XML 14 R9.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2012 and 2011, 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, 2012 and 2011 by series are as follows:

		2012				2011
Series 15			30				36
Series 16			38				43
Series 17			27				32
Series 18			23				24
Series 19			16				17
			134				152

During the year ended March 31, 2012 the Fund disposed of eighteen operating limited partnerships and received additional proceeds from one operating limited partnership disposed of in the prior year.

A summary of the dispositions by Series for March 31, 2012 is as follows:

		Operating				Sale of
		Partnership				Underlying				Partnership
		Interest				Operating				Proceeds from				Gain/(Loss) on
		Transferred				Partnership				Disposition *				Disposition
Series 15			5				1			$	325,050			$	325,050
Series 16			5				-				146,510				148,294
Series 17			4				1				247,646				247,646
Series 18			-				1				-				-
Series 19			1				-				99,450				99,450
Total			15				3			$	818,656			$	820,440

* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

During the year ended March 31, 2011 the Fund disposed of eighteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2011 is as follows:

		Operating				Sale of
		Partnership				Underlying				Partnership
		Interest				Operating				Proceeds from				Gain/(Loss) on
		Transferred				Partnership				Disposition *				Disposition
Series 15			2				2			$	78,000			$	129,038
Series 16			2				1				204,525				204,525
Series 17			4				3				856,715				856,715
Series 18			1				1				-				-
Series 19			-				2				4,946,880				4,946,880
Total			9				9			$	6,086,120			$	6,137,158

* Fund proceeds from disposition does not include $51,038 recorded as receivable at March 31, 2011, for Series 15.

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, 2012 and 2011 by series are as follows:

		2012				2011
Series 15		$	-			$	-
Series 16			50,008				51,792
Series 17			22,798				22,798
Series 18			18,554				18,554
Series 19			-				-
		$	91,360			$	93,144

The Fund’s investments in operating limited partnerships at March 31, 2012 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		$	67,188,022			$	9,051,543			$	13,600,679

Acquisition costs of operating limited partnerships			9,171,431				1,218,899				1,788,508

Syndication costs from operating limited partnerships			(36,455	)			-				-

Cumulative distributions from operating limited partnerships			(188,000	)			(10,831	)			(26,120	)

Cumulative impairment loss in investment in operating limited partnerships			(17,303,883	)			(867,409	)			(2,861,385	)

Cumulative losses from operating limited partnerships			(58,831,115	)			(9,392,202	)			(12,501,682	)

Investments in operating limited partnerships per balance sheets			-				-				-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)			(348,203	)			(14,246	)			(93,920	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)			(1,556,118	)			(180,526	)			(121,307	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)			1,012,965				136,871				-

		Total				Series 15				Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)			(40,003,128	)			(8,366,571	)			(9,860,741	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)			314,521				86,996				130,181

Cumulative impairment loss in investment in operating limited partnerships			17,303,883				867,409				2,861,385

Other			271,864				(41,552	)			438,273

Equity per operating limited partnerships’ combined financial statements		$	(23,004,216	)		$	(7,511,619	)		$	(6,646,129	)

The Fund’s investments in operating limited partnerships at March 31, 2012 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		$	15,940,952			$	17,186,357			$	11,408,491

Acquisition costs of operating limited partnerships			2,328,579				2,310,366				1,525,079

Syndication costs from operating limited partnerships			-				(36,455	)			-

Cumulative distributions from operating limited partnerships			(28,883	)			(118,167	)			(3,999	)

Cumulative impairment loss in investment in operating limited partnerships			(4,596,588	)			(4,363,063	)			(4,615,438	)

Cumulative losses from operating limited partnerships			(13,644,060	)			(14,979,038	)			(8,314,133	)

Investments in operating limited partnerships per balance sheets			-				-				-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)			(174,842	)			(5,588	)			(59,607	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)			(650,525	)			-				(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)			467,481				357,422				51,191

		Series 17				Series 18				Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)			(6,800,814	)			(9,565,423	)			(5,409,579	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)			14,732				75,689				6,923

Cumulative impairment loss in investment in operating limited partnerships			4,596,588				4,363,063				4,615,438

Other			(9,562	)			(92,977	)			(22,318	)

Equity per operating limited partnerships’ combined financial statements		$	(2,556,942	)		$	(4,867,814	)		$	(1,421,712	)

The Fund’s investments in operating limited partnerships at March 31, 2011 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			79,802,851			$	10,186,928			$	21,595,389

Acquisition costs of operating limited partnerships			10,732,830				1,386,834				2,609,852

Syndication costs from operating limited partnerships			(36,455	)			-				-

Cumulative distributions from operating limited partnerships			(586,752	)			(11,325	)			(418,260	)

Cumulative impairment loss in investment in operating limited partnerships			(20,818,310	)			(1,064,965	)			(5,544,345	)

Cumulative losses from operating limited partnerships			(69,094,164	)			(10,497,472	)			(18,242,636	)

Investments in operating limited partnerships per balance sheets			-				-				-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)			(791,270	)			(26,246	)			(93,920	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)			(1,933,084	)			(180,526	)			(453,483	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)			1,178,753				157,946				-

		Total				Series 15				Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)			(45,273,057	)			(9,412,754	)			(13,025,203	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)			339,855				90,742				133,514

Cumulative impairment loss in investment in operating limited partnerships			20,818,310				1,064,965				5,544,345

Other			302,743				(54,741	)			471,590

Equity per operating limited partnerships’ combined financial statements		$	(25,357,750	)		$	(8,360,614	)		$	(7,423,157	)

The Fund’s investments in operating limited partnerships at March 31, 2011 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		$	19,124,559			$	17,505,925			$	11,390,050

Acquisition costs of operating limited partnerships			2,780,139				2,420,601				1,535,404

Syndication costs from operating limited partnerships			-				(36,455	)			-

Cumulative distributions from operating limited partnerships			(35,001	)			(118,167	)			(3,999	)

Cumulative impairment loss in investment in operating limited partnerships			(5,219,704	)			(4,376,821	)			(4,612,475	)

Cumulative losses from operating limited partnerships			(16,649,993	)			(15,395,083	)			(8,308,980	)

Investments in operating limited partnerships per balance sheets			-				-				-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)			(600,642	)			(10,855	)			(59,607	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)			(695,315	)			-				(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)			527,327				442,289				51,191

		Series 17				Series 18				Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)			(8,860,455	)			(8,595,458	)			(5,379,187	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)			21,688				86,988				6,923

Cumulative impairment loss in investment in operating limited partnerships			5,219,704				4,376,821				4,612,475

Other			(8,649	)			(84,796	)			(20,661	)

Equity per operating limited partnerships’ combined financial statements		$	(4,396,342	)		$	(3,785,011	)		$	(1,392,626	)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

		Total				Series 15				Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation		$	129,457,020			$	16,874,324			$	28,711,071

Land			13,214,525				1,712,879				2,182,728

Other assets			23,094,868				4,812,799				7,265,124

		$	165,766,413			$	23,400,002			$	38,158,923

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable		$	171,925,646			$	30,686,298			$	39,442,851

Accounts payable and accrued expenses			8,024,363				343,231				3,412,569

Other liabilities			16,888,786				982,737				1,433,900

			196,838,795				32,012,266				44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.			(23,004,216	)			(7,511,619	)			(6,646,129	)
Other partners			(8,068,166	)			(1,100,645	)			515,732

			(31,072,382	)			(8,612,264	)			(6,130,397	)

		$	165,766,413			$	23,400,002			$	38,158,923

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 17				Series 18				Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation		$	35,549,893			$	25,218,279			$	23,103,453

Land			4,296,381				2,627,321				2,395,216

Other assets			5,512,378				3,235,664				2,268,903

		$	45,358,652			$	31,081,264			$	27,767,572

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable		$	49,568,081			$	31,300,678			$	20,927,738

Accounts payable and accrued expenses			1,188,711				2,142,120				937,732

Other liabilities			6,239,819				2,789,969				5,442,361

			56,996,611				36,232,767				27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.			(2,556,942	)			(4,867,814	)			(1,421,712	)
Other partners			(9,081,017	)			(283,689	)			1,881,453

			(11,637,959	)			(5,151,503	)			459,741

		$	45,358,652			$	31,081,264			$	27,767,572

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

		Total				Series 15				Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation		$	159,944,322			$	21,338,147			$	43,655,003

Land			15,765,658				2,190,079				3,568,271

Other assets			25,023,257				5,324,189				8,223,234

		$	200,733,237			$	28,852,415			$	55,446,508

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable		$	198,735,567			$	37,063,877			$	50,582,486

Accounts payable and accrued expenses			13,193,049				345,286				7,992,506

Other liabilities			20,769,053				1,155,280				2,283,038

			232,697,669				38,564,443				60,858,030
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.			(25,357,750	)			(8,360,614	)			(7,423,157	)
Other partners			(6,606,682	)			(1,351,414	)			2,011,635

			(31,964,432	)			(9,712,028	)			(5,411,522	)

		$	200,733,237			$	28,852,415			$	55,446,508

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 17				Series 18				Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation		$	43,259,160			$	27,320,026			$	24,371,986

Land			4,929,363				2,668,829				2,409,116

Other assets			5,966,128				3,287,121				2,222,585

		$	54,154,651			$	33,275,976			$	29,003,687

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable		$	57,233,929			$	31,866,134			$	21,989,141

Accounts payable and accrued expenses			1,379,820				2,250,002				1,225,435

Other liabilities			7,395,076				3,950,902				5,984,757

			66,008,825				38,067,038				29,199,333
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.			(4,396,342	)			(3,785,011	)			(1,392,626	)
Other partners			(7,457,832	)			(1,006,051	)			1,196,980

			(11,854,174	)			(4,791,062	)			(195,646	)

		$	54,154,651			$	33,275,976			$	29,003,687

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Total				Series 15				Series 16
Revenue
Rental		$	33,706,796			$	5,392,708			$	7,295,567
Interest and other			855,012				156,911				155,808

			34,561,808				5,549,619				7,451,375
Expenses
Interest			6,075,031				767,359				1,141,429
Depreciation and amortization			8,244,794				1,448,769				1,812,739
Taxes and insurance			3,999,447				677,808				889,025
Repairs and maintenance			7,908,133				1,198,185				1,745,900
Operating expenses			12,640,384				2,134,670				2,744,393
Other expenses			319,101				43,422				38,647

			39,186,890				6,270,213				8,372,133

NET LOSS		$	(4,625,082	)		$	(720,594	)		$	(920,758	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*		$	(4,045,294	)		$	(730,809	)		$	(1,010,045	)

Net loss allocated to other partners		$	(579,788	)		$	10,215			$	89,287

*

Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

		Series 17				Series 18				Series 19
Revenue
Rental		$	9,984,884			$	6,242,288			$	4,791,349
Interest and other			290,316				151,518				100,459

			10,275,200				6,393,806				4,891,808
Expenses
Interest			1,873,449				1,227,151				1,065,643
Depreciation and amortization			2,207,942				1,558,316				1,217,028
Taxes and insurance			1,109,017				823,809				499,788
Repairs and maintenance			2,426,319				1,668,122				869,607
Operating expenses			3,482,269				2,311,943				1,967,109
Other expenses			43,182				72,572				121,278

			11,142,178				7,661,913				5,740,453

NET LOSS		$	(866,978	)		$	(1,268,107	)		$	(848,645	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*		$	(733,673	)		$	(1,197,176	)		$	(373,591	)

Net loss allocated to other partners		$	(133,305	)		$	(70,931	)		$	(475,054	)

*

Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Total				Series 15				Series 16
Revenue
Rental		$	38,689,748			$	6,201,920			$	10,466,265
Interest and other			1,069,481				120,367				265,451

			39,759,229				6,322,287				10,731,716
Expenses
Interest			7,539,872				899,718				1,785,456
Depreciation and amortization			10,011,353				1,659,606				2,732,785
Taxes and insurance			4,727,001				709,336				1,322,011
Repairs and maintenance			8,773,387				1,520,114				2,404,432
Operating expenses			14,697,346				2,453,854				3,921,198
Other expenses			569,852				15,950				74,003

			46,318,811				7,258,578				12,239,885

NET LOSS		$	(6,559,582	)		$	(936,291	)		$	(1,508,169	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*		$	(5,917,343	)		$	(877,260	)		$	(1,540,061	)

Net income (loss) allocated to other partners		$	(642,239	)		$	(59,031	)		$	31,892

*

Amounts include $877,260, $1,540,061, $1,293,835, $1,535,917, and $670,270 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

		Series 17				Series 18				Series 19
Revenue
Rental		$	11,083,556			$	6,227,449			$	4,710,558
Interest and other			323,622				203,359				156,682

			11,407,178				6,430,808				4,867,240
Expenses
Interest			2,438,055				1,334,131				1,082,512
Depreciation and amortization			2,648,739				1,719,582				1,250,641
Taxes and insurance			1,370,364				823,526				501,764
Repairs and maintenance			2,648,583				1,441,007				759,251
Operating expenses			3,986,643				2,238,942				2,096,709
Other expenses			208,749				152,352				118,798

			13,301,133				7,709,540				5,809,675

NET LOSS		$	(1,893,955	)		$	(1,278,732	)		$	(942,435	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*		$	(1,293,835	)		$	(1,535,917	)		$	(670,270	)

Net income (loss) allocated to other partners		$	(600,120	)		$	257,185			$	(272,165	)

*

Amounts include $877,260, $1,540,061, $1,293,835, $1,535,917, and $670,270 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.

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References+ Details