-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UsO+stXpDm3NxWaEFtlqVm/CDy35hXtDDg/S6sUEr+eRK8ffx+4gq3grFb1DHKuZ SFQ/sswcXPe/xymb94YeUg== 0000810663-97-000059.txt : 19971113 0000810663-97-000059.hdr.sgml : 19971113 ACCESSION NUMBER: 0000810663-97-000059 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON FINANCIAL TAX CREDIT FUND VIII LP CENTRAL INDEX KEY: 0000911568 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043205879 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26522 FILM NUMBER: 97715501 BUSINESS ADDRESS: STREET 1: 101 ARCH ST CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174393911 FORMER COMPANY: FORMER CONFORMED NAME: BOSTON FINANCIAL TAX CREDIT FUND VIII DATE OF NAME CHANGE: 19930902 10-Q 1 TC8 Q298 November 14, 1997 Securities and Exchange Commission Filer Support, Edgar Operation Center, Stop 0-7 6432 General Green Way Alexandria, VA 22312 Boston Financial Tax Credit Fund VIII, A Limited Partnership Report on Form 10-Q for Quarter Ended September 30, 1997 File No. 0-26522 Gentlemen: Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of 1934, filed herewith is a copy of subject report. Very truly yours, /s/Patricia Olsen-Goldberg Patricia Olsen-Goldberg Controller TC8-Q2.DOC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 ------------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to For Quarter Ended September 30, 1997 Commission file number 0-26522 -------------------- -------------- Boston Financial Tax Credit Fund VIII, A Limited Partnership (Exact name of registrant as specified in its charter) Massachusetts 04-3205879 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 101 Arch Street, Boston, Massachusetts 02110-1106 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 439-3911 ---------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Page No. Item 1. Financial Statements Balance Sheets - September 30, 1997 (Unaudited) and March 31, 1997 1 Statements of Operations (Unaudited) - For the Three and Six Months Ended September 30, 1997 and 1996 2 Statement of Changes in Partners' Equity (Deficiency) (Unaudited) - For the Six Months Ended September 30, 1997 3 Statements of Cash Flows (Unaudited) - For the Six Months Ended September 30, 1997 and 1996 4 Notes to Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 PART II - OTHER INFORMATION Items 1-6 7 SIGNATURE 8 BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP BALANCE SHEETS
September 30, March 31, 1997 1997 (Unaudited) Assets Cash and cash equivalents $ 211,694 $ 273,412 Investments in Local Limited Partnerships (Note 1) 26,276,748 26,813,245 Restricted cash - 503,031 Marketable securities, at fair value 1,503,217 1,442,676 Organization costs, net of accumulated amortization of $35,833 and $30,833, respectively 14,167 19,167 Other assets 22,789 26,727 ------------ ------------ Total Assets $ 28,028,615 $ 29,078,258 ============ ============ Liabilities and Partners' Equity Accounts payable to affiliates $ 169,946 $ 128,791 Accrued expenses 21,617 38,729 ------------ ------------ Total Liabilities 191,563 167,520 ------------ ------------ Commitments General, Initial and Investor Limited Partners' Equity 27,845,413 28,927,578 Net unrealized losses on marketable securities (8,361) (16,840) ------------ ------------ Total Partners' Equity 27,837,052 28,910,738 ------------ ------------ Total Liabilities and Partners' Equity $ 28,028,615 $ 29,078,258 ============ ============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (Unaudited) For the Three and Six Months Ended September 30, 1997 and 1996
Three Months Ended Six Months Ended September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------- ------------- -------------- ---------- Revenue: Investment $ 27,126 $ 39,766 $ 53,445 $ 41,652 Other 600 (18,603) 1,325 (1,869) ----------- ----------- ------------ ----------- Total Revenue 27,726 21,163 54,770 39,783 ----------- ----------- ------------ ----------- Expenses: Asset management fees, related party 49,609 47,931 99,218 96,002 General and administrative expenses (includes reimbursements to affiliates in the amounts of $48,442 and $58,937 in 1997 and 1996, respectively) 35,902 39,148 82,806 109,239 Amortization 9,988 5,967 19,972 15,954 ----------- ----------- ------------ ----------- Total Expenses 95,499 93,046 201,996 221,195 ----------- ----------- ------------ ----------- Loss before equity in losses of Local Limited Partnership (67,773) (71,883) (147,226) (181,412) Equity in losses of Local Limited Partnerships (Note 1) (442,822) (672,494) (934,939) (846,704) ----------- ----------- ------------ ----------- Net Loss $ (510,595) $ (744,377) $ (1,082,165) $(1,028,116) =========== =========== ============ =========== Net Loss allocated To General Partners $ (5,106) $ (7,444) $ (10,822) $ (10,281) To Limited Partners (505,489) (736,933) (1,071,343) (1,017,835) ----------- ----------- ------------ ------------ $ (510,595) $ (744,377) $ (1,082,165) $ (1,028,116) =========== =========== ============ ============ Net Loss per Limited Partnership Unit (36,497 Units) $ (13.85) $ (20.19) $ (29.35) $ (27.88) ========== ========== =========== ============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY) (Unaudited) For the Six Months Ended September 30, 1997
Initial Investor Net General Limited Limited Unrealized Partners Partners Partners Losses Total Balance at March 31, 1997 $(27,071) $ 100 $ 28,954,549 $ (16,840) $ 28,910,738 Net change in unrealized losses on marketable securities available for sale - - - 8,479 8,479 Net Loss (10,822) - (1,071,343) - (1,082,165) -------- -------- ------------- --------- ------------- Balance at September 30, 1997 $(37,893) $ 100 $ 27,883,206 $ (8,361) $ 27,837,052 ======== ======== ============= ========= =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended September 30, 1997 and 1996
1997 1996 -------------- ---------- Net cash used for operating activities $ (99,867) $ (137,164) ------------ ------------ Cash flows from investing activities: Investment in Local Limited Partnerships (456,550) (2,777,062) Restricted cash 503,031 879,366 Cash distributions received from Local Limited Partnerships 43,136 4,409 Purchases of marketable securities (573,539) (3,722,909) Proceeds from sales and maturities of marketable securities 522,071 6,194,511 Payment of acquisition expenses - (888) ------------ ------------ Net cash provided by investing activities 38,149 577,427 ------------ ------------ Net increase (decrease) in cash and cash equivalents (61,718) 440,263 Cash and cash equivalents, beginning of period 273,412 71,715 ------------ ------------ Cash and cash equivalents, end of period $ 211,694 $ 511,978 ============ ============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP Notes to Financial Statements (Unaudited) The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included with the Fund's 10-K for the year ended March 31, 1997. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Fund's financial position and results of operations. The results of operations for the periods may not be indicative of the results to be expected for the year. Certain reclassifications have been made to prior period financial statements to conform to current period classifications. 1. Investments in Local Limited Partnerships The Fund has acquired an interest in ten Local Limited Partnerships which own and operate multi-family housing complexes. The Fund, as Investor Limited Partner, pursuant to the Local Limited Partnership Agreements, has generally acquired a 99% interest in the profits, losses, tax credits and cash flows from operations of the Local Limited Partnerships, with the exception of Springwood, Hemlock Ridge, Pike Place and West End Place, which are 79.20%, 77%, 90% and 90%, respectively. Another partnership sponsored by an affiliate of the General Partner owns the remaining 19.80% Limited Partner interest in Springwood. Upon dissolution, proceeds will be distributed according to the partnership agreements. The following is a summary of Investments in Local Limited Partnerships at September 30, 1997: Capital Contributions paid to Local Limited Partnerships $ 29,270,049 Cumulative equity in losses of Local Limited Partnerships (3,900,203) Cumulative cash distributions received from Local Limited Partnerships (75,134) ----------- Investment in Local Limited Partnership before adjustment 25,294,712 Excess of investment cost over the underlying net assets acquired: Acquisition fees and expenses 1,048,010 Accumulated amortization of acquisition fees and expenses (65,974) ------------- Investment in Local Limited Partnerships $ 26,276,748 =============
The Partnership's share of net losses of the Local Limited Partnerships for the six months ended September 30, 1997 is $934,939. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources At September 30, 1997, the Fund had cash and cash equivalents of $211,694 as compared to $273,412 at March 31, 1997. This decrease is primarily attributable to purchases of marketable securities and net cash used for operations, offset by proceeds from the sale of marketable securities and cash distributions received from Local Limited Partnerships. The Fund made the final release of restricted cash on August 5, 1997. These funds were released as a capital contribution to one of the Local Limited Partnerships in which the Fund has invested. As of September 30, 1997, approximately $1,523,000 of cash and marketable securities has been designated as Reserves. The Reserves are established to be used for working capital of the Fund and contingencies related to the ownership of Local Limited Partnership interests. Management believes that the interest income earned on Reserves, along with cash distributions received from Local Limited Partnerships, to the extent available, will be sufficient to fund the Fund's ongoing operations. Reserves may be used to fund operating deficits, if the Managing General Partner deems funding appropriate. Since the Fund invests as a limited partner, the Fund has no contractual duty to provide additional funds to Local Limited Partnerships beyond its specified investment. Thus, as of September 30, 1997, the Fund had no contractual or other obligation to any Local Limited Partnership, which had not been paid or provided for, except as disclosed above. In the event a Local Limited Partnership encounters operating difficulties requiring additional funds, the Fund might deem it in its best interest to voluntarily provide such funds, in order to protect its investment. No such event has occurred to date. Cash Distributions No cash distributions were made during the six months ended September 30, 1997. Results of Operations For the three and six months ended September 30, 1997, the Fund's operations resulted in a net loss of $510,595 and $1,082,165, respectively, as compared to $744,377 and $1,028,116 for the three and six months ended September 30, 1996, respectively. The changes in net loss for those periods are primarily attributable to a fluctuation in equity in losses of Local Limited Partnerships. Due to the Fund's policy of reporting financial information of its Local Limited Partnership interests on a 90 day lag basis, this change in equity in losses is for the three and six months ended June 30, 1997. Since many of the properties completed construction late in 1995, lease-up occurred in the quarter ended March 31, 1996. As a result, this three month period did not include a full quarter of operations. Therefore, the results of operations for 1996 are not indicative of future operations, and are not comparable to 1997. Results of operations are now stable and are expected to continue. Property Discussions The Fund is invested in ten Local Limited Partnerships which own ten properties located in eight states. Two properties, representing 356 units, underwent rehabilitation, and eight properties, representing 1001 units, are new construction. All of the ten properties are complete, through initial lease-up and operating satisfactorily. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP PART II OTHER INFORMATION Items 1-5 Not applicable Item 6 Exhibits and reports on Form 8-K (a) Exhibits - None (b) Reports on Form 8-K - No reports on Form 8-K were filed during the quarter ended September 30, 1997. BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DATED: November 14, 1997 BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP By: Arch Street VIII Limited Partnership, its General Partner /s/William E. Haynsworth William E. Haynsworth Managing Director, Vice President and Chief Operating Officer EX-27 2 TCVIII FINANCIAL DATA SCHEDULE FOR FY 98 Q2
5 6-MOS MAR-31-1998 SEP-30-1997 211,694 1,503,217 000 000 000 000 000 000 28,028,615 000 000 000 000 000 27,837,052 28,028,615 000 54,770 000 000 201,996 000 000 000 000 000 000 000 000 (1,082,165) (29.35) 000 Included in total assets is Investments in Local Limited Partnerships of $26,276,748, Organizational costs, net of $14,167 and Other assets of $22,789. Total liability and equity includes Accounts payable to affiliate of $169,946 and Accrued expenses of $21,617. Total revenue includes Investment of $53,445 and Other of $1,325. Included in Other Expenses is Asset Management fees, related party of $99,218, General and administrative of $82,806, and Amortization of $19,972. Net loss includes Equity in losses of Local Limited Partnerships of $934,939.
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