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Investments in Local Limited Partnerships (Tables)
12 Months Ended
Mar. 31, 2013
Equity Method Investments and Joint Ventures [Abstract]  
Combined Condensed Balance Sheets

Approximate combined condensed financial information from the individual financial statements of the Local Limited Partnerships as of December 31 and for the years then ended is as follows:

 

COMBINED CONDENSED BALANCE SHEETS

 

    2012     2011  
ASSETS                
Buildings and improvements (net of accumulated depreciation as of December 31, 2012 and 2011 of $5,451,000 and $15,330,000, respectively)   $ 4,577,000     $ 12,501,000  
Land     369,000       1,047,000  
Other assets     681,000       2,095,000  
Total assets   $ 5,627,000     $ 15,643,000  
                 
LIABILITIES                
Mortgage payable   $ 4,114,000     $ 15,040,000  
Due to affiliates     3,000       154,000  
Other liabilities     294,000       1,081,000  
                 
Total liabilities     4,411,000       16,275,000  
                 
PARTNERS’ EQUITY (DEFICIT)                
WNC Housing Tax Credit Fund IV, L.P., Series 2     2,516,000       396,000  
Other partners     (1,300,000 )     (1,028,000 )
Total partners’ equity deficit     1,216,000       (632,000 )
Total liabilities and partners’ equity deficit   $ 5,627,000     $ 15,643,000  

 

Combined Condensed Statements of Operations

COMBINED CONDENSED STATEMENTS OF OPERATIONS

 

    2012     2011     2010  
                   
Revenues   $ 1,384,000     $ 3,914,000     $ 4,234,000  
                         
Expenses:                        
Operating expenses     864,000       2,738,000       3,079,000  
Interest expense     228,000       447,000       634,000  
Depreciation and amortization     325,000       984,000       1,090,000  
                         
Total expenses     1,417,000       4,169,000       4,803,000  
                         
Net loss   $ (33,000 )   $ (255,000 )   $ (569,000 )
                         
Net loss allocable to the Partnership   $ (34,000 )   $ (253,000 )   $ (563,000 )
                         
Net loss recorded by the Partnership   $ -     $ -     $ -