INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2013

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

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2013 and 2012, 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, 2013 and 2012 by series are as follows:

	2013		2012
Series 15		25		30
Series 16		31		38
Series 17		25		27
Series 18		20		23
Series 19		9		16
		110		134

During the year ended March 31, 2013 the Fund disposed of twenty-four operating limited partnerships. A summary of the dispositions by Series for March 31, 2013 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		-	$	40,762	$	40,762
Series 16		7		-		107,649		172,649
Series 17		1		1		336,562		336,562
Series 18		1		2		859,438		859,438
Series 19		7		-		1,195,560		1,195,560
Total		21		3	$	2,539,971	$	2,604,971

* Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 for Series 16.

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.

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, 2013 and 2012 by series are as follows:

	2013		2012
Series 15	$	-	$	-
Series 16		50,008		50,008
Series 17		22,798		22,798
Series 18		18,554		18,554
Series 19		-		-
	$	91,360	$	91,360

The Fund’s investments in operating limited partnerships at March 31, 2013 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	$	51,341,667		$	7,581,708		$	12,074,291
Acquisition costs of operating limited partnerships		7,056,310			1,075,998			1,583,249
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(111,389	)		(4,207	)		(20,268	)
Cumulative impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Cumulative losses from operating limited partnerships		(45,373,571	)		(7,888,663	)		(11,124,851	)
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, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(257,860	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(921,085	)		(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)		883,274			111,396			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A)		(35,033,727	)		(7,552,909	)		(9,782,878	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		300,838			86,996			123,421
Cumulative impairment loss in investment in operating limited partnerships		12,876,562			764,836			2,512,421
Other		267,534			(29,476	)		429,517
Equity per operating limited partnerships’ combined financial statements	$	(21,884,464	)	$	(6,813,929	)	$	(6,932,746	)

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	14,491,224		$	11,702,540		$	5,491,904
Acquisition costs of operating limited partnerships		2,117,487			1,514,128			765,448
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(54,267	)		(3,764	)
Cumulative impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Cumulative losses from operating limited partnerships		(13,290,982	)		(8,953,040	)		(4,116,035	)
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, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(124,842	)		(5,588	)		(19,264	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(591,855	)		-			(27,397	)
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)		418,588			309,042			44,248

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(7,473,233	)		(6,478,163	)		(3,746,544	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			-
Cumulative impairment loss in investment in operating limited partnerships		3,288,846			4,172,906			2,137,553
Other		(22,278	)		(89,451	)		(20,778	)
Equity per operating limited partnerships’ combined financial statements	$	(4,490,042	)	$	(2,015,565	)	$	(1,632,182	)

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	)

	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 combined summarized balance sheets of the operating limited partnerships at December 31, 2012 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	95,826,256		$	11,960,583		$	22,821,455
Land		9,774,646			1,287,635			1,930,468
Other assets		18,999,881			4,023,199			6,004,950
	$	124,600,783		$	17,271,417		$	30,756,873
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	137,707,477		$	24,148,955		$	31,824,524
Accounts payable and accrued expenses		6,965,641			350,564			3,300,317
Other liabilities		12,147,565			872,433			2,298,505
		156,820,683			25,371,952			37,423,346
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(21,884,462	)		(6,813,927	)		(6,932,746	)
Other partners		(10,335,438	)		(1,286,608	)		266,273
		(32,219,900	)		(8,100,535	)		(6,666,473	)
	$	124,600,783		$	17,271,417		$	30,756,873

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,801,499		$	18,518,861		$	11,723,858
Land		3,860,381			1,830,682			865,480
Other assets		4,966,333			2,915,815			1,089,584
	$	39,628,213		$	23,265,358		$	13,678,922
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,893,314		$	23,044,796		$	11,795,888
Accounts payable and accrued expenses		1,209,547			1,299,758			805,455
Other liabilities		5,592,363			1,449,945			1,934,319
		53,695,224			25,794,499			14,535,662
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,490,042	)		(2,015,565	)		(1,632,182	)
Other partners		(9,576,969	)		(513,576	)		775,442
		(14,067,011	)		(2,529,141	)		(856,740	)
	$	39,628,213		$	23,265,358		$	13,678,922

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

	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 statements of operations of the operating limited partnerships for the year ended December 31, 2012 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	26,731,006		$	4,411,357		$	6,091,709
Interest and other		1,067,985			82,448			574,644
		27,798,991			4,493,805			6,666,353
Expenses
Interest		4,474,965			631,620			936,848
Depreciation and amortization		6,624,362			1,191,942			1,603,040
Taxes and insurance		3,210,387			536,484			706,281
Repairs and maintenance		6,581,642			1,009,388			1,648,565
Operating expenses		10,321,858			1,735,643			2,546,703
Other expenses		225,733			31,984			30,732
		31,438,947			5,137,061			7,472,169
NET LOSS	$	(3,639,956	)	$	(643,256	)	$	(805,816	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,962,809	)	$	(547,085	)	$	(833,896	)
Net loss allocated to other partners	$	(677,147	)	$	(96,171	)	$	28,080

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 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.

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,098,192		$	4,762,942		$	2,366,806
Interest and other		238,140			129,361			43,392
		9,336,332			4,892,303			2,410,198
Expenses
Interest		1,594,515			749,490			562,492
Depreciation and amortization		2,101,456			1,143,170			584,754
Taxes and insurance		1,017,457			656,003			294,162
Repairs and maintenance		2,322,124			1,049,661			551,904
Operating expenses		3,359,421			1,760,101			919,990
Other expenses		35,553			71,381			56,083
		10,430,526			5,429,806			2,969,385
NET LOSS	$	(1,094,194	)	$	(537,503	)	$	(559,187	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(717,911	)	$	(537,292	)	$	(326,625	)
Net loss allocated to other partners	$	(376,283	)	$	(211	)	$	(232,562	)

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 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

	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 income (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.

	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 income (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.