INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2014

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, 2014 and 2013, 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, 2014 and 2013 by series are as follows:

	2014		2013
Series 15		24		25
Series 16		28		31
Series 17		17		25
Series 18		18		20
Series 19		8		9
		95		110

During the year ended March 31, 2014 the Fund disposed of fourteen operating limited partnerships of which one operating limited partnership was included in both Series 18 and 19, and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. The Fund also had a partial disposition of one operating limited partnership in Series 17.

A summary of the dispositions by Series for March 31, 2014 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain on
	Transferred		Partnership		Disposition *		Disposition
Series 15		1		-	$	20,746	$	20,746
Series 16		2		1		856,031		791,031
Series 17		7		1		5,702,299		5,708,385
Series 18		2		-		28,018		28,018
Series 19		1		-		-		-
Total		13		2	$	6,607,094	$	6,548,180

* Fund proceeds from disposition includes $65,000 recorded as a receivable as of March 31, 2013 for Series 16 and Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $6,086 for Series 17.

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 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.

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, 2014 and 2013 by series are as follows:

	2014		2013
Series 15	$	-	$	-
Series 16		50,008		50,008
Series 17		16,712		22,798
Series 18		18,554		18,554
Series 19		-		-
	$	85,274	$	91,360

The Fund’s investments in operating limited partnerships at March 31, 2014 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	$	40,059,536	$	7,416,274	$	9,989,000
Acquisition costs of operating limited partnerships		5,485,105		1,051,848		1,307,682
Syndication costs from operating limited partnerships		(36,455)		-		-
Cumulative distributions from operating limited partnerships		(109,387)		(4,207)		(18,795)
Cumulative impairment loss in investment in operating limited partnerships		(7,980,878)		(767,819)		(1,489,694)
Cumulative losses from operating limited partnerships		(37,417,921)		(7,696,096)		(9,788,193)
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, 2014 which have not been included in the partnership’s      capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A)		(251,774)		(14,246)		(93,920)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(731,033)		(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)		661,736		99,993		-

	Total		Series 15		Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(32,676,601)		(7,704,240)		(9,746,456)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		293,057		86,996		116,307
Cumulative impairment loss in investment in operating limited partnerships		7,980,878		767,819		1,489,694
Other		147,238		(31,217)		410,145
Equity per operating limited partnerships’ combined financial statements	$	(24,576,499)	$	(6,975,421)	$	(7,945,537)

The Fund’s investments in operating limited partnerships at March 31, 2014 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	$	9,084,913	$	9,231,164	$	4,338,185
Acquisition costs of operating limited partnerships		1,336,534		1,189,539		599,502
Syndication costs from operating limited partnerships		-		(36,455)		-
Cumulative distributions from operating limited partnerships		(28,354)		(54,267)		(3,764)
Cumulative impairment loss in investment in operating limited partnerships		(1,566,308)		(2,656,687)		(1,500,370)
Cumulative losses from operating limited partnerships		(8,826,785)		(7,673,294)		(3,433,553)
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, 2014 which have not been included in the partnership’s capital      account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A)		(118,756)		(5,588)		(19,264)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(401,803)		-		(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)		268,254		274,653		18,836

	Series 17		Series 18		Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(5,255,229)		(6,299,282)		(3,671,394)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,065		75,689		-
Cumulative impairment loss in investment in operating limited partnerships		1,566,308		2,656,687		1,500,370
Other		(24,227)		(159,245)		(48,218)
Equity per operating limited partnerships’ combined financial statements	$	(3,951,388)	$	(3,457,086)	$	(2,247,067)

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)

The Fund’s investments in operating limited partnerships at March 31, 2013 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	$	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 combined summarized balance sheets of the operating limited partnerships at December 31, 2013 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 15		Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	65,474,798	$	10,638,155	$	18,164,345
Land		7,435,734		1,244,835		1,633,868
Other assets		17,011,149		4,234,106		6,061,968
	$	89,921,681	$	16,117,096	$	25,860,181
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	103,294,917	$	23,388,703	$	29,504,432
Accounts payable and accrued expenses		5,749,586		298,698		3,485,962
Other liabilities		7,435,396		749,927		955,168
		116,479,899		24,437,328		33,945,562
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(24,576,499)		(6,975,421)		(7,945,537)
Other partners		(1,981,719)		(1,344,811)		(139,844)
		(26,558,218)		(8,320,232)		(8,085,381)
	$	89,921,681	$	16,117,096	$	25,860,181

The combined summarized balance sheets of the operating limited partnerships at December 31, 2013 are as follows:

	Series 17		Series 18		Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	15,755,284	$	12,716,393	$	8,200,621
Land		2,357,349		1,534,202		665,480
Other assets		3,349,330		2,550,077		815,668
	$	21,461,963	$	16,800,672	$	9,681,769
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	22,159,355	$	18,890,770	$	9,351,657
Accounts payable and accrued expenses		860,339		838,492		266,095
Other liabilities		2,602,669		1,205,148		1,922,484
		25,622,363		20,934,410		11,540,236
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(3,951,388)		(3,457,086)		(2,247,067)
Other partners		(209,012)		(676,652)		388,600
		(4,160,400)		(4,133,738)		(1,858,467)
	$	21,461,963	$	16,800,672	$	9,681,769

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

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

	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 statements of operations of the operating limited partnerships for the year ended December 31, 2013 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total		Series 15		Series 16
Revenue
Rental	$	20,863,472	$	4,278,259	$	5,462,897
Interest and other		458,789		116,389		87,319
		21,322,261		4,394,648		5,550,216
Expenses
Interest		3,093,964		598,638		654,367
Depreciation and amortization		5,395,172		1,190,569		1,493,411
Taxes and insurance		2,716,801		554,343		704,902
Repairs and maintenance		4,538,378		997,909		1,345,782
Operating expenses		8,210,997		1,676,626		2,146,319
Other expenses		137,692		26,584		24,886
		24,093,004		5,044,669		6,369,667
NET LOSS	$	(2,770,743)	$	(650,021)	$	(819,451)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,735,602)	$	(593,055)	$	(836,199)
Net Income (Loss) allocated to other partners	$	(35,141)	$	(56,966)	$	16,748

* Amounts include $593,055, $836,199, $505,941, $574,802, and $225,605 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, 2013 are as follows:

	Series 17		Series 18		Series 19
Revenue
Rental	$	5,547,549	$	3,698,061	$	1,876,706
Interest and other		131,681		104,511		18,889
		5,679,230		3,802,572		1,895,595
Expenses
Interest		821,457		599,900		419,602
Depreciation and amortization		1,329,878		935,544		445,770
Taxes and insurance		667,253		574,910		215,393
Repairs and maintenance		1,157,847		780,541		256,299
Operating expenses		2,067,937		1,451,099		869,016
Other expenses		27,704		53,906		4,612
		6,072,076		4,395,900		2,210,692
NET LOSS	$	(392,846)	$	(593,328)	$	(315,097)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(505,941)	$	(574,802)	$	(225,605)
Net Income (Loss) allocated to other partners	$	113,095	$	(18,526)	$	(89,492)

* Amounts include $593,055, $836,199, $505,941, $574,802, and $225,605 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, 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 Income (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.

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

	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 Income (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.