Item 1. Business
Gateway Tax Credit Fund, Ltd. ("Gateway") is a Florida limited partnership. The general partners are Raymond James Tax Credit Funds, Inc., the Managing General Partner, and Raymond James Partners, Inc. both of which are sponsors of Gateway Tax Credit Fund, Ltd. and wholly-owned subsidiaries of Raymond James Financial, Inc. Gateway was formed October 27, 1987 and commenced operations as of June 30, 1988 with the first admission of Limited Partners.
Gateway is engaged in only one industry segment, to acquire limited partnership interests in unaffiliated limited partnerships ("Project Partnerships"), each of which owns and operates one or more apartment complexes eligible for Low-Income Housing Tax Credits under Section 42 of the Internal Revenue Code ("Tax Credits"), received over a ten year period. Subject to certain limitations, Tax Credits may be used by Gateway's investors to reduce their income tax liability generated from other income sources. Gateway will terminate on December 31, 2040 or sooner, in accordance with the terms of its Limited Partnership Agreement. Gateway closed its initial offering of Limited Partnership Interests on March 1, 1990 after receiving capital contributions of $1,000 from the General Partners and $25,566,000 from Limited Partners.
Operating profits and losses, cash distributions from operations and Tax Credits are allocated 99% to the Limited Partners and 1% to the General Partners. Profit or loss and cash distributions from sales of interests in Project Partnerships will be allocated as described in the Limited Partnership Agreement.
Gateway has invested in 82 Project Partnerships, acquiring a 99% interest in these properties by becoming the sole limited partner in the Project Partnerships that own the properties. In October, 1996 Value Partners, Inc., an affiliate of Raymond James Tax Credit Funds, Inc., became the sole general partner of one of the Project Partnerships, Village Apartments of Sparta, Limited Partnership ("Sparta"). See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional details.
The primary sources of funds for the year ended March 31, 1997 were from the maturity of Treasury Notes for $357,000, interest income of $14,371 earned on cash and cash equivalents, and $87,273 in distributions received from Project Partnerships. As of March 31, 1997 Gateway had $445,969 of Cash and Cash Equivalents and $2,349,025 in investments in securities with annual maturities each year until 2004, which will be used to meet future annual operating needs of Gateway.
All Project Partnerships are government subsidized. Most have mortgage loans from the Farmers Home Administration (now called Rural Housing Services) ("RHS") under Section 515 of the Housing Act of 1949. These mortgage loans are made at low interest rates for multi-family housing in rural and suburban areas, with the requirement that the interest savings be passed on to low income tenants in the form of lower rents. A significant portion of the Project Partnerships also receive rental assistance from RECD to subsidize certain qualifying tenants.
The General Partners do not believe the Project Partnerships are subject to the risks generally associated with conventionally financed nonsubsidized apartment properties. Risks related to the operations of Gateway are described in detail on pages 21 through 33 of the Prospectus, as supplemented, under the caption "Risk Factors" which is incorporated herein by reference.
The investment objectives of Gateway are to:
1) Provide tax benefits to Limited Partners in the form of Tax Credits during the period in which each Project is eligible to claim tax credits; 2) Preserve and protect the capital contributions of Investors; 3) Participate in any capital appreciation in the value of the Projects; and 4) Provide passive losses to individual investors to offset passive income from other passive activities, and provide passive losses to corporate investors to offset business income.
The investment objectives and policies of Gateway are described in detail on pages 33 through 38 of the Prospectus, as supplemented, under the caption "Investment Objectives and Policies" which is incorporated herein by reference.
Gateway's goal was to invest in a diversified portfolio of Project Partnerships located in rural and suburban locations with a high demand for low income housing. As of March 31, 1997 the capital contributions raised from Limited Partner investors were successfully invested in Project Partnerships which met the investment criteria. Management anticipates that competition for tenants will only be with other low income housing projects, and not with conventionally financed housing. With significant number of rural American households living below the poverty level in substandard housing, management believes there will be a continuing demand for affordable low income housing for the foreseeable future.
Gateway has no direct employees. The General Partners have full and exclusive discretion in management and control of Gateway.
Item 2.
Item 2. Properties
Gateway owns interest in properties through 99% limited partnership interests in 82 Project Partnerships. There are no investments in individual Project Partnerships which are material to Gateway taken as a whole with the largest single investment comprising 11.5% of Gateway's total assets. The following table provides certain summary information regarding the Projects in which Gateway had an interest, excluding Sparta, as of December 31, 1996:
Item 2 - Properties (continued):
Location # of Date Partnership of Property Units Acquired - ----------- ----------- ----- ---------
Laynecrest Medway, OH 48 6/88 Martindale Union, OH 30 6/88 La Villa Elena Bernalillo, NM 54 8/88 Rio Abajo Truth/Conseq,NM 42 9/88 Fortville II Fortville, IN 24 11/88 Summitville Summitville, IN 24 11/88 Suncrest Yanceyville, NC 40 12/88 Brandywine III Millsboro, DE 32 12/88 Concord IV Perryville, MD 32 12/88 Dunbarton Oaks III Georgetown, DE 32 12/88 Federal Manor Federalsburg, MD 32 12/88 Laurel Apts Laurel, DE 32 12/88 Mulberry Hill IV Easton, MD 16 12/88 Madison Madison, OH 40 12/88 Hannah's Mill Thomaston, GA 50 12/88 Longleaf Apts. Cairo, GA 36 12/88 Sylacauga Garden Sylacauga, AL 45 12/88 Monroe Family Monroe, GA 48 12/88 Clayfed Apartments Denver, CO 32 12/88 Westside Apts. Denver, CO 52 12/88 Casa Linda Silver City, NM 41 3/89 Rivermeade Yorktown, VA 80 3/89 Laurel Woods Ashland, VA 40 3/89 Keysville Keysville, VA 24 3/89 Crosstown Kalamazoo, MI 201 4/89 Riverside Apts. Demopolis, AL 40 5/89 Brookshire Apts. McDonough, GA 46 6/89 Sandridge Apts. Fernandina Bch,FL 46 6/89 Limestone Estates Limestone, ME 25 6/89 Eagle's Bay Beaufort, NC 40 6/89 Teton View Rigby, ID 40 6/89 Albany Albany, KY 24 7/89 Burkesville Burkesville, KY 24 7/89 Scotts Hill Scotts Hill, TN 12 7/89 Sage Gallup, NM 44 7/89 Claremont Cascade, ID 16 8/89 Divernan Divernon, IL 12 8/89 Middleport Middleport, NY 25 9/89 Oakwood Apts. Columbus, NE 24 9/89 Morgantown Morgantown, IN 24 9/89 Ashburn Housing Ashburn, GA 41 9/89 Cuthbert Elderly Cuthbert, GA 32 9/89 Sandhill Forest Melrose, FL 16 9/89 Oakwood Grove Crescent City, FL 36 9/89 Hastings Manor Hastings, FL 24 9/89 Lakewood Apts. Norfolk, NE 72 9/89 Robinhood Apts. Springfield, TN 48 9/89 Skyview Terrace Springfield, TN 48 9/89 Mabank 1988 Mabank, TX 42 9/89 Buena Vista Buena Vista, GA 25 9/89 Woodcroft Elizabethtown, NC 32 9/89 Spring Creek Quitman, GA 18 10/89 Spring Creek Cherokee, AL 24 11/89 Milton Elderly Milton, FL 43 11/89 Winder Apartments Winder, GA 48 11/89 Hunters Ridge Killen, AL 40 12/89 Stone Arbor Madison, NC 40 12/89 Greeneville Greeneville, TN 40 12/89 Centralia II Centralia, IL 24 12/89 Poteau IV Poteau, OK 32 12/89 Barling Barling, AR 48 12/89 Booneville Booneville, AR 50 12/89 Augusta Augusta, KS 66 12/89 Meadows Farmville, VA 40 12/89 Kenly Housing Kenly, NC 48 2/90 Fairview South Athens, TX 44 2/90 River Road Apts. Waggaman, LA 43 2/90 Middlefield Middlefield, OH 36 3/90 Floresville Floresvile, TX 40 3/90 Mathis Retirement Mathis, TX 36 3/90 Sabinal Housing Sabinal, TX 24 3/90 Kingsland Housing Kingsland, TX 34 3/90 Crestwood Villa II Crestline, OH 36 3/90 Poteau Prop. III Poteau, OK 19 4/90 Decatur Properties Decatur, AR 24 4/90 Broken Bow Prop II Broken Bow, OK 46 4/90 Turtle Creek II Grove, OK 42 4/90 Pleasant Valley Grangeville, ID 32 4/90 Hartwell Elderly Hartwell, GA 24 4/90 Pulaski Village Pulaski, VA 44 7/90 Southwood Apts. Jacksonville, TX 40 7/90 -----
Total 3,110
The average effective rental per unit is $3,475 per year ($290 per month).
Item 2 - Properties (continued):
12/31/96 12/31/96 Property Occupancy Partnership Cost Rate - ----------- -------- ---------
Laynecrest $ 1,860,570 100% Martindale 1,174,715 100% La Villa Elena 1,834,277 94% Rio Abajo 1,713,156 98% Fortville II 809,473 100% Summitville 879,511 88% Suncrest 2,131,169 100% Brandywine III 1,265,521 97% Concord IV 1,350,179 94% Dunbarton Oaks III 1,338,637 97% Federal Manor 1,448,417 100% Laurel Apts 1,350,767 97% Mulberry Hill IV 725,157 100% Madison 1,439,849 100% Hannah's Mill 1,812,786 92% Longleaf Apts. 1,192,947 97% Sylacauga Garden 1,607,002 100% Monroe Family 1,788,673 92% Clayfed Apartments 977,595 100% Westside Apts. 1,565,112 100% Casa Linda 1,677,613 100% Rivermeade 3,044,152 97% Laurel Woods 1,549,636 98% Keysville 913,795 100% Crosstown 5,927,779 98% Riverside Apts. 1,423,971 95% Brookshire Apts. 1,723,393 96% Sandridge Apts. 1,632,755 100% Limestone Estates 1,414,221 96% Eagle's Bay 1,931,083 100% Teton View 1,778,615 100% Albany 934,862 96% Burkesville 913,773 88% Scotts Hill 501,138 100% Sage 1,828,621 93% Claremont 570,213 94% Divernan 497,265 83% Middleport 1,167,852 100% Oakwood Apts. 963,152 100% Morgantown 955,695 92% Ashburn Housing 1,300,760 98% Cuthbert Elderly 1,028,295 97% Sandhill Forest 573,763 88% Oakwood Grove 1,238,587 78% Hastings Manor 864,376 96% Lakewood Apts. 2,979,452 97% Robinhood Apts. 1,807,695 100% Skyview Terrace 1,475,370 98% Mabank 1988 1,347,754 100% Buena Vista 815,627 96% Woodcroft 1,489,965 100% Spring Creek 607,608 94% Spring Creek 636,688 100% Milton Elderly 1,342,395 100% Winder Apartments 1,766,010 98% Hunters Ridge 1,420,816 90% Stone Arbor 1,874,064 98% Greeneville 1,521,125 100% Centralia II 996,364 100% Poteau IV 716,016 88% Barling 1,152,864 94% Booneville 1,682,587 96% Augusta 2,381,719 100% Meadows 1,588,193 100% Kenly Housing 1,666,432 94% Fairview South 1,325,900 100% River Road Apts. 1,478,045 98% Middlefield 1,327,085 97% Floresville 1,310,902 96% Mathis Retirement 1,083,532 97% Sabinal Housing 779,515 100% Kingsland Housing 1,161,004 100% Crestwood Villa II 1,371,933 94% Poteau Prop. III 583,005 88% Decatur Properties 969,816 100% Broken Bow Prop II 1,957,868 98% Turtle Creek II 1,558,446 98% Pleasant Valley 1,443,382 100% Hartwell Elderly 821,329 100% Pulaski Village 1,785,352 100% Southwood Apts. 1,203,598 93% ------------
Total $114,050,334
The average effective occupancy rate at December 31, 1996 was 97.0%
Item 2 - Properties (continued):
A summary of the cost of the properties, excluding Sparta, at December 31, 1996, 1995 and 1994 is as follows:
December 31, 1996 1995 ---- ----
Land $ 5,110,980 $ 5,142,980 Land Improvements 1,610,178 1,809,982 Buildings 102,790,145 103,331,434 Furniture and Fixtures 4,539,031 4,499,828 ------------ ------------ Properties, at Cost 114,050,334 114,784,224 Less: Accumulated Depreciation 27,941,689 24,594,181 ------------ ------------ Properties, Net $ 86,108,645 $ 90,190,043 ============ ============
December 31, ----
Land $ 5,142,730 Land Improvements 1,801,470 Buildings 103,319,305 Furniture and Fixtures 4,036,535 ------------ Properties, at Cost 114,300,040 Less: Accumulated Depreciation 21,323,768 ------------ Properties, Net $ 92,976,272 ============
Item 3.
Item 3. Legal Proceedings
Gateway is not a party to any material pending legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
As of March 31, 1997, no matters were submitted to a vote of security holders, through the solicitation of proxies or otherwise.
PART II
Item 5.
Item 5. Market for the Registrant's Securities and Related Security Holder Matters
(a) Gateway's Limited Partnership interests are not publicly traded. There is no market for the Registrant's Limited Partnership interests and it is unlikely that any will develop. No transfers of Limited Partnership Units are permitted without the prior written consent of the Managing General Partner. There have been several transfers over the last two years, with most being from individuals to their trusts or heirs. The Managing General Partner is not aware of the price at which the units are transferred. The conditions under which investors may transfer units is found under ARTICLE XII - "Transfer of a Limited Partnership Interest" on pages A- 24 and A-25 of the Limited Partnership Agreement within the Prospectus, which is incorporated herein by reference. There have been no distributions paid to the Limited Partner investors over the last five years. (b) Approximate Number of Equity Security Holders:
Number of Record Holders Title of Class as of March 31, 1997
Limited Partnership Interest 2,060 General Partner Interest 2
Item 6.
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,: 1997 1996 1995 ---- ---- ----
Total Revenues 249,627 227,632 229,530 Net Loss (1,766,212) (1,507,296) (2,441,636) Equity in Losses of Project Partnerships (1,365,627) (1,135,565) (2,088,642) Total Assets 8,092,005 8,839,600 10,142,829 Investments in Project Partnerships 4,562,124 5,935,650 7,195,516 Per Limited Partnership Unit Outstanding: Net Loss (68.39) (58.37) (94.55) Passive Loss (A) (135.00) (127.80) (126.00) Portfolio Income (A) 17.30 17.10 15.90 Tax Credits (A) 148.70 148.30 148.20
1994 1993 ---- ---- Total Revenues 264,345 175,549 Net Loss (2,366,043) (2,453,545) Equity in Losses of Project Partnerships (1,972,346) (1,963,800) Total Assets 12,334,922 14,455,286 Investments in Project Partnerships 9,378,713 11,357,747 Per Limited Partnership Unit Outstanding: Net Loss (91.62) (95.01) Passive Loss (A) (129.50) (117.96) Portfolio Income (A) 15.50 13.74 Tax Credits (A) 148.00 147.67
(A) The Tax information is as of December 31, the year end of the Partnership for tax purposes.
The above selected financial data should be read in conjunction with the financial statements and related notes appearing elsewhere in this report. This statement is not covered by the auditor's opinion included elsewhere in this report.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations -
Gateway commenced operations June 30, 1988. During the offering period, Gateway received $25,566,000 in capital contributions from investors. The proceeds available for investment from the capital contributions were used to acquire interests in Project Partnerships. At December 31, 1989, Gateway owned an interest in 65 Project Partnerships, and since December 31, 1990, Gateway has owned an interest in 82 Project Partnerships. There are no unusual events or trends to describe.
As disclosed on the Statements of Operations, interest income was comparable for the years ended March 31, 1997, 1996 and 1995. Total expenses were comparable for the years ended March 31, 1996 and 1995. Total expense for the year ended March 31, 1997 increased to $651,606 as compared to $599,363 for the year ended March 31, 1996 primarily as a result of combining the operating expenses of Sparta.
Equity in Losses of Project Partnerships for the year ended March 31, 1996 decreased from $2,088,642 for the year ended March 31, 1995 to $1,135,565 as a result of not including losses of $660,883, as these losses would reduce the investment in certain Project Partnerships below zero. The Equity in Losses of Project Partnerships increased to $1,365,627 for the year ended March 31, 1997 as Gateway recognized prior suspended losses relating to the Combined Entity. In general, it is common in the real estate industry to experience losses for financial and tax reporting purposes because of the non-cash expenses of depreciation and amortization. (For the twelve months ending December 31, 1996, December 31, 1995, and December 31, 1994, the 81 Project Partnerships reported depreciation and amortization expense of $3,685,935, $3,316,673, and $4,137,837, respectively). As a result, management expects Gateway will continue to report its equity in Project Partnerships as a loss for tax and financial reporting purposes.
Overall, management believes Gateway is operating as expected and the Project Partnerships are generating tax credits which meet projections. However, there are two Project Partnerships that have experienced significant operating problems which are described below. Management does not expect any material adverse effect to Gateway from these Project Partnerships.
1) On October 1, 1996 Value Partners, Inc. became the sole general partner of Village Apartments of Sparta Limited Partnership, replacing the former local general partners. Value Partners, Inc. is an affiliate of Raymond James Tax Credit Funds, Inc., the managing General Partner of Gateway. Sparta is a 24 unit property located in Sparta, Illinois in which Gateway invested as the sole limited partner on August 1, 1989. High vacancy rates due to the closure of a major area employer and excessive real estate taxes caused Sparta to experience operating cash shortages and deferred maintenance. Effective October 1, 1996, a problems resolution plan was executed between the mortgage lender (RHS) and Sparta. Under the terms of the plan, a new property management company was hired, Gateway agreed to loan Sparta approximately $35,000 to pay delinquent real estate taxes and to complete various maintenance requirements and RHS reduced the loan payments for a 24 month period beginning October 1996. Based on current occupancy, the property is projected to require additional loans from Gateway of approximately $10,000 per year until additional rental assistance becomes available.
2) A property located in Killen, Alabama experienced significant cash flow shortages due to a recent occupancy problem created by competition from a new 80 unit complex located nearby. The management company and local general partners are working diligently to improve occupancy. As of March 1997, occupancy was 90%.
There were no cash distributions paid in the fiscal years ended March 31, 1995, 1996, and 1997 and management does not anticipate distributions in the foreseeable future.
Liquidity and Capital Resources -
Gateway's capital resources are used to pay General and Administrative operating costs including personnel, supplies, data processing, travel, and legal and accounting associated with the administration and monitoring of Gateway and the Project Partnerships. The capital resources are also used to pay the Asset Management Fee due the Managing General Partner, but only to the extent that Gateway's remaining resources are sufficient to fund Gateway's ongoing needs. (Payment of any Asset Management Fee due but unpaid at the time Gateway sells its interests in the Project Partnerships is subordinated to the investors return of their original capital contribution.)
The sources of funds to pay the operating costs are short term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries") which were purchased with funds set aside for this purpose, and cash distributed to Gateway from the operations of the Project Partnerships. At March 31, 1997, Gateway had $445,969 of short term investments (Cash and Cash Equivalents). It also had $2,349,025 in Zero Coupon Treasuries with maturities providing $375,000 in fiscal year 1998 increasing to $514,000 in fiscal year 2004. Management believes these sources of funds are sufficient to meet Gateway's current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
For the year ending March 31, 1997, Gateway received $87,273 in cash distributions from the Project Partnerships and it received $357,000 from the matured Zero Coupon Treasuries. The General and Administrative operating costs were $80,923 and the Asset Management Fee actually paid was $306,217.
Item 8.
Item 8. Financial Statements and Supplementary Data
INDEPENDENT AUDITOR'S REPORT
To the Partners of Gateway Tax Credit Fund, Ltd.
We have audited the accompanying combined balance sheets of Gateway Tax Credit Fund, Ltd. (a Florida Limited Partnership) as of March 31, 1997 and 1996 and the related combined statements of operations, partners' equity, and cash flows for each of the three years in the period ended March 31, 1997. These combined financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these combined financial statements based on our audits. We did not audit the financial statements of certain underlying Project Partnerships owned by Gateway Tax Credit Fund, Ltd. for each of the three years in the period ended March 31, 1997, the investments in which are recorded using the equity method of accounting. The investments in these partnerships represent 92% and 91% of the total investment in Project Partnerships and 52% and 61% of the Partnership's assets as of March 31, 1997 and 1996, and the equity in their losses represents 88%, 73% and 85% of the equity in losses of the Project Partnerships for the years ended March 31, 1997, 1996 and 1995. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for such underlying partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the combined financial statements referred to above present fairly, in all material respects, the financial position of Gateway Tax Credit Fund, Ltd. as of March 31, 1997 and 1996 and the results of its operations and its cash flows for each of the three years in the period ended March 31, 1997, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 14(a)(2) in the index are presented for purposes of complying with the Securities and Exchange Commission's rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audits and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
/s/ Spence Marston, Bunch, Morris & Co. SPENCE, MARSTON, BUNCH, MORRIS & CO. CERTIFIED PUBLIC ACCOUNTANTS Clearwater, Florida June 20, 1997 PART I - Financial Information Item 1. Financial Statements GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) COMBINED BALANCE SHEETS
MARCH 31, MARCH 31, 1997 1996 ----------- ---------- ASSETS Current Assets: Cash and Cash Equivalents $ 445,969 $ 403,542 Accounts Receivable 1,426 0 Investments in Securities 353,436 336,350 Prepaid Insurance 358 0 Tenant Security Deposits 3,216 0 ----------- ---------- Total Current Assets 804,405 739,892
Investments in Securities 1,995,589 2,164,058 Investments in Project Partnerships, Net 4,562,124 5,935,650 Replacement Reserves 15,205 0 Rental Property at cost, Net 714,682 0 ---------- ---------- Total Assets $8,092,005 $8,839,600 ========== ========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners $ 335,155 $ 333,494 Accrued Real Estate Taxes 17,642 0 Tenant Security Deposits 2,980 0 Accrued Management Fees 5,177 0 ---------- ---------- 360,954 333,494 Long-Term Liabilities: Payable to General Partners 2,100,459 1,904,659 Mortgage Note Payable 822,897 0 ---------- ---------- Total Liabilities 2,923,356 1,904,659 ---------- ---------- Minority Interest in Local Limited Partnership (27,540) 0
Partners' Equity: Limited Partners (25,566 units outstanding at March 31, 1997 and 1996 5,010,872 6,759,422 General Partners (175,637) (157,975) ---------- ---------- Total Partners' Equity 4,835,235 6,601,447 ---------- ---------- Total Liabilities and Partners' Equity $8,092,005 $8,839,600 ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
COMBINED STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
1997 1996 1995 ----------- ---------- ----------- Revenue: Rental $ 14,111 $ 0 $ 0 Interest Subsidy 14,499 0 0 Interest Income 220,055 227,632 229,530 Miscellaneous 962 0 0 ------------- ------------- ------------ Total Revenue 249,627 227,632 229,530
Expenses: Asset Management Fee- General Partner 502,017 502,333 503,482 General and Administrative- General Partner 25,316 25,447 31,168 General and Administrative- Other 55,607 50,476 46,399 Rental Operating Expenses 14,708 0 0 Interest 16,226 0 0 Depreciation 7,592 0 0 Amortization 30,140 21,107 1,475 ------------- ------------- ------------ Total Expenses 651,606 599,363 582,524
Loss Before Equity in Losses of Project Partnerships (401,979) (371,731) (352,994) Equity in Losses of Project Partnerships (1,365,627) (1,135,565) (2,088,642) Minority Interest in Loss of Combined Project Partnership 1,394 0 0 ------------- ------------- ------------- Net Loss $ (1,766,212) $ (1,507,296) $ (2,441,636) ============= ============= ============= Allocation of Net Loss: Limited Partners $ (1,748,550) $ (1,492,223) $ (2,417,220) General Partners (17,662) (15,073) (24,416) ------------- ------------- ------------- $ (1,766,212) $ (1,507,296) $ (2,441,636) ============= ============= ============= Net Loss Per Number of Limited Partnership Units $ (68.39) $ (58.37) $ (94.55)
Number of Limited Partnership Units Outstanding 25,566 25,566 25,566
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
COMBINED STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1997, 1996 AND 1995:
Limited General Partners Partners Total ----------- ----------- -----------
Balance at March 31, 1994 $10,668,865 $(118,486) $10,550,379
Net Loss (2,417,220) (24,416) (2,441,636) ------------ ---------- ------------ Balance at March 31, 1995 8,251,645 (142,902) 8,108,743
Net Loss (1,492,223) (15,073) (1,507,296) ------------ ---------- ------------ Balance at March 31, 1996 6,759,422 (157,975) 6,601,447
Net Loss (1,748,550) (17,662) (1,766,212) ------------ ---------- ------------ Balance at March 31, 1997 $ 5,010,872 $(175,637) $ 4,835,235 ============ ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1997, 1996 AND 1995:
1997 1996 1995 ----------- --------- --------- Cash Flows from Operating Activities: Net Loss $(1,766,212) $(1,507,296) $(2,441,636) Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: Amortization 30,140 21,107 1,475 Depreciation 7,592 0 0 Accreted Interest Income on Investments in Securities (205,617) (215,038) (221,104) Equity in Losses of Project Partnerships 1,365,627 1,135,565 2,088,642 Minority Interest In Losses of Combined Project Partnership (1,394) 0 0 Interest Income from Redemption of Securities 135,745 110,537 81,237 Changes in Operating Assets and Liabilities: Decrease in Accounts Receivable 10,289 0 0 Decrease in Prepaid Insurance 1,083 0 0 Decrease in Accounts Payable (9,897) 0 0 Increase in Replacement Reserves (10,729) 0 0 Decrease in Security Deposits (220) 0 0 Decrease in Accrued Real Estate Taxes (2,358) 0 0 Increase in Payable to General Partners 197,461 204,067 249,544 ------------ ------------ ------------ Net Cash Used in Operating Activities (248,490) (251,058) (241,842) ------------ ----------- ------------ Cash Flows from Investing Activities: Distributions Received from Project Partnerships 87,273 103,193 93,080 Redemption of Investment in Securities 221,255 227,463 153,763 ------------ ------------ ------------ Net Cash Provided by Investing Activities 308,528 330,656 246,843 ------------ ------------ ------------
Cash Flows from Financing Activities: Principal Payment on Debt (329) 0 0 Proceeds from Loan 5,178 0 0 Repayments to Affiliates (22,534) 0 0 ------------ ------------ ------------ Net Cash Used in Financing Activities (17,685) 0 0 ------------ ------------ ------------
Increase in Cash and Cash Equivalents 42,353 79,598 5,001 Cash and Cash Equivalents at Beginning of Year 403,616 323,944 318,943 ------------ ------------ ------------ Cash and Cash Equivalents at End of Year $ 445,969 $ 403,542 $ 323,944 ============ ============ ============
Supplemental Cash Flow Information:
Interest Paid $ 6,906 $ 0 $ 0 ============ =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS
March 31, 1997, 1996 AND 1995
NOTE 1 - ORGANIZATION:
Gateway Tax Credit Fund, Ltd. ("Gateway"), a Florida Limited Partnership, was formed October 27, 1987 under the laws of Florida. Operations commenced on June 30, 1988. Gateway invests, as a limited partner, in other limited partnerships ("Project Partnerships"), each of which owns and operates apartment complexes expected to qualify for Low-Income Housing Tax Credits. Gateway will terminate on December 31, 2040 or sooner, in accordance with the terms of the Limited Partnership Agreement. Gateway closed the offering on March 1, 1990 after receiving Limited and General Partner capital contributions of $25,566,000 and $1,000, respectively. The fiscal year of Gateway for reporting purposes ends on March 31.
Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and Managing General Partner, respectively. The Managing General Partner manages and controls the business of Gateway.
Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Limited Partners and 1% to the General Partners. Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
Combined Statements
The accompanying statements include, on a combined basis, the accounts of Gateway and Village Apartments of Sparta Limited Partnership ("Combined Entity"), a Project Partnership in which Gateway has invested. As of October 1, 1996, an affiliate of Gateway's Managing General Partner, Value Partners, Inc. became the general partner of the Combined Entity. Since the general partner of the Combined Entity is now an affiliate of Gateway, these combined financial statements include the financial activity of the Combined Entity for the period from October 1, 1996 through December 31, 1996. All significant intercompany balances and transactions have been eliminated. Gateway has elected to report the results of operations of the Combined Entity on a 3-month lag basis, consistent with the presentation of financial information of all Project Partnerships.
Basis of Accounting
Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.
Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships"), with the exception of the Combined Entity, using the equity method of accounting and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations. Under the equity method, the Investments in Project Partnerships initially include:
1) Gateway's capital contribution, 2) Acquisition fees paid to the General Partner for services rendered in selecting properties for acquisition, and 3) Acquisition expenses including legal fees, travel and other miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
1) Increased for equity in income or decreased for equity in losses of the Project Partnerships, 2) Decreased for cash distributions received from the Project Partnerships, 3) Decreased for the amortization of the acquisition fees and expenses, 4) In certain Project Partnerships, where Gateway's investment was greater than Gateway's pro-rata share of the book value of the underlying assets, decreased for the amortization of the difference; and 5) In certain Project Partnerships, where Gateway's investment was less than Gateway's pro-rata share of the book value of the underlying assets, increased for the accretion of the difference.
Amortization and accretion are calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets. The net amortization and accretion are shown as amortization expense on the Statements of Operations.
Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships. In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero. The suspended losses will be used to offset future income from the individual Project Partnerships.
Cash and Cash Equivalents
It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents. Short-term investments are comprised of money market mutual funds.
Capitalization and Depreciation
Land, buildings and improvements are recorded at cost and provides for depreciation using the modified accelerated cost recovery system method for financial and tax reporting purposes in amounts adequate to amortize costs over the lives of the applicable assets as follows:
Buildings 27-1/2 years Equipment 7 years
Expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the statement of income.
Rental Income
Rental income, principally from short-term leases on the Combined Entity's apartment units, is recognized as income under the accrual method as the rents become due.
Concentrations of Credit Risk
Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates.
Investment in Securities
Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115"). Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities. Gateway's intent is to hold all of its debt securities (U. S. Treasury Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations. Interest income is recognized ratably on the U.S. Treasury Strips using the effective yield to maturity.
Offering and Commission Costs
Offering and commission costs were charged against Limited Partners' Equity upon the admission of Limited Partners.
Income Taxes
No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.
Reclassifications
For comparability, the 1996 and 1995 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 1997.
NOTE 3 - INVESTMENT IN SECURITIES:
The March 31, 1997 Balance Sheet includes Investments in Securities equal to $2,349,025 ($353,436 and $1,995,589). These investments consist of U. S. Treasury Security Strips at their cost, plus accreted interest income of $933,575. The estimated market value at March 31, 1997 of these debt securities is $2,488,791 resulting in a gross unrealized gain of $139,766.
As of March 31, 1997, the cost and accreted interest by contractual maturities is as follows:
Due within 1 year $ 353,436 After 1 year through 5 years 1,317,113 After 5 years through 10 years 678,476 ---------- Total Amount Carried on Balance Sheet $2,349,025 ==========
NOTE 4 - RELATED PARTY TRANSACTIONS:
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses as follows:
Asset Management Fee - The Managing General Partner is entitled to an annual asset management fee equal to 0.45% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations. Totals incurred for the years ended March 31, 1997, 1996 and 1995 were $502,017, $502,333 and $503,482, respectively.
General and Administrative Expenses - Raymond James Tax Credit Funds, Inc., the Managing General Partner, is reimbursed for general and administrative expenses of Gateway on an accountable basis. These expenses are included in the Statements of Operations. Totals incurred for the years ended March 31, 1997, 1996 and 1995 were $25,316, $25,447 and $31,168, respectively.
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
A summary of the property, plant and equipment is as follows at December 31, 1996: Accumulated Book Cost Depreciation Value ----------- ----------- -----------
Land $ 32,000 $ 0 $ 32,000 Buildings 932,287 250,002 682,285 Furniture and Appliances 18,608 18,211 397 ----------- ---------- ---------- Net Book Value $ 982,895 $ 268,213 $ 714,682 =========== ========== ==========
NOTE 6 - MORTGAGE NOTE PAYABLE
The mortgage note payable is the balance due on the note dated May 10, 1989 in the amount of $829,545. The loan is at a stated interest rate of 9.5% for a period of 50 years, the loan also contains a provision for an interest subsidy which reduces the effective interest rate to 2.4%. At December 31, 1996 the development was in financial trouble and RHS ("Rural Housing Services") had adjusted loan payments to $700 per month for 24 months beginning October 1, 1996 through September 30, 1998. These payments are expected to pay the interest due during this period and no reduction to principal will occur. If the development is in compliance with the terms of the subsidy agreement the monthly payments are expected to be $1,760 beginning October 1, 1998.
Expected maturities of the mortgage note payable are as follows:
Year Ending Amount ----------- ------ 12/31/97 $ 0 12/31/98 342 12/31/99 1,391 12/31/00 1,424 12/31/01 1,459 Thereafter 818,281 ----------- Total $ 822,897 ===========
NOTE 7 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Loss as described in the financial statements and the Partnership loss for tax purposes:
1997 1996 1995 ---- ---- ----
Net Loss per Financial Statements $ (1,766,212) $ (1,507,296) $ (2,441,636)
Equity in Losses of Project Partnerships for tax purposes in excess of losses for financial statement purposes (417,417) (919,755) (89,161)
Losses suspended for financial reporting purposes (1,081,456) (660,883) (569,854)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end 21,703 37,073 (56,810)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 196,393 208,040 249,234 Amortization Expense 11,468 (13,070) 63,028 ------------- ------------- ------------- Partnership loss for tax purposes as of December 31 $ (3,035,521) $ (2,855,891) $ (2,845,199) ============= ============= =============
Federal Low Income December 31, December 31, December 31, Housing Tax Credits 1996 1995 1994 ------------- ------------ ------------
$ 3,842,287 $ 3,830,702 $ 3,828,025 ============= ============= =============
The Partnership's Investment in Project Partnerships is approximately $6,300,000 higher for financial reporting purposes than for tax return purposes because (i) annual tax depreciation expense is higher than financial depreciation, (ii) certain expenses are not deductible for tax return purposes and (iii) losses are suspended for financial purposes but not for tax return purposes.
NOTE 8 - INVESTMENTS IN PROJECT PARTNERSHIPS:
As of March 31, 1997, the Partnership owned a 99% limited partner ownership interest in 81 Project Partnerships, excluding the Combined Entity at March 31, 1997, which own and operate government assisted multi-family housing complexes.
The following is a summary of Investments in Project Partnerships, excluding the Combined Entity at March 31, 1997:
March 31, March 31, 1997 1996 --------- --------- Capital Contributions to Project Partnerships (purchase price paid for limited partner interests in Project Partnerships) $ 18,061,129 $ 18,212,885
Accumulated amortization of excess of purchase price of Project Partnerships over book value of underlying assets (1) (64,627) (67,517)
Cumulative equity in losses of Project Partnerships (2) (14,741,418) (13,637,061)
Cumulative distributions received from Project Partnerships (497,286) (410,013)
Acquisition fees and expenses 2,254,715 2,254,715
Accumulated amortization of acquisition fees and expenses (450,389) (417,359) ------------- -------------
Investments in Project Partnerships $ 4,562,124 $ 5,935,650 ============ =============
(1) Includes amounts representing the excess of purchase price over the book value of the underlying assets of the Project Partnerships. At March 31, 1997 these excess costs were $566,298 and at March 31, 1996 these excess costs were $579,459. (2) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,821,826 for the period ended March 31, 1997 and cumulative suspended losses of $1,740,370 for the year ended March 31, 1996 are not included.
NOTE 8 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships, excluding the Combined Entity beginning on the date of combination, on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year:
1997 1996 1995 SUMMARIZED BALANCE SHEETS ----------- ---------- -------------- Assets: Current assets $ 8,640,544 $ 8,116,228 $ 7,705,141 Investment properties, net 86,108,645 90,190,043 92,976,272 Other assets 270,537 313,200 370,219 ------------- ------------- ------------- Total assets $ 95,019,726 $ 98,619,471 $101,051,632 ============= ============= ============= Liabilities and Partners' Equity Current liabilities $ 2,879,571 $ 2,902,474 $ 3,022,016 Long-term debt 93,255,821 94,360,342 94,618,092 ------------- ------------- ------------- Total liabilities 96,135,392 97,262,816 97,640,108
Partners' Equity Limited Partner (101,396) 2,339,568 4,152,333 General Partners (1,014,270) (982,913) (740,809) ------------- ------------- ------------- (1,115,666) 1,356,655 3,411,524 Total liabilities and partners' equity $ 95,019,726 $ 98,619,471 $101,051,632 ============= ============= ============= SUMMARIZED STATEMENTS OF OPERATIONS: Rental and other income $ 16,964,448 $ 16,868,404 $ 16,646,882 Expenses: Operating expenses 7,365,924 6,968,042 6,607,610 Interest expense 8,388,303 8,471,083 8,575,691 Depreciation and amortization 3,685,935 3,316,673 4,137,837 ------------- ------------- ------------- Total expenses 19,440,161 18,755,798 19,321,138
Net loss $ (2,475,713) $ (1,887,394) $ (2,674,256) ============= ============= ============= Other partners' share of net loss $ (28,630) $ (90,946) $ (15,760) Partnership's share of net loss $ (2,447,083) $ (1,796,448) $ (2,658,496) Suspended loss 1,081,456 660,883 569,854 Equity in Loss of ------------- ------------- ------------- Project Partnerships $ (1,365,627) $ (1,135,565) $ (2,088,642) ============= ============= =============
As of December 31, 1996 and 1995, the largest Project Partnership constituted 6.4% and 7.3% of the combined total assets and combined total revenues.
Item 9.
Item 9. Disagreements on Accounting and Financial Disclosures
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of Gateway
Gateway has no directors or executive officers. Gateway's affairs are managed and controlled by the Managing General Partner. Certain information concerning the directors and officers of the Managing General Partner are set forth below.
Raymond James Tax Credit Funds, Inc. - Managing General Partner
Raymond James Tax Credit Funds, Inc. is the Managing General Partner and is responsible for decisions pertaining to the acquisition and sale of Gateway's interests in the Project Partnerships and other matters related to the business operations of Gateway. The officers and directors of the Managing General Partner are as follows:
Ronald M. Diner, age 53, is President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc., with whom he has been employed since June 1983. Mr. Diner received an M.B.A. degree from Columbia University (1968) and a B.S. degree from Trinity College (1966). Prior to joining Raymond James & Associates, Inc., he managed the broker-dealer activities of Pittway Real Estate, Inc., a real estate development firm. He was previously a loan officer at Marine Midland Realty Credit Corp., and spent three years with Common, Dann & Co., a New York regional investment firm. He has served as a member of the Board of Directors of the Council for Rural Housing and Development, a national organization of developers, managers and syndicators of properties developed under the RECD Section 515 program, and is a member of the Board of Directors of the Florida Council for Rural Housing and Development. Mr. Diner has been a speaker and panel member at state and national seminars relating to the low-income housing credit.
Alan L. Weiner, age 36, is a Vice President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc. which he joined in 1983. Mr. Weiner received an M.B.A. from the Wharton Business School (1983) and is a Phi Beta Kappa graduate of the University of Florida (1981), where he received a B.S. with high honors.
J. Davenport Mosby, age 41, is a Vice President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc. which he joined in 1982. Mr. Mosby received an MBA from the Harvard Business School (1982). He graduated magna cum laude with a BA from Vanderbilt University where he was elected to Phi Beta Kappa. Mr. Mosby is the head of the real estate investment banking group and the Limited Partnership Trading Desk.
Teresa L. Barnes, age 50, is a Vice President. Ms. Barnes is a Senior Vice President of Raymond James & Associates, Inc., which she joined in 1969.
Sandra L. Furey, age 34, is Secretary, Treasurer. Ms. Furey has been employed by Raymond James & Associates, Inc. since 1980 and currently serves as Closing Administrator for the Gateway Tax Credit Funds.
Raymond James Partners, Inc. -
Raymond James Partners, Inc. has been formed to act as the general partner, with affiliated corporations, in limited partnerships sponsored by Raymond James Financial, Inc. Raymond James Partners, Inc. is a general partner for purposes of assuring that Gateway and other partnerships sponsored by affiliates have sufficient net worth to meet the minimum net worth requirements of state securities administrators.
Information regarding the officers and directors of Raymond James Partners, Inc., is included on pages 58 and 59 of the Prospectus under the section captioned "Management" (consisting of pages 56 through 59 of the Prospectus) which is incorporated herein by reference.
Item 11.
Item 11. Executive Compensation
Gateway has no directors or officers.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Neither of the General Partners, nor their directors and officers, own any units of the outstanding securities of Gateway as of March 31, 1997.
Gateway is a Limited Partnership and therefore does not have voting shares of stock. To the knowledge of Gateway, no person owns of record or beneficially, more than 5% of Gateway's outstanding units.
Item 13.
Item 13. Certain Relationships and Related Transactions
Gateway has no officers or directors. However, various kinds of compensation and fees are payable to the General Partners and their affiliates during the organization and operations of Gateway. Additionally, the General Partners will receive distributions from Gateway if there is cash available for distribution or residual proceeds as defined in the Partnership agreement. The amounts and kinds of compensation and fees are described on pages 13 to 15 of the Prospectus under the caption "Management Compensation", which is incorporated herein by reference. See Note 3 of Notes to Financial Statements in item 8 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partners and their affiliates during the years ended March 31, 1997, 1996 and 1995.
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses as follows:
Asset Management Fee - The Managing General Partner is entitled to an annual asset management fee equal to 0.45% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations. Totals incurred for the years ended March 31, 1997, 1996 and 1995 were $502,017, $502,333 and $503,482, respectively.
General and Administrative Expenses - Raymond James Tax Credit Funds, Inc., the Managing General Partner, is reimbursed for general and administrative expenses of Gateway on an accountable basis. These expenses are included in the Statements of Operations. Totals incurred for the years ended March 31, 1997, 1996 and 1995 were $25,316, $25,447 and $31,168, respectively.
Schoonover Boyer Gettman & Assoc. 110 Northwoods Blvd. Suite 200 Worthington, OH 43235 PHONE: 614-888-8000 FAX: 614-888-8634
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Crosstown Seniors Limited Dividend Housing Association Limited Partnership (A Michigan limited partnership) Kalamazoo, MI
We have audited the accompanying balance sheets of Crosstown Seniors Limited Dividend Housing Association Limited Partnership (A Michigan limited partnership), as of December 31, 1996 and 1995, and the related statements of income, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Crosstown Seniors Limited Dividend Housing Association Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/ Schoonover Boyer Gettman & Assoc. Certified Public Accountants
January 25, 1997
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Clayfed Apartments, Ltd. (A Colorado Limited Partnership) Denver, CO
We have audited the accompanying balance sheets of Clayfed Apartments, HUD Project No. C099-K094-007 (A Colorado Limited Partnership), as of December 31, 1996, and the related statements of profit and loss, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Clayfed Apartments, HUD Project No. C099-K094-007, at December 31, 1996 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 18, 1997 on our consideration of the Clayfed Apartments internal control structure, a report dated February 18, 1997 on its compliance with laws and regulations, a report dated February 18, 1997 on its compliance with major HUD program requirements, a report dated February 18, 1997 on its compliance with nonmajor HUD program requirements and a report dated February 18, 1997 on its compliance with Affirmative Fair Housing requirements.
The accompanying supplementary information on pages 11 to 19 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Clayfed Apartments, HUD Project No. C099-K094-007. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant Denver, Colorado February 18, 1997
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Clayfed Apartments, Ltd. (A Colorado Limited Partnership) Denver, CO
We have audited the accompanying balance sheets of Clayfed Apartments, HUD Project No. C099-K094-007 (A Colorado Limited Partnership), as of December 31, 1995, and the related statements of profit and loss, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Clayfed Apartments, HUD Project No. C099-K094-007, at December 31, 1995 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1996 on our consideration of the Clayfed Apartments internal control structure, a report dated January 31, 1996 on its compliance with laws and regulations, a report dated January 31, 1996 on its compliance with major HUD program requirements, a report dated January 31, 1996 on its compliance with nonmajor HUD program requirements and a report dated January 31, 1996 on its compliance with Affirmative Fair Housing requirements.
The accompanying supplementary information on pages 11 to 19 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Clayfed Apartments, HUD Project No. C099-K094-007. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant Denver, Colorado January 31, 1996
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009
INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Westside Apartments, Ltd. (A Colorado Limited Partnership) Denver, CO
We have audited the accompanying balance sheet of Westside Apartments, Ltd., HUD Project No. C099-K001-004 (A Colorado Limited Partnership), as of December 31, 1996 and the related statements of profit and loss, changes in partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westside Apartments, Ltd., HUD Project No. C099-K001-004, at December 31, 1996 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 19, 1997 on our consideration of the Clayfed Apartments internal control structure, a report dated February 19, 1997 on its compliance with laws and regulations, a report dated February 19, 1997 on its compliance with major HUD program requirements, a report dated February 19, 1997 on its compliance with nonmajor HUD program requirements and a report dated February 19, 1997 on its compliance with Affirmative Fair Housing requirements.
The accompanying supplementary information on pages 11 to 19 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Westside Apartments, Ltd., HUD Project No. C099-K001-004. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant Denver, Colorado February 18, 1997
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009
INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Westside Apartments, Ltd. (A Colorado Limited Partnership) Denver, CO
We have audited the accompanying balance sheet of Westside Apartments, Ltd., HUD Project No. C099-K001-004 (A Colorado Limited Partnership), as of December 31, 1995 and the related statements of profit and loss, changes in partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westside Apartments, Ltd., HUD Project No. C099-K001-004, at December 31, 1995 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1996 on our consideration of the Clayfed Apartments internal control structure, a report dated January 31, 1996 on its compliance with laws and regulations, a report dated January 31, 1996 on its compliance with major HUD program requirements, a report dated January 31, 1996 on its compliance with nonmajor HUD program requirements and a report dated January 31, 1996 on its compliance with Affirmative Fair Housing requirements.
The accompanying supplementary information on pages 11 to 19 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Westside Apartments, Ltd., HUD Project No. C099-K001-004. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant Denver, Colorado January 31, 1996
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Madison, Ltd. (A Limited Partnership) DBA Madison Woods Apartments Madison, OH
We have audited the accompanying balance sheets of Madison, Ltd. (A Limited Partnership), DBA Madison Woods Apartments, FmHA Case No. 41-093-341595553, as of December 31, 1996 and 1995, and the related statements of income, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards and the Audit Program require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Madison, Ltd. (A Limited Partnership) DBA Madison Woods Apartments, FmHA Case No. 41-093-341595553, at December 31, 1996 and 1995, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41-093-341595553. Such information has been subjected to the same auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1997 on our consideration of Madison, Ltd. internal control structure and a report dated February 4, 1997 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio
February 4, 1997
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Middlefield, Limited (A Limited Partnership) DBA Lakeview Village II Hudson, OH
We have audited the accompanying balance sheets of Middlefield, Limited (A Limited Partnership), DBA Lakeview Village II, FmHA Case No. 41-028-341618469, as of December 31, 1996 and 1995, and the related statements of income, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Middlefield, Limited. (A Limited Partnership) DBA Lakeview Village II, FmHA Case No. 41-028-341618469, at December 31, 1996 and 1995, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41-028-341618469. Such information has been subjected to the same auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1997 on our consideration of Middlefield, Limited's internal control structure and a report dated February 4, 1997 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio
February 4, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Ashburn Housing, Ltd., L.P. Valdosta, Georgia
We have audited the accompanying balance sheets of Ashburn Housing, Ltd., L.P. (A Limited Partnership), Federal ID No.: 58-1830643, as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ashburn Housing, Ltd., L.P. (A Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of Ashburn Housing, Ltd.'s internal control structure and a report dated January 24, 1997 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Buena Vista Housing, Ltd. (A Limited Partnership) Valdosta, GA
We have audited the accompanying balance sheets of Buena Vista Housing, Ltd. L.P. (A Limited Partnership), Federal ID No.: 58- 1830642, as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Buena Vista Housing, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of the Buena Vista Housing Ltd.'s internal control structure and a report dated January 24, 1997 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Cuthbert Elderly Housing, Ltd. Valdosta, GA
We have audited the accompanying balance sheets of Cuthbert Elderly Housing, Ltd. (A Limited Partnership), Federal ID No.: 58-1830589, as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cuthbert Elderly Housing, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of the Cuthbert Elderly Housing Ltd.'s internal control structure and a report dated January 24, 1997 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Hannah's Mill Apartments, Ltd. Valdosta, GA
We have audited the accompanying balance sheets of Hannah's Mill Apartments, Ltd. (A Limited Partnership), Federal ID No.: 58- 1786726, as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hannah's Mill Apartments, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of Hannah's Mill Apartments, Ltd.'s internal control structure and a report dated January 24, 1997 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Milton Elderly Housing, Ltd. Valdosta, GA
We have audited the accompanying balance sheets of Milton Elderly Housing, Ltd. (A Limited Partnership), Federal ID No.: 59-2911560, as of December 31, 1996 and 1995, and the related statements of income, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Milton Elderly Housing, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of Milton Elderly Housing, Ltd.'s internal control structure and its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Winder Apartments, Ltd. Valdosta, GA
We have audited the accompanying balance sheets of Winder Apartments, Ltd. (A Limited Partnership), Federal ID No.: 58- 1786693, as of December 31, 1996 and 1995, and the related statements of income, partners' (deficit) and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Winder Apartments, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 1997 on our consideration of Winder Apartments, Ltd.'s internal control structure and a report dated January 24, 1997 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 24, 1997
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sylacauga Garden Apartments III, Ltd. Sylacauga, AL
I have audited the accompanying balance sheets of Sylacauga Garden Apartments III, Ltd. (A Limited Partnership), RHS Project No.: 01- 061-630953708 as of December 31, 1996 and 1995, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sylacauga Garden Apartments III, Ltd., RHS Project No.:01-061- 630953708 as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930- 8) Parts I through II for the year ended December 31, 1996 and 1995, is presented for purposes of complying with the requirements of the Rural Housing Services and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a report dated February 19, 1997 on my consideration of Sylacauga Garden Apartments III, Ltd., internal control structure and a report dated February 19, 1997 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C. Certified Public Accountants
February 19, 1997
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners River Road Apartments, A Louisiana Partnership in Commendam Mansfield, Louisiana
We have audited the accompanying balance sheets of River Road Apartments, A Louisiana Partnership in Commendam at December 31, 1996 and December 31, 1995, and the related statements of income, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of River Road Apartments, A Louisiana Partnership in Commendam at December 31, 1996 and December 31,1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of River Road Apartments, A Louisiana Partnership in Commendam's internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson Certified Public Accountants
February 5, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Sun Valley Apartments, A Division of Augusta Properties (A Limited Partnership) Fort Smith, Arkansas
We have audited the accompanying balance sheets of SUN VALLEY APARTMENTS, A DIVISION OF AUGUSTA PROPERTIES, (A LIMITED PARTNERSHIP), as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SUN VALLEY APARTMENTS, A DIVISION OF AUGUSTA PROPERTIES, (A LIMITED PARTNERSHIP), as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of the internal control structure of SUN VALLEY APARTMENTS, A DIVISION OF AUGUSTA PROPERTIES, (A LIMITED PARTNERSHIP), and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 21, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Booneville Properties, (A Limited Partnership) D/B/A Lani-K Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BOONEVILLE PROPERTIES, (A LIMITED PARTNERSHIP) D/B/A LANI-K APARTMENTS as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BOONEVILLE PROPERTIES, (A LIMITED PARTNERSHIP) D/B/A LANI-K APARTMENTS as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of the internal control structure of BOONEVILLE PROPERTIES, (A LIMITED PARTNERSHIP) D/B/A LANI-K APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 21, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Barling Properties, A Limited Partnership D/B/A Barling Place Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BARLING PROPERTIES, A LIMITED PARTNERSHIP D/B/A BARLING PLACE APARTMENTS as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BARLING PROPERTIES, A LIMITED PARTNERSHIP D/B/A BARLING PLACE APARTMENTS as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The Accompanying financial statements have been prepared assuming the Partnership will continue as a going concern. As discussed in Note 8, the Partnership has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 8. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of the internal control structure of BARLING PROPERTIES, A LIMITED PARTNERSHIP D/B/A BARLING PLACE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 21, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Poteau Properties IV, A Limited Partnership D/B/A El Conquistador Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of POTEAU PROPERTIES IV, A LIMITED PARTNERSHIP D/B/A EL CONQUISTADOR APARTMENTS as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of POTEAU PROPERTIES IV, A LIMITED PARTNERSHIP D/B/A EL CONQUISTADOR APARTMENTS as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of the internal control structure of POTEAU PROPERTIES IV, A LIMITED PARTNERSHIP D/B/A EL CONQUISTADOR APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 21, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Turtle Creek Properties Phase II, A Limited Partnership D/B/A Mill Creek III Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of TURTLE CREEK PROPERTIES PHASE II, A LIMITED PARTNERSHIP D/B/A MILL CREEK III APARTMENTS as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of TURTLE CREEK PROPERTIES PHASE II, A LIMITED PARTNERSHIP D/B/A MILL CREEK III APARTMENTS as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of the internal control structure of TURTLE CREEK PROPERTIES PHASE II, A LIMITED PARTNERSHIP D/B/A MILL CREEK III APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 21, 1997
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Broken Bow Properties II, A Limited Partnership D/B/A Oakwood Village II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BROKEN BOW PROPERTIES II, A LIMITED PARTNERSHIP D/B/A OAKWOOD VILLAGE II APARTMENTS as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BROKEN BOW PROPERTIES II, A LIMITED PARTNERSHIP D/B/A OAKWOOD VILLAGE II APARTMENTS as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 17, 1997 on our consideration of the internal control structure of BROKEN BOW PROPERTIES II, A LIMITED PARTNERSHIP D/B/A OAKWOOD VILLAGE II APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 17, 1997
LaFollette, Jansa, Brandt & Co. P.O. Box 945 - 622 S. Minnesota Avenue Sioux Falls, SD 57101 PHONE: 605-336-0935 FAX: 605-336-0983
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners of Lakewood Apartments Project Number 32-060-470717466
We have audited the accompanying balance sheets of Lakewood Apartments, a limited partnership, Project Number 32-060-470717466 as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Rural Development Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakewood Apartments as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/ LaFollette, Jansa, Brandt & Co. Certified Public Accountants Sioux Falls, South Dakota
January 16, 1997
Reznick, Fedder & Silverman P.O. Box 501298 Atlanta, GA 31150-1298 PHONE: 770-844-0644 FAX: 770-844-7363
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Monroe Family, Ltd.
We have audited the accompanying balance sheets of Monroe Family, Ltd., RHS Project No.: 11-047-581768407. as of December 31, 1996 and 1995, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Monroe Family, Ltd., RHS Project No.: 11-047-581768407. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 15 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 20, 1997, on our consideration of Monroe Family, Ltd.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia January 20, 1997
Regardie, Brooks & Lewis 7101 Wisconsin Avenue Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brandywine III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Brandywine III Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brandywine III Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of Brandywine III Limited Partnership's internal control structure and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 21, 1997
Regardie, Brooks & Lewis 7101 Wisconsin Avenue Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Concord IV Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Concord IV Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Concord IV Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of Concord IV Limited Partnership's internal control structure and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 21, 1997
Regardie, Brooks & Lewis 7101 Wisconsin Avenue Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Dunbarton Oaks III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Dunbarton Oaks III Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Dunbarton Oaks III Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of Dunbarton Oaks III Limited Partnership's internal control structure and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 21, 1997
Regardie, Brooks & Lewis 7101 Wisconsin Avenue Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners, Federal Manor III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Federal Manor III Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Federal Manor III Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of Federal Manor III Limited Partnership's internal control structure and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 21, 1997
Regardie, Brooks & Lewis 7101 Wisconsin Avenue Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Laurel Apartments Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Laurel Apartments Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Apartments Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 21, 1997 on our consideration of Laurel Apartments Limited Partnership's internal control structure and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 21, 1997
Grana & Teibel, CPAs, P.C. 300 Corporate Parkway, Suite 116 North Amherst, NY 14226 PHONE: 716-862-4270 FAX: 716-862-0007
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Middleport Limited Partnership Case No. 37-32-161338763 and RECD Housing Director 166 Washington Avenue Batavia, New York 14020
We have audited the accompanying balance sheets of Middleport Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Middleport Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 1997 on our consideration of Middleport Limited Partnership's internal control structure and a report dated January 22, 1997 on its compliance with laws and regulations.
/s/ Grana & Teibel, CPAs, P.C. Certified Public Accountants January 22, 1997
Oscar N. Harris Associates, P.A. 100 East Cumberland Street Dunn, NC 28334 PHONE: 910-892-1021 FAX: 910-892-6084
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Kenly Housing Associates Charlotte, North Carolina
We have audited the accompanying balance sheets of Kenly Housing Associates (A Limited Partnership), as of December 31, 1996 and 1995, and the related statements of partners' capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kenly Housing Associates as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997 on our consideration of Kenly Housing Associates' internal control structure and a report dated January 31, 1997 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. Schedules 1, 2, 3 and 4 on pages 14, 15, 16, and 17 are presented for the purpose of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Oscar N. Harris Associates, P.A. Certified Public Accountants
January 31, 1997
Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA 334 N.W. Third Avenue Ocala, FL 34475 PHONE: 352-732-0171 FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Oakwood Grove, Ltd.
We have audited the accompanying basic financial statements of Oakwood Grove, Ltd., as of and for the years ended December 31, 1996 and 1995, as listed in the table of contents. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Oakwood Grove, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information presented on pages 9 to 15 is presented for the purposes of additional analysis and are not a required part of the basic financial statements. The information on pages 9 to 14 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. The information on page 15, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 1997 on our consideration of Oakwood Grove, Ltd.'s internal control structure and a report dated January 22, 1997 on its compliance with laws and regulations.
/s/ Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA Certified Public Accountants
January 22, 1997
Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA 334 N.W. Third Avenue Ocala, FL 34475 PHONE: 352-732-0171 FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sandhill Forest, Ltd.
We have audited the accompanying basic financial statements of Sandhill Forest, Ltd., as of and for the years ended December 31, 1996 and 1995, as listed in the table of contents. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Sandhill Forest, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information presented on pages 10 to 17 is presented for the purposes of additional analysis and are not a required part of the basic financial statements. The information on pages 10 to 16 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. The information on page 17, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 1997 on our consideration of Sandhill Forest, Ltd.'s internal control structure and a report dated January 22, 1997 on its compliance with laws and regulations.
/s/ Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA Certified Public Accountants
January 22, 1997
Dauby O'Connor & Zaleski LLC 8395 Keystone Crossing, Suite 203 Indianapolis, IN 46240 PHONE: 317-259-6857 FAX: 317-259-6861
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Laurel Woods Associates (A Virginia Limited Partnership)
We have audited the accompanying balance sheets of Laurel woods Associates (A Virginia Limited Partnership), as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Woods Associates as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997, on our consideration of the Partnership's internal control structure and a report dated January 31, 1997, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
This report is intended solely for the information of the Partners, management of Laurel Woods Associates and for filing with the RECD and should not be used for any other purpose.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants Indianapolis, Indiana January 31, 1997
Dauby O'Connor & Zaleski LLC 8395 Keystone Crossing, Suite 203 Indianapolis, IN 46240 PHONE: 317-259-6857 FAX: 317-259-6861
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of The Meadows Associates (A Virginia Limited Partnership)
We have audited the accompanying balance sheets of The Meadows Associates (A Virginia Limited Partnership), as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Meadows Associates as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997, on our consideration of the Partnership's internal control structure and a report dated January 31, 1997, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
This report is intended solely for the information of the Partners, management of The Meadows Associates and for filing with the RECD and should not be used for any other purpose.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants Indianapolis, Indiana January 31, 1997
Dauby O'Connor & Zaleski LLC 8395 Keystone Crossing, Suite 203 Indianapolis, IN 46240 PHONE: 317-259-6857 FAX: 317-259-6861
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Rivermeade Associates A Virginia Limited Partnership)
We have audited the accompanying balance sheets of Rivermeade Associates (A Virginia Limited Partnership), as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rivermeade Associates as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997, on our consideration of the Partnership's internal control structure and a report dated January 31, 1997, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants Indianapolis, Indiana January 31, 1997
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners
I have audited the accompanying balance sheets of Greeneville Limited Partnership, D/B/A Greeneville Landing Apartments, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Greeneville Limited Partnership, D/B/A Greeneville Landing Apartments, as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a report dated February 15, 1997 on my consideration of Greeneville Limited Partnership's internal control structure and a report dated February 15, 1997 on its compliance with laws and regulations applicable to the financial statements.
/s/ Thomas C. Cunningham, CPA PC Bristol, Virginia February 15, 1997
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Pulaski Village Limited Partnership
I have audited the accompanying balance sheets of Pulaski Village Limited Partnership, D/B/A Pulaski Village Apartments, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pulaski Village Limited Partnership, D/B/A Pulaski Village Apartments as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a report dated February 15, 1997 on my consideration of Pulaski Village Limited Partnership's internal control structure and a report dated February 15, 1997 on its compliance with laws and regulations applicable to the financial statements.
/s/ Thomas C. Cunningham, CPA PC Bristol, Virginia February 15, 1997
Lou Anne Montey & Associates 2404 Rutland, Suite 104 Austin, TX 78758 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Kingsland Housing, Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Kingsland Housing, Ltd.- (A Texas Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income(loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kingsland Housing, Ltd.-(A Texas Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of the internal control structure of Kingsland Housing, Ltd.-(A Texas Limited Partnership) and a report dated February 5, 1997, on its compliance with laws and regulations.
/s/ Lou Anne Montey & Associates Certified Public Accountants
February 5, 1997
Lou Anne Montey & Associates 2404 Rutland, Suite 104 Austin, TX 78758 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Mathis Retirement Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Mathis Retirement, Ltd.- (A Texas Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income(loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mathis Retirement, Ltd.-(A Texas Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 3, 1997 on our consideration of the internal control structure of Mathis Retirement, Ltd.-(A Texas Limited Partnership) and a report dated February 3, 1997, on its compliance with laws and regulations.
/s/ Lou Anne Montey & Associates Certified Public Accountants
February 3, 1997
Lou Anne Montey & Associates 2404 Rutland, Suite 104 Austin, TX 78758 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Floresville Housing , Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Floresville Housing.- (A Texas Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income(loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Floresville Housing, Ltd.-(A Texas Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1997 on our consideration of the internal control structure of Floresville Housing, Ltd.-(A Texas Limited Partnership) and a report dated February 4, 1997, on its compliance with laws and regulations.
/s/ Lou Anne Montey & Associates Certified Public Accountants
February 4, 1997
Leavitt, Christensen & Co. 960 Broadway Avenue, Suite 505 Boise, ID 83706 PHONE: 208-336-8666 FAX: 208-336-8741
INDEPENDENT AUDITORS' REPORT ---------------------------- Managing General Partner Teton View Limited Partnership Boise, Idaho
We have audited the accompanying balance sheets of Teton View Limited Partnership, as of December 31, 1996 and 1995, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the Rural Development Audit Program issued in 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Teton View Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Teton View Limited Partnership's internal control structure and on its compliance with laws and regulations.
The partnership has filed tax returns with the Internal Revenue Service which allow the partners to receive the benefit of a low income housing tax credit. Because the qualifying standards of the low income housing tax credit are different than the requirements of the loan agreement and the interest credit agreements, and due to the fact that the low income housing tax credit relates to income taxes which are the responsibility of the individual partners, the scope of these audits were not designed or intended to audit the compliance with the various low income housing tax credit laws. Therefore, these audits can not be relied on to give assurances with regard to compliance with any low income housing tax credit laws.
/s/ Leavitt, Christensen & Co.
February 5, 1997
Leavitt, Christensen & Co. 960 Broadway Avenue, Suite 505 Boise, ID 83706 PHONE: 208-336-8666 FAX: 208-336-8741
INDEPENDENT AUDITORS' REPORT ---------------------------- Managing General Partner Pleasant Valley Housing Limited Partnership Boise, ID
We have audited the accompanying balance sheets of Pleasant Valley Housing Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the Rural Development Audit Program issued in 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pleasant Valley Housing Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Pleasant Valley Housing Limited Partnership's internal control structure and on its compliance with laws and regulations.
The partnership has filed tax returns with the Internal Revenue Service which allow the partners to receive the benefit of a low income housing tax credit. Because the qualifying standards of the low income housing tax credit are different than the requirements of the loan agreement and the interest credit agreements, and due to the fact that the low income housing tax credit relates to income taxes which are the responsibility of the individual partners, the scope of these audits were not designed or intended to audit the compliance with the various low income housing tax credit laws. Therefore, these audits can not be relied on to give assurances with regard to compliance with any low income housing tax credit laws.
/s/ Leavitt, Christensen & Co.
February 5, 1997
Dixon, Odom & Co. 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 910-889-5156 FAX: 910-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Eagles Bay Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Eagles Bay Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Eagles Bay Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Eagles Bay Limited Partnership's internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon, Odom & Co. Certified Public Accountants
February 5, 1997
Dixon, Odom & Co. 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 910-889-5156 FAX: 910-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Stone Arbor Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Stone Arbor Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stone Arbor Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 7, 1997 on our consideration of Stone Arbor Limited Partnership's internal control structure and a report dated February 7, 1997 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon, Odom & Co. Certified Public Accountants
February 7, 1997
Bernard Robinson & Co. P. O. Box 19608 Greensboro, NC 27419-9608 PHONE: 910-294-4494 FAX: 910-547-0840
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Suncrest Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Suncrest Limited Partnership (A North Carolina Limited Partnership), as of December 31, 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Suncrest Limited Partnership as of December 31, 1995, were audited by other auditors whose report dated January 22, 1996, expressed an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Suncrest Limited Partnership as of December 31, 1996 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1997 on our consideration of the internal control system of Suncrest Limited Partnership and a report dated January 23, 1997 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Bernard Robinson & Co. Certified Public Accountants Greensboro, North Carolina January 23, 1997
Dixon, Odom & Co. 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 910-889-5156 FAX: 910-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Suncrest Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Suncrest Limited Partnership as of December 31, 1995 and 1994, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Suncrest Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 20, 1996 on our consideration of Woodcroft Limited Partnership's internal control structure and a report dated January 20, 1996 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon, Odom & Co. Certified Public Accountants
January 20, 1996
Dixon, Odom & Co. 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 910-889-5156 FAX: 910-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Woodcroft Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Woodcroft Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Woodcroft Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 6, 1997 on our consideration of Woodcroft Limited Partnership's internal control structure and a report dated February 6, 1997 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon, Odom & Co. Certified Public Accountants
February 6, 1997
Brockway, Chupik, Gersbach & Neimeier, P.C. P.O. Box 4083 Temple, TX 76505-4083 PHONE: 817-773-9907 FAX: 817-773-1570
INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Mabank 1988 Limited Temple, Texas
We have audited the accompanying balance sheets of Mabank 1988 Limited (A Texas Limited Partnership), as of December 31, 1996 and 1995, and the related statements of partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Mabank 1988 Limited as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 1, 1997 in our consideration of Mabank 1988 Limited's internal control and on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statement taken as a whole. The supplemental information on pages 10 through 16 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental information presented in the Year End Report/Analysis (Form 1930-8); Statement of Actual Budget and Income (Form 1930-7) for the year ended December 31, 1996 and the other Supplemental Data Required by the Rural Housing and Community Development Services and are not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Brockway, Chupik, Gersbach & Neimeier, P.C. Certified Public Accountants
February 1, 1997
Brannan, Bagwell & Mercer Amsouth Center, Suite 804 - 200 Clinton Avenue Huntsville, AL 35801 PHONE: 205-536-4318 FAX: 205-533-7193
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Hunters Ridge, Ltd.
We have audited the accompanying balance sheet of Hunters Ridge, Ltd., (A Limited Partnership), as of December 31, 1996 and 1995, and the related statements of Operations, Partners' Capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards and Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hunters Ridge, Ltd. (A Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1997 on our consideration of Hunter's Ridge Ltd's internal control structure and a report dated February 11, 1997 on its compliance with laws and regulations.
/s/ Brannan, Bagwell & Mercer Certified Public Accountants
February 11, 1997
Boothe, Vassar, Fox and Fox 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Casa Linda Limited Partnership
We have audited the accompanying balance sheets of Casa Linda Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Casa Linda Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 29, 1997, on our consideration of Casa Linda Limited Partnership's internal control structure and a report dated January 29, 1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on Pages 17 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Boothe, Vassar, Fox and Fox Certified Public Accountants January 29, 1997 Big Spring, Texas
Boothe, Vassar, Fox and Fox 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners La Villa Elena LTD. Limited Partnership
We have audited the accompanying balance sheets of La Villa Elena LTD. Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of La Villa Elena LTD. Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 29, 1997, on our consideration of La Villa Elena Ltd. Limited Partnership's internal control structure and a report dated January 29, 1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on Pages 17 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Boothe, Vassar, Fox and Fox Certified Public Accountants January 29, 1997 Big Spring, Texas
Boothe, Vassar, Fox and Fox 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Rio Abajo Apartments Limited Partnership
We have audited the accompanying balance sheets of Rio Abajo Apartments Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rio Abajo Apartments Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 29, 1997, on our consideration of Rio Abajo Apartments Limited Partnership's internal control structure and a report dated January 29, 1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on Pages 16 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Boothe, Vassar, Fox and Fox Certified Public Accountants January 29, 1997 Big Spring, Texas
Boothe, Vassar, Fox and Fox 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sage Limited Partnership
We have audited the accompanying balance sheets of Sage Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sage Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 29, 1997, on our consideration of Sage Limited Partnership's internal control structure and a report dated January 29, 1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on Pages 17 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Boothe, Vassar, Fox and Fox Certified Public Accountants January 29, 1997 Big Spring, Texas
Mesarvey, Russell & Co. 1905 West North Street Springfield, OH 45504 PHONE: 513-325-4639 FAX: 513-325-4630
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Laynecrest Associates Limited Partnership
We have audited the accompanying balance sheets of Laynecrest Associates Limited Partnership, RECDS Case No. 41-092-311254109 as of December 31, 1996 and 1995, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards, issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Rural Economic & Community Development Services 'Audit Program'. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laynecrest Associates Limited Partnership at December 31, 1996 and 1995, and the results of its operations, changes in partners' deficit, and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 1, 1997 on our consideration of Laynecrest Associates Limited Partnership's internal control structure and a report dated February 1, 1997 on its compliance with laws and regulations applicable to RECDS programs.
/s/ Mesarvey, Russell & Co. A Corporation of Certified Public Accountants February 1, 1997 Lead Auditor: Ronald C Russell, CPA Firm ID# 31-0823791
Mesarvey, Russell & Co. 1905 West North Street Springfield, OH 45504 PHONE: 513-325-4639 FAX: 513-325-4630
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Martindale Limited Partnership
We have audited the accompanying balance sheets of Martindale Limited Partnership, RECDS Case No. 41-092-311153919 as of December 31, 1996 and 1995, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards, issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Rural Economic & Community Development Services 'Audit Program'. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Martindale Limited Partnership at December 31, 1996 and 1995, and the results of its operations, changes in partners' deficit, and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 1, 1997 on our consideration of Martindale Limited Partnership's internal control structure and a report dated February 1, 1997 on its compliance with laws and regulations applicable to RECDS programs.
/s/ Mesarvey, Russell & Co. A Corporation of Certified Public Accountants February 1, 1997 Lead Auditor: Ronald C Russell, CPA Firm ID# 31-0823791
Johnson, Hickey & Murchison, P.C. 651 East Fourth Street, Suite 200 Chattanooga, TN 37403 PHONE: 423-756-0052 FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT ---------------------------- To the General Partners of Robinhood Apts., Ltd.
We have audited the accompanying balance sheets of Robinhood Apartments, Ltd. as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Robinhood Apartments, Ltd. as of December 31, 1996 and 1995, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 22, 1997, on our consideration of the Partnership's internal control structure and our report dated January 22, 1997, on its compliance with laws and regulations applicable to the basic financial statements.
/s/ Johnson, Hickey & Murchison, P.C. Certified Public Accountants
January 22, 1997
Johnson, Hickey & Murchison, P.C. 651 East Fourth Street, Suite 200 Chattanooga, TN 37403 PHONE: 423-756-0052 FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT ---------------------------- To the General Partners of Skyview Terrace, Ltd.:
We have audited the accompanying balance sheets of Skyview Terrace, Ltd. as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Skyview Terrace, Ltd. as of December 31, 1996 and 1995, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 21, 1997, on our consideration of the Partnership's internal control structure and our report dated January 21, 1997, on its compliance with laws and regulations applicable to the basic financial statements.
/s/ Johnson, Hickey & Murchison, P.C. Certified Public Accountants
January 21, 1997
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Riverside Apartments, Ltd. Demopolis, AL
I have audited the accompanying balance sheets of Riverside Apartments, Ltd., (A Limited Partnership), RHS Project No.: 01-046- 630978050 as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Riverside Apartments, Ltd., (A Limited Partnership), RHS Project No.: 01-046-630978050 as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930- 8) Parts I through II for the year ended December 31, 1996 and 1995, is presented for purposes of complying with the requirements of the Rural Housing Services and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a report dated February 20, 1997 on my consideration of Riverside Apartments, Ltd., internal control structure and a report dated February 20, 1997 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C. Certified Public Accountants
February 20, 1997
Reznick, Fedder & Silverman P.O. Box 501298 Atlanta, GA 31150-1298 PHONE: 770-844-0644 FAX: 770-844-7363
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brookshire Apartments, L.P.
We have audited the accompanying balance sheets of Brookshire Apartments, L.P., RHS Project No.: 10-075-581765612, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brookshire Apartments, L.P., RHS Project No.: 10-075-581765612 as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 16 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 24, 1997, on our consideration of Brookshire Apartments, L.P.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia January 24, 1997
Reznick, Fedder & Silverman P.O. Box 501298 Atlanta, GA 31150-1298 PHONE: 770-844-0644 FAX: 770-844-7363
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sandridge Apartments, Ltd.
We have audited the accompanying balance sheets of Sandridge Apartments, Ltd., RHS Project No.: 058-17569-49, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sandridge Apartments Ltd., RHS Project No.: 058-17569-49, as of December 31, 1996 and 1995, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 15 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 24, 1997, on our consideration of Sandridge Apartments, Ltd.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia January 24, 1997
Chester Kearney, CPA 12 Dyer Street Presque Isle, ME 04769-1550 PHONE: 207-764-3171 FAX: 207-764-6362
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Limestone Estate Caribou, Maine
We have audited the accompanying balance sheets of Limestone Estates (A Limited Partnership), as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in al material respects, the financial position of Limestone Estates as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated February 7, 1997 on our consideration of Limestone Estates' internal control structure and its compliance with laws and regulations.
/s/ Chester Kearney, CPA Certified Public Accountants Presque Isle, Maine February 7, 1997
Habif, Arogeti & Wynne, P.C. 1073 West Peachtree Street, N.E. Atlanta, GA 30367 PHONE: 404-892-9651 FAX: 404-876-4328
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Longleaf Apartments, Ltd.
We have audited the accompanying balance sheets of Longleaf Apartments, Ltd., RHS Project No.: 10-065-581788240, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Longleaf Apartments Ltd., RHS Project No.: 10-065-581788240, as of December 31, 1996 and 1995, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 14 through 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated February 14, 1997, on our consideration of Longleaf Apartments, Ltd.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia February 14, 1997
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Crestwood Villa II Limited Partnership (A Limited Partnership) DBA Applewood Apartments Mansfield, OH
We have audited the accompanying balance sheets of Crestwood Villa II Limited Partnership (A Limited Partnership), DBA Applewood Apartments, FmHA Case No. 41-017-341612174, as of December 31, 1996 and 1995, and the related statements of income, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards and the Audit Program require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Crestwood Villa II Limited Partnership (A Limited Partnership), DBA Applewood Apartments, FmHA Case No. 41-017-341612174,, at December 31, 1996 and 1995, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41-017-341612174. Such information has been subjected to the same auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated January 15, 1997, on our consideration of Crestwood Villa II Limited Partnership internal control structure and a report dated January 15, 1997 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio
January 15, 1997
Smith, Lambright & Assoc. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Fairview South, Ltd. 700 South Palestine Athens, TX 75751
We have audited the Balance Sheet and Statements of Income and Expenses, Changes in Partners' Equity (Deficit), and Cash Flows of Fairview South, Ltd. as of December 31, 1996 and 1995, and for the years then ended. These financial statements are the responsibility of Fairview South, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards, Government Auditing Standards issued by the Comptroller General of the United States, and the 'U.S. Department of Agriculture, Farmers Home Administration - Audit Program.' Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fairview South, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The schedules and supplemental letter listed in the table of contents are presented for purposes of additional analysis and are not a required part of the financial statements of Fairview South, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997 on our consideration of Fairview South, Ltd.'s internal control structure and a report dated January 31, 1997 on its compliance with laws and regulations.
/s/ Smith, Lambright & Assoc. Certified Public Accountants
January 31, 1997
Smith, Lambright & Assoc. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Southwood Apartments, Ltd.
We have audited the Balance Sheet and Statements of Income and Expenses, Changes in Partners' Equity (Deficit), and Cash Flows of Southwood Apartments, Ltd. as of December 31, 1996 and 1995, and for the years then ended. These financial statements are the responsibility of Southwood Apartments, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing Standards, Government Auditing Standards issued by the Comptroller General of the United States, and the 'U.S. Department of Agriculture, Farmers Home Administration - Audit Program.' Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Southwood Apartments, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The schedules and supplemental letter listed in the table of contents are presented for purposes of additional analysis and are not a required part of the financial statements of Southwood Apartments, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 3,, 1997 on our consideration of Southwood Apartments, Ltd.'s internal control structure and a report dated February 3, 1997 on its compliance with laws and regulations.
/s/ Smith, Lambright & Assoc. Certified Public Accountants
February 3, 1997
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a.(1) Financial Statements
(2) Financial Statement Schedules -
Schedule III - Real Estate and Accumulated Depreciation of Property Owned by Project Partnerships
All other schedules are omitted because they are not applicable or not required, or because the required information is shown either in the financial statements or in the notes thereto.
(3) Exhibit Index - The following are included with Form S-11, Registration No. 33- 18142 and amendments and supplements thereto previously filed with the Securities and Exchange Commission.
Table Number 1.1 Form of Soliciting Dealer Agreement 1.2 Form of Escrow Agreement between Gateway Tax Credit Fund, Ltd., and Southeast Bank 2.1 Purchase and Sale Agreement, dated June 30, 1988 pertaining to the acquisition of limited partnership interests in Martindale Limited Partnership 2.2 Purchase and Sale Agreement, dated June 30, 1988 pertaining to the acquisition of limited partnership interests in Laynecrest Associates Limited Partnership 2.3 Purchase and Sale Agreement, dated August 28, 1988 pertaining to the acquisition of limited partnership interests in La Villa Elena Limited Partnership 2.4 Purchase and Sale Agreement, date August 28, 1988 pertaining to the acquisition of limited partnership interests in Rio Abajo Limited Partnership 3.1 The form of Partnership Agreement of the Partnership is included as Exhibit "A" to the Prospectus 3.1.1 Amended Certificate of Limited Partnership of Gateway Tax Credit Fund, Ltd. 3.2 Articles of Incorporation of Raymond James Partners, Inc. 3.2.1 Bylaws of Raymond James Partners, Inc. 3.3 Articles of Incorporation of Raymond James Tax Credit Funds, Inc. 3.3.1 Bylaws of Raymond James Tax Credit Funds, Inc. 3.4 Amended and Restated Agreement and Certificate of Limited Partnership of Martindale Limited Partnership 3.5 Amended and Restated Agreement and Certificate of Limited Partnership of Laynecrest Associates Limited 3.6 Amended and Restated Agreement and Certificate of Limited Partnership of La Villa Elena Limited Partnership 3.7 Amended and Restated Agreement and Certificate of Limited Partnership of Rio Abajo Limited Partnership 3.8 Amended and Restated Agreement of Village Apartments of Fortville II, L.P. is included as Exhibit E to the document included as Exhibit 2.5 3.9 Amended and Restated Partnership Agreement of Village Apartments of Summitville II, L.P. is included as Exhibit E to the document included as Exhibit 2.6 3.10 Amended and Restated Partnership Agreement of Village Apartments of Madison, Ltd. is included as Exhibit E to the document included as Exhibit 2.7 3.11 Amended and Restated Partnership Agreement of Village Apartments of Monroe Family, Ltd. is included as Exhibit E to the document included as Exhibit 2.8 3.12 Amended and Restated Partnership Agreement of Village Apartments of Longleaf Apartments, Ltd. is included as Exhibit E to the document included as Exhibit 2.9 3.13 Amended and Restated Partnership Agreement of Village Apartments of Hannah's Mill Apartments, Ltd. is included as Exhibit E to the document included as Exhibit 2.10 3.14 Amended and Restated Partnership Agreement of Village Apartments of Sylacauga Garden Apartments III, Ltd. 3.15 Amended and Restated Partnership Agreement of Suncrest Limited Partnership is included as Exhibit E to the document included as Exhibit 2.12 3.16 Amended and Restated Partnership Agreement of Dunbarton Oaks III, Limited Partnership 3.17 Amended and Restated Partnership Agreement of Brandywine III Limited Partnership 3.18 Amended and Restated Partnership Agreement of Concord IV Limited Partnership 3.19 Amended and Restated Partnership Agreement of Mulberry Hill IV Associates Limited Partnership 3.20 Amended and Restated Partnership Agreement of Federal Manor Limited Partnership 3.21 Amended and Restated Partnership Agreement of Laurel Apartments Limited Partnership 3.22 Amended and Restated Partnership Agreement of Casa Linda Limited Partnership 3.23 Amended and Restated Partnership Agreement of Rivermeade Associates 3.24 Amended and Restated Partnership Agreement of Keysville Limited Partnership 3.25 Amended and Restated Partnership Agreement of Laurel Woods Associates 3.26 Amended and Restated Partnership Agreement of Meadows Associates 3.27 Amended and Restated Partnership Agreement of Riverside Apts., Ltd. 3.28 Amended and Restated Partnership Agreement of Limestone Estates, Ltd. 3.29 Amended and Restated Partnership Agreement of Sandridge Apts., Ltd. 3.30 Amended and Restated Partnership Agreement of Brookshire Apts., Ltd. 3.31 Amended and Restated Partnership Agreement of Teton View Apts., Ltd. 3.32 Amended and Restated Partnership Agreement of Eagle's Bay Ltd. Partnership 3.33 Amended and Restated Partnership Agreement of Sage, Ltd. 3.34 Amended and Restated Partnership Agreement of Albany, Ltd. 3.35 Amended and Restated Partnership Agreement of Burkesville, Ltd. 3.36 Amended and Restated Partnership Agreement of Scotts Hill, Ltd. 3.37 Amended and Restated Partnership Agreement of Claremont Housing, Ltd. 3.38 Amended and Restated Partnership Agreement of Village Apartments of Sparta Ltd. 3.39 Amended and Restated Partnership Agreement of Crosstown Seniors Limited Dividend Housing Association Ltd. 3.40 Amended and Restated Partnership Agreement of Village Apartments of Divernon Ltd. 3.41 Amended and Restated Partnership Agreement of Oakwood Apartments Ltd. 3.42 Amended and Restated Partnership Agreement of Middleport Ltd. 3.43 Amended and Restated Partnership Agreement of Village Apartments of Morgantown Ltd. 3.44 Amended and Restated Partnership Agreement of Lakewood Apartments Ltd. 3.45 Amended and Restated Partnership Agreement of Mabank 1988 Limited 3.46 Amended and Restated Partnership Agreement of Ashburn Housing Ltd. L.P. 3.47 Amended and Restated Partnership Agreement of Cuthbert Elderly Housing, Ltd. 3.48 Amended and Restated Partnership Agreement of Buena Vista Housing, Ltd. L.P. 3.49 Amended and Restated Partnership Agreement of Spring Creek Apts., Ltd. 3.50 Amended and Restated Partnership Agreement of Milton Elderly Housing, Ltd., L.P. 3.51 Amended and Restated Partnership Agreement of Sandhill Forest, Ltd. 3.52 Amended and Restated Partnership Agreement of Oakwood Grove, Ltd. 3.53 Amended and Restated Partnership Agreement of Hastings Manor, Ltd. 3.54 Amended and Restated Partnership Agreement of Robinhood Apts., Ltd. 3.55 Amended and Restated Partnership Agreement of Skyview Terrace Apts., Ltd. 3.56 Amended and Restated Partnership Agreement of Stone Arbor Ltd. 3.57 Amended and Restated Partnership Agreement of Woodcroft Ltd. 3.58 Amended and Restated Agreement of Limited Partnership of Winder Apartments, Ltd., L.P. 3.59 Amended and Restated Partnership Agreement of Spring Creek Apartments, Ltd. 3.60 Amended and Restated Agreement of Limited Partnership of Hunters Ridge, Ltd. 8.1 Tax opinion and consent of Schifino & Fleischer, P.A. 24.1 Consent of Spence, Marston & Bunch, Certified Public Accountants 24.2 The consent of Gerald D. Myers, CPA 24.3 The consent of Kenneth Leventhal & Company 24.4 The consent of Schifino & Fleischer, P.A., to all references made to them in the Prospectus included as a part of the Registration Statement of Gateway Tax Credit Fund, Ltd., and all amendments thereto, is included in their opinions filed as Exhibit 8.1 to the Registration Statement 28.1 Table VI (Acquisition of Properties by Program) of Appendix II to Industry Guide 5, Preparation of Registration Statements Relating to Interests in Real Estate Limited Partnerships
Prospectus dated March 2, 1988
b. Reports filed on Form 8-K - NONE
c. Exhibits filed with this Report - NONE
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1996
Apartment Properties # of Mtg.Loan Partnership Location Units Balance
Laynecrest Medway, OH 48 $ 1,469,483 Martindale Union, OH 30 940,713 La Villa Elena Bernalillo, NM 54 1,481,909 Rio Abajo Truth/Cons, NM 42 1,400,823 Fortville II Fortville, IN 24 678,206 Summitville Summitville, IN 24 739,535 Suncrest Yanceyville, NC 40 1,482,149 Brandywine III Millsboro, DE 32 1,096,043 Concord IV Perryville, MD 32 1,091,422 Dunbarton Oaks III Georgetown, DE 32 1,123,477 Federal Manor Federalsburg, MD 32 1,169,668 Laurel Apts Laurel, DE 32 1,136,654 Mulberry Hill IV Easton, MD 16 597,720 Madison Madison, OH 40 1,191,575 Hannah's Mill Thomaston, GA 50 1,477,653 Longleaf Apts. Cairo, GA 36 973,388 Sylacauga Garden Sylacauga, AL 45 1,423,534 Monroe Family Monroe, GA 48 1,472,279 Clayfed Apts. Denver, CO 32 1,015,854 Westside Apts. Denver, CO 52 1,639,312 Casa Linda Silver City, NM 41 1,384,728 Rivermeade Yorktown, VA 80 2,569,428 Laurel Woods Ashland, VA 40 1,285,059 Keysville Keysville, VA 24 760,385 Crosstown Kalamazoo, MI 201 4,792,108 Riverside Apts. Demopolis, AL 40 1,164,779 Brookshire Apts. McDonough, GA 46 1,401,708 Sandridge Apts. Fernandina Bch, FL 46 1,325,578 Limestone Estates Limestone, ME 25 1,160,294 Eagle's Bay Beaufort, NC 40 1,491,983 Teton View Rigby, ID 40 1,440,506 Albany Albany, KY 24 740,732 Burkesville Burkesville, KY 24 741,688 Scotts Hill Scotts Hill, TN 12 411,518 Sage Gallup, NM 44 1,484,682 Claremont Cascade, ID 16 442,363 Divernan Divernon, IL 12 411,138 Middleport Middleport, NY 25 956,520 Oakwood Apts. Columbus, NE 24 791,317 Morgantown Morgantown, IN 24 793,180 Ashburn Housing Ashburn, GA 41 1,063,028 Cuthbert Elderly Cuthbert, GA 32 827,842 Sandhill Forest Melrose, FL 16 471,127 Oakwood Grove Crescent City, FL 36 1,018,487 Hastings Manor Hastings, FL 24 705,127 Lakewood Apts. Norfolk, NE 72 2,454,494 Robinhood Apts. Springfield, TN 48 1,477,706 Skyview Terrace Springfield, TN 48 1,347,695 Mabank 1988 Mabank, TX 42 1,119,811 Buena Vista Buena Vista, GA 25 659,591 Woodcroft Elizabethtown, NC 32 1,162,274 Spring Creek Quitman, GA 18 494,149 Spring Creek Cherokee, AL 24 537,581 Milton Elderly Milton, FL 43 1,086,812 Winder Apartments Winder, GA 48 1,432,662 Hunters Ridge Killen, AL 40 1,177,194 Stone Arbor Madison, NC 40 1,495,561 Greeneville Greeneville, TN 40 1,209,506 Centralia II Centralia, IL 24 807,848 Poteau IV Poteau, OK 32 603,587 Barling Barling, AR 48 932,863 Booneville Booneville, AR 50 1,386,278 Augusta Augusta, KS 66 1,937,654 Meadows Farmville, VA 40 1,340,335 Kenly Housing Kenly, NC 48 1,342,340 Fairview South Athens, TX 44 1,072,065 River Road Apts. Waggaman, LA 43 1,178,992 Middlefield Middlefield, OH 36 1,092,553 Floresville Floresvile, TX 40 1,046,806 Mathis Retirement Mathis, TX 36 878,537 Sabinal Housing Sabinal, TX 24 609,637 Kingsland Housing Kingsland, TX 34 853,945 Crestwood Villa II Crestline, OH 36 1,103,419 Poteau Prop. III Poteau, OK 19 466,053 Decatur Properties Decatur, AR 24 779,656 Broken Bow Prop II Broken Bow, OK 46 1,491,933 Turtle Creek II Grove, OK 42 1,250,575 Pleasant Valley Grangeville, ID 32 1,157,297 Hartwell Elderly Hartwell, GA 24 675,846 Pulaski Village Pulaski, VA 44 1,395,933 Southwood Apts. Jacksonville, TX 40 959,931 -----------
Total $93,255,821
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1996 Net Apartment Properties Cost At Acquisition Date Improvements Buildings Capitalized Improvements Subsequent to Partnership Land & Equipment Acquisition
Laynecrest $ 310,264 $ 1,533,433 $ 16,873 Martindale 243,665 928,824 2,226 La Villa Elena 128,000 1,672,703 33,574 Rio Abajo 88,500 1,610,884 13,772 Fortville II 25,000 780,355 4,118 Summitville 30,000 849,511 0 Suncrest 331,988 1,788,595 10,586 Brandywine III 105,508 1,154,434 5,579 Concord IV 120,440 1,198,338 31,401 Dunbarton Oaks III 123,135 1,205,530 9,972 Federal Manor 142,632 1,252,927 52,858 Laurel Apts 144,680 1,156,847 49,240 Mulberry Hill IV 55,379 652,234 17,544 Madison 60,000 1,378,177 1,672 Hannah's Mill 60,000 1,754,918 (2,132) Longleaf Apts. 54,700 1,135,966 2,281 Sylacauga Garden 70,000 1,521,755 15,247 Monroe Family 110,000 1,678,673 0 Clayfed Apts. 84,000 876,430 17,165 Westside Apts. 134,701 1,382,850 47,561 Casa Linda 153,730 1,518,228 5,655 Rivermeade 240,134 2,661,910 142,108 Laurel Woods 96,242 1,301,860 151,534 Keysville 30,000 793,750 90,045 Crosstown 408,338 5,164,734 354,707 Riverside Apts. 89,250 1,329,102 5,619 Brookshire Apts. 114,500 1,602,613 6,280 Sandridge Apts. 144,000 1,476,180 12,575 Limestone Estates 79,224 1,318,259 16,738 Eagle's Bay 175,735 1,752,762 2,586 Teton View 50,218 972,662 755,735 Albany 49,161 865,007 20,694 Burkesville 44,697 838,328 30,748 Scotts Hill 30,000 465,835 5,303 Sage 196,207 1,616,554 15,860 Claremont 23,500 505,789 40,924 Divernan 15,000 481,063 1,202 Middleport 18,000 1,132,502 17,350 Oakwood Apts. 96,800 862,439 3,913 Morgantown 15,000 940,191 504 Ashburn Housing 35,000 1,265,760 0 Cuthbert Elderly 22,550 1,006,889 (1,144) Sandhill Forest 28,091 544,545 1,127 Oakwood Grove 44,712 1,191,986 1,889 Hastings Manor 18,000 839,600 6,776 Lakewood Apts. 207,700 2,754,382 17,370 Robinhood Apts. 50,500 1,752,851 4,344 Skyview Terrace 40,112 1,424,008 11,250 Mabank 1988 57,200 1,210,248 80,306 Buena Vista 11,390 804,816 (579) Woodcroft 82,500 1,402,798 4,667 Spring Creek 33,330 575,656 (1,378) Spring Creek 20,000 589,739 26,949 Milton Elderly 50,000 1,292,395 0 Winder Apartments 73,500 1,692,510 0 Hunters Ridge 48,275 1,370,214 2,327 Stone Arbor 57,280 1,813,230 3,554 Greeneville 47,258 1,434,138 39,729 Centralia II 36,450 954,070 5,844 Poteau IV 33,000 683,016 0 Barling 62,500 1,049,173 41,191 Booneville 32,500 1,650,087 0 Augusta 101,300 2,280,419 0 Meadows 102,342 1,455,858 29,993 Kenly Housing 25,000 1,588,636 52,796 Fairview South 103,909 1,218,102 3,889 River Road Apts. 138,000 1,340,045 0 Middlefield 70,700 1,250,957 5,428 Floresville 75,524 1,050,346 185,032 Mathis Retirement 37,127 1,041,038 5,367 Sabinal Housing 18,000 752,263 9,252 Kingsland Housing 30,000 894,081 236,923 Crestwood Villa II 54,000 1,317,395 538 Poteau Prop. III 18,350 564,655 0 Decatur Properties 24,300 945,516 0 Broken Bow Prop II 70,000 1,887,868 0 Turtle Creek II 45,000 1,513,446 0 Pleasant Valley 65,227 1,342,952 35,203 Hartwell Elderly 49,800 771,529 0 Pulaski Village 75,000 1,650,373 59,979 Southwood Apts. 46,189 1,153,440 3,969 ---------- ------------ ----------
Total $6,733,944 $104,434,182 $2,882,208
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1996 Gross Amount At Which Carried At Apartment Properties December 31, 1996 Buildings, Improvements Partnership Land & Equipment Total
Laynecrest $ 323,009 $ 1,537,561 $ 1,860,570 Martindale 243,666 931,049 1,174,715 La Villa Elena 128,000 1,706,277 1,834,277 Rio Abajo 88,500 1,624,656 1,713,156 Fortville II 25,000 784,473 809,473 Summitville 30,000 849,511 879,511 Suncrest 80,000 2,051,169 2,131,169 Brandywine III 105,508 1,160,013 1,265,521 Concord IV 131,161 1,219,018 1,350,179 Dunbarton Oaks III 127,180 1,211,457 1,338,637 Federal Manor 149,657 1,298,760 1,448,417 Laurel Apts 145,331 1,205,436 1,350,767 Mulberry Hill IV 58,422 666,735 725,157 Madison 60,000 1,379,849 1,439,849 Hannah's Mill 60,000 1,752,786 1,812,786 Longleaf Apts. 54,700 1,138,247 1,192,947 Sylacauga Garden 70,000 1,537,002 1,607,002 Monroe Family 110,000 1,678,673 1,788,673 Clayfed Apts. 84,000 893,595 977,595 Westside Apts. 134,701 1,430,411 1,565,112 Casa Linda 153,730 1,523,883 1,677,613 Rivermeade 251,734 2,792,418 3,044,152 Laurel Woods 106,742 1,442,894 1,549,636 Keysville 34,534 879,261 913,795 Crosstown 494,596 5,433,183 5,927,779 Riverside Apts. 93,089 1,330,882 1,423,971 Brookshire Apts. 114,750 1,608,643 1,723,393 Sandridge Apts. 144,000 1,488,755 1,632,755 Limestone Estates 79,224 1,334,997 1,414,221 Eagle's Bay 175,735 1,755,348 1,931,083 Teton View 87,187 1,691,428 1,778,615 Albany 49,161 885,701 934,862 Burkesville 44,697 869,076 913,773 Scotts Hill 30,000 471,138 501,138 Sage 196,207 1,632,414 1,828,621 Claremont 29,041 541,172 570,213 Divernan 15,000 482,265 497,265 Middleport 18,000 1,149,852 1,167,852 Oakwood Apts. 96,800 866,352 963,152 Morgantown 15,000 940,695 955,695 Ashburn Housing 35,000 1,265,760 1,300,760 Cuthbert Elderly 22,550 1,005,745 1,028,295 Sandhill Forest 28,091 545,672 573,763 Oakwood Grove 44,712 1,193,875 1,238,587 Hastings Manor 18,000 846,376 864,376 Lakewood Apts. 207,700 2,771,752 2,979,452 Robinhood Apts. 50,500 1,757,195 1,807,695 Skyview Terrace 40,112 1,435,258 1,475,370 Mabank 1988 94,031 1,253,723 1,347,754 Buena Vista 11,390 804,237 815,627 Woodcroft 82,500 1,407,465 1,489,965 Spring Creek 33,330 574,278 607,608 Spring Creek 20,000 616,688 636,688 Milton Elderly 50,000 1,292,395 1,342,395 Winder Apartments 73,500 1,692,510 1,766,010 Hunters Ridge 48,275 1,372,541 1,420,816 Stone Arbor 57,280 1,816,784 1,874,064 Greeneville 47,258 1,473,867 1,521,125 Centralia II 36,450 959,914 996,364 Poteau IV 33,000 683,016 716,016 Barling 62,500 1,090,364 1,152,864 Booneville 32,500 1,650,087 1,682,587 Augusta 101,300 2,280,419 2,381,719 Meadows 105,846 1,482,347 1,588,193 Kenly Housing 25,000 1,641,432 1,666,432 Fairview South 103,909 1,221,991 1,325,900 River Road Apts. 138,000 1,340,045 1,478,045 Middlefield 70,700 1,256,385 1,327,085 Floresville 76,669 1,234,233 1,310,902 Mathis Retirement 37,127 1,046,405 1,083,532 Sabinal Housing 18,000 761,515 779,515 Kingsland Housing 30,000 1,131,004 1,161,004 Crestwood Villa II 54,000 1,317,933 1,371,933 Poteau Prop. III 18,350 564,655 583,005 Decatur Properties 24,300 945,516 969,816 Broken Bow Prop II 70,000 1,887,868 1,957,868 Turtle Creek II 45,000 1,513,446 1,558,446 Pleasant Valley 65,227 1,378,155 1,443,382 Hartwell Elderly 49,800 771,529 821,329 Pulaski Village 75,000 1,710,352 1,785,352 Southwood Apts. 46,189 1,157,409 1,203,598 ---------- ------------ ------------
Total $6,721,158 $107,329,176 $114,050,334
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1996
Accumulated Depreciable Partnership Depreciation Life
Laynecrest $ 666,848 5.0- 27.5 Martindale 363,818 5.0- 27.5 La Villa Elena 368,590 5.0- 40.0 Rio Abajo 337,760 5.0- 40.0 Fortville II 248,073 5.0- 27.5 Summitville 273,896 5.0- 27.5 Suncrest 345,034 5.0- 40.0 Brandywine III 470,009 5.0- 27.5 Concord IV 498,017 5.0- 27.5 Dunbarton Oaks III 496,150 5.0- 27.5 Federal Manor 497,858 5.0- 27.5 Laurel Apts 513,737 5.0- 27.5 Mulberry Hill IV 255,858 5.0- 27.5 Madison 353,674 5.0- 33.0 Hannah's Mill 479,112 5.0- 30.0 Longleaf Apts. 321,372 5.0- 30.0 Sylacauga Garden 527,282 5.0- 27.5 Monroe Family 485,323 5.0- 27.5 Clayfed Apts. 295,255 5.0- 40.0 Westside Apts. 440,126 5.0- 40.0 Casa Linda 299,053 5.0- 40.0 Rivermeade 903,910 5.0- 27.5 Laurel Woods 486,491 5.0- 27.5 Keysville 304,674 5.0- 27.5 Crosstown 1,243,334 5.0- 40.0 Riverside Apts. 250,495 5.0- 40.0 Brookshire Apts. 415,646 5.0- 30.0 Sandridge Apts. 412,213 5.0- 30.0 Limestone Estates 479,526 5.0- 27.5 Eagle's Bay 302,333 5.0- 50.0 Teton View 399,379 5.0- 27.5 Albany 244,575 5.0- 40.0 Burkesville 232,797 5.0- 40.0 Scotts Hill 113,601 5.0- 40.0 Sage 289,124 5.0- 40.0 Claremont 169,295 5.0- 27.5 Divernan 136,181 5.0- 27.5 Middleport 201,703 5.0- 27.5 Oakwood Apts. 227,440 5.0- 40.0 Morgantown 236,692 5.0- 27.5 Ashburn Housing 306,534 5.0- 30.0 Cuthbert Elderly 244,700 5.0- 30.0 Sandhill Forest 119,906 5.0- 35.0 Oakwood Grove 268,942 5.0- 35.0 Hastings Manor 157,622 5.0- 40.0 Lakewood Apts. 742,244 5.0- 30.0 Robinhood Apts. 240,240 5.0- 50.0 Skyview Terrace 333,881 5.0- 50.0 Mabank 1988 283,867 5.0- 35.0 Buena Vista 186,620 5.0- 30.0 Woodcroft 226,908 5.0- 50.0 Spring Creek 133,147 5.0- 40.0 Spring Creek 121,994 5.0- 30.0 Milton Elderly 306,764 5.0- 30.0 Winder Apartments 421,120 5.0- 50.0 Hunters Ridge 252,389 5.0- 50.0 Stone Arbor 281,651 5.0- 50.0 Greeneville 410,100 5.0- 27.5 Centralia II 255,232 5.0- 27.5 Poteau IV 190,231 5.0- 25.0 Barling 306,586 5.0- 25.0 Booneville 515,074 5.0- 25.0 Augusta 706,276 5.0- 25.0 Meadows 434,109 5.0- 27.5 Kenly Housing 296,591 5.0- 40.0 Fairview South 428,678 5.0- 25.0 River Road Apts. 236,954 5.0- 40.0 Middlefield 265,940 5.0- 27.5 Floresville 258,301 5.0- 50.0 Mathis Retirement 156,835 5.0- 50.0 Sabinal Housing 116,173 5.0- 50.0 Kingsland Housing 166,993 5.0- 50.0 Crestwood Villa II 301,309 5.0- 33.0 Poteau Prop. III 170,301 5.0- 25.0 Decatur Properties 271,414 5.0- 25.0 Broken Bow Prop II 435,077 5.0- 25.0 Turtle Creek II 439,688 5.0- 25.0 Pleasant Valley 344,088 5.0- 27.5 Hartwell Elderly 188,024 5.0- 27.5 Pulaski Village 481,231 5.0- 27.5 Southwood Apts. 351,701 5.0- 25.0 -----------
Total $27,941,689
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1996 GATEWAY TAX CREDIT FUND, LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
Balance at beginning of period - December 31, 1995 $ 114,784,224 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 285,705 Other (982,896) ---------- (697,191)
Deductions during period: Cost of real estate sold 36,699 Other 0 ---------- 36,699 -------------- Balance at end of period - December 31, 1996 $ 114,050,334 ==============
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - December 31, 1995 $ 24,594,181 Current year expense 3,617,583 Less Accumulated Depreciation of real estate sold (36,589) Other (233,486) --------------
Balance at end of period - December 31, 1996 $ 27,941,689 ==============
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds,Inc. Raymond James Tax Credit Funds, Inc.
Date: July 11, 1997 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 11, 1997 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused to be signed on its behalf by the undersigned hereunto duly authorized.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds,Inc. Managing General Partner
Date: July 11, 1997 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 11, 1997 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
Date: July 11, 1997 By:/s/ Alan L. Weiner Alan L. Weiner Sr. Vice President and Director