		54,944		1,285,522		53,368		54,944		1,338,890		1,393,834		650,197		6/94		6/94	5-27.5 yrs
RIO GRANDE		2,070,058		96,480		2,999,680		93,094		96,480		3,092,774		3,189,254		948,145		5/94		6/94	5-27.5 yrs
RIPLEY HOUSING		477,309		14,000		646,850		132,344		14,000		779,194		793,194		122,886		7/94		1/94	5-40 yrs
SAN JOAQUIN		1,763,014		55,000		2,463,181		22,475		55,000		2,485,656		2,540,656		634,217		12/94		3/94	5-50 yrs
TROY ESTATES		663,112		45,000		826,432		115,030		45,000		941,462		986,462		440,308		1/94		12/93	5-27.5 yrs
VIRGINIA AVENUE		1,131,417		121,238		3,510,339		15,654		121,238		3,525,993		3,647,231		1,616,865		10/94		10/94	5-27.5 yrs
VISTA LOMA		1,564,428		267,612		1,600,128		309,585		267,612		1,909,713		2,177,325		633,969		9/94		5/94	5-27.5 yrs
VIVIAN ELDERLY		225,762		45,000		1,668,938		0		45,000		1,668,938		1,713,938		529,737		9/94		7/94	7-40 yrs
WESTMINSTER MEADOWS		1,922,701		250,000		3,605,890		22,684		250,000		3,628,574		3,878,574		1,817,826		11/94		12/93	5-27.5 yrs
		42,934,858		3,394,339		75,572,791		4,977,057		3,363,433		80,549,848		83,913,281		33,707,133

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2006.

There we no carrying costs as of December 31, 2006. 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
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		228,302
Other		0
			$	228,302
Deductions during period:
Cost of real estate sold	$	0
Other		0
				0
Balance at close of period - 3/31/07			$	83,913,281

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
Current year expense	$	2,471,371
Balance at close of period - 3/31/07			$	33,707,133

F-106

Boston Capital Tax Credit Fund III LP — Series 19
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
ANKENEY HOUSING		3,017,143		217,500		8,144,577		185,262			217,500		8,329,839		8,547,339		2,645,090		3/95		8/94	10-40 yrs
CARROLLTON VILLA		1,340,005		60,015		2,682,843		(2,551,344	)		60,015		131,499		191,514		7,514		3/95		6/94	5-27.5 yrs
CLARKE SCHOOL		2,421,552		200,000		5,493,464		226,288			200,000		5,719,752		5,919,752		1,774,617		12/94		12/94	12-40 yrs
FOREST ASSOCIATES		646,225		13,900		396,391		478,939			13,900		875,330		889,230		577,441		3/78		4/95	5-27.5 yrs
GARDEN GATE\FT WORTH		5,239,537		678,867		2,532,572		6,993,463			678,867		9,526,035		10,204,902		4,248,971		4/95		5/95	5-27.5 yrs
GARDEN GATE\PLANO		6,572,866		689,318		844,673		9,257,998			689,318		10,102,671		10,791,989		4,538,879		3/95		2/94	5-27.5 yrs
HEBBRONVILLE APTS.		498,962		50,711		650,002		20,243			50,711		670,245		720,956		217,661		4/94		12/93	7-40 yrs
HOLLISTER INV GRP		1,693,248		400,000		1,906,641		226,170			400,000		2,132,811		2,532,811		719,521		5/95		3/95	5-50 yrs
HOLTS SUMMIT SQUARE		1,028,137		110,373		524,966		2,049,034			110,373		2,574,000		2,684,373		1,210,472		12/94		6/94	5-27.5 yrs
INDEPENDENCE PROPERTIES		823,930		38,500		503,166		517,210			38,500		1,020,376		1,058,876		342,159		12/94		6/94	5-40 yrs
JEFFERSON SQUARE		2,252,818		385,000		4,548,650		437,203			385,000		4,985,853		5,370,853		1,767,439		8/95		5/94	5-27.5 yrs
JENNY LYNN PROPERTIES		776,786		65,000		958,809		7,000			65,000		965,809		1,030,809		443,102		9/94		1/94	5-27.5 yrs
JEREMY ASSOCIATES		3,281,609		522,890		6,954,516		771,207			522,890		7,725,723		8,248,613		2,520,720		12/95		6/96	5-40 yrs
LONE STAR SR.		591,662		20,492		835,453		0			20,492		835,453		855,945		260,239		5/94		12/93	7-40 yrs
MADISON L.P.		631,547		42,707		810,978		16,276			32,568		827,254		859,822		387,113		10/94		12/93	5-27.5 yrs
MANSURA VILLA		931,162		20,254		301,687		1,029,963			25,000		1,331,650		1,356,650		385,770		8/95		5/94	5-27.5 yrs
MARTINDALE APTS.		644,462		40,270		861,032		29,803			40,270		890,835		931,105		290,053		1/94		12/93	7-40 yrs
MUNFORD VILLAGE		728,020		24,800		980,102		30,577			24,800		1,010,679		1,035,479		339,213		4/94		10/93	5-40 yrs
NORTHPOINTE LP		4,234,697		371,000		9,834,451		1,621			371,000		9,836,072		10,207,072		2,856,608		6/95		7/94	5-27.5 yrs
SAHALE HEIGHTS		825,794		72,000		1,062,350		111			72,000		1,062,461		1,134,461		497,596		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, 2007

							Cost
							capitalized
							subsequent			Gross amount at which carried
			Initial cost to company				to acquisition			at close of period
																						Life on which
	Encum-				Buildings and							Buildings and				Accumulated		Date of		Date		depreciation
Description	brances		Land		improvements		Improvements			Land		improvements		Total		depreciation		construction		acquired		is computed
SHERWOOD KNOLL		751,172		45,000		963,996		42,011			45,000		1,006,007		1,051,007		360,438		4/94		10/93	5-40 yrs
SUGARWOOD PARK		3,198,654		281,875		5,949,680		41,991			281,875		5,991,671		6,273,546		2,682,587		7/95		4/94	5-27.5 yrs
SUMMERSET HOUSING		912,736		68,665		1,160,825		(25,664	)		68,665		1,135,161		1,203,826		458,080		11/95		1/94	7-27.5 yrs
VISTA’S ASSOC.		4,616,590		831,600		7,055,338		31,146			831,600		7,086,484		7,918,084		2,522,562		1/95		12/93	5-27.5 yrs
WEDGEWOOD LANE		969,966		85,000		1,106,604		37,185			85,000		1,143,789		1,228,789		407,139		9/94		6/94	5-40 yrs
WILLOWOOD PARK		3,724,042		511,051		6,867,791		187,592			511,051		7,055,383		7,566,434		3,296,222		12/94		11/93	5-27.5 yrs
		52,353,322		5,846,788		73,931,557		20,041,285			5,841,395		93,972,842		99,814,237		35,757,206

     Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2006.

     There we no carrying costs as of December 31, 2006. 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
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		620,739
Other		(2,738,509	)
				$	(2,117,770	)
Deductions during period:
Cost of real estate sold	$	0
Other		0
					0
Balance at close of period - 3/31/07				$	99,814,237

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
Current year expense	$	2,032,573
Balance at close of period - 3/31/07			$	35,757,206

F-114