Item 1. Business
Organization - ------------ Boston Capital Tax Credit Fund II Limited Partnership (the "Partnership") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of June 28, 1989. The General Partner of the Partnership is Boston Capital Associates II Limited Partnership, a Delaware limited partnership. Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the General Partner. The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC II Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.
The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Partnership and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner have been assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a Limited Partner of the Partnership including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Partnership.
A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") was filed with the Securities and Exchange Commission and became effective October 25, 1989 in connection with a public offering ("Offering") in series 7, 9 through 12, and 14. The Partnership raised $186,337,517 representing a total of 18,679,738 BACs. The Partnership completed sales of BACs in all Series on January 27, 1992.
Description of Business - ----------------------- The Partnership's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships"), each of which owns or leases and operates an Apartment Complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Partnership invested owns Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance.
Each Apartment Complex has qualified for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), thereby providing tax benefits over a period of twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Certain of the Apartment Complexes also qualified for the historic rehabilitation tax credit under Section 48 of the Code (the "Rehabilitation Tax Credit"). The Federal Housing Tax Credit and the Government Assistance programs are described on pages 67 to 92 of the Prospectus, as supplemented, under the caption "Government Assistance Programs," which is incorporated herein by reference. Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex.
As of March 31, 1999, the Partnership had invested in a total of 309 Operating Partnerships; 15 Operating Partnerships on behalf of Series 7, 55 Operating Partnerships on behalf of Series 9, 45 Operating Partnerships on behalf of Series 10, 40 Operating Partnerships on behalf of Series 11, 53 Operating Partnerships on behalf of Series 12, and 101 Operating Partnerships on behalf of Series 14. A description of these Operating Partnerships is set forth in Item 2
Item 2. Properties
The Partnership has acquired a Limited Partnership Interest in each of the three hundred nine Operating Partnerships in six series identified in the table set forth below. In each instance the Apartment Complex owned by each of the Operating Partnerships is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable Report on Form 8-K filed during the past fiscal year. The General Partner believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
The Bowditch School Lodging Jamaica Plain, House MA 50 $1,622,807 12/89 12/89 100% $ 606,390
Briarwood Cameron, Apartments MO 24 622,916 12/89 12/89 100% 157,254
Buckner Buckner, Properties MO 24 618,119 12/89 3/89 100% 146,287
Creekside Vandergrift, Apartments PA 30 1,088,820 6/89 9/89 100% 247,790
Deer Hill Huntersville, II Apartments NC 40 1,476,070 2/90 5/89 100% 333,370
Hillandale Lithonia, Commons GA 132 3,119,770 12/89 1/90 100% 1,138,907
Leo A. Meyer Senior Citizen King City, Housing CA 44 1,658,088 6/90 11/89 100% 893,708
Lebanon Properties Lebanon II MO 24 572,358 12/89 7/89 100% 136,440
New Holland Danville, Apartments* IL 53 N/A 5/90 8/90 N/A 800,434
Oak Grove Oak Grove, Estates MO 20 484,063 12/89 9/89 100% 113,188
Oakview Delta, Apartments OH 38 1,125,970 12/89 10/89 100% 258,264
Metropole Miami Beach, Apartments FL 42 2,164,291 12/89 12/89 100% 694,581
* Refer to note in Results of Operations for information on New Holland Apartments.
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------
Rosenberg Santa Rosa, Apartments CA 77 $1,811,122 2/90 1/92 100% $1,943,360
Westwood Square Moore Head City, Apartments NC 36 1,410,139 7/90 7/90 100% 117,286
Winfield Properties Winfield, II MO 24 608,648 12/89 5/89 100% 142,525
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------
Azalea Village Crawford, Apartments GA 24 $ 639,341 5/90 5/90 100% $ 143,206
Beaver Brook Pelham, Commons NH 24 1,182,450 4/90 5/90 100% 290,403
Bent Creek Crest View, Apartments II FL 24 707,838 6/90 5/90 100% 164,534
Big Lake Big Lake, Seniors TX 20 558,694 4/94 6/95 100% 141,072
Blanco Blanco, Senior Apts. TX 20 518,510 12/93 9/94 100% 98,561
Breezewood Village Kissimmee, Phase I FL 86 2,793,221 4/90 4/90 100% 831,650
Breezewood Kissimmee, Village II FL 42 1,426,808 5/90 5/90 100% 416,268
Cambridge Madison, Manor FL 36 1,132,472 4/90 1/90 100% 268,523
Corinth Senior Corinth, Housing NY 40 1,487,949 4/90 2/90 100% 384,000
Cotton Mill Stuart, Apartments VA 40 1,477,350 10/92 7/93 100% 271,351
Country Cedar Rapids, Hill Apts. IA 166 4,379,835 4/90 6/90 100% 3,471,607
Country Blakely, Lane Apts. GA 32 945,712 5/90 5/90 100% 211,916
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - --------- Fawn River Sturgis, Apartments MI 100 $3,693,439 10/90 10/90 97% $971,446
Garden Lake Immokalee, Apartments FL 65 2,190,380 5/90 5/90 100% 577,529
Glenwood Porterville, Hotel CA 36 735,954 6/90 6/90 100% 383,100
Grand Princess St. Croix, Manor USVI 24 1,490,181 6/90 8/90 100% 374,766
Grand Princess St. Croix, Villa USVI 24 1,489,187 6/90 8/90 100% 276,203
Greenwich Senior Greenwich, Housing NY 36 1,481,124 4/90 2/90 100% 340,000
Grifton Grifton, Manor Apts. NC 40 1,253,867 9/93 2/94 100% 261,645
Hacienda Villa Firebaugh, Apartments CA 120 3,871,423 4/90 1/90 100% 1,343,294
Haines City Haines City, Apartments FL 46 1,436,748 4/90 2/90 100% 339,465
Hamlet Newfane, Square NY 24 983,278 10/92 9/92 95% 193,830
Hill St. South Paris, Commons ME 25 1,487,585 11/92 10/92 100% 301,064
Kristin Park Las Vegas, Apartments NM 44 1,389,295 3/90 6/90 100% 313,200
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Le Grand Le Grand, Apts. CA 34 $1,736,822 11/92 10/93 100% $ 419,011
Longmeadow Skowhegan, Apartments ME 28 1,478,983 8/90 8/90 100% 284,000
Magnolia Lane Bloomingdale, Apartments GA 48 1,477,901 5/90 3/90 100% 321,908
Maywood Corning, Apartments CA 40 1,499,427 3/90 7/90 100% 365,280
Meadowcrest Southfield, Apartments MI 83 2,885,424 9/90 10/90 100% 1,116,284
Mill Pond Brooklyn, Apartments MI 36 1,106,279 5/90 5/90 100% 250,175
New Holland Danville, Apartments* IL 53 N/A 5/90 8/90 N/A 565,622
Pinewoods Springfield, Apartments IL 168 3,792,526 6/90 6/91 100% 1,258,700
Pine Ridge Polkton, Place NC 16 643,221 1/94 12/93 100% 114,730
Pleasanton Pleasanton, Seniors Apts.TX 24 621,607 12/93 7/93 100% 144,839
Port Portage, Crossing IN 160 3,226,054 3/90 4/90 100% 2,733,580
Putney Putney, Meadows Apts VT 28 1,420,329 12/92 5/93 100% 374,495
Quail Hollow Homerville, Apartments GA 54 1,468,305 5/90 1/90 100% 363,353
* Refer to note in Results of Operations for information on New Holland Apartments.
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------
Quail Hollow Raleigh II NC 36 $ 1,403,251 7/90 9/90 100% $ 313,521
Rainbow Gardens Dunnellon, Apartments FL 36 1,215,070 12/92 6/93 100% 236,763
Raitt Santa Ana, Street Apts. CA 6 809,371 5/93 8/93 100% 416,200
School St. Marshall, Apts. II WI 24 795,889 6/93 6/93 100% 652,967
Scottsville Scottsville, Hollow NY 36 1,424,829 5/90 5/90 100% 304,060
Somerset Antioch, Apartments CA 156 5,492,513 3/90 3/90 100% 3,920,000
St. Paul's St. Paul, Apartments NC 32 1,263,690 5/90 9/90 100% 263,165
Surry Village Surry, II VA 24 774,314 5/90 1/90 100% 157,002
Tappahannock Tappahannock, Greens Apts. VA 40 1,503,897 3/94 5/94 100% 293,486
Telluride Telluride, Apartments CO 30 1,469,230 9/90 11/90 100% 300,033
The Warren St. Lodging Boston, House MA 19 721,934 3/90 5/90 100% 460,900
Twin Oaks Raeford, Apartments NC 28 1,138,335 5/90 5/90 100% 275,894
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
Ventura Hernando, Village FL 53 $ 1,483,797 6/90 7/90 100% $ 473,300
Vilage Live Oak, Oaks FL 24 731,985 6/90 2/90 100% 164,291 Apartments II
Warrensburg Warrensburg, Estates MO 32 791,662 4/90 4/90 100% 181,849
Westside Providence, Apartments RI 40 2,414,747 6/90 12/90 100% 1,777,738
Westwood Square Moorehead City, Apartments NC 36 1,410,139 7/90 7/90 100% 195,391
Wilmington Wilmington, Housing NY 24 1,049,261 8/90 8/90 100% 237,279
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - -----------
Athens Park Athens, Apartments AL 48 $1,335,137 8/90 6/90 100% $ 354,144
Autumn Lane Washington, Apartments GA 24 733,281 8/89 11/90 100% 168,234
Baytree Richlands, Apartments NC 24 956,338 11/88 7/90 100% 210,999
Benchmark China Grove, Apartments NC 24 949,911 11/88 7/90 100% 223,328
Berkshire Wichita, Apartments II KS 66 1,738,640 7/90 7/90 100% 1,183,452
Brentwood Eunice, Apartments LA 32 953,801 11/90 10/90 100% 205,470
Briarwood Middleburg, Apartments FL 52 1,480,997 8/90 8/90 100% 509,251
Butler Manor Morgantown, Apartments KY 16 502,875 12/90 2/91 100% 119,952
Campbell Creek Dallas, Apartments GA 80 1,627,681 12/91 10/90 100% 735,000
Candlewick Monroeville, Place AL 40 1,256,465 12/92 10/92 100% 241,600
Cedarstone Poplarville, Apts. MS 24 772,284 5/93 5/93 100% 180,800
Charlton Court Folkston, Apartments GA 40 1,200,178 12/92 1/93 100% 263,520
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - - - ----------------------------------------------------------------- - ----------
Chuckatuck Suffolk Square VA 42 $1,444,818 11/90 2/90 100% $ 320,900
Cloverleaf Bishopville, Apartments SC 24 854,716 11/90 4/90 100% 153,900
Cloverleaf Apts., Bishopville, Phase II SC 24 873,923 11/90 4/90 100% 160,761
Connellsville Connellsville, Heritage Apts. PA 36 1,366,990 11/90 3/90 100% 325,460
Freedom Ford City, Apartments PA 28 1,049,108 11/90 9/90 92% 262,791
Hartway Munfordville, Apts. KY 32 912,622 7/90 6/90 100% 239,041
Hilltop Kingsland, Terrace GA 54 1,486,583 8/90 7/90 100% 455,851
Indian Run S. Kingston Village RI 114 1,979,327 4/93 7/93 100% 604,867
Ironton Ironton, Estates MO 24 623,622 5/93 1/93 100% 157,976
Lambert Square Lambert, Apts. MS 32 998,233 11/92 12/92 100% 192,347
Longview Maysville, Apartments NC 24 870,881 11/88 8/90 100% 195,837
Maidu Roseville, Village CA 81 2,126,654 3/91 12/91 100% 470,000
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
Mann Indianapolis, Estates IN 132 $3,242,689 7/90 10/90 100% $ 1,980,000
Meadowbrook Lane Americus, Apartments GA 50 1,477,010 9/90 3/90 100% 336,264
Melrose Lane Great Falls, Apartments SC 24 873,139 11/90 10/90 100% 203,645
Mercer Mercer, Manor PA 26 907,871 11/90 8/90 96% 220,450
Pecan Village Ellaville, Apartments GA 30 786,493 7/90 2/90 100% 221,856
Piedmont Forsyth, Hills GA 50 1,456,276 7/90 9/90 100% 439,958
Pine View Perry, Apartments FL 29 960,426 9/90 12/90 100% 277,405
Pines by the Newnan, Creek Apts. GA 96 1,941,612 12/90 10/90 100% 890,000
Pine Grove Ackerman, Apts. MS 24 587,088 9/93 6/94 100% 169,926
Pinetree Manor Centreville, Apts. MS 32 979,429 11/92 1/93 100% 191,500
Rosewood Village Willacoochee, Apartments GA 24 648,664 7/90 7/90 100% 147,480
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
Springwood Park Durham, Apartments NC 100 $ 3,009,245 3/91 5/91 100% $ 1,000,000
Stockton Stockton, Estates MO 20 515,002 2/93 1/93 100% 120,352
Stratford Square Brundidge, Apartments AL 24 750,916 10/92 2/93 100% 145,036
Summer Glen Immokalee, Apartments FL 45 1,482,950 11/92 3/93 100% 246,230
Summerwood West Des Moines, Apartments IA 86 2,340,197 7/90 7/90 100% 2,015,183
Sunmark Morgantown, Apartments KY 24 768,620 8/90 12/90 100% 176,669
Village Lawton, Commons MI 58 1,486,690 11/90 6/90 100% 323,665
Washington Heights Apartments, Bismarck, IV ND 24 500,000 11/90 7/90 100% 381,010
Woods Hollow Centreville, Apartments MI 24 632,553 11/90 2/90 100% 132,700
Woodside Lisbon, Apartments ME 28 1,479,910 12/90 11/90 100% 397,630
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------ Academy Hill Ahoskie, Apartments NC 40 $1,375,726 2/91 2/91 100% $ 319,224
Aspen Square Tazewell, Apartments VA 60 1,832,539 11/90 11/90 100% 356,495
Bridgeview Emlenton, Apartments PA 36 1,363,117 12/90 12/89 100% 327,257
Buckeye Senior Buckeye, Apartments AZ 41 1,340,117 12/90 8/90 100% 311,480
Campbell Creek Dallas, Apartments GA 80 1,627,680 12/90 10/90 100% 142,000
Cambridge Manor Macon, Apartments MS 47 1,625,558 5/93 4/93 100% 356,356
Church Hill Church Point, Apartments LA 32 954,605 12/90 1/91 100% 205,750
Copper Creek Lebanon, Apartments VA 36 1,173,818 11/90 9/90 100% 237,647
Coronado Tuscon, Hotel AZ 42 448,837 3/91 3/91 100% 614,050
Crestwood St. Cloud, Apartments FL 216 4,245,327 1/91 6/91 100% 5,636,484
El Dorado El Dorado Springs, Springs Est. MO 24 580,637 11/90 9/90 100% 133,790
Eldon Est. Eldon, II MO 24 580,948 12/90 11/90 100% 131,340
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
Eldon Eldon, Manor MO 24 $ 559,107 12/90 11/90 100% $ 241,980
Elmwood Manor Eutaw, Apartments AL 47 1,622,443 5/93 12/93 100% 333,440
Fairridge Lane Denmark, Apartments SC 24 817,374 11/90 6/90 100% 209,326
Fairridge Village Denmark, Apartments SC 24 769,583 11/90 6/90 100% 186,381
Farmerville Farmerville, Square Apts. LA 32 966,652 1/91 4/91 100% 212,280
Forest Glade Wauchula, Apartments FL 50 1,481,290 12/90 12/90 100% 420,565
Franklin Great Falls, School MT 40 1,255,938 10/90 12/91 100% 1,453,270
Hilltop Los Lunas, Apts. NM 40 1,420,379 1/93 11/92 100% 258,455
Holland Holland, Meadows NY 24 898,298 11/90 6/90 100% 213,880
Holley Holley, Grove NY 24 916,621 11/90 10/90 100% 207,360
Ivan Woods Delta Township, Senior Apts. MI 90 2,159,896 2/91 4/91 100% 1,184,275
Kaplan Manor Kaplan, Apartments LA 32 925,107 12/90 12/90 100% 198,460
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------
Lakewood Village Lake Providence, Apartments LA 32 $ 952,865 1/91 5/91 100% $ 223,827
Licking Licking, Apartments MO 16 405,572 11/91 3/92 100% 90,436
London Miami Beach, Arms FL 58 2,657,187 12/90 12/90 100% 937,961
Maidu Roseville, Village CA 81 2,126,654 3/91 12/91 100% 530,000
Nevada Nevada, Manor MO 24 647,335 11/90 10/90 100% 143,270
Oatka Warsaw, Meadows NY 24 918,111 11/90 6/90 100% 206,670
Osage Arkansas City, Place KS 38 1,230,991 12/90 12/90 100% 522,999
Pines by the Creek Newnan, Apartments GA 96 1,941,612 12/90 10/90 100% 245,000
Sandy Pines Punta Gorda, Manor FL 44 1,479,306 12/90 7/90 100% 399,977
Sierra Springs Tazewell, Apartments VA 36 1,174,534 11/90 11/90 100% 299,634
South Fork South Fork, Heights CO 48 1,431,810 2/91 2/91 100% 343,358
Twin Oaks Allendale, Apartments SC 24 781,311 12/90 9/90 100% 206,888
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - -----------
Walnut Village Manning, Apartments SC 24 $ 839,103 11/90 11/90 100% $ 183,244
Washington Manor Washington, Apartments LA 32 960,033 1/91 3/91 100% 216,990
Wildridge Jesup, Apartments GA 48 1,565,690 1/91 4/91 100% 329,130
Windsor Metter, Apts. GA 53 1,469,751 12/92 5/93 100% 248,207
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Bowman Village Bowman, Apartments GA 24 $ 664,788 6/91 10/91 100% $ 139,879
Brandywood Oak Creek, Apartments WI 54 1,745,251 12/91 9/91 100% 1,532,506
Brentwood Manor Clarkson, Apartments KY 24 747,725 6/91 7/91 100% 173,969
Briarwick Nicholasville, Apartments KY 40 1,247,109 4/91 4/91 100% 323,941
Bridgerun Cannon Falls, Townhomes MN 18 567,860 6/91 7/91 100% 458,800
Bucksport Park Bucksport, Apartments ME 24 1,369,737 6/91 8/91 100% 334,600
Campbell Creek Dallas, Apartments GA 80 1,627,680 3/91 10/90 100% 593,000
Cananche Creek Norton, Apartments VA 36 1,234,126 5/91 6/91 100% 276,695
Carson Village Wrightsville, Apartments GA 24 651,834 10/91 6/92 100% 161,452
Clymer House Clymer, Apartments PA 26 1,114,698 6/91 10/91 100% 254,097
Corcoran Garden Corcoran, Apartments CA 38 1,523,105 2/91 11/90 100% 432,438
Cornish Cornish, Park ME 25 1,453,966 6/91 6/91 100% 333,000
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Crescent City Senior Crescent City, Apartments CA 38 $1,863,054 3/91 3/91 100% $ 474,536
Earlimart Senior Earlimart, Apartments CA 35 1,344,577 6/91 6/91 100% 364,515
Evanwood Hardinsburg, Apartments KY 24 755,291 6/91 5/91 100% 167,221
Fox Run Jesup, Apartments GA 24 624,741 12/91 7/92 100% 150,033
Franklin House Liberty, Apts. MO 21 301,027 5/93 1/88 100% 137,836
Hamilton Village Preston, Apartments GA 20 569,055 10/91 3/92 100% 140,948
Hunters Park Tarboro, Apartments NC 40 1,409,026 5/91 4/91 100% 320,175
Ivan Woods Senior Delta Township, Apartments MI 90 2,159,896 2/91 4/91 100% 778,688
Keenland Burkesville, Apartments KY 24 733,763 6/91 9/91 100% 164,246
Lakeridge Eufala, Apartments AL 30 915,854 3/91 4/91 100% 186,780
Laurel Village Wadley, Apartments GA 24 661,420 10/91 5/92 100% 149,058
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Los Caballos Hatch, II Apts. NM 24 $ 766,019 7/91 8/91 100% $ 164,740
Marlboro Place Bennettsville, Apartments SC 24 835,337 3/91 2/91 100% 192,779
Melville Plaza Melville, Apartments LA 32 892,136 7/91 10/91 100% 178,564
Nanty Glo House Nanty Glo, Apartments PA 36 1,474,229 6/91 7/91 100% 353,000
Newport Franklin, Village VA 48 1,485,229 4/91 11/90 100% 355,000
Oakleigh Abbeville, Apartments LA 32 913,131 8/91 3/92 100% 178,716
Oak Street Scott City, Apartments MO 24 598,231 6/91 11/91 100% 138,149
Oakwood Mamou, Apartments LA 32 908,981 8/91 1/92 100% 180,819
Pines by the Creek Newnan, Apartments GA 96 1,941,612 3/91 10/90 100% 645,000
Pinewoods Springfield, Apartments IL 168 3,792,526 7/91 6/91 100% 2,880,000
Portales Portales, Estates NM 44 1,438,457 7/91 7/91 100% 365,100
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Prairie West West Fargo, Apts. III ND 24 $ 515,000 3/91 3/91 100% $ 360,698
Ridgeway Court III Bemidji, Apartments MN 24 892,666 4/91 1/91 100% 180,186
River Crystal River, Reach Apts. FL 41 1,364,887 5/91 5/91 100% 351,421
Rockmoor Banner Elk, Apartments NC 12 437,364 5/91 3/91 100% 95,818
Shawnee Ridge Norton, Apartments VA 20 666,743 5/91 5/91 100% 145,606
Springwood Park Durham, Apartments NC 100 3,009,245 3/91 5/91 100% 374,349
Spring Mountain Pahrump, Apartments NV 33 1,363,365 5/91 4/91 100% 290,406
Stonegate Perry, Manor FL 36 1,008,896 5/91 12/90 100% 274,321
Summit Ridge Palmdale, Apartments CA 304 8,863,346 10/92 12/93 100% 3,674,306
Turner Lane Ashburn, Apartments GA 24 720,810 5/91 7/91 100% 147,090
Union Baptist Plaza Springfield, Apartments IL 24 481,374 5/91 4/91 100% 432,648
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Uptown Salyersville, Apartments KY 16 $ 519,780 5/91 3/91 100% $ 121,700
Villas of Eufala, Lakeridge AL 18 531,567 3/91 3/91 100% 96,868
Waynesboro Village Waynesboro, Apartments TN 48 1,369,897 4/91 1/91 100% 310,510
Windsor Windsor, Court II VA 24 730,361 4/91 11/90 100% 169,347
Woodcrest Manor Woodville, Apartments MS 24 710,050 6/91 11/91 100% 138,579
Woodlawn Village Abbeville, Apartments GA 36 1,012,653 10/91 4/92 100% 229,601
Woodside Grove City, Apartments PA 32 1,154,305 4/91 3/91 96% 229,291
Yorkshire Townhome Fort Smith, Apts. AR 50 968,663 9/93 8/94 100% 874,069
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Ada Village Ada, Apts. OK 44 $1,043,226 1/93 11/93 100% $ 158,976
Amherst Amherst, Village VA 48 1,598,158 1/92 1/92 100% 322,796
Belmont Village Belmont, Court NY 24 927,572 1/92 12/91 100% 201,300
Bethel Park Bethel, Apartments ME 24 1,488,414 12/91 3/92 100% 324,100
Blanchard Senior Blanchard, Apts. II LA 24 597,205 10/91 9/91 100% 143,628
Blanchard Blanchard, Village Apts. OK 8 217,381 1/93 7/93 100% 32,954
Brantwood Lane Centreville, Apartments AL 36 1,141,945 7/91 9/91 100% 237,873
Breckenridge McColl, Apartments SC 24 865,139 1/92 3/92 100% 186,065
Briarwood Apartments Middleburg, Ph II FL 50 1,490,955 2/92 4/92 100% 293,694
The Bridge New York, Building NY 15 N/A 1/92 12/91 100% 1,037,770
Buchanan Warren, Court PA 18 724,643 7/91 11/90 100% 160,600
Burnt Ordinary Toano, Village VA 22 709,214 7/91 7/91 100% 159,400
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Carleton Court Providence, Apartments RI 46 $2,751,899 12/91 12/91 100% $1,496,922
Carriage Run Emporia, Apartments VA 40 1,323,955 10/91 4/92 100% 259,980
Cedar View Brinkley, Apartments AR 32 1,267,884 5/92 10/92 100% 254,016
Cedarwood Pembroke, Apartments NC 36 1,415,635 10/91 1/92 100% 326,310
Chapparral Kingman, Apartments AZ 20 694,967 8/91 7/91 100% 198,275
College Chili, Green NY 110 3,767,582 3/95 8/95 100% 755,771
Colorado City Seniors Colorado City, Apartments TX 24 541,707 10/91 10/91 100% 98,721
Cottonwood Cottonport, Apts. II LA 24 670,261 10/91 7/91 100% 152,664
Country Meadows Sioux Falls, Apartments SD 44 1,061,732 11/91 10/91 100% 922,350
Countryside Fulton, Manor MS 24 663,961 10/91 8/91 100% 151,868
Davis Village Davis, Apts. OK 44 1,170,639 1/93 9/93 100% 180,452
Devenwood Ridgeland, Apartments SC 24 872,269 7/92 1/93 100% 186,000
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------ Duncan Village Duncan, Apts. OK 48 $1,141,257 1/93 11/93 100% $ 172,005
Edison Village Edison, Apartments GA 42 1,197,228 7/91 2/92 100% 274,144
Ethel Bowman Tionesta, Proper HousePA 36 1,428,005 2/92 1/92 91% 334,160
Excelsior Springs Excelsior Springs, Properties MO 24 622,819 2/92 4/91 100% 150,651
Fairground Bedford, Place Apts. KY 19 693,571 3/95 8/95 100% 176,963
Four Oaks Village Four Oaks, Apartments NC 24 892,583 3/92 6/92 100% 179,900
Franklin Vista Anthony, III Apts. NM 28 927,923 1/92 4/92 100% 179,685
Friendship Bel Air, Village MD 32 1,437,570 1/92 6/91 100% 226,000
Glenhaven Merced, Park CA 12 395,838 1/94 6/90 100% 125,000
Glenhaven Merced, Park II CA 15 489,784 1/94 6/89 100% 365,925
Glenhaven Merced, Park III CA 15 492,324 1/94 12/89 100% 225,500
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Glenhaven Merced, Estates CA 13 $ 672,431 1/94 6/89 100% $ 134,000
Green Village Standardsville, Apts. II VA 16 585,373 4/92 11/91 100% 99,100
Greenleaf Bowdoinham, Apartments ME 21 1,127,238 11/91 8/92 100% 295,085
Hughes Springs Seniors Hughes Springs, Apartments TX 32 786,964 10/91 8/91 100% 183,674
Harrison City Penn Township, Apts. PA 38 1,478,824 7/92 9/92 92% 311,775
Hessmer Village Hessmer, Apartments LA 32 911,688 12/91 4/92 100% 186,503
Hillmont Village Micro, Apartments NC 24 883,938 9/91 1/92 100% 184,900
Hunters Run Douglas, Apartments GA 50 1,444,807 12/91 2/92 100% 322,368
Independence Mt. Pleasant, Apartments PA 28 1,083,586 8/91 6/91 100% 223,100
Indian Creek Kilmarnock, Apartments VA 20 763,786 7/91 4/91 100% 174,400
Jarratt Village Jarratt, Apartments VA 24 831,759 10/91 12/91 100% 159,140
Kingfisher Village Kingfisher, Apts. OK 8 168,574 1/93 12/93 100% 24,365
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- La Gema del Santa Ana, Barrio Apts. CA 6 $ 670,048 6/92 8/92 100% $ 458,000
Lafayettee Gardens Scott, Apartments LA 56 1,107,000 10/91 11/91 100% 437,688
Lake Isabella Senior Lake Isabella, Apartments CA 46 1,991,729 9/91 1/92 100% 442,457
Lakeview Battle Creek, Meadows MI 53 1,564,909 1/92 6/92 100% 1,018,808
Lakewood Terrace Lakeland, Apts. FL 132 3,805,716 11/93 8/89 100% 725,312
Lana Lu Lonaconing, Apartments MD 30 1,483,375 12/91 9/92 100% 303,261
Lexington Village Lexington, Apts. OK 8 210,193 1/93 11/93 100% 32,178
Maidu Roseville, Village CA 81 2,126,654 1/92 12/91 100% 1,096,199
Marion Manor Marion, Apartments LA 32 1,004,616 2/92 6/92 100% 199,708
Maysville Village Maysville, Apts. OK 8 218,254 1/93 10/93 100% 33,726
Montague Place Caro, Apartments MI 28 1,139,199 12/91 12/91 100% 432,320
Navapai Prescott Valley, Apartments AZ 26 882,079 6/91 4/91 100% 207,330
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Nevada City Senior Grass Valley, Apartments CA 60 $3,543,553 1/92 10/92 100% $ 839,300
Newellton Place Newellton, Apartments LA 32 943,650 2/92 4/92 100% 190,600
New River Overlook Radford, Apartments VA 40 1,483,320 8/91 2/92 100% 285,371
Northridge Arlington, Apartments TX 126 1,678,920 1/92 2/92 96% 741,300
Oak Ridge Crystal Springs, Apartments MS 40 1,302,815 1/92 1/92 100% 308,578
Oakland Village Littleton, Apts. NC 24 852,219 5/92 8/92 100% 161,939
Okemah Village Okemah, Apts. OK 30 692,828 1/93 5/93 100% 119,832
Pineridge McComb, Apartments MS 32 1,003,822 10/91 10/91 100% 238,995
Pineridge Walnut Cove, Elderly NC 24 988,253 10/91 3/92 100% 199,311
Pittsfield Park Pittsfield, Apartments ME 18 1,045,595 12/91 6/92 100% 237,300
Plantation Richmond Hill, Apartments GA 49 1,418,832 12/91 11/91 100% 320,858
Portville Square Portville, Apartments NY 24 920,659 3/92 3/92 95% 198,100
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Prague Village Prague, Apts. OK 8 $ 117,445 1/93 3/93 100% $ 21,373
Rainbow Commons Marshfield, Apartments WI 48 769,490 9/91 6/91 100% 1,126,901
Rainier Manor Mt. Rainier, Apartments MD 104 2,665,216 3/92 1/93 100% 1,190,350
Rosenberg Santa Rosa, Hotel CA 77 1,811,122 12/91 1/92 100% 1,850,000
Rosewood Manor Ellenton, Apartments FL 43 1,437,558 12/91 11/91 100% 302,250
San Jacinto Senior San Jacinto, Apartments CA 46 2,369,914 1/92 10/91 100% 588,965
Lakeside Manor Schroon Lake, Apartments NY 24 1,081,358 11/91 1/92 100% 249,349
Smithville Smithville, Properties MO 48 1,243,871 2/92 5/91 100% 285,384
Snow Hill Ridge Raleigh, Apartments NC 32 1,205,346 10/91 12/91 100% 307,524
Somerset Antioch, Apartments CA 156 5,492,513 8/92 3/90 100% 1,026,542
Spring Creek Derby, Village KS 72 1,811,117 6/91 9/91 100% 1,634,760
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Spring Valley Lexington Park, Apartments MD 128 $4,832,613 11/91 12/92 100% $ 2,777,811
Springwood Park Durham, Apartments NC 100 3,009,245 10/91 5/91 100% 374,349
Summer Lane Santee, Apartments SC 24 860,017 7/91 11/91 100% 176,291
Summit Ridge Palmdale, Apartments CA 304 8,863,346 10/92 12/93 100% 1,236,600
Titusville Titusville, Apartments PA 30 1,239,424 12/91 1/92 100% 280,829
Townview St. Mary's, Apartments PA 36 1,378,459 9/91 10/91 97% 315,700
Tyrone House Tyrone, Apartments PA 36 1,483,059 12/91 1/92 100% 349,800
Valley Ridge Senior Central Valley, Apartments CA 38 1,823,519 1/92 12/91 100% 456,600
Victoria Victoria, Place VA 39 1,395,267 1/92 6/92 100% 287,736
Villa West Topeka, Apts. IV KS 60 1,517,825 8/91 1/91 100% 1,392,873
Village Raleigh, Green NC 42 713,442 5/92 9/91 100% 581,446
Washington Abingdon, Court VA 39 1,182,736 7/91 8/91 100% 295,250
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ------------- Wesley Village Martinsburg, Apartments WV 36 $1,312,892 10/91 6/92 100% $ 266,253
Westside Louisville, Apartments MS 33 819,826 3/92 1/92 100% 191,014
Wildwood Terrace Wildwood, Apartments FL 40 1,263,034 10/91 10/91 100% 281,647
Woodside Belleview, Apartments FL 41 1,212,032 11/91 10/91 100% 268,500
Wynnewood Village Wynnewood, Apts. OK 16 402,568 1/93 11/93 100% 67,443
Yorkshire Delevan, Corners NY 24 923,180 8/91 9/91 100% 191,500
Zinmaster Minneapolis, Apartments MN 36 1,835,021 1/95 1/88 100% 150,000
Item 3.
Item 3. Legal Proceedings
None.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II ------- Item 5.
Item 5. Market for the Registrant's Partnership Interests and Related Partnership Matters
(a) Market Information
The Partnership is classified as a limited partnership and thus has no common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
(b) Approximate number of security holders
As of March 31, 1999, the Partnership has 11,588 registered BAC holders for an aggregate of 18,679,738 BACs which were offered at a subscription price of $10 per BAC.
The BACs were issued in series. Series 7 consists of 812 investors holding 1,036,100 BACs, Series 9 consists of 2,259 investors holding 4,178,029 BACs, Series 10 consists of 1,648 investors holding 2,428,925 BACs, Series 11 consists of 1,387 investors holding 2,489,599 BACs, Series 12 consists of 1,923 investors holding 2,972,795 BACs, and Series 14 consists of 3,559 investors holding 5,574,290 BACs at March 31, 1999.
(c) Dividend history and restriction
The Partnership has made no distributions of Net Cash Flow to its BAC Holders from its inception, June 28, 1989 through March 31, 1999.
The Partnership Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.
Partnership allocations and distributions are described on pages 107 to 112 of the Prospectus, as supplemented, which are incorporated herein by reference.
Item 6.
Item 6. Selected Financial Data
The information set forth below presents selected financial data of the Partnership for each of the five years in the period ended March 31, 1999. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof.
March 31, March 31, March 31, March 31, March 31, 1999 1998 1997 1996 -------- -------- -------- -------- - -------- Operations - ---------- Interest & other Inc $ 110,392 $ 42,913 $ 155,501 $ 65,468 $ 78,723 Share of Loss of Operating Partnerships (7,498,353) (8,573,433) (10,464,997) (12,992,069) (14,053,018) Operating Exp (3,177,618) (2,783,041) (2,781,444) (2,852,335) (2,876,048) --------- --------- --------- --------- - --------- Net Loss $(10,565,579)$(11,313,561)$(13,090,940)$(15,778,936) $(16,850,343) =========== ========== ========== =========== =========== Net Loss per BAC $ (.60) $ (.60)$ (.69)$ (.84) $ (.89) ========== =========== ========== =========== ===========
Balance Sheet - -------------
Total Assets$52,816,616 $ 64,633,488 $ 73,382,875 $ 85,486,212 $ 99,601,389 =========== =========== ========== =========== ===========
Total Liab $17,186,103 $ 14,605,906 $ 12,041,732 $ 11,054,129 $ 9,390,370 Partners' =========== =========== ========== =========== =========== Capital $39,462,003 $ 50,027,582 $ 61,341,143 $ 74,432,083 $ 90,211,019 =========== =========== ========== =========== ===========
Other Data - ---------- Credit per BAC for the Investors Tax Year, for the twelve months ended, December 31, 1998, 1997, 1996, 1995 and 1994*
$ 1.39 $ 1.40 $ 1.40 $ 1.39 $ 1.35 ========== =========== ============ =========== ===========
* Credit per BAC is a weighted average of all the Series. Since each Series has invested as a limited partner in different Operating Partnerships the Credit per BAC will vary slightly from series to series. For more detailed information refer to Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Liquidity - --------- The Partnership's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid as of March 31, 1999 and on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Partnership has invested. These sources of liquidity, along with the Partnership's working capital reserve, are available to meet the obligations of the Partnership. The Partnership does not anticipate significant cash distributions from operations of the Operating Partnerships.
The Partnership is currently accruing the annual partnership management fee to enable each series to meet current and future third party obligations. During the fiscal year ended March 31, 1999 the Partnership accrued $2,509,932 in annual partnership management fees. As of March 31, 1999 the accrued partnership management fees totaled $16,623,060. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Partnership receives sale or refinancing proceeds from Operating Partnerships, and at that time proceeds from such sales or refinancing will be used to satisfy such liabilities. The Partnership anticipates that there will be sufficient cash to meet future third party obligations. The Partnership does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.
An affiliate of the general partner has advanced $169,038 to the Partnership to pay certain third party operating expenses and to fund advances to operating partnerships. Of this amount, $57,638 was advanced during the fiscal year ended March 31, 1999. The amounts advanced, in total, to two of the six series are as follows: $106,488 to Series 7; and $62,550 to Series 12. These, and any additional advances, will be paid, without interest, from available cash flow, reporting fees, or the proceeds of the sale or refinancing of the Partnership's interest in Operating Partnerships. The Partnership anticipates that as the Operating Partnerships continue to mature, more cash flow and reporting fees will be generated. Cash flow and reporting fees will be added to the Partnership's working capital and will be available to meet future third party obligations of the Partnership. The Partnership is currently pursuing, and will continue to pursue, available cash flow and reporting fees and anticipates that the amount collected will be sufficient to cover third party operating expenses.
Capital Resources - ----------------- The Partnership offered BACs in a public offering declared effective by the Securities and Exchange Commission on October 25, 1989. The Partnership received and accepted subscriptions for $186,337,517 representing 18,679,738 BACs from investors admitted as BAC Holders in Series 7, 9 through 12 and 14 of the Partnership.
Offers and sales of BACs in Series 7, 9 through 12, and 14 of the Partnership were completed and the last of the BACs in Series 14 were issued by the Partnership on January 27, 1992.
(Series 7). The Partnership commenced offering BACs in Series 7 on November 14, 1989. The Partnership had received and accepted subscriptions for $10,361,000, representing 1,036,100 BACs from investors admitted as BAC Holders in Series 7. Offers and sales of BACs in Series 7 were completed and the last of the BACs in Series 7 were issued by the Partnership on December 29, 1989.
As of March 31, 1999 the net proceeds from the offer and sale of BACs in Series 7 had been used to invest in a total of 15 Operating Partnerships in an aggregate amount of $7,774,651. The Partnership has completed payment of all installments of its capital contributions to all Operating Partnerships. Series 7 net offering proceeds in the amount of $8,529 remains in working capital.
(Series 9). The Partnership commenced offering BACs in Series 9 on February 1, 1990. The Partnership had received and accepted subscriptions for $41,574,518, representing 4,178,029 BACs from investors admitted as BAC Holders in Series 9. Offers and sales of BACs in Series 9 were completed and the last of the BACs in Series 9 were issued by the Partnership on April 30, 1990.
During the fiscal year ended March 31, 1999, the Partnership did not use any of Series 9's net offering proceeds to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 1999 the net proceeds from the offer and sale of BACs in Series 9 had been used to invest in a total of 55 Operating Partnerships in an aggregate amount of $31,605,286, and the Partnership had completed payment of installments of its capital contributions to 54 of the 55 Operating Partnerships. Series 9 net offering proceeds in the amount of $143,538 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital.
(Series 10). The Partnership commenced offering BACs in Series 10 on May 7, 1990. The Partnership had received and accepted subscriptions for $24,288,997 representing 2,428,925 BACs from investors admitted as BAC Holders in Series 10. Offers and sales of BACs in Series 10 were completed and the last of the BACs in Series 10 were issued by the Partnership on August 24, 1990.
As of March 31, 1999 the net proceeds from the offer and sale of BACs in Series 10 had been used to invest in a total of 46 Operating Partnerships in an aggregate amount of $18,555,455. The Partnership has completed payment of all installments of its capital contributions to all of the Operating Partnerships. Series 10 net offering proceeds in the amount of $33,116 remains in working capital.
(Series 11). The Partnership commenced offering BACs in Series 11 on September 17, 1990. The Partnership had received and accepted subscriptions for $24,735,002, representing 2,489,599 BACs in Series 11. Offers and sales of BACs in Series 11 were completed and the last of the BACs in Series 11 were issued by the Partnership on December 31, 1990.
During the fiscal year ended March 31, 1999, the Partnership did not use any of Series 11's net offering proceeds to pay additional installments of its capital contributions to one Operating Partnership. As of March 31, 1998 the net proceeds from the offer and sale of BACs in Series 11 had been used to invest in a total of 40 Operating Partnerships in an aggregate amount of $18,894,372, and the Partnership had completed payment of all installments of its capital contributions to 39 of the 40 Operating Partnerships. Series 11 net offering proceeds in the amount of $95,122 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital.
(Series 12). The Partnership commenced offering BACs in Series 12 on February 1, 1991. The Partnership had received and accepted subscriptions for $29,649,003, representing 2,972,795 BACs in Series 12. Offers and sales of BACs in Series 12 were completed and the last of the BACs in Series 12 were issued by the Partnership on April 30, 1991.
During the fiscal year ended March 31, 1999, the Partnership did not use any of Series 12's net offering proceeds to pay additional installments of its capital contributions to the Operating Partnerships. As of March 31, 1999 the net proceeds from the offer and sale of BACs in Series 12 had been used to invest in a total of 53 Operating Partnerships in an aggregate amount of $22,356,179, and the Partnership had completed payment of all installments of its capital contributions to 51 of the 53 Operating Partnerships. Series 12 net offering proceeds in the amount of $82,710 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital.
(Series 14). The Partnership commenced offering BACs in Series 14 on May 20, 1991. The Partnership had received and accepted subscriptions for $55,728,997, representing 5,574,290 BACs in Series 14. Offers and sales of BACs in Series 14 were completed and the last of the BACs in Series 14 were issued by the Partnership on January 27, 1992.
During the fiscal year ended March 31, 1999, the Partnership did not use any of Series 14's net offering proceeds to pay additional installments of its capital contributions to one Operating Partnership. As of March 31, 1999 the net proceeds from the offer and sale of BACs in Series 14 had been used to invest in a total of 101 Operating Partnerships in an aggregate amount of $42,034,328, and the Partnership had completed payment of all installments of its capital contributions to 86 of the 101 Operating Partnerships. Series 14 net offering proceeds in the amount of $165,015 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital.
Results of Operations - --------------------- The Partnership incurs an annual partnership management fee payable to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual partnership management fee charged to operations for the fiscal years ended March 31, 1999 and 1998 was $2,299,147 and $2,314,373, respectively. The amount is anticipated to decrease in subsequent fiscal years as the Operating Partnerships begin to pay annual partnership management fees and reporting fees to the Partnership.
In all series, the tax credits provided to the investors from the tax year ended December 31, 1998 was consistent with the prior year.
The Partnership's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested. The Partnership's investments in Operating Partnerships have been made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
(Series 7). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100% for both years.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $888,683 and $809,263, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.20 per year for 1998 and 1997 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 7 was $974,248 and $1,485,326, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 7 reflects a net income (loss) from Operating Partnerships of $73,874 and $(108,083), respectively, adjusted for depreciation which is a non-cash item.
The Operating Partnership New Holland Apartments Limited Partnership (New Holland Apts) received a going concern opinion on the 1997 audit. As a result of the operating partnership incurring continued operational cash flow deficits, a substantial doubt about the property continuing as a going concern was raised. The cash flow deficits were the result of continued poor occupancy at the property. As of the 1998 year-end, the senior mortgage was in default due to nonpayment of interest and principal. As a result of ongoing operating deficits and the first mortgage holder's unwillingness to work with the Investment General Partner, the Investment General Partner has determined that a foreclosure or a deed in lieu of foreclosure transfer is the most likely resolution. Assuming the bank does not change its position, a transfer of ownership of the apartment complex from the Operating Partnership to the first mortgage holder is likely to occur during the third quarter of 1999. If this should occur, Series 7 of the Partnership will face recapture of a portion of the credits previously taken in the year 1999.
(Series 9). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.9% for both years. The series had a total of 55 properties as of March 31, 1998, of which 53 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $3,281,045 and $3,209,445, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.36 per year for 1998 and 1997 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 9 was $9,083,730 and $10,821,707, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 9 reflects a net income from Operating Partnerships of $740,696 and $673,107, respectively, adjusted for depreciation which is a non cash item.
The Operating General Partner and management agent of School Street II Limited Partnership (School Street Apts. II) were removed and replaced during 1997. In the transition, occupancies suffered, and as a result, a leasing agent and new management company were hired by the new Operating General Partner to rent the vacant units. Due to the unresponsiveness of the new management company, another company was hired in October 1998 with the goal to improve occupancy and operations. Occupancy increased from 83% in December 1998 to 92% in March 1999 as a result of the new site manager. In addition, the Operating General Partner initiated negotiations with the first mortgage holder to restructure the debt. As a result of these negotiations, a more favorable refinancing closed on January 4, 1999. The Operating General Partner anticipates that the property will generate positive cash flow next quarter.
The Operating Partnership New Holland Apartments Limited Partnership (New Holland Apts) received a going concern opinion on the 1997 audit. As a result of the operating partnership incurring continued operational cash flow deficits, a substantial doubt about the property continuing as a going concern was raised. The cash flow deficits were the result of continued poor occupancy at the property. As of the 1998 year-end, the senior mortgage was in default due to nonpayment of interest and principal. As a result of ongoing operating deficits and the first mortgage holder's unwillingness to work with the Investment General Partner, the Investment General Partner has determined that a foreclosure or a deed in lieu of foreclosure transfer is the most likely resolution. Assuming the bank does not change its position, a transfer of ownership of the apartment complex from the Operating Partnership to the first mortgage holder is likely to occur during the third quarter of 1999. If this should occur, Series 9 of the Partnership will face recapture of a portion of the credits previously taken in the year 1999.
The Operating Partnership Glennwood Hotel Investors (Glennwood Hotel) continues to operate at an average occupancy of 66%. The area has an oversupply of affordable rental housing and a poor local economy, which has negatively impacted the property. The property's competition includes a number of newer complexes with more space and amenities and, in some cases, lower rents. The management company, an affiliate of the Operating General Partner, has increased its marketing and outreach efforts and continues to offer assistance to the Operating Partnership. The Investment General Partner is working with the Operating General Partner to monitor marketing efforts.
(Series 10). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.7% for both years. The series had a total of 45 properties at March 31, 1999, of which 44 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997 the series, in total, generated $1,441,794 and $1,670,004, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.44 and $1.46, respectively, in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 10 was $7,305,952 and $8,211,459, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 10 reflects net income from Operating Partnerships of $1,162,266 and $1,015,795, respectively, adjusted for depreciation which is a non cash item.
North Connecticut Avenue L.P. (46 North Connecticut Avenue) operated at a deficit in 1998 due to its high operating expenses. The Operating General Partner was unable to secure a loan modification from the loan holder. The continued level of high operating deficits left the Operating General Partner with little alternative but to grant a deed-in-lieu of foreclosure to the loan holder. However, since the deed-in-lieu of foreclosure occurred during January 1999, the Partnership will still be eligible to receive 1998 tax credits. In 1999, Series 10 of the Partnership will face recapture of a portion of credits previously taken due to the transfer of ownership of the apartment
complex from the Operating Partnership to the mortgage holder. Further, the Investment Partnership no longer has an ownership interest in the apartment complex.
(Series 11). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100% for both years. The series had a total of 40 properties at March 31, 1999, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,626,615 and $1,878,254, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.32 per year for 1998 and 1997 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 11 was $8,819,044 and $9,872,942, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 11 reflects net income from Operating Partnerships of $849,812 and $922,140, respectively, adjusted for depreciation which is a non-cash item.
The Investment General Partner received notification during the first quarter of 1999 that an Internal Revenue Service audit of the Operating Partnership Crestwood RRH, Limited (Crestwood Apartments) had been resolved. The audit for the years ended December 31, 1995 and December 31, 1996 had resulted in a "no change" determination and therefore had no impact on the partnership or any tax credits previously generated by the Operating Partnership.
(Series 12). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.9% for both years. The series had a total of 53 properties at March 31, 1999, of which 52 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,927,382 and $2,395,934, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.46 per year for 1998 and 1997 in tax credit per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 12 was $9,338,564 and $10,585,841, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 12 reflects net income from Operating Partnerships of $859,723 and $609,135, respectively, adjusted for depreciation which is a non cash item.
(Series 14). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.7% and 99.6%, respectively. The series had a total of 101 properties at March 31, 1999. Out of the total, 96 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $4,535,451 and $4,856,228, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.42 and $1.44, respectively, in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 14 was $17,295,078 and $19,862,702, respectively. Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method. By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 1998 and 1997 Series 14 reflects a net income from Operating Partnerships of $1,625,463 and $1,278,786, respectively, adjusted for depreciation which is a non-cash item.
The properties owned by Glenhaven Park Partners, A California LP (Glenhaven Estates), Haven Park Partners II, A California LP (Glenhaven Park II), Haven Park Partners III, A California LP (Glenhaven Park III), and Haven Park Parnters IV, A California LP (Glenhaven Park) continue to suffer from high operating expenses and occupancy issues. The management company has said that the rental market is poor with an oversupply of housing. As of March 31, 1999, physical occupancy was 69%, 86%, 86%, and 75%, respectively. The management company will continue to actively conduct outreach to generate new interest in the properties along with working towards reducing the operating expenses. The Investment General Partner is also working with the Operating General Partner to develop a capital needs plan to assess what can be done in hopes of improving occupancy levels.
On April 27, 1998 Woodfield Commons Limited Partnership (Rainbow Commons Apartments) received a 60-Day letter issued by the IRS stating that the Operating Partnership had not met certain IRC Section 42 requirements. The IRS has additionally sent two Notices of Beginning of Administrative Proceedings for the tax years ending 1996 and 1997 dated May 24, 1999 and June 1, 1999, respectively.
The initial 60-Day letter which was issued in relation to the tax years ended December 31, 1993, 1994, and 1995, was the result of an IRS audit of the Operating Partnership's tenant files. The IRS has proposed an adjustment that would disallow the Partnership from utilizing certain past or future credits. On June 23, 1998, the Operating General Partner and its counsel filed a written protest with the IRS and requested additional information from the IRS with regards to the legal and factual basis upon which it has proposed its assessment. As of this date, the IRS has not responded to this request nor has a conference with the Appeals Office been scheduled.
The IRS has not proposed any adjustments for disallowing credits with respect to the tax years 1996 and 1997. Therefore the Operating General Partner has not yet responded to the additional notices, nor have they been able to review the information related to the notices to render an opinion on the ultimate outcome.
The Partnership previously reported that the Operating General Partner and its counsel did not anticipate an outcome that would have a material effect on the financial statements and accordingly, no adjustment has been made in the accompanying financial statements. While the Operating General Partner and its counsel are still of this opinion, it is the opinion of the Investment General Partner that the outcome of the original proceedings coupled with new notices could, in total, be material. While no adjustments have been made to the accompanying financial statements, the auditor's have included a contingency footnote (see Note H).
The first permanent loan of One Northridge, Limited (Northridge Apts) was scheduled to mature on December 10, 1998. The Operating General Partner obtained an extension for the maturity date of the loan to August 31, 1999 and is currently evaluating multiple refinancing options.
Recent Accounting Statements Not Yet Adopted - --------------------------------------------- On March 31, 1997, the Partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. The implementation of these standards has not materially affected the Partnership's financial statements. In June 1997, the Financial Accounting Standards Board issued SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information." In February 1998, the Financial Accounting Standards Board issued SFAS No. 132, "Employees' Disclosures about Pensions and Other Post-retirement Benefits." SFAS No. 130 is effective for years beginning after December 15, 1997. SFAS No. 131 and No. 132 are effective for years beginning after December 31, 1997 and early adoption is encouraged. In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage-backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all the fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135. The Partnership does not have any items of other comprehensive income, does not have other segments of its business or when to report, and does not have any pensions or other post-retirement benefits. Consequently, these pronouncements are expected to have no effect on the Partnership's financial statements.
Year 2000 Compliance - -------------------- Boston Capital and its management have reviewed the potential computer problems that may arise from the century date change known as the "Year 2000"or "Y2K" problem. We are currently in the process of taking the necessary precautions to minimize any disruptions. The majority of Boston Capital's systems are "Y2K" compliant. For all remaining systems we have contacted the vendors to provide us with the necessary upgrades and replacements. Boston Capital is committed to ensuring that the "Y2K" issue will have no impact on our investors.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosure About Market Risk
Not Applicable
Item 8.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part IV, Item 14 of this Annual Report on Form 10-K.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
PART III --------
Item 10.
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of the Board of Boston Capital Corporation. Nominated by President Clinton and confirmed by the United States Senate, Mr. Collins served as the Republican private sector member of the Thrift Depositor Protection Oversight Board. During 1990 and 1991 he served as Chairman of the Board of Directors for the Federal Home Loan Bank of Boston, a 314-member, $12 billion central bank in New England. Mr. Collins is the co-founder and past President of the Coalition for Rural Housing and Development. In the 1980s he served as Chairman of the Massachusetts Housing Policy Commission to evaluate current programs and recommend future housing policy. Additionally, he served as a member of the Board of Directors of the Metropolitan Boston Housing Partnership and on the Mitchell- Danforth Task Force, which helped structure the 1990 federal Tax Credit legislation. Mr. Collins also is a past Member of the Board of Directors of the National Leased Housing Association and has served as a member of the U. S. Conference of Mayors Task Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also was a member of the Fannie Mae Housing Impact Advisory Council and the Republican Housing Opportunity Caucus. He is Chairman of the Business Advisory Council and a member of the National Council of State Housing Agencies Tax Credit Commission. Mr. Collins graduated from Harvard College. President Bush appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. He is a leader in the civic community, serving on the Boards of Youthbuild Boston, the Pine Inn and I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief Executive Officer of Boston Capital Corporation where he is responsible for strategic planning and business development. In addition to his responsibilities at Boston Capital, Mr. Manning is a proactive leader in the industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, to review and reform the Low Income Housing Tax Credit. He was the founding President of the Affordable Housing Tax Credit Coalition, is a member of the board of the National Leased Housing Association and sits on the Advisory Board of the publication Housing and Development Reporter. During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee, on the critical role of the private sector in the success of the Low Income Housing Tax Credit Program. In 1996, President Clinton appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton also appointed Mr. Manning to the President's Export Council, which is the premier committee comprised of major corporate CEOs to advise the President in matters of foreign trade. Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presidential Library in Boston. In the civic community, Mr. Manning is a leader, serving on the Board of Youthbuild Boston. Mr. Manning is a graduate of Boston College.
Richard J. DeAgazio, age 54, is Executive Vice President of Boston Capital Partners, Inc., and is President of Boston Capital Services, Inc., Boston Capital's NASD registered broker/dealer. Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD), was the Vice Chairman of the NASD's District 11 Committee, and served as Chairman of the NASD's Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee. He presently serves as a member of the National Adjudicatory Council on NASD. He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association. Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock Exchange since 1967. He is a leader in the community and serves on the Business Leaders Council of the Boston Symphony, Board of Directors for Junior Achievement of Massachusetts, the Board of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice President and a principal of Boston Capital Partners, Inc., and is responsible for, among other areas, overseeing the investment portfolio of funds sponsored by Boston Capital and the acquisition of real estate investments on behalf of such funds. Mr. Collins has had extensive experience in real estate development activities, having founded and directed the American Development Group, a comprehensive real estate development firm, and has also had extensive experience in the area of acquiring real estate investments. He is on the Board of Directors of the National Multi-Housing Council and a member of the Massachusetts Housing Finance Agency Multi-Family Advisory Committee. He graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of Boston Capital Partners, Inc., and serves as Chairman of the firm's Operating Committee. He has fifteen years of experience in the accounting and finance field and has supervised the financial aspects of Boston Capital's project development and property management affiliates. Prior to joining Boston Capital in 1987, he was Assistant Director of Accounting and Financial Reporting for the Yankee Companies, Inc., and was an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional certified public accounting firm based in Boston. He graduated with honors from Norwich University.
(f) Involvement in certain legal proceedings. (g)
None.
(g) Promoters and control persons.
None.
Item 11.
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Partnership has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, the Partnership has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 1999 fiscal year:
1. An annual partnership management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid or payable by the Operating Partnerships, has been accrued as payable to Boston Capital Asset Management Limited Partnership. The annual partnership management fee accrued during the year ended March 31, 1999 was $2,509,932. Accrued fees are payable without interest as sufficient funds become available.
2. The Partnership has reimbursed, or accrued to, an affiliate of the General Partner a total of $57,587 for amounts charged to operations during the year ended March 31, 1999. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1999, 18,679,738 BACs had been issued. No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the Series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Partnership. The Partnership's response to Item 12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Partnership the operation of which may at a subsequent date result in a change in control of the Partnership. There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control.
Item 13.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Partnership has no officers or directors. However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Partnership. Additionally, the General Partner will receive distributions from the Partnership 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 32 to 33 of the Prospectus under the caption "Compensation and Fees", which is incorporated herein by reference. See Note B of Notes to Financial Statements in Item 14
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1999 and 1998
Statement of Operations, Years ended March 31, 1999, 1998, and 1997.
Statements of Changes in Partners' Capital, Years ended March 31, 1999, 1998 and 1997.
Statements of Cash Flows, Years ended March 31, 1999, 1998 and 1997.
Notes to Financial Statements, March 31, 1999, 1998 and 1997.
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes hereto.
(a) 3. Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund II Limited Partnership. (Incorporated by reference from Exhibit 3 to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.)
Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund II Limited Partnership. (Incorporated by reference from Exhibit 4 to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.)
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.)
Exhibit No. 28 - Additional exhibits
(b) Reports on Form 8-K -------------------
(c) Exhibits -------- The list of exhibits required by Item 601 of Regulation S-K is included in Item (a)(3).
(d) Financial Statement Schedules ----------------------------- See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Limited Partnerships. ---------------------------------------------------
SIGNATURES ---------- Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Partnership has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund II Limited Partnership
By: Boston Capital Associates II Limited Partnership, General Partner
By: Boston Capital Associates
Date: June 30, 1999 By: /s/ John P. Manning ------------------- John P. Manning
By: /s/ Herbert F. Collins ---------------------- Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Partnership and in the capacities and on the dates indicated:
DATE: June 30, 1999 SIGNATURE: TITLE: General Partner and /s/ John P. Manning Principal Executive ------------------- Officer, Principal John P. Manning Financial Officer and
Principal Accounting Officer of Boston Capital Associates
General Partner and /s/ Herbert F. Collins Principal Executive --------------------- Officer, Principal Herbert F. Collins Financial Officer and
Principal Accounting Officer of Boston Capital Associates
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP - SERIES 7, 9 THROUGH 12, AND 14
MARCH 31, 1999 AND 1998
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
PAGE
INDEPENDENT AUDITORS' REPORT F-
FINANCIAL STATEMENTS
BALANCE SHEETS F-
STATEMENTS OF OPERATIONS F-
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-
STATEMENTS OF CASH FLOWS F-
NOTES TO FINANCIAL STATEMENTS F-
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
Reznick Fedder & Silverman Certified Public Accountants * A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319 (301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners Boston Capital Tax Credit Fund II Limited Partnership
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund II Limited Partnership, including Boston Capital Tax Credit Fund II Limited Partnership - Series 7, Series 9 through 12, and Series 14, in total and for each series as of March 31, 1999 and 1998 and the related statements of operations, changes in partners' capital and cash flows, for the total partnership and for each of the series, for each of the three years in the period ended March 31, 1999. 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 did not audit the financial statements of certain operating limited partnerships in which Boston Capital Tax Credit Fund II Limited Partnership owns a limited partnership interest. I n vestments in such partnerships comprise the following percentages of the assets as of March 31, 1999 and 1998 for Series 7, Series 9 through 12, and Series 14, and the limited partnership loss for each of the three years in the period ended March 31, 1999 for Series 7, Series 9 through 12, and Series 14: Total, 34% and 31% of the assets and 24%, 22% and 11% of the partnership loss; Series 7, 27% and 4% of the assets and 13%, 7% and 5% of the partnership loss; Series 9, 35% and 33% of the assets and 29%, 27% and 26% of the partnership loss; Series 10, 40% and 36% of the assets and 20%, 7% and 4% of the partnership loss; Series 11, 38% and 43% of the assets and 32%, 34% and 10% of the partnership loss; Series 12, 24% and 30% of the assets and 24%, 32% and 24% of the partnership loss; and Series 14, 35% and 25% of the assets and 19%, 18% and 15% of the partnership loss. The financial statements of these partnerships were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to information relating to these 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 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 of each series. 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 the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund II Limited Partnership, including Boston Capital Tax Credit Fund II Limited Partnership - Series 7, Series 9 through 12, and Series 14, in total and for each series as of March 31, 1999 and 1998 and the results of its operations and its cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 1999, in conformity with generally accepted accounting principles.
We and other auditors have also audited the information included in the related financial statement schedule listed in Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund II Limited Partnership Series 7, Series 9 through 12, and Series 14 as of March 31, 1999. In our opinion, the schedule presents fairly, the information required to be set forth therein, in conformity with generally accepted accounting principles.
Bethesda, Maryland June 29, 1999
MCGLADREY & PULLEN, LLP Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Deer Hill 11 Limited Partnership Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Deer Hill 11 Limited Partnership as of December 31, 1998 and 1997, and the related statements of income, 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 the standards applicable to financial audits contained in 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 Deer Hill II Limited Partnership as of December 31, 1998 and 1997, 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 21, 1999 on our consideration of Forest Hill Limited Partnership's internal control over financial reporting on our tests of its compliance with certain provisions of laws, regulations contracts and grants.
Greensboro, North Carolina January 21, 1999
I
LAMORENA & CHANG CERTIFIED PUBLIC ACCOUNTANTS
22 BATTERY STREET, SUITE 412 TELEPHONE: 415.781.8441 SAN FRANCISCO, CALIFORNIA 94111 FACSIMILE: 415.781.8442
INDEPENDENT AUDITORS'REPORT
To the Partners King City Elderly Housing Associates (a California Limited Partnership) Salinas, California
We have audited the accompanying balance sheets of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1998 and 1997, 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 audit.
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 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 King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1998 and 1997, and the results of its operations, changes in partner's 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 basic financial statements taken as a whole. The supplemental information on pages and 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.
January 21, 1999
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A. CERTIFIED PUBLIC ACCOUNTANTS SUITE 1450 2601 SOUTH BAYSHORE DRIVE MIAMI, FLORIDA 33133-91393
TELEPHONE (305) 858-6211 FACSIMILE (305) 858-9696
LAWRENCE W. GETTIS, C.P.A. STEVEN M. HABIB, C.P.A. MICHAEL A. SILVER, C.P.A. ROGER J. TERRONE, C.P.A. CURT A. ROSNER, C.P.A.
To the Partners Metropole Apartments Associates, Ltd. Boston, Massachusetts INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a Florida Limited Partnership), as of December 31, 1998 and 1997, and the related Statements of Operations, Partners' Deficit and Cash Flows for the years then ended. These financial statements are the responsibility of the Metropole Apartments Associates, Ltd.' 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. 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 Metropole Apartments Associates, Ltd. as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 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.
January 18, 1999
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants * Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of Rosenberg Building Associates Limited Partnership Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, 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. Those standards require that we 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. 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 Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital, 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 additional information included in this report (shown on pages 18 and 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.
March 10, 1999
McGLADREY&PULLEN, LLP Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Westwood Square Limited Partnership Greensboro, North Carolina
We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1998 and 1997, and the related statements of income, 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 the standards applicable to financial audits contained in 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 Westwood Square Limited Partnership as of December 31, 1998 and 1997, 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 21, 1999 on our consideration of Westwood Square Limited Partnership's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Greensboro, North Carolina January 21, 1999
I
McGLADREY & PULLEN, LLP Certified Public Accountants and ConsultantsINDEPENDENT AUDITOR'S REPORTTo the PartnersDeer Hill II Limited Partnership Greensboro, North Carolina
We have audited the accompanying balance sheets of Deer Hill II Limited Partnership as of December 31, 1997 and 1996, and the related statements of income, 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 the standards applicable to financial audits contained in 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 Deer Hill II Limited Partnership as of December 31, 1997 and 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 20, 1998 on our consideration of Deer Hill II Limited Partnership's internal control and a report dated January 20, 1998 on its compliance with laws and regulations.
Greensboro, North Carolina January 20, 1998
LAMORENA & CHANG CERTIFIED PUBLIC ACCOUNTANTS
22 BATTERY STREET, SUITE 412 TELEPHONE: 415.781.8441 SAN FRANCISCO, CALIFORNIA 94111 FACSIMILE: 415.781.8442
INDEPENDENT AUDITORS'REPORT
To the Partners King City Elderly Housing Associates (a California Limited Partnership) Salinas, California
We have audited the accompanying balance sheet of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1997 and 1996, 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 statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides 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 King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1997 and 1996, and the results of its operations changes in partner's 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 supplemental information on pages and 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.
January 25, 1998
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A.CERTIFIED PUBLIC ACCOUNTANTS SUITE 1450 2601 SOUTH BAYSHORE DRIVE MIAMI, FLORIDA 33133-9893 TELLEPHONE (305) 858-6211 FACSIMILE (305) 858-9696
BURT R. BLOOM, C.P.A., C.V.A. LAWRENCE W. GETTIS, C.P.A. STEVEN M. HABIB, C.P.A. MICHAEL A. SILVER, C.P.A. ROGER J. TERRONE, C.P.A. CURT A. ROSNER, C.P.A.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the PartnersMetropole Apartments Associates, Ltd.Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT We have audited the accompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a Florida Limited Partnership), as of December 31, 1997 and 1996, and the related Statements of Operations, Partners' Deficit and Cash Flows for the years then ended. These financial statements are the responsibility of the Metropole Apartments Associates, Ltd.'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. 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 Metropole Apartments Associates, Ltd. as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 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.
January 22, 1998
Dulin, Ward & DeWald, Inc.Certified Public Accountants
Michael R. DeWald Robert F. Meyer James R. Doty J. Nelson Coats Michael J. O'Brien Jeff A. Taner Mark S.WesterhausenJames E. Hindle, Jr. (1949 - 1994) Offices Located in Fort Wayne and Marion, Indiana
INDEPENDENT AUDITOR'S REPORT
To the Partners of Oakview Limited (A Limited Partnership) Corunna, Indiana
We have audited the accompanying balance sheets of Oakview Limited (A Limited Partnership) as of December 31, 1997 and 1996, 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 and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we 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. 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 Oakview Limited (A Limited Partnership) as of December 31, 1997 and 1996, 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 forming an opinion on the basic financial statements taken as a whole. The accompanying expense analysis 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 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 a report dated January 22, 1998 on our consideration of Oakview Limited's internal control structure and a report dated January 22, 1998 on its compliance with laws and regulations.
Fort Wayne, Indiana
Our mission is to assist businesses, organizations and individuals in measuring, controlling and managing their financial success.
1610 Spy Run Avenue, Fort Wayne, Indiana 46805 219-423-2414 / 800-232-8913 219-423-2419 (Fax) McGLADREY & PULLEN, LLPCertified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORTTo the Partners Westwood Square Limited Partnership Greensboro, North Carolina
We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1997 and 1996, and the related statements of income, 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 the standards applicable to financial audits contained in 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 Westwood Square Limited Partnership as of December 31, 1997 and 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 20, 1998 on our consideration of Westwood Square Limited Partnership's internal control and a report dated January 20, 1998 on its compliance with laws and regulations.
Greensboro, North Carolina January 20, 1998
Dulin, Ward & DeWald, Inc. CERTIFIED PUBLIC ACCOUNTANTS BUSINESS CONSULTANTS
Offices Located in Fort Wayne and Marion, Indiana
INDEPENDENT AUDITOR'S REPORT
To the Partners of Brooklyn Limited (An Indiana Limited Partnership) Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1998 and 1997, 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 the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and the US. Department of Agriculture, Farmers Home Administration "AUCE Program." Those standards require that we 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. 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 respect, the financial position of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1998 and 1997, 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 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 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 28, 1999 on our consideration of Brooklyn Limited's internal control structure and a report dated January 28, 1999 on its compliance with laws and regulations.
Fort Wayne, Indiana January 28, 1999 John G. Burk and Associates CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
56 COURT STREET P.O. BOX 705 KEENE, NEW HAMPSHIRE 03431. (603) 357-4882
January 20, 1999
To the Partners of Beaver Brook Housing Associates Limited Partnership
Independent Auditors' Report on Compliance
We have audited the financial statements of Beaver Brook Housing Associates (a Limited Partnership), (Case No. 34-06-020424443) as of and for the year ended December 31, 1998, and have issued our report thereon dated January 20, 1999.
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.
Compliance with laws, regulations, contracts, and the loan agreement applicable to Beaver Brook Housing Associates (a Limited Partnership), is the responsibility of Beaver Brook Housing Associates' management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of Beaver Brook Housing Associates' (a Limited Partnership) compliance with certain provisions of laws, regulations, contracts, and the loan agreement. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion.
We also considered those compliance matters regarding types of services allowed or unallowed, eligibility, matching, level of effort and earmarking, reporting and special tests and provisions comprehended in Attachment 2 of U.S. Department of Agriculture, Farmers Home Administration Audit Program issued December 1989.
The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards.
However, the results of our tests disclosed certain immaterial instances of non-compliance that are described in accompanying Schedule of Findings and Questioned Costs.
This report is intended solely for the information and use of management and Rural Development and is not intended to be and should not be used by anyone other than these specified parties. Certified Public Accountants
INDEPENDENT AUDITORS'REPORT ON COMPLIANCE
To the Partners Corinth Housing Redevelopment Company
We have audited the financial statements of Corinth Housing Redevelopment Company as of and for the year ended December 31, 1998, and have issued our report thereon dated February 4, 1999. 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.
Compliance with laws, regulations, contracts, and grants applicable to Corinth Housing Redevelopment Company is the responsibility of the Partnership's management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the Partnership's compliance with certain provisions of laws, regulations, contracts, and grants in accordance with suggestions contained in the U.S. Department of Agriculture Rural Development Audit Program dated December 1989, and the Compliance Supplement for Rural Rental Housing Loans and Rural Rental Assistance Payments. However, the objective of our audit was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards.
This report is intended for the information of Management and the Rural Development Agency and should not be used for any other purpose. This restriction is not intended to limit distribution of this report, which is a matter of public record.
February 4, 1999 Albany, New York
Flegal & Tibbitts Certified Public Accountants Mary K. Flegal, CPA Jana L. Tibbitts, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments
We have audited the accompanying balance sheet of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments (a partnership) Project #26 382856293 as of December 31, 1998 and 1997 and related statement 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.
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 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 audit provides 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 Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments Project #26-078- 382856293 as of December 31, 1998 and 1997, and its operations, cash flows and its changes in partners' equity 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 22, 1999, on our consideration of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments Project #26-078-382856293 internal control structure and a report dated February 22, 1999, on its compliance with laws and regulations.
FLEGAL & TIBBITTS
February 22, 1999
The Waters Edge, Second Floor 5930 Lovers Lane 227 Hubbard Street Portage, Michigan 49002 Allegan, Michigan 49010 Phone (616) 383-1900
SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS 1230 AIRPORT ROAD P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078 INDEPENDENT AUDITORS' REPORT
To the Partners Fountain Green Apartments, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., FmHA Project No: 09-46-592948719, as of December 31, 1998 and 1997, 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 Fountain Green Apartments, Ltd., as of December 31, 1998 and 1997, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida February 11, 1999 BOWMAN & COMPANY, LLP
Certified Public Accountants
HERBERT H. BOWMAN TELEPHONE: TAYLOR M. WELZ
INDEPENDENT AUDITORS' REPORT
To the Partners Glennwood Hotel Investors (A California Limited Partnership) Sacramento, California
We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 3l, 1998 and 1997, 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. Those standards require that we 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. 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 Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity generally accepted accounting principles.
Stockton, California January 18, 1999 Bernard Robinson & Company, L.L.P Certified Public Accountants since 1947 MAILING ADDRESS 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608
Independent Auditor's Report
To the Partners Grifton Housing Associates Charlotte, North Carolina
We have audited the accompanying balance sheet of Grifton Housing Associates (a North Carolina limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, 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. The financial statements of Grifton Housing Associates as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in 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 audit provides 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 Grifton Housing Associates as of December 31, 1998, and the results of its operations 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary 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 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.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999
INDEPENDENT AUDITORS' REPORT
To the Partners Greenwich Housing Redevelopment Company
We have audited the accompanying balance sheets of Greenwich Housing Redevelopment Company as of December 31, 1998 and 1997, 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 Greenwich Housing Redevelopment Company as of December 31, 1998 and 1997, 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 4, 1999, on our consideration of Greenwich Housing Redevelopment Company's internal control structure and it's compliance with laws and regulations.
February 4, 1999 Albany, New York
LOUIS YOUNG C.P.A. INC.
LOUIS YOUNG. CPA JASON LIAO. 291-1668 FAX (559) 291-1692 INDEPENDENT AUDITOR'S REPORT
The Partners Hacienda Villa Associates Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. Thes6 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. 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 audit provides 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 Hacienda Villa Associates (a Limited Partnership) as of December 31, 1998, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 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 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.
Louis Young CPA Inc. Fresno, California
February 23,1999
Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A.
INDEPENDENT AUDITORS' REPORT
February 12, 1999
To the Partners Haines City Apartments,.Ltd.
We have audited the accompanying basic financial statements of Haines City Apartments, Ltd., as of and for the years ended December 31, 1998 and 1997, as listed in the table of contents. These basic 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 applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we 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 the 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 Haines City Apartments, Ltd. as of December 31, 1998 and 1997, 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 report dated February 12, 1999 on our consideration of Haines City Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 9 to 15 is presented for the purpose6 of additional analysis and is 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 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. The information on page 15, which is of a nonaccounting nature, has not been subjected to auditing procedures applied in the audits of the basic financial statements, and we express no opinion on it.
McGEE & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS Independent Auditors' Report
To the Partners Kristin Park Apartments, Ltd. and Rural Development
We have audited the accompanying balance sheets of Kristin Park Apartments, Ltd. (a limited partnership) as of December 31, 1998 and 1997, 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 Kristin Park Apartments, Ltd. as of December 31, 1998 and 1997, and the results of its operations and the changes in partners' equity 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 January 19, 1999, on our consideration of Kristin Park Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Kristin Park 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 stated in all material respects in relation to the financial statements taken as a whole.
January 19, 1999 Farmington, New Mexico BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE 13ASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AVD1TXNG STANDARDS
To the Partners Maywood Associates, Ltd. (A California Limited Partnership) Cheyenne, WY
I have audited the financial statements of Maywood Associates, Ltd. (A California Limited Partnership) as of and for the year ended December 31, 1998, and have issued my report thereon dated March 26, 1999.
I conducted my 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 I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to Maywood Associates, Ltd. (A California Limited Partnership) is the responsibility of Partnership's management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, I performed tests of Maywood Associates, Ltd. I s compliance with certain provisions of laws, regulations, and contracts. However, the objective of my audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, I do not express such an opinion.
I also considered those compliance matters set forth in Attachment 2 of U. S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989.
The results of my tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards.
This report is intended for the information of the Partnership's management, others within the organization, and USDA Rural Development. However, this report is a matter of public record and its distribution is not limited.
Stockton, California March 26, 1999
P.O. BOX 4632 STOCKTON, CA 95204 . TELEPHONE (209) 933- FAX (209) 933-9113
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadow Run Limited Partnership
We have audited the accompanying balance sheets of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners Pedcor Investments 1989 VIII, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1989 VIII, L.P. as of December 31, 1998 and 1997, and the related statements of 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. Those standards require that we 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. 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 Pedcor Investments 1989 VIII, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.
January 22, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Quail Hollow of Warsaw Limited Partnership (A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Quail Hollow of Warsaw Limited Partnership (a North Carolina Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners, equity (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. The 1997 financial statements were audited by other auditors whose report dated February 4, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Quail Hollow of Warsaw Limited Partnership as of December 31, 1998, and the results of its operations 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 29, 1999, on our consideration of the Partnership's internal controls and a report dated January 29, 1999, 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.
January 29, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants
698 Pro Med Lane Carmel, Indiana 46032 317-8485700 Fax: 317-815-6140 Schonwit & Associates Certified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626 (714) 437-1025 FAX (714) 957-6781
INDEPENDENT AUDITOR'S REPORT
To the Partners Raitt Street Apartments, A California Limited Partnership
I have audited the accompanying balance sheet of Raitt Street Apartments, A California Limited Partnership, as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. I have previously audited and reported on the financial statements for the preceding year and issued an unqualified report dated January 27, 1998.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides 3 reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1998, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
February 5, 1999
BAKER NEWMAN & NOYES LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INEPENDENT AUDITORS' REPORT
To the Partners South Paris Heights Associates (A Limited Partnership)
We have audited the accompanying balance sheets of South Paris Heights Associates (A Limited Partnership) as of December 31, 1998 and 1997, 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 South Paris Heights Associates (A Limited Partnership) at December 31, 1998 and 1997, 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 January 29, 1999 on our consideration of the internal control over financial reporting of South Paris Heights Associates (A Limited Partnership) and our tests of its compliance with certain provisions of laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for the use of the U.S. Department of Agriculture Rural Development and is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form RD 19308 and Column 2 (Actual), Parts I, II and III of the Multiple Family Housing Project Budget, Form RD 1930-7, have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have not audited Parts IV, V and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and III of Form RD 1930-7, and, accordingly, express no opinion thereon.
January 29, 1999 Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS 10714 MANCHESTER ROAD SUITE 202 KIRKWOOD, MISSOURI 63122 (314) 822-6575
INDEPENDENT AUDITORS' REPORT
To the Partners Springfield Housing Associates, L.P. Springfield, Illinois
We have audited the accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1998 and the related statements of operations, partners' capital, 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. The financial statements of Springfield Housing Associates, L.P. (a limited partnership) as of December 31, 1997, were audited by another auditor whose report dated February 13, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides 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 Springfield Housing Associates, L.P., ( a limited partnership) as of December 3 1, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Mueller, Walla & Albertson, P.C. January 22, 1999 Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners Tappahannock Greens Limited Partnership
I have audited the Supplemental balance sheets of Tappahannock Greens Limited Partnership as of December 31, 1998 and 1997, 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 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 my 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 Tappahannock Greens Limited Partnership as of December 31, 1998 and 1997, 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.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental information on pages 15 to 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 audit procedures applied in the audits 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, 1999 on my consideration of Tappahannock Greens Limited Partnership's internal control and a report dated February 19, 1999 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. February 19, 1999
SMITH, MILES & COMPANY, L.C. PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORT
To the Partners Village Oaks Apartments II, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., FmHA Project No: 09-061-0592884971, as of December 31, 1998 and 1997, 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 I 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 Village Oaks Apartments II, Ltd., as of December 31, 1998 and 1997, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida February 11, 1999
McGLADREY& PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAL AUDITING STANDARDS
To the Partners Westwood Square Limited Partnership Winston Salem, North Carolina
We have audited the financial statements of Westwood Square Limited Partnership (the "Partnership") as of and for the year ended December 31, 1998 and have issued our report thereon dated January 21, 1999. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance
As part of obtaining reasonable assurance about whether the Partnership's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances, of noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Partnership's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. 'Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operations that we consider to be material weaknesses.
This report is intended for the information and use of management, Federal awarding agencies and pass-though entities and is not to be used by anyone other than these specified parties.
Greenboro, North Carolina January 21, 1999 FECTEAU & COMPANY, P.C. Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners Wilmington Housing Redevelopment Company
We have audited the accompanying balance sheet of Wilmington Housing Redevelopment Company as of December 31, 1998 and the related statements of operations, 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 the 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 audit provides 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 Wilmington Housing Redevelopment Company as of December 31, 1998 and the results of its operations 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 reports dated February 4, 1999, on our consideration of Wilmington Housing Redevelopment Company's internal control structure and its compliance with laws and regulations.
The financial statements of Wilmington Housing Redevelopment Company as of December 31, 1997 were audited by other accountants whose report dated January 21, 1998 expressed an unqualified opinion on those statements.
February 4, 1999 Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438~4000 FAX (518) 438-7444
CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION 56 COURT STREET - P.0 BOX 705 - KEENE, NEW HAMPSHIRE 03431 - (603) 357-4882
To the Partners of Beaver Brook Housing Associates Limited Partnership
Independent Auditors' Report
We have audited the accompanying balance sheets of Beaver Brook Housing Associates (a Limited Partnership) (Case No. 34-06-020424443) as of December 31, 1997 and 1996 and the related statements of income and expense, 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 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 Beaver Brook Housing Associates (a Limited Partnership) at December 31, 1997 and 1996 and the results of its operations, its partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted principles.
In accordance with Government Auditing Standards, we have also issued our reports dated January 21, 1998 on our consideration of Beaver Brook Housing Associates' internal control structure and on its compliance with laws and regulations.
January 21, 1998
Dulin, Ward & DeWald, Inc.Certified Public Accountants
Michael R. DeWald Robert F. Meyer James R. Doty J. Nelson Coats Michael J. O'Brien Jeff A. Taner Mark S. WesterhausenJames E. Hindle, Jr. (1949 - 1994)
Offices Located in Fort Wayne and Marion, Indiana INDEPENDENT AUDITOR'S REPORT To the Partners ofBrooklyn Limited (An Indiana Limited Partnership) Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1997 and 1996, 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, and the U.S. Department of agriculture, Farmers Home Administration "Audit Program." Those standards require that we 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. 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 Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1997 and 1996, 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 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 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.
In accordance with Government Auditing Standards we have also issued a report dated January 22, 1998 on our consideration of Brooklyn Limited's internal control structure and a report dated January 22, 1998 on its compliance with laws and regulations.
Fort Wayne, Indiana January 22, 1998
Our mission is to assist businesses, organizations and individuals in measuring, controlling and managing their financial success.
1610 Spy Run Avenue, Fort Wayne, Indiana 46805
219-423-2414 / 800-232-8913 219-423-2419 (Fax)
INDEPENDENT AUDITORS'REPORT
To the Partners Corinth Housing Redevelopment Company
We have audited the accompanying balance sheet of Corinth Housing Redevelopment Company as of December 31, 1997, and the related statements of operations, partners' equity, and cash flows for the year then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the 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 audit provides 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 Corinth Housing Redevelopment Company as of December 31, 1997, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The 1996 financial statements of Corinth Housing Redevelopment Company were audited by other accountants whose report dated January 21, 1997, stated that they were not aware of any material modifications that should be made to those statements in order for them to be in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated February 2, 1998, on our consideration of the Program's internal control structure and it's compliance with laws and regulations.
February 2, 1998 Albany, New York
FECTEAU & COMPANY, P.C.
SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANIS 1230 AIRPORT ROAD P.O. BOX 1177PANAMA CITY, FLORIDA 32402Phone: (850) 785-0261Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORTTo the PartnersFountain Green Apartments, Ltd.Panama City, FloridaWe have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., FmHA Project No: 09-46-592948719, as of December 31, 1997 and 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 audits.
We conducted our audits in accordance with generally accepted auditing standards and Government 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 Fountain Green Apartments, Ltd., as of December 31, 1997 and 1996, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
OSCAR N. HARRIS & ASSOCIATES, P.A. Certified Public Accountants
OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A. KENNETH E. MILTON, C.P.A. CONNIE P. STANCIL, C.P.A.
MEMBERS: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOLINTANTS NORTH CAROLINA ASSOCIATION OFCERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of Grifton Housing Associates, A NC Limited Partnership Charlotte, North Carolina
We have audited the balance sheets of Grifton Housing Associates, A NC Limited Partnership as of December 31, 1997 and 1996, 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 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 Grifton Housing Associates, A NC Limited Partnership as of December 31, 1997 and 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 February 6, 1998 on our consideration of Grifton Housing Associates, a NC Limited Partnership's internal control structure and a report dated February 6, 1998 on its compliance with laws and regulations.
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335 (910) 892-1021 FAX (910) 892-6084
Grifton Housing Associates, A NC Limited Partnership Page Two
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages 15, 16, 17, and 18 are presented for purposes 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 basic financial statements taken as a whole.
Oscar N. Harris & Associates, P.A. Certified Public Accountants
February 6, 1998 LOUIS YOUNG C.P.A. INC. 2630 E. ASHLAN - FRESNO, CALIFORNIA 93726 (209) 224-5141
INDEPENDENT AUDITORIS REPORT
The Partners Hacienda Villa Associates Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 1997, and the related statements of operations, partners' capital 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. 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 audit provides 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 Hacienda Villa Associates (a Limited Partnership) as of December 31, 1997, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 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 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.
Louis Young CPA Inc. Fresno, California
February 26, 1998 DUGGAN, JOINER, BIRKENMEYER, STAFFORD & FURMAN, RA. Certified Public Accountants
MAICOIM R. DUGGAN, JR. C.P.A. C.D. JOINER, JR., C.P.A., Retired WAYNE J.BIRKENMYER, C.P.A. FRANK E.STAFFORD, JR C.P.A. EDWARD J.FURMAN, C.P.A. O.H. DANIELS, JR, C.P.A. R.PHILLIP BLEDSOE, C.P.A. CAROLE A.WRIGHT, C.P.A. ANNETTE C. FURMAN, C.P.A. DAVID A.YOUNG, JR., C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
February 6, 1998
To the Partners Haines City Apartments, Ltd.
We have audited the accompanying basic financial statements of Haines City Apartments, Ltd., as of and for the year ended December 31, 1997 and 1996, as listed in the table of contents. These basic 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 applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we 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 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 Haines City Apartments, Ltd. as of December 31, 1997 and 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 February 6, 1998 on our consideration of Haines City Apartments, Ltd's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 9 to 15 is presented for the purposes of additional analysis and is 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 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. The information on page 15, which is of a nonaccounting nature, has not been subjected to auditing procedures applied in the audits of the basic financial statements, and we express no opinion on it.
BOWMAN & COMPANY, LLP Certified Public Accountants
Herbert H.Bowman, Bruce G. Bentz, Taylor M.Weltz, Kathleen D.O'Brien, Gary R.Daniel Daniel E. Phelps
Telephone: 209/473-1040 LODI: 209/333-0540 Fax: 209/ 473-9771 2431 West March Lane, Suite 100 Stockton California, 95207-6598
INDEPENDENT AUDITORS' REPORT
To the Partners Glennwood Hotel Investors (A California Limited Partnership) Sacramento, Califomia
We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1997 and 1996, 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. Those standards require that we 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. 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 Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Stockton, Califomia January 14, 1998 McGEE & Associates, P.C. CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Kristin Park Apartments, Ltd. and Rural Development
We have audited the accompanying balance sheets of Kristin Park Apartments, Ltd. (a limited partnership) as of December 31, 1997 and 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 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 Kristin Park Apartments, Ltd. as of December 31, 1997 and 1996, and the results of its operations and the changes in partners' equity 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 January 16, 1998, on our consideration of Kristin Park Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Kristin Park 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 stated in all material respects in relation to the financial statements taken as a whole.
January 16, 1998 Farmington, New Mexico BURKE & REA
CERTIFIED PUBLIC ACCOUNTANTS
EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners Maywood Associates, Ltd. (A California Limited Partnership) Cheyenne, WY
We have audited the accompanying balance sheets of Maywood Associates, Ltd. (A California Limited Partnership), USA Rural Development Case No. 04-052- 680184284, as of December, 31, 1997 and 1996, and the related statements of income, partners' equity, and cash flows for the years the 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 Maywood Associates, Ltd. (A California Limited Partnership) as of December 31, 1997 and 1996, and the results of its operation, and its cash flows for then years ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated March 13, 1998 on our consideration of Maywood Associates, Ltd.'s internal control structure and a report dated March 13, 1998 on its compliance with laws and regulations. Stockton, California. March 13, 1998
- - 1 - P.O. BOX 4632,STOCKTON, CA 95204 TELEPHONE 209/933-9113 FAX 2091933-9115 FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadow Run Limited Partnership
We have audited the accompanying balance sheets of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA February 28, 1998 Dauby O'Connor & Zaleski
A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners Pedcor Investments 1989-VIII, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1989- VIII, L.P. as of December 31, 1997 and 1996, and the related statements of 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. Those standards require that we 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. 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 Pedcor Investments 1989- VIII, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana January 23, 1998
Dauby O'Connor & Zaleski, LLC Certified Public Accountants
698 Pro Med Lane, Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of Quail Hollow of Warsaw Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Quail Hollow of Warsaw Limited Partnership as of December 31, 1997 and 1996 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 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 Quail Hollow of Warsaw Limited Partnership as of December 31, 1997 and 1996 and the results of its operations, changes in partners' capital 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 basic financial statements taken as a whole. The supplemental information on pages 12 through 16 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.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1998 on our consideration of Quail Hollow of Warsaw Limited Partnership's internal control and a report dated February 4, 1998 on its compliance with laws and regulations applicable to the financial statements.
Raleigh, North Carolina February 4, 1998 CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS Schonwit & Associates Certified Public Accountants 575 Anton Boulevard, Suite 500, Costa Mesa, California 92626 (714) 437-1025 FAX (714) 957-1678 INDEPENDENT AUDITOR'S REPORT To the PartnersRaitt Street Apartments, A California Limited Partnership
I have audited the accompanying balance sheet of Raitt Street Apartments, A California Limited Partnership, as of December 31, 1997, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. I have previously audited and reported on the financial statements for the preceding year.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1997, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
January 27, 1998 Suby, Von Haden& Associates, S.C.CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners School Street Limited Partnership II Madison, Wisconsin
We have audited the accompanying balance sheets of School Street Limited Partnership II as of December 31, 1997 and 1996, and the related statements of 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. 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 School Street Limited Partnership II as of December 31, 1997 and 1996, 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.
The accompanying financial statements have been prepared assuming that the partnership will continue as a going concern. As discussed in Note I to the financial statements, the partnership has incurred recurring operating losses and anticipates that this condition will continue. This factor raises substantial doubt about the partnership's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note I. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
January 22, 1998
1221 John Q. Hammons Dr. - P.O. Box 44966 - Madison, WI 53744-4966 - (608) 831-8181 - FAX (608) 831-4243MADISON - MILWAUKEE - ROCKFORD BAKER NEWMAN & NOYESCERTIFIED PUBLIC ACCOUNTANTSINDEPENDENT AUDITORS' REPORT
To the PartnersSouth Paris Heights Associates(A Maine Limited Partnership)We have audited the accompanying balance sheets of South Paris Heights Associates (A Maine Limited Partnership) as of December 31, 1997 and 1996, and the related statements of operations and changes in accumulated 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 South Paris Heights Associates (A Maine Limited Partnership) at December 31, 1997 and 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 our reports dated February 12, 1998 on our consideration of the internal control over financial reporting of South Paris Heights Associates (A Maine Limited Partnership) and our tests of its compliance with certain provisions of laws and regulations.
To the Partners South Paris Heights Associates (A Maine Limited Partnership) Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for the use of the U.S. Department of Agriculture - Rural Housing and Community Development and is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form FmHA 1930-8 and Column 2 (Actual), Parts I, II and III of the Multiple Family Housing Project Budget, Form FmHA 1930-7, have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have not audited Parts IV, V, and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and III of Form FmHA 1930-7, and, accordingly, express no opinion thereon.
February 12, 1998
Baker Newman & Noyes Limited Liability Company
BENDER, WELTMAN THOMAS & CO CERTIFIED PUBLIC ACCOUNTANTS 1067 NORTH MASON ROAD, SUITE 7 ST. LOUIS, MISSOURI 63141-6341 (314) 576-1350 FAX (314) 576-9650
William J. Bender Joel W. Weltman James E. Thomas Gerald D. Magruder
INDEPENDENT AUDITORS' REPORT
To The Partners Springfield Housing Associates, L.P. Springfield, Illinois
We have audited the accompanying balance sheets of Springfield Housing Associates, L.P., a (limited partnership), as of December 31, 1997 and 1996, 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. These standards require that we 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 statements 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 Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
BENDER, WELTMAN, THOMAS & CO., CPA'S
February 13, 1998
Members: American Institute of Certified Public Accountants Missouri Society of Certified Public Accountants Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners,
Tappahannock Greens Limited Partnership
I have audited the accompanying balance sheet of Tappahannock Greens Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partner' 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, 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 also 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 my 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 Tappahannock Greens Limited Partnership as of December 31, 1997 and 1996, 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.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information on pages 15 to 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 audit procedures applied in the audits 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 18, 1998 on my consideration of Tappahannock Green. Limited Partnership's internal control and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. February 18, 1998 SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS 1230 AIRPORT ROADP.O. BOX 1177PANAMA CITY, FLORIDA 32402Phone: (850) 785- 0261Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORTTo the Partners Village Oaks Apartments II, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., FmHA Project No: 09-061-0592884971, as of December 31, 1997 and 1996, 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 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 Village Oaks Apartments II, Ltd., as of December 31, 1997 and 1996, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida January 29, 1998 Coopers & LybrandReport of Independent AccountantsTo the PartnersWilmington Housing Redevelopment CompanyWe have audited the accompanying statements of financial position of Wilmington Housing Redevelopment Company (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital (deficit), changes in 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. Those standards require that we 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. 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 Wilmington Housing Redevelopment Company as of December 31, 1997 and 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 our report dated January 21, 1998 on our consideration of Wilmington Housing Redevelopment Company's internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations..
Rochester, New York January 21, 1998 LOUIS YOUNG C.P.A. INC. 2630 E. ASHLAN - FRESNO, CALIFORNIA 93726 (209) 224-5141
INDEPENDENT AUDITOR'S REPORT The PartnersHacienda Villa AssociatesFirebaugh, California We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 1996, and the related statements of operations, partners' capital 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. 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 audit provides 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 Hacienda Villa Associates (a Limited Partnership) as of December 31, 1996, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 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 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.
Louis Young CPA Inc.
Fresno, California February 14, 1997 FLOYD & COMPANY Certified Public Accountant
306 Commercial Drive, Suite 202 Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadow Run Limited Partnership
We have audited the accompanying balance sheets of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners equity 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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed an unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Meadow Run Limited Partnership p a Georgia Limited Partnership,), as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
Schonwit & Associates Certified Public Accountant 575 Anton Boulevard, Suite 500 Costa Mesa, California 92626 (714) 437-1025 Fax (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the Partners Raitt Street Apartments, A California Limited Partnership
I have audited the accompanying balance sheet of Raitt Street Apartments, A California Limited Partnership, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. The financial statements of Raitt Street Apartments, A California Limited Partnership, for the year ended December 31, 1995, as presented herein, were examined by another auditor whose report dated April 4, 1996, expressed an unqualified opinion on those statements.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES February 14, 1997
McGLADREY & PULLEN, LLPCertified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORTTo the Partners Westwood Square Limited Partnership Greensboro, North Carolina
We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1997 and 1996, and the related statements of income, 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 the standards applicable to financial audits contained in 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 Westwood Square Limited Partnership as of December 31, 1997 and 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 20, 1998 on our consideration of Westwood Square Limited Partnership's internal control and a report dated January 20, 1998 on its compliance with laws and regulations.
Greensboro, North Carolina January 20, 1998
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969 Fax- (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Autumn Lane Limited Partnership
We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
Timothy Force, P.C. Certified Public Accountant
1110 Fidler Lane, Suite 900 Silver Spring, Maryland 20910
Phone: 301/585-0348 Fax: 301/585-6349
INDEPENDENT AUDITOR'S REPORT
To the Partners Chuckatuck Limited Partnership
I have audited the accompanying balance sheet of Chuckatuck Limited Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998 and the related statements of operations, partners' deficit and cash flows for the year 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 audit. The financial statements of Chuckatuck Limited Partnership as of December 31, 1997 were audited by other auditor's whose report on these financial statements, dated January 23, 1998, included an explanatory paragraph describing conditions that substantial doubt about the partnership's ability to continue as a going concern (discussed in Note B to the financial statements).
I conducted my 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 I plan and perform the audit to obtain reasonable assurances 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 make by management, as well as evaluating the overall financial presentation. I believe that my audit provided 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 Chucatuck Limited Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998, and the results of its operations, the changes in partners' deficit and cash flows for the years then ended, in conformity with generally accepted accounting standards.
The accompanying financial statements have been prepared assuming that the partnership will continue as a going concern. As discussed in Note B, the partnership is delinquent in funding reserves and paying their debts, which raise substantial doubt about the partnership's ability to continue as a going concern. Management's plans in regard to this matter are also described in Note B. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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 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 reports dated March 1, 1999 on my consideration of Chuckatuck Limited Partnership's internal control and its compliance with laws and regulations applicable to the financial statements.
Timothy Force Certified Public Accountant
Silver Spring, Maryland March 1, 1999 FLOYD & COMPANY, CPA Certified Public Accountants 411 Stephenson Avenue Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Ellaville Properties Limited Partnership
We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 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 Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
Byrd, Smalley, Evans, Adams & Johnson, PC. Stan A. Ivans, CrA Telephone (256) 353-1611 Facsimile (256) 353-1578
Certified Public Accountants 237 )ohnston Street S.E. Post Office Box 2179 Decatur, AL 35602-2179
Ray Johnsom CPA John P. Adams, CPA Lisa A. Nuss, CPA Angie A. Harris, CPA Taura S. Berry, CPA Serry A. Burrmos, CPA
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
We have audited the financial statements of Housing Investors Athens 11, Ltd., as of and for the years ended December 31, 1998 and 1997 and have issued our report thereon, February 15,199c, We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance As part of obtaining reasonable assurance about whether Housing Investors Athens 11, Ltd.' financial statements are free of material misstatement, we performed tests of its compliance wit certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances i noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting In planning and performing our audit, we considered Housing Investors Athens 11, Ltd.'s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the intern control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses.
This report is intended for the information of the audit committee, management, the Farmers Home Administration and other state officials. However, this report is a matter of public record and distribution is not limited.
February 15, 1999 BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1998 and 1997, 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. 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. 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 my 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 Maidu Properties (A California Limited Partnership) as of December 31, 1998 and 1997, 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 supplementary information for the years ended December 31, 1998 and 1997, on pages 13 and 14, 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Stockton, California March 31, 1999
P.O. BOX 4632 - STOCKTON, CA 95204 TELEPHONE (209) 933-9113- FAX (209) 933-9115 - EMAIL BReaCPA@AOL.COM
FLOYD & COMPANY, CPA Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969 Fax: (912)355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadowbrook Properties II Limited Partnership
We have audited the accompanying balance sheets of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements 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 Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Pedcor Investments - 1989 - X, L.P. (An Indiana Limited Partnership)
We have audited the accompanying balance sheet of Pedcor Investments - 1989 - - X, L.P. (an Indiana Limited Partnership) as of December 31, 1998, and the related statements of profit and loss and changes in partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of 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 audit provides 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 Pedcor Investments - 1989 - X ' L.P. as of December 31, 1998, and the results of its operations and changes in partners, equity (deficit) and 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 22, 1999, on our consideration of the Partnership's internal controls and a report dated January 22, 1999, on its compliance with laws and regulations.
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
Pedcor Investments - 1989 - X, L.P. page Two
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.
Carmel, Indiana Dauby O'Connor & Zaleski, LLC January 22, 1999 Certified Public Accountants
I FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Rosewood Village Limited Partnership
We have audited the accompanying balance sheets of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999 132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Autumn Lane Limited Partnership
We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT
Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdepa@bbtel.com 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143
INDEPENDENT AUDITORS REPORT
To the Partners Butler Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Butler Properties, Limited (a Kentucky limited partnership), RHS Project No.: 20-016- 0611166123, as of December 31, 1997 and 1996, 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 my audits, as of and for the years ended December 31, 1997 and 1996, 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 my 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 Butler Properties, Limited, as of December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital 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 pages 14 and 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant March 10, 1998
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Ellaville Properties Limited Partnership
We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners, equity (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 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 Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998 DANIEL G. DRANIF, Telephone CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com
INDEPENDENT AUDITORS REPORT
To the Partners Hart Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Hart Properties, Limited (a Kentucky Limited partnership), RHS Project No.: 20-050-611135226, as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1997 and 1996, 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 my 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 Hart Properties, Limited, as of December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital/deficit 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 pages 13 and 14 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant March 10, 1998
Byrd, Smalley, Evans, Adams & Johnson, P.C.CERTIFIED PUBLIC ACCOUNTANTS TELEPHONE (205) 353-1611 FAX (205) 353-1578
237 Johnston Street S.E. Post Office Box 2179, Decatur, AL 35602-2179Independent Auditor's ReportTo the PartnersHousing Investors, Athens II, LTD.Decatur, AlabamaWe have audited the accompanying balance sheet of Housing Investors Athens II, Ltd. (a partnership) as of December 31, 1997 and 1996, and the related statements of operations, partners' capital, 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 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 from 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 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 Housing investors Athens -II, Ltd., as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
February 25, 1998 BURKE & REA
EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
CERTIFIED PUBLIC ACCOUNTANTS
We have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1997 and 1996, 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. Those standards require that we 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. 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 Maidu Properties (A California Limited Partnership) as of December 31, 1997 and 1996, 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 for the years ended December 31, 1997 and 1996, on pages 13 and 14, 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.
Stockton, California March 20, 1998
P.O. BOX 4632 STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadowbrook Properties II Limited Partnership
We have audited the accompanying balance sheets of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners, equity (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 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 Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143
INEPENDENT AUDITORS REPORT
To the Partners Morgantown Properties, Limited Leitchfield, Kentucky
Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtcl-com
I have audited the accompanying balance sheets of Morgantown Properties, Limited (a Kentucky limited partnership), RHS Project No.: 20-016- 0611149787, as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1997 and 1996, 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 my 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 Morgantown Properties, Limited, as of December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital/deficit 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 pages 14 and 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant March 10, 1998 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of
Pedcor Investments - 1989 - X, L.P. (An Indiana Limited Partnership)
We have audited the accompanying balance sheet of Pedcor Investments - 1989 - - X, L.P. (an Indiana Limited Partnership) as of December 31, 1997, and the related statements of profit and loss and changes in partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of 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 audit provides 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 Pedcor Investments - 1989 - X, L.P. as of December 31, 1997, and the results of its operations and changes in partners' equity (deficit) and 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 23, 1998, on our consideration of the Partnership's internal controls and a report dated January 23, 1998, 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 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.
Indianapolis, Indiana January 23, 1998 Dauby O'Connor & Zaleski, LLC Certified Public Accountants
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Rosewood Village Limited Partnership
We have audited the accompanying balance sheets of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
KOSTIN, RUFFKESS & COMPANY, LLCCERTIFIED PUBLIC ACCOUNTANTS To the partners South Farm Limited Partnership RIHMFC #HIP-023 INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheet of South Farm Limited Partnership, as of March 31, 1998, and the related statements of income and expense, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project'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 the standards applicable to financial audits contained in 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 audit provides 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 South Farm Limited Partnership at March 31, 1998, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated April 30, 1998, on our consideration of South Farm Limited Partnership's internal control and reports dated April 30, 1998, on its compliance with laws and regulations, specific requirements applicable to major HUD programs and specific requirements applicable to Fair Housing and Nondiscrimination.
South Farm Limited Partnership Page Two
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information contained in Schedules 1 through 24 is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, the supplementary information is fairly presented in all material respects in relation to the basic financial statements taken as a whole.
West Hartford, Connecticut April 30, 1998
345 North Main Street West Hartford, CT 06117-2521
(860) 236-1975 Toll Free: (800) 286-5726 FAX: (860) 236-1783
260 U.S. Route #1 Bank Building New London, CT 06320-0166
Members of the Firm: Jerrold M. Gold, CPA Lawrence Marziale, CPA Joseph W. Sparveri, Jr., CPA Peter K. Askham, CPA Richard V. Kretz, CPA Edmund S. Kindelan, CPA Michael T. Novosel, CPA John S. Pavlik, CPA Kimberly O. Nordone, CPA Daniel Donofrio, CPA
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Autumn Lane Limited Partnership
We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnerships management. Our responsibility is to express an opinion on these financial statements based on our audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partner; of Ellaville Properties Limited Partnership
We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (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.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
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 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 Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Flood & Company, CPA
February 28, 1997 McGLADREY & PULLEN,LLP Certified Public Accountants and Consultants
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Meadowbrook Properties II Limited Partnership
We have audited the accompanying balance sheets of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (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.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
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 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 Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners Pedcor Investments 1989-X, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1989- X, L.P. as of December 31, 1996 and 1995, and the related statements of loss, 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. Those standards require that we 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. 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 Pedcor Investments 1989-X, L.P. 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 information is presented for additional analysis and is not a required part of the basic financial statements. Such Information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC January 17, 1997 Certified Public Accountants
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240 317-259-6857 Fax: 317-259-6861
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Rosewood Village Limited Partnership
We have audited the accompanying balance sheets of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd Company, CPA February 28, 1997 KOSTIN, RUFFKESS & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street West Hartford, CT 06117-2521 (860) 236-1975 Toll Free: (800) 286-5726 FAX: (860) 236-1783
260 U.S. Route #1 Bank Building New London, CT 06320-2608 (860) 447-1235 FAX: (860) 442-0166 To The PartnersSouth Farm Limited PartnershipRIHMFC #HIP-023 INDEPENDENT AUDITORS'REPORT We have audited the accompanying balance sheet of South Farm Limited Partnership, as of March 31, 1997, and the related statements of income and expense, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project'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 audit provides 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 South Farm Limited Partnership at March 31, 1997, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HLTD Programs, issued by the U.S. Department of Housing and Urban Development we have also issued a report dated May 9, 1997 on our consideration of South Farm Limited Partnership's internal control structure and a report dated May 9, 1997 on its compliance with laws and regulations. McGLADREY&PULLEN, LLP RSM Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Academy Hill Limited Partnership Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 1998 and 1997, 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 the standards applicable to financial audits contained in 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 Academy Hill Limited Partnership as of December 31, 1998 and 1997, 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 21, 1999 on our consideration of Academy Hill Limited Partnership's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Greensboro, North Carolina January 21, 1999
I
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF MEMBER CERTIFIED PUBLIC ACCOUNTANTS TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report
To the Partners of Aspen Square, L.P. Tazewell, Virginia
I have audited the accompanying balance sheets of Aspen Square, L. P. as of December 31, 1998 and 1997, 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. 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. Those standards require that I 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. I believe that my 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 Aspen Square, L.P., as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and 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 1-17 is presented f or 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Fort Worth, Texas March 26, 1999
McGEE & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Buckeye Senior, Ltd. and Rural Development
We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 1998 and 1997, 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 Buckeye Senior, Ltd. as of December 31, 1998 and 1997, and the results of its operations and the changes in partners' equity (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 January 9, 1999, on our consideration of Buckeye Senior, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 9, 1999 Farmington, New Mexico
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of Copper Creek, L.P.
I have audited the accompanying balance sheets of Copper Creek, L.P. as of December 31, 1998 and 1997, 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. 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. 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 my 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 Copper Creek, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and 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 1-17 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 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.
Fort Worth, Texas March 26, 1999
1-3
Clifton Gunderson L.L.C. Certified Public Accountants & Consultants
Independent Auditor's Report
To the Partners Coronado Housing Limited Partnership
We have audited the accompanying balance sheets of Coronado Housing Limited Partnership as of December 31, 1998 and 1997 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. 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 Coronado Housing Limited Partnership as of December 31, 1998 and 1997 and the results of their operations and their 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 accompanying supplemental 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 presented fairly, in all material respects, in relation to the basic financial statements taken as a whole.
Tucson, Arizona February 26, 1999
KAY L. BOWEN& ASSOCIATES CERTIFIED PUBLIC ACCOUNTANT, P.C. Phone (801) 627-0825 - FAX (801) 627-0829 3710 QUINCY AVENUE KAY L BOWEN, CPA OGDEN, UTAH 84403 MEMBER OF THE AMERICAN INSTITUTE OF SHARI B. JOHNSON, CPA JAMES L HAWKINS SCOTT L. BOWEN MICHAEL S. JACHIM INDEPENDENT AUDITOR'S REPORT
To the Partners Franklin School Associates Franklin School Apartments Great Falls, Montana
We have audited the accompanying balance sheet of Franklin School Associates, as of December 31, 1998 and 1997, and the related statements of income and cash flows and change in partners, equity for the years then ended. These financial statements axe the responsibility of Franklin School Associates' 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 General 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 audit provides reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franklin school Apartments, as of December 31, 1998 and 1997, and the results of its operations, change in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting included in the report (shown on pages 12 to 13) are presented for the purposes of additional analysis and are not a required part of the basic financial statements of Franklin school Associates. 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 taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated March 6, 1999, on our consideration of Franklin School internal controls and a report dated March 6, 1999, on its compliance with laws and regulations.
Ogden, Utah March 6, 1999
L. Bowen, CPA, President Federal I.D. #87-0448933 James L. Caughren
Certified Public Accountant RO. Box 36014 Albuquerque, NM 87176
Report of Independent Certified Public Accountants
To the Partners Hilltop Apartments Limited Partnership
We have audited the balance sheet of Hilltop Apartments Limited Partnership (a New Mexico limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' capital, and cash flows for the years then ended. All information included in these financial statements is the responsibility of the Company's management. Our responsibility is to express an opinion on the 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 Hilltop Apartments Limited Partnership as of December 31, 1998 and 1997, and the results of its operations 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 our reports dated March 3, 1999 on our consideration of Hilltop Apartments Limited Partnership internal control and on its compliance with laws and regulations. McCartney & Company, P.C. Certified Public Accountants
2121 University Park Drive, Suite 150 Okernos, Michigan 48864 Telephone (5 17) 347-5000 Fax (5 17) 347-5007 March 3, 1999
Partners Ivan Woods Limited Partnership Okemos, Michigan
Independent Auditor's Report
We have audited the accompanying balance sheets of Ivan Woods Limited Partnership as of December 31, 1998 and 1997, and the related statements of revenue, expenses and 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. 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 Ivan Woods Limited Partnership as of December 31, 1998 and 1997, 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 schedules of renting, administrative, operating, maintenance, taxes and insurance expenses on page 9 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 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. MUELLER, WALLA & ALBERTSON, P.C. CERTIFIED PUBLIC ACCOUNTANTS 10714 MANCHESTER ROAD SUITE 202 KIRKWOOD, MISSOURI 63122
(314) 822-657S
INDEPENDENT AUDITORS'REPORT
The Partners Licking Associates 11, L.P. Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates 11, L.P. (a limited partnership) as of December 31, 1998 and 1997, 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. 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 Licking Associates II, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital 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 basic financial statements taken as a whole. The supplemental information included on page 13 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.
Mueller, Walla & Albertson, P.C. Certified Public Accountants
January 15, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
BL00M, GETTIS, HABIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS SUITE 1450 2601 SOUTH SAYSHORE DRIVE
MIAMI, FLORIDA 3l33-9893 TELEPHONE (305) 8S8-62f I
FACSIMILE (305) 858-9696
BURT R. BLOOM, C.P.A., C.V.A. LAWRENCE W. GETTIS, C.P.A. STEVEN M. HABIB, C.P.A. MICHAEL A. SILVER, C.P.A. ROGER J. TERRONE, C.P.A.
CURT A. ROSNER, C.P.A.
To the Partners London Arms/Lyn Mar Limited Partnership Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida Limited Partnership), as of December 31, 1998 and 1997, and the related Statements of Operations, Partners' Equity (Deficiency) and Cash Flows for the years then ended. These financial statements are the responsibility of the management of London Arms/Lyn Mar Limited Partnership. 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. 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 audit provides 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 London Arms/Lyn Mar Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 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.
January 18, 1999
BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1998 and 1997, 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. 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. 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 my 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 Maidu Properties (A California Limited Partnership) as of December 31, 1998 and 1997, 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 supplementary information for the years ended December 31, 1998 and 1997, on pages 13 and 14, 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Stockton, California March 31, 1999
- - 1 -
P.O. BOX 4632 - STOCKTON, CA 95204 - TELEPHONE (209) 933-9113 - FAX (209) 933-9115 - EMAIL BReaCPAna_AOL.COM FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Manning Properties Limited Partnership
We have audited the accompanying balance sheets of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
EideBailly,LLP Consultants - Certified Public Accountants INDEPENDENT AUDITOR'S REPORT
The Partners RPI Limited Partnership #18 St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #18, RHS Project Number: 1818-411649005, as of December 31, 1998 and 1997, 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 RPI Limited Partnership #18 as of December 31, 1998 and 1997, 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 2, 1999 on our consideration of RPI Limited Partnership #18's internal control and a report dated February 2, 1999 on its compliance with laws and regulations.
Fargo, North Dakota February 2, 1999
406 Main Avenue - Suite 3000 * PO Box 2545 * Fargo, North Dakota 58108-2545 - - 701.239.8500 - Fax 701.239.8600 Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - - Equal Opportunity Employer GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880
Independent Auditor's Report
To the Partners of Sierra Springs, L.P.
I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 1998 and 1997, 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 my audits in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my 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 Sierra Springs, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital and 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 pages 1-17 and 1-18 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 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.
Fort Worth, Texas March 26, 1999
1-3
Thompson, Derrig, Slovacek & Craiq, P.C.
INDEPENDENT AUDITORS' REPORT
March 5, 1999
To the Partners South Fork Heights Limited Partnership
We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Colorado limited partnership), as of December 31, 1998 and 1997 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 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 audit provides 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 South Fork Heights Limited Partnership as of December 31, 1998 and 1997 and the results of its operations and its cash flows for the years then ended conformity with generally accepted accounting principles. .
In accordance with Government Auditing Standards we have also issued our report dated March 5, 1999 on our consideration of South Fork Heights Limited -Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements, taken as a whole. The supplemental information on pages 16 through 26 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report/Analysis (USDA Form RD 1930-8) and Para I through III of the Project Budget (USDA Form RD 1930-7) for year ended December 31, 1998, is presented for purposes of complying with the requirements of the United States Department of Agriculture 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
THOMPSON, DERRIG, SLOVACEK & CRAIG, P.C. Certified Public Accountants
SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078 INDEPENDENT AUDITORS' REPORT
To the Partners Wildridge Apartments, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., FmHA Project No: 11-51-592863964, as of December 31, 1998 and 1997, 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 Wildridge Apartments, Ltd., as of December 31, 1998 and 1997, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida February 4, 1999 INDEPENDENT AUDITOR'S REPORT
To the Partners Academy Hill Limited Partnership Greensboro, North Carolina
We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 1997 and 1996, 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 the standards applicable to financial audits contained in 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 Academy Hill Limited Partnership as of December 31, 1997 and 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 20, 1998 on our consideration of Academy Hill Limited Partnership's internal control and a report dated January 20, 1998 on its compliance with laws and regulations.
Greensboro, North Carolina January 20, 1998 GWEN WARD, P.C. Certified Public Accountant 609 University Drive, Fort Worth, Texas 76107 (817) 336-5880
Member American Institute of Certified Accountants Member Texas Society of Certified Public Accountants
Independent Auditor's Report
To the Partners of Aspen Square, L.P. Tazewell, Virginia
I have audited the accompanying balance sheets of Aspen Square, L.P., as of December 31, 1997 and 1996, 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. 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. Those standards require that I 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. I believe that my 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 Aspen Square, L.P., as of December 31, 1997 and 1996, and the results of its operations, changes in partners, equity (deficit) and 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 I-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 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.
Fort Worth, Texas March 28, 1998
I-3 McGEE & Associates, P.C.CERTIFIED PUBLIC ACCOUNTANTSIndependent Auditors' ReportTo the PartnersBuckeye Senior, Ltd.and Rural Development
We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 1997 and 1996, 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 Buckeye Senior, Ltd. as of December 31, 1997 and 1996, and the results of its operations and the changes in partners' equity (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 January 16, 1998, on our consideration of Buckeye Senior, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 16, 1998 Farmington, New Mexico GWEN WARD, P.C. Certified Public Accountant 609 University Drive, Fort Worth, Texas 76107 (817) 336-5880
Member American Institute of Certified Accountants Member Texas Society of Certified Public Accountants
To the Partners of Copper Creek, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheets of Copper Creek, L.P. as of December 31, 1997 and 1996, 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. 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. 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 my 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-Copper Creek, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit) and 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 I-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 audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements as a whole.
Fort Worth, Texas March 27, 1998 Clifton Gunderson L.L.C. Certified Public Accountants & Consultants
Independent Auditor's Report
To the Partners Coronado Housing Limited Partnership
We have audited the accompanying balance sheets of Coronado, Housing Limited Partnership as of December 31, 1997 and 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 audits.
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 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 Coronado Housing Limited Partnership as of December 31, 1997 and 1996 and the results of its Federations 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 accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. The accompanying supplemental information for the years ended December 31, 1997 and 1996 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.
Tucson, Arizona February 25, 1998
James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176
Report of Independent Certified Public Accountants
To the Partners Hilltop Apartments Limited Partnership
We have audited the balance sheet of Hilltop Apartments Limited Partnership (a New Mexico limited partnership) as of December 31, 1997 and 1996, and the related statements of operations, partners' capital, and cash flows for the years then ended. All information included in these financial statements is the responsibility of the Company's management. Our responsibility is to express an opinion on the 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 provides 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 Hilltop Apartments Limited Partnership as of December 31, 1997 and 1996, and the results of its operations 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 our reports dated March 7, 1998 on our consideration of Hilltop Apartments Limited Partnership internal control and on its compliance with laws and regulations.
March 7, 1998
MUELLER, WALLA & ALBERTSON, P.C. Certified Public Accountants 10714 Manchester Road, Suite 202, Kirkwood, Missouri 63122 (314) 822-6575
INDEPENDENT AUDITORS'REPORT
The Partners Licking Associates II, L.P. Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates II, L.P. (a limited partnership) as of December 31, 1997 and 1996, 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 response these financial statements based on our audits.
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 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 Licking Associates II, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital 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 basic financial statements taken as a whole. The supplemental information included on page 13 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.
Mueller, Walla & Albertson, P.C. Certified Public Accountants
January 15, 1998
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
BLOOM, GETTIS, HAEBIB, SILVER & TERRONE, P.A. CERTIFIED PUBLIC ACCOUNTANTS SUITE 1450 2601 SOUTH BAYSHORE DRIVE MIAMI, FLORIDA 33133-9893 TELLEPHONE (305) 858-6211 FACSIMILE (305) 858-9696
BURT R. BLOOM, C.P.A., C.V.A. LAWRENCE W. GETTIS, C.P.A. STEVEN M. HABIB, C.P.A. MICHAEL A. SILVER, C.P.A. ROGER J. TERRONE, C.P.A. CURT A. ROSNER, C.P.A.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the PartnersLondon Arms/Lyn Mar Limited Partnership Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida Limited Partnership), as- of December 31, 1997 and 1996, and the related Statements of Operations, Partners, Deficit and Cash Flows for the years then ended. These financial statements are the responsibility of the management of London Arms/Lyn Mar Limited Partnership. 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. 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 audit provides 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 London Arms/Lyn Mar Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, the changes in partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 audit procedures applied in the audit of the basic financial statements and, on our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
January 23, 1998
BURKE & REAEDWARD T. BURKE, C.P.A.BERNARD E. REA, C.P.A. CERTIFIED PUBLIC ACCOUNTAN7S INDEPENDENT AUDITORS' REPORT
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
We have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1997 and 1996, 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. Those standards require that we 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. 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 Maidu Properties (A California Limited Partnership) as of December 31, 1997 and 1996, 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 for the years ended December 31, 1997 and 1996, on pages 13 and 14, 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.
Stockton, California March 20, 1998 FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Manning Properties Limited Partnership
We have audited the accompanying balance sheets of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners, equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA February 28, 1998
Charles Bailly & Company L.L.P. Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners RPI Limited Partnership #18 St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #18, RHS Project Number: 18-18-411649005, as of December 31, 1997 and 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 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 RPI Limited Partnership #18 as of December 31, 1997 and 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 February 3, 1998 on our consideration of RPI Limited Partnership #18's internal control and a report dated February 3, 1998 on its compliance with laws and regulations.
Fargo, North Dakota February 3, 1998
GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, Texas 76107 (817) 336-5880
Member American Institute of Certified Public Accountants Member Texas Society of Certified Accountants
To the Partners of Sierra Springs, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 1997 and 1996, 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 my audits in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my 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 Sierra Springs, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital and 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 pages I-17 and I-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 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.
Fort Worth, Texas March 28, 1998
I-3
Thompson, Derriq, Slovacek & Craig, P.C. A Professional Corporation of Certified Public Accountants
4500 Carter Creek Parkway, Suite 201 Bryan, Texas 77802-4456 (409) 260-9696 Fax (409) 260-9683
INDEPENDENT AUDITORS'REPORT
March 6, 1998
To the Partners South Fork Heights Limited Partnership
We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Colorado limited partnership), as of December 31, 1997 and 1996 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 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 audit provides 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 South Fork Heights Limited Partnerships as of December 31, 1997 and 1996 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 supplemental information on pages 15 through 29 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report/Analysis (USDA Form RD 1930-8) and Parts I through III of the Project Budget (USDAFormRD1930-7) for year ended December 3l, 1997, is presented for purposes of complying with the requirements of the United States Department of Agriculture 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
THOMPSON, DERRIG, SLOVACEK & CRAIG, P.C. Certified Public Accountants
SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORDDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORT
To the Partners Wildridge Apartments, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., Project No: ll:-51-592863964, as of December 31, 1997 and 1996, 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 Wildridge Apartments, Ltd., as of December 31, 1997,and 1996, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida February 6, 1998
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone:(912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Manning Properties Limited Partnership
We have audited the accompanying balance sheets of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
Fraley, Miller & Company Certified Public Accountants
374 Main Street Partners: West Liberty, Kentucky 41472 Telephone (606) 743-7420 Fax (606) 743-7444
INDEPENDENT AUDITORS' REPORT
To the Partners of Briarwick Apartments, Ltd.
We have audited the accompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limited partnership) as of December 3 1, 1998, 1997, and 1996, and the related statements of results of operations, changes in 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 audit.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural Economic and Community 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 Briarwick Apartments, Ltd. as of December 31, 1998, 1997, and 1996, and the results of its operations, changes in partners' capital 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 10, 1999, on our consideration of Briarwick Apartments, Ltd.'s internal control over financial reporting and tests of its compliance with certain provisions of laws and regulations.
Branch Office Located at 374 Main Street, West Liberty, Kentucky 41472 Telephone (606) 743-7420 Fax (606) 743-7444 FLOYD & COMPANY, CPA Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Bowman Village Limited Partnership
We have audited the accompanying balance sheets of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Bucksport Park Associates (A Maine Limited Partnership)
We have audited the accompanying balance sheet of Bucksport Park Associates (a Maine Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 21, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Bucksport Park Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Bucksport Park Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche Creek, L.P., as of December 31, 1998 and 1997, 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. 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. Those standards require that I 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. I believe that my audit provides 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 Cananche Creek, L.P., as of December 31, 1998 and 1997, 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.
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 1-17 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 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.
Fort Worth, Texas March 26, 1999
1-3
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Clymer House Associates (A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Clymer House Associates (a Pennsylvania Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners, equity (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. The 1997 financial statements were audited by other auditors whose report dated January 22, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Clymer House Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Clymer House Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Cornish Park Associates (A Maine Limited Partnership)
We have audited the accompanying balance sheet of Cornish Park Associates (a Maine Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 15, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Cornish Park Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Cornish Park Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants
I
HOLDEN, MOSS, KNOTT, CLARK & TAYLOR, P.A. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT
To the Partners Hunters Park Limited Partnership
We have audited the accompanying balance sheets of Hunters Park Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of Hunters Park Limited Partnership 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 applicable to financial audits contained in 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 Hunters Park Limited Partnership as of December 31, 1998 and 1997, 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 report dated January 26, 1999 on our consideration of Hunters Park Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary 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 auditing procedures applied in the audit of the basic financial statements and, in-our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.
Certified Public Accountants Henderson, North Carolina January 26, 1999
803 S. GARNETT STREET 0 P.O. BOX 177 o HENDERSON, NORTH CAROLINA 27536 o (252)492-3041 118 MAIN STREET 0 P.O. BOX 8 1 7 o OXFORD, NORTH CAROLINA 27565 9 (919)693-5960 426 KINGS HIGHWAY WEST 0 P.O. BOX 1147 * EDEN, NORTH CAROLINA 27288 * (336)627-5111 527 W. RIDGEWAY STREET 0 P.O. BOX 671 0 WARRENTON, NORTH CAROLINA 27589 0 (252)257-2622 6512 SIX FORKS ROAD 0 P.O~ BOX 99197 0 RALEIGH, NORTH CAROLINA 27624-9187 o (919)846-9399McCartney & Company, P.C. Certified Public Accountants Jarries 171. mccariney. CP.-\ 2121 University Park Drive, Suite 150 Okernos, Michigan 48864 Telephone (5 17) 347-5WO Fax (3 17) 347-5007
March 3, 1999
Partners Ivan Woods Limited Partnership Okemos, Michigan
Independent Auditor's Report
We have audited the accompanying balance sheets of Ivan Woods Limited Partnership as of December 31, 1998 and 1997, and the related statements of revenue, expenses and 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. 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 Ivan Woods Limited Partnership as of December 31, 1998 and 1997, 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 schedules of renting, administrative, operating, maintenance, taxes and insurance expenses on page 9 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 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.
SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078 INDEPENDENT AUDITORS' REPORT
To the Partners Lakeridge Apartments of Eufaula, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., FmHA Project No: 01-0030592933800, as of December 31, 1998 and 1997, 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 Lakeridge Apartments of Eufaula, Ltd., as of December 31, 1998 and 1997, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida. February 5, 1999
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Laurel Village Limited Partnership
We have audited the accompanying balance sheets of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
McGEE & AsSOCIATES, P.C. CERTiFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Los Caballos 11, Ltd. and Rural Development
We have audited the accompanying balance sheets of Los Caballos 11, Ltd. (a limited partnership) as of December 31, 1998 and 1997, 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 Los Caballos 11, Ltd. as of December 31, 1998 and 1997, and the results of its operations and the changes in partners' equity 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 January 16, 1999, on our consideration of Los Caballos 11, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole, The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Los Caballos 11, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 16, 1999 Farmington, New Mexico
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Nanty Glo House Associates (A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Nanty Glo House Associates (a Pennsylvania Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 18, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Nanty Glo House Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Nanty Glo House Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants
I
BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners Nye County Associates (A California Limited Partnership) Cheyenne, WY
I have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), USDA Rural Development Case No. 33-019-680192750, as of December 31, 1998 and 1997, 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. 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 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. I believe that my 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 Nye County Associates (A California Limited Partnership) as of December 31, 1998 and 1997, 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, I have also issued a report dated March 26, 1999 on my consideration of Nye County Associates' internal control structure and a report dated March 26, 1999 on its compliance with laws and regulations.
Stockton, California March 26, 1999
- - 1 -
P.O.BOX4632 - STOCKTON, CA 95204 - TELEPHONE (209)933-9113 1 FAX(209)933-9115 - EN1A1LBReacPA@AOL.CON1
EideBailly.,
Consultants 0 Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
The Partners RPI Limited Partnership #22 St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22, MHFA Project Number 90002, as of December 3 1, 1998 and 1997, 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. 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 RPI Limited Partnership #22, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Fargo, North Dakota February 2, 1999
406 Main Avenue - Suite 3000 - PO Box 2545 - Fargo, North Dakota 58108-2545 - - 701.239.8500 - Fax 701.239.8600 Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - - Equal Opportunity Employer MUELLER, WALLA & ALBERTSON, PC. CERTIFIED PUBLIC ACCOUNTANTS 10714 MANCHESTER ROAD SUITE 202 KIRKWOOD, MISSOURI 63122 (314) 822-657-5
INDEPENDENT AUDITORS' REPORT
The Partners Scott City Associates III, L.P. Scott City, Missouri
We have audited the accompanying balance sheets of Scott City Associates 111, L.P. (a limited partnership) as of December 31, 1998 and 1997, 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. Those standards require that we 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. 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 Scott City Associates III, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital 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 basic financial statements taken as a whole. The supplemental information included on page 13 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.
Mueller, Walla & Albertson, P.C. Certified Public Accountants
January 19, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
GWEN WARD CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH, TX 76107
INDEPENDENT AUTITOR'S REPORT
To the Partners of Shawnee Ridge, L.P.
I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of December 31, 1998 and 1997, 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 my audits in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audits provide a reasonable basis for my opinion.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-16 and I-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 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.
Fort Worth, Texas March 26, 1999 MUELLER, WALLA & ALBERTSON, PC. CERTIFIED PUBLIC ACCOUNTANTS 10714 MANCHESTER ROAD SUITE 202 KIRKWOOD, MISSOURI 63122 (314) 822-6575
INDEPENDENT AUDITORS' REPORT
To the Partners Springfield Housing Associates, L.P. Springfield, Illinois
We have audited the accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1998 and the related statements of operations, partners' capital, 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. The financial statements of Springfield Housing Associates, L.P. (a limited partnership) as of December 31, 1997, were audited by another auditor whose report dated February 13, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides 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 Springfield Housing Associates, L.P., (a limited partnership) as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Mueller, Walla & Albertson, P.C. January 22, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS' FLOYD & COMPANY, CPA Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Turner Lane Limited Partnership
We have audited the accompanying balance sheets of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
HUMISTON, SKOKAN, WARREN & EICHENBERGER, P.C
Certified Public Accountant West Des Moines, Iowa
INDEPENDENT AUDITORS' REPORT
To the Partners Union Baptist Plaza, Limited Partnership West Des Moines, Iowa
We have audited the accompanying balance sheets of UNION BAPTIST PLAZA, LIMITED PARTNERSHIP as of December 31, 1998 and 1997, 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. 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 Union Baptist Plaza, Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
January 19, 1999
SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078 INDEPENDENT AUDITORS' REPORT
To the Partners Villas of Lakeridge, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd., FmHA Project No: 01-0030592930819, as of December 31, 1998 and 1997, 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 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 Villas of Lakeridge, Ltd., as of December 31, 1998 and 1997, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida. February 4, 1999 YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK P.0. BOX 551 BRANCH OFFICES:
JOHN M. DILLINGHAM 1708 ALPINE DRIVE TELEPHONE (931) 388-0517 FAX (931) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Waynesboro Associates, Limited
We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326, as of December 31, 1998 and 1997, 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 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 Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No. : 48-091-621385326, as of December 31, 1998 and 1997, 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.
In accordance with Government Auditing Standards, we have also issued a report dated February 19, 1999 on our consideration of Waynesboro Associates, Limited's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
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 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 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.
Columbia, Tennessee February 19, 1999 - -2- Fraley, Miller & Company Certified Public Accountants
374 Main Street, West Liberty, Kentucky, 41472 Telephone (606)743-7420 Fax (606) 743-7444
Partners: Robert A. Fraley Mickey F. Miller Associates: Kim Whitley Horton Brenda K. Ball
To the Partners of B B & L Enterprises, Ltd.
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheets of B B & L Enterprises, Ltd. (a Kentucky limited partnership) as of December 31, 1997, 1996, and 1995, and the related statements of results of operations, changes in 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, Government Auditing Standards, issued by the Comptroller General of the United State's, and the provisions of the United States Department of Agriculture, Rural Economic and Community 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 accordance with Government Auditing Standards, we have also issued a report dated February 23, 1998, on our consideration of B B & L Enterprises, Ltd.'s internal control structure and a report dated February 23, 1998, on its compliance with laws and regulations.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of B B & L Enterprises, Ltd. as of December 31, 1997, 1996, and 1995, and the results of its operations, changes in partners' capital and its cash flows for the year then ended in conformity with generally accepted accounting principles.
February 23, 1998 Main Office Located at 101 Fraley - Miller Plaza, Suite 101, Grayson, Kentucky 41143 Telephone (606) 474-6608 - Fax (606) 474-7094 FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Bowman Village Limited Partnership
We have audited the accompanying balance sheets of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA February 28, 1998 Fraley, Miller & Company Certified Public Accountants
374 Main Street, West Liberty, Kentucky, 41472 Telephone (606)743-7420 Fax (606) 743-7444
Partners: Robert A. Fraley Mickey F. Miller Associates: Kim Whitley Horton Brenda K.Ball
To the Partners of Briarwick Apartments, Ltd.
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limited partnership) as of December 31, 1997, 1996, and 1995, and the related statements of results of operations, changes in 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 audit.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural Economic and Community 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 accordance with Government Auditing Standards, we have also issued a report dated February 12, 1998, on our consideration of Briarwick Apartments, Ltd's internal control structure and a report dated February 12, 1998, on its compliance with laws and regulations.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Briarwick Apartments, Ltd. as of December 31, 1997, 1996, and 1995, and the results of its operations, changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles.
February 12, 1998 Main Office Located at 101 Fraley - Miller Plaza, Suite 101, Grayson, Kentucky 41143 Telephone (606) 474-6608 - Fax (606) 474-70 DANIEL G. DRANE Telephone (502) 756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502 )756-5927 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners Burkesville Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Burkesville Properties, Limited (a Kentucky limited partnership), RHS Project No.: 20-029-025899601, as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1997 and 1996, 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 my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, all material respects, the financial position of Burkesville Properties, Limited, as December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital/deficit 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 pages 13 and 14 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant
March 10, 1998 GWEN WARD, P.C. Certified Public Accountant 609 University Drive, Fort Worth, Texas 76107 (817) 336-5880
Member American Institute of Certified Accountants Member Texas Society of Certified Public Accountants
Independent Auditor's Report
To the Partners of Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche Creek, L.P., as of December 31, 1997 and 1996, 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. 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. Those standards require that I 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. I believe that my audit provides 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 Cananche Creek, L.P., as of December 31, 1997 and 1996, 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.
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 I-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 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.
Fort Worth, Texas March 27, 1998
I-3
DANIEL G. DRANE Telephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.com Hardinsburg, Kentucky 40143
INDEPENDENT AUDITORS REPORT
To the Partners Clarkson Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Clarkson Properties, Limited (a Kentucky Limited partnership), RHS Project No.: 20-043- 0611167952, as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1997 and 1996, 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 my 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 Clarkson Properties, Limited, as of December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital/deficit 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 pages 14 and 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant
March 10, 1998
DANIEL G. DRANE Telephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.com Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners Evanwood Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Evanwood Properties, Limited (a Kentucky limited partnership), RHS Project No.: 20-014- 0611145803, as of December 31, 1997 and 1996, 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 my audits, as of and for the years ended December 31, 1997 and 1996, 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 my 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 Evanwood Properties, Limited, as of December 31, 1997 and 1996, and the results of its operations, the changes in its partners' capital 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 pages 13 and 14 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Daniel G. Drane Certified Public Accountant
March 10, 1998
HOLDEN, MOSS, KNOTT, CLARK & TAYLOR, P.A. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Hunters Park Limited Partnership
We have audited the accompanying balance sheet of Hunters Park Limited Partnership as of December 31, 1997, and the related statement of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsiblity of Hunters Park Limited Partnership management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Hunters Park Limited Partnership as of December 31, 1996 were audited by other auditors whose report dated January 17, 1997, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in afl material respects, the financial position of Hunters Park Limited Partnership as of December 31, 1997, and the results of its operations 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 our report dated January 28, 1998 on our consideration of Hunters Park Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary 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 auditing procedures applied in the audit of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.
Certified Public Accountants Henderson, North Carolina January 28, 1998
SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS 1230 AERPORT ROAD P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORT
To the Partners Lakeridge Apartments of Eufaula, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., FmHA Project No: 01-0030592933800, as of December 31, 1997 and 1996, 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 Lakeridge Apartments of Eufaula, Ltd., as of December 31, 1997 and 1996, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida February 2, 1998
FLOYD & COMPANYCertified Public Accountant132 Stephenson Avenue, Suite 202 Savannah, Georgia 31406
Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Laurel Village Limited Partnership
We have audited the accompanying balance sheets of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
McGEE & Associates, P.C.CERTIFIED PUBLIC ACCOUNTANTSIndependent Auditors' ReportTo the PartnersLos Caballos II, Ltd.and Rural Development We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a limited partnership) as of December 31, 1997 and 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 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 Los Caballos II, Ltd. as of December 31, 1997 and 1996, and the results of its operations and the changes in partners' equity 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 January 22, 1998, on our consideration of Los Caballos II, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Los Caballos II, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 22, 1998 Farmington, New Mexico
BURKE & REA
EDWARD T. BURKE, C.P,A BERNARD E. REA, C.P.A. Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners, Nye County Associates (A California Limited Partnership) Cheyenne, WY
We have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), USDA Rural Development Case No. 33-019- 680192750, as of December 31, 1997 and 1996, 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 Nye County Associates (A California Limited Partnership) as of December 31, 1997 and 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 March 13, 1998 on our consideration of Nye County Associates' internal control structure and a report dated March 13, 1998 on its compliance with laws and regulations.
Stockton, California March 13, 1998
P.O. BOX 4632 STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115
MUELLER, WALLA & ALBERTSON, PC. Certified Public Accountants 10714 Manchester Road Suite 202, Kirkwood, Missouri 63122
(314)822-6575
INDEPENDENT AUDITORS'REPORT
The Partners Scott City Associates III, L.P. Scott City, Missouri
We have audited the accompanying balance sheets of Scott City Associates III, L.P. (a limited partnership) as of December 31, 1997 and 1996, 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. Those standards require that we 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. 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 Scott City Associates III, L.P. as of December 31, l997 and 1996, and the results of its operations, changes in partners' capital 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 basic financial statements taken as a whole. The supplemental information included on page 13 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.
Mueller, Walla & Albertson, P.C. Certified Public Accountants
January 15, 1998
Charles Bailly & Company L.L.P. Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners RPI Limited Partnership #22 St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22, MHFA Project Number 90-002, as of December 31, 1997 and 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 audits.
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 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 RPI Limited Partnership #22, as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accept accounting principles.
Fargo, North Dakota
February 3, 1998 GWEN WARD, P.C. Certified Public Accountant 609 University Drive, Fort Worth, Texas 76107 (817) 336-5880
Member American Institute of Certified Accountants Member Texas Society of Certified Public Accountants
Independent Auditor's Report
To the Partners of Shawnee Ridge, L.P.
I have audited the accompanying balance sheets of Shawnee Ridge, L. P. as of December 31, 1997 and 1996, 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 my audits in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my 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 Shawnee Ridge, L.P. as of December 31, 1997 and 1996, 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 pages I-16 and I-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 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.
Fort Worth, Texas March 28, 1998
BENDER, WELTMAN THOMAS & CO CERTIFIED PUBLIC ACCOUNTANTS 1067 NORTH MASON ROAD, SUITE 7 ST. LOUIS, MISSOURI 63141-6341 (314) 576-1350 FAX (314) 576-9650
William J. Bender Joel W. Weltman James E. Thomas Gerald D. Magruder
INDEPENDENT AUDITORS' REPORT
To The Partners Springfield Housing Associates, L.P. Springfield, Illinois
We have audited the accompanying balance sheets of Springfield Housing Associates, L.P., a (limited partnership), as of December 31, 1997 and 1996, 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. These standards require that we 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 statements 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 Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
BENDER, WELTMAN, THOMAS & CO., CPA'S
February 13, 1998
Members: American Institute of Certified Public Accountants Missouri Society of Certified Public Accountants
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Turner Lane Limited Partnership
We have audited the accompanying balance sheets of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
HUMISTON, SKOKAN, WARREN & EICHENBERGER, P.C. Certified Public Accountants West Des Moines, Iowa
INDEPENDENT AUDITORS' REPORT
To the Partners Union Baptist Plaza, Limited Partnership West Des Moines, Iowa
We have audited the accompanying balance sheets of UNION BAPTIST PLAZA, LIMITED PARTNERSHIP as of December 31, 1997 and 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 audits.
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 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 Union Baptist Plaza, Limited Partnership as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
January 16, 1998 SMITH, MILES & COMIPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (850) 785-0261 Fax: (850) 785-2078
IMDEPENDENT AUDITORS' REPORT
To the Partners Villas of Lakeridge, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd., FmHA Project No: 01-0030592930819, as of December 31, 1997 and 1996, 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 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 Villas of Lakeridge, Ltd., as of December 31, 1997 and 1996, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Panama City, Florida January 28, 1998
YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS P.O. Box 551 1708 Alpine Drive Columbia, Tennessee 38402-0551 Telephone (931) 388-0517 Fax (931) 388-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Waynesboro Associates, Limited
We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326, as of December 31, 1997 and 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 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 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 Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326, as of December 31, 1997 and 1996, 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.
In accordance with Government Auditing Standards, we have also issued a report dated February 16, 1998 on our consideration of Waynesboro Associates, Limited's internal control structure and a report dated February 16, 1998 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 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 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. Co1umbia, Tennessee February 16, 1998 FLOYD & COMPANY Certified Public Accountant
306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of Laurel Village Limited Partnership
We have audited the accompanying balance sheets of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants
INDEPENDENT AUDITORIS REPORT
The Partners Ridgeway Court III, A Limited Partnership Fargo, North Dakota
We have audited the accompanying balance sheets of Ridgeway Court III, A Limited Partnership, FmHA Project Number: 27-04-411633960, 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. 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 Ridgeway Court III, 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.
Fargo, North Dakota February 3, 1997 McGLADREY & PULLEN, LLP Certified Public Accountants and Consultants
Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of Bowman Village Limited Partnership
We have audited the accompanying balance sheets of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to ex an opinion on these financial statements based on our audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Bethel Park Associates (A Maine Limited Partnership)
We have audited the accompanying balance sheet of Bethel Park Associates (a Maine Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 12, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Bethel Park Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Bethel Park Associates Page Two 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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Bernard Robinson & Company, LIP Certified Public Accountants since 1947 MAILING ADDRESS OFFICES PO, 13OX 19608 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608 FAX 336-547-0840 Independent Auditor's Report TELEPHONE 336-294-4494
To the Partners Brantwood Lane Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheet of Brantwood Lane Limited Partnership (a Georgia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, 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. The financial statements of Brantwood Lane Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in 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 Brantwood Lane Limited Partnership as of December 31, 1998, and the results of its operations 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 our report dated January 21, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary 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 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.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina January 21, 1999 Page I
Crisp Hughes Evans LLP Certified Public Accountants & Consultants Affiliated worldwide through AGN International
Independent Auditors' Report
To The Partners Breckenridge Apartments, Limited Partnership
We have audited the accompanying balance sheets of Breckenridge Apartments, Limited Partnership as of December 31, 1998 and 1997, 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 with 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 Breckenridge Apartments, Limited Partnership as of December 31, 1998 and 1997, 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 25, 1999 on our consideration of Breckenridge Apartments, Limited Partnership's internal control over financial reporting and our consideration of its compliance with certain provisions of laws, regulations, contracts, and grants.
January 25, 1999 I Creekview Court PO Box 25849 Greenville, SC 29616
Fax 864 458 8519
N. CHENG & CO., P.C.
Independent Auditors' Report
To the Partners Bridge Coalition Limited Partnership. New York, New York
We have audited the accompanying balance sheet of Bridge Coalition Limited Partnership as of December 31, 1998 and the related statements of operations, changes in partner's equity 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, 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 audit provides 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 Bridge Coalition Limited Partnership as of December 31, 1998 and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.
New York, New York January 20, 1999
40 Exchange Place, Suite 1206 Two Grainaran Avenue New York, New York 10005 Mount Vernon, New York 10550 Tel (212) 785-0100 - Fix (212) 785-9168 Tel (914) 668-8010 - Fax (914) 668-8048
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants a Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of California Investors V Boston, Massachusetts
We have audited the accompanying balance sheets of California Investors V (a California Limited Partnership) as of December 31, 1998 and 1997, 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. Those standards require that we 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. 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 California Investors V as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital, 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 additional information included in this report (shown on pages 16 and 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.
April 6, 1999
FIFTY-FIVE SUMMER STREET - BOST0N, MA 02 110-1007 - TELEPHONE 617.482-5511 - - FAX617,426-5252
Randall Patterson, CPA, P.C.
12913 Alton Square, #101 Phone:(703) 834-3804 Herndon, Virginia 20170 Fax:(703) 834-1908
INDEPENDENT AUDITORS REPORT
To the Partners Carriage Run Limited Partnership
I have audited the accompanying balance sheets of Carriage Run Limited Partnership, as of December 31, 1998 and 1997 and the related statements of income, partners capital, and cash flows for the years then ended. These financial statements are the responsibility of 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, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I 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 statements presentation. I believe that my audit provides 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 Carriage Run Limited Partnership, as of December 31, 1998 and 1997 and the results of its operations and its cash flow for the years then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, I have also issued reports dated March 4, 1999 on my consideration of Carriage Run Limited Partnership's internal control and on its compliance with laws and regulations.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
Randall Patterson March 4, 1999
THOMAS, JUDY & TUCKER, P.A. Certified Public Accountants Clifton W. Thomas 16 East Rowan Street Chris P. Judy Raleigh, NC David W. Tucker David A. Johnson
INDEPENDENT AUDITORS' REPORT
To the Partners Cedarwood Apartments Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheet of Cedarwood Apartments Limited Partnership as of December 31, 1998 and the related statements of operations, partners' equity 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. The financial statements of Cedarwood Apartments Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated January 16, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in 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 audit provides 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 Cedarwood Apartments Limited Partnership as of December 31, 1998 and the results of its operations 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 our report dated January 22, 1999 on our consideration of Cedarwood Apartments Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedules 1 and 2 is presented for purposes of additional analysis and is not a required part of the basic financial statements of Cedarwood Apartments Limited Partnership. 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.
January 22, 1999 LAURIE A. LEE CERTIFIED PUBLIC ACCOUNTANT 5446 BIRCHBROOK COURT LAS VEGAS, NEVADA 89120 TELEPHONE: (702) 456-2162
INDEPENDENT AUDITOR'S REPORT
To the Partners of Chaparral Associates:
I have audited the balance sheets of Chaparral Associates, a Limited Partnership (the "Partnership") as of December 31, 1998 and 1997, 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 my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the US Department of Agriculture, Farmers Rome Administration Audit Program. Those standards require that I 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. I believe that my 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 the Partnership as of December 31, 1998 and 1997, 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, I have also issued my reports dated February 14, 1999 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.
The accompanying supplementary information (beginning 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 auditing 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 financial statements taken as a whole.
February 14, 1999
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
SALMIM, CELONA, WEHRLE & FLAHERTY, LLP CERTIFITED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE ROCHESTER, NY 14694-3033 716 / 279-0120 FAX 716 / 279-0166
To The Partners College Green Rental Associates Rochester, Now York
Independent Auditor's Report
We have audited the accompanying balance sheet of College Greene Rental Associates, L.P. (a Limited Partnership as of December 31, 1998 and the related statements of operations, changes in partners' capital (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partners management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of College Greene Rental Associates, L.P. as of December 31, 1997, were audited by other auditors whose report dated February 9, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides a reasonable basis for our opinion.
In our opinion, the 1998 financial statements referred to above present fairly, in all material respects, the financial position of College Greene Rental Associates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Salmin, Celona, Wehrle & Flaherty, LLP
January 25, 1999
Crisp Hughes Evans LLP Certified Public Accountants & Consultants Affiliated worldwide through AGN International
Independent Auditors' Report
To The Partners Devenwood Apartments, A Limited Partnership
We have audited the accompanying balance sheets of Devenwood Apartments, A Limited Partnership as of December 31, 1998 and 1997, 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 with 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 provides 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 Devenwood Apartments, A Limited Partnership as of December 31, 1998 and 1997, 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 25, 1999 on our consideration of Devenwood Apartments, A Limited Partnership's internal control over financial reporting and our consideration of its compliance with certain provisions of laws, regulations, contracts, and grants.
January 25, 1999 Creekview Court PO Box 25849 Greenville, SC 29616 FAX 864 458 85 19
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Four Oaks Limited Partnership
We have audited the accompanying balance sheets of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
McGEE & ASSOCIATES, P.C. Certified Public Accountants
Independent Auditors' Report
To the Partners Franklin Vista III, Ltd. and Rural Development
We have audited the accompanying balance sheets of Franklin Vista III, Ltd. (a limited partnership) as of December 31, 1998 and 1997, 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 Franklin Vista III, Ltd. as of December 31, 1998 and 1997, and the results of its operations and the changes in partners' equity 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 January 13, 1999, on our consideration of Franklin Vista 111, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Franklin Vista III, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 13, 1999 Farmington, New Mexico
REGARDIE, BROOKS & LEMS CHARTERED JESSE A. KAISER, CPA CONSULTANTS & CERTIFIED PUBLIC ACCOUNTANTS JEROME R LEWIS, CPA NATHAN J. ROSEN, CPA PAUL J. GNATT, CPA CELSO T MATAAC, JR., CPA PHILIP R. BAKER, CFA BRIAN J. GIGANTI, CPA DOUGLAS A. DOWLING, CPA 7101 WISCONSIN AVENUE, SUITE 1012 BETHESDA, MARYLAND 20814 TEL (301) 654-9000 e-mail: rblcpa@rbIcpa.com FAX (301) 656-3056
DAVID X BROOKS, CPA
CONSULTANT
BENJAMIN F REGARDIE (1897-1973) INDEPENDENT AUDITOR'S REPORT
February 22, 1999
To the Partners, Friendship Village Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Friendship Village Limited Partnership as of December 31, 1998 and 1997, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnerships 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, 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 Friendship Village Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital, 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 our reports dated February 22, 1999 on our consideration of Friendship Village Limited Partnership's internal control and on its compliance with laws and regulations.
Certified Public Accountants - - I - FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Hillmont Village Limited Partnership
We have audited the accompanying balance sheets of Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners I equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners HUGHES SPRINGS SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheets of HUGHES SPRINGS SENIORS APARTMENTS, LTD., RHS PROJECT NO. 49-034-721156758 as of December 31, 1998 and 1997 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. 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 HUGHES SPRINGS SENIORS APARTMENTS, LTD. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity 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 basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, 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 basic financial statements taken as a whole.
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 2401 St. Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 Member of international Group of Accounting Firms e Member Firms in Principal Cities AlCPA SEC Practice Section * AIPA Private Companies Practice Section
In accordance with Government Auditing- Standards, we have also issued a report dated February 18, 1999 on our consideration of HUGHES SPRINGS SENIORS APARTMENTS, LTD.'s internal control and a report dated February 18, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana February 18, 1999
Schonwit &Associates Certified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626 (714) 437-1025FAX (714) 957
INDEPENDENT AUDITOR'S REPORT
To the Partners La Gema Del Barrio, A California Limited Partnership
I have audited the accompanying balance sheet of La Gema Del Barrio, A California Limited Partnership, as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. I have previously audited and reported on the financial statements for the preceding year and issued an unqualified report dated January 29, 1998.
1 conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31, 1998, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
February 5, 1999
Certified Public Accountants 1111 Michigan Avenue P.O. Box 2500 517-332-6200 PLANTE & MORAN, LLP East Lansing, Michigan 48826-2500 FAX 517-332-8502
Independent Auditor's Report
To the Partners Lakeview Meadows Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) MSHDA Development No. 874, as of December 31, 1998 and 1997, and the related statements of profit and 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. Those standards require that we 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. 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 Lakeview Meadows Limited Dividend Housing Association Limited Partnership as of December 31, 1998 and 1997, and its profit and loss, 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 a report dated February 15, 1999, on our consideration of the Partnership's internal controls and on its compliance with laws and regulations.
February 15, 1999
Moores Rowland
A worldwide association of independent accounting firms
BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1998 and 1997, 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. 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. 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 my 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 Maidu Properties (A California Limited Partnership) as of December 31, 1998 and 1997, 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 supplementary information for the years ended December 31, 1998 and 1997, on pages 13 and 14, 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Stockton, California March 31, 1999
P.O. BOX 4632 - STOCKTON, CA 95204 TELEPHONE (209) 933-9113 FAX (209) 933-9115 EMAIL BReaCPA@AOL.COM
Jack E. Powers David A Raeck Lawrence C. Kowalk Robert E. Millerjr. Gary W Brya Steven B. Robbins Lamonte T Lator James E. Nyquist Bruce J. Dunn jeffrey C. Stevens Walter P Manerjr. Linda 1. Schirmer Floyd L. Costerisan Certified Public Accountants Steven W Scott Leon A. Ellis (1933-1988)
INDEPENDENT AUDITORS' REPORT February 18, 1999 To the Partners Montague Place Limited Partnership Lansing, Michigan
We have audited the accompanying balance sheets of Montague Place Limited Partnership as of December 31, 1998 and 1997, and the related statements of net 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 the standards applicable to financial audits contained in 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 Montague Place Limited Partnership as of December 31, 1998 and 1997, 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 18, 1999 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
6105 W St. Joseph Highway - Suite 202 - Lansing, Michigan 48917-4848 - (517) 323-7500 - Fax (517) 323-6346
LAURIE A. LEE CERTIFIED PUBLIC ACCOUNTANT
5446 BIRCHBROOK COURT LAS VEGAS, NEVADA 89120 TELEPHONE: (702) 456-2162
INDEPENDENT AUDITOR'S REPORT
To the Partners of Navapai Associates:
I have audited the balance sheets of Navapai Associates, a Limited Partnership (the "Partnership") as of December 31, 1998 and 1997, 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 my 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 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. I believe that my 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 the Partnership as of December 31, 1998 and 1997, 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, I have also issued my reports dated February 14, 1999 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.
The accompanying supplementary information (beginning 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 auditing 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 financial statements taken as a whole.
February 14, 1999
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969 Fax: (912)355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Oakland Village Limited Partnership
We have audited the accompanying balance sheets of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
THOMAS, JUDY & TUCKER, P.A. Certified Public Accountant Clifton W. Thomas Chris P. Judy David W. Tucker David A. Johnson 16 East Rowan Street, Suite I Raleigh, NC 276U9 (919)571-7055 FAX (919) 571-7089 INDEPENDENT AUDITORS'REPORT
To the Partners Pine Ridge Elderly Apartments Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheet of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1998 and the related statements of operations, partners' equity 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 The financial statements of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated January 16, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides 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 Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedule 1 is presented for purposes of additional analysis and is not a required part of the basic financial statements of Pine Ridge Elderly Apartments Limited Partnership. 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.
January 22, 1999 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Pittsfield Park Associates (A Maine Limited Partnership)
We have audited the accompanying balance sheet of Pittsfield Park Associates (a Maine Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 15, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Pittsfield Park Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Pittsfield Park Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants * Business Consultants
INDEPENDENT AUDITOR'S REPORT
To.the Partners of Rosenberg Building Associates Limited Partnership Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, 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. Those standards require that we 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. 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 Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital, 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 additional information included in this report (shown on pages 18 and 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.
March 10, 1999 DIXON ODOM, PLLC Certified Public Accountants and Consultants
INDEPENDENT AUDITORS'REPORT
To the Partners St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments Raleigh, North Carolina
We have audited the accompanying balance sheets of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1998 and 1997 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 St. Barnabas Ridge Limited Partnership as of December 31, 1998 and 1997 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 report dated January 21, 1999 on our consideration of St. Barnabas Ridge Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
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 10 and 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 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.
January 21, 1999 1829 Eastchester Drive P.O. Box 264E High Point, NC 27261-264(
336-889-5156 Fax 336-889-6161
FLOYD & COMPANY Certified Public Accountants 411 Stephenson Avenue Savannah, Georgia 31406 Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of Summer Lane Limited Partnership
We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation INDEPENDENT AUDITORS' REPORT
To the Partners Schroon Lake Housing Redevelopment Company
We have audited the accompanying balance sheet of Schroon Lake Housing Redevelopment Company as of December 31, 1998 and the related statements of operations, partners' equity, 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 the 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 audit provides 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 Schroon Lake Housing Redevelopment Company as of December 31, 1998 and the results of its operations 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 reports dated February 4, 1999, on our consideration of Schroon Lake Housing Redevelopment Company's internal control structure and its compliance with laws and regulations.
The financial statements of Schroon Lake Housing Redevelopment Company as of December 31, 1997 were audited by other accountants whose report dated January 19, 1998 expressed an unqualified opinion on those statements.
February 4, 1999 Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 * (518) 438-7400 0 FAX (518) 438-7444 Member American Institute of Certified Public Accountants (Private Companies Practice Section & Tax Division) New York state Society of CPA's
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Tyrone House Associates (A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Tyrone House Associates (a Pennsylvania Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (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. The 1997 financial statements were audited by other auditors whose report dated January 13, 1998, expressed an unqualified opinion on those statements.
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 audit provides 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 Tyrone House Associates as of December 31, 1998, and the results of its operations 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 March 5, 1999, on our consideration of the Partnership's internal controls and a report dated March 5, 1999, on its compliance with laws and regulations.
Tyrone House Associates Page Two
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.
March 5, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Randall Patterson, CPA, P.C.
12913 Alton Square, #101 Herndon, Virginia 20170 Fax: Phone: (703) 834-3804 (703) 834-1908 INDEPENDENT AUDITOR'S REPORT
To the Partners Victoria Limited Partnership
I have audited the accompanying balance sheets of Victoria Limited Partnership as of December 31, 1998 and 1997 and the related statements of income, partners capital, and cash flows for the years then ended. These financial statements are the responsibility of 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, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I 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 statements presentation. I believe that my audit provides 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 Victoria Limited Partnership, as of December 3 1, 1998 and 1997 and the results of its operations and its cash flow for the years then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, I have also issued reports dated March 4, 1999 on my consideration of Victoria Limited Partnership's internal control and on its compliance with laws and regulations.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental 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 audits of basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
Randall Patterson, CPA, P.C. March 4, 1999
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Village Terrace Limited Partnership (A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Village Terrace Limited Partnership (a North Carolina Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners, equity (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. The 1997 financial statements were audited by other auditors whose report dated February 5, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. 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 audit provides 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 Village Terrace Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
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.
January 29, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Woodfield Commons Limited Partnership
We have audited the accompanying balance sheets of Woodfield Commons Limited Partnership as of December 31, 1998 and 1997, 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. 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 Woodfield Commons Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity, 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 basic financial statements taken as a whole. The supplemental information on page 13 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.
February 2, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 * PHONE (715) 832-3425 * FAX(715) 832-1665 - -I-
PROSPECT BUILDING 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232
TELEPHONE 501-666-2879 FAX NO. 501-666-5260
BENTON, ARKANSAS OFFICE 210 W. SEVIER STREET BENTON, ARKANSAS 72015 TELEPHONE 501-378-7746
INDEPENDENT AUDITOR'S REPORT
To the Partners Beckwood Manor Six Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor Six Limited Partnership, RD Project No. 03-048-0710677265 (the Partnership), as of December 31, 1997 and 1996, and the related statements of profit (loss), 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. Those standards require that we 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. 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 Beckwood Manor Six Limited Partnership as of December 31, 1997 and 1996, and its results of operations, changes in partners' equity (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 our report dated March 18, 1998 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
March 18, 1998 Little, Shaneyfelt, Marshall & Co.
OSCAR N. HARRIS & ASSOCIATES, P.A. CERTIFIED PUBLIC ASSOCIATES
OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A. KENNETH E. MILTON, C.P.A. CONNIE P. STANCIL, C.P.A.
Members: American Institute of Certified Public Accountants North Carolina Association of Certified Accountants
INEPENDENT AUDITORS' REPORT
To the Partners of Brantwood Lane Limited Partnership Charlotte, North Carolina
We have audited the balance sheets of Brantwood Lane Limited Partnership as of December 31, 1997 and 1996, 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 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 Brantwood Lane Limited Partnership as of December 31, 1997 and 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 February 6, 1998 on our consideration of Brantwood Lane Limited Partnership's internal control structure and a report dated February 6, 1998 on its compliance with laws and regulations.
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335 (910) 892-1021 FAX (910) 892-6084
Brantwood Lane Limited Partnerhsip Page Two
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages 14, 15, 16, and 17 are presented for purposes 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 basic financial statements taken as a whole.
Oscar N. Harris & Associates, P.A. Certified Public Accountants
February 6, 1998
Crisp Huges Evans LLP Certified Public Accountants & Consultants Affiliates worldwide through AGN International
Independent Auditors' Report
To The Partners Breckenridge Apartments, Limited Partnership
We have audited the accompanying balance sheets of Breckenridge Apartments, Limited Partnership as of December 31, 1997 and 1996, 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 with 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 Breckenridge Apartments, Limited Partnership as of December 31, 1997 and 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 27, 1998 on our consideration of Breckenridge Apartments, Limited Partnership's internal control over financial reporting and our consideration of its compliance with certain provisions of laws, regulations, contracts, and grants.
January 27, 1998
1 Creekview Court PO Box 25849 Greenville, SC 29616 864 288 554 Fax 864 458 8519 www.che-llp.com
N. CHENG & CO., P.C. Certified Public Accountants
Independent Auditors' Report
To the Partners Bridge Coalition Limited Partnership New York, New York
We have audited the accompanying balance sheet of Bridge Coalition Limited Partnership as of December 31, 1997 and the related statements of operations, changes in partners, equity 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. 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 audit provides 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 bridge Coalition Limited Partnership as of December 31, 1997 and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.
New York, New York February 4, 1998
40 Exchange Place, Suite 1206 New York, New York 10005 Tel (212) 785-0100 - Fax (212) 785-9168
Two Gramatan Avenue Mount Vernon, New York 10550 Tel (914) 668-8010 - Fax (914) 668-8048
Witt, Mares & Company, PLC Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners Carriage Run Limited Partnership
We have audited the accompanying balance sheets of Carriage Run Limited Partnership (a Virginia Limited Partnership), as of December 31, 1997 and 1996, 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. The financial statements as of December 31, 1996, were audited by Graham Carter & Jennings, PLC, who merged with Witt, Mares & Company, PLC as of December 1, 1997, whose report dated February 3, 1997 expressed an unqualified opinion on those statements.
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 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 Carriage Run Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partner's equity 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 our report dated February 12, 1998 on our consideration of Carriage Run Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 18 and 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 financial statements take as a whole.
Newport News, Virginia February 12, 1998
LAURIE A. LEE Certified Public Accountant
5446 Birchbrook Court, Las Vegas, Nevada 89120 Telephone: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of Chaparral Associates:
I have audited the balance sheet of Chaparral Associates, a Limited Partnership (the "Partnership") as of December 31, 1997 and 1996, and the related statements of operations, partners' capital and cash flow 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, and the US Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I 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. I believe that my 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 the Partnership as of December 31, 1997 and 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, I have also issued my reports dated February 14, 1998 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.
The accompanying supplementary information (beginning 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 auditing 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 financial statements taken as a whole.
February 14, 1998
Member: American institute of Certified Public Accountants and Nevada Society of Certified Public Accountants.
Coopers & Lybrand L.L.P.
Report of Independent Accountants
To the Partners College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene Rental Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in 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. 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 College Greene Rental Associates, L.P., as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
Rochester, New York February 9, 1998
Crisp Hughes Evans LLP Certified Public Accountants & Consultants Affiliated worldwide through AGN International
Independent Auditors' Report
To The Partners Devenwood Apartments, A Limited Partnership
We have audited the accompanying balance sheets of Devenwood Apartments, A Limited Partnership as of December 31, 1997 and 1996, 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 with 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 provides 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 Devenwood Apartments, A Limited Partnership as of December 31, 1997 and 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 27, 1998 on our consideration of Devenwood Apartments, A Limited Partnership's internal control over financial reporting and our consideration of its compliance with certain provisions of laws, regulations, contracts, and grants.
January 27, 1998
1 Creekview Court PO Box 25849 Greenville, SC 29616 864 288 5544 Fax 864 458 8519
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Four Oaks Limited Partnership
We have audited the accompanying balance sheets of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Four Oaks Limited Partnership (a Georeia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
McGEE & Associates, P.C. CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Franklin Vista III, Ltd. and Rural Development
We have audited the accompanying balance sheets of Franklin Vista III, Ltd. (a limited partnership) as of December 31, 1997 and 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 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 Franklin Vista III, Ltd. as of December 31, 1997 and 1996, and the results of its operations and the changes in partners' equity 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 January 13, 1998, on our consideration of Franklin Vista III, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Franklin Vista III, Ltd. Such information has been subjected to the auditing procedures applied in the audit 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.
January 13, 1998 Farmington, New Mexico
REGARDIE, BROOKS & LEWIS CHARTERED CERTIFIED PUBLIC ACCOUNTANTS
JEROME P. LEWIS, CPA NATAN J. ROSEN, CPA JESSE A. KAISER, CPA PAUL J.GNATT, CPA CELSO T. MATAAC, JR, CPA PHILIP R. BAKER, CPA DOUGLAS A. DOWUNG, CPA BRLAN J. GIGANTI, CPA DAVID A. BROOKS, CPA CONSULTANT BENJAMIN F. REGARDIE(1897-1973)
7101 WISCONSIN AVENUE - BETHESDA, MARYLAND 20814 TEL (301) 654-9000 FAX (301) 656-3056
INDEPENDENT AUDITOR'S REPORT
February 21, 1998
To the Partners, Friendship Village Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Friendship Village Limited Partnership as of December 31, 1997 and 1996, 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, 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 Friendship village Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners, capital, 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 our reports dated February 21, 1998 on our consideration of Friendship Village Limited Partnership's internal controls and on its compliance with laws and regulations.
Certified Public Accountants
- - I -
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Hillmont Village Limited Partnership
We have audited the accompanying balance sheets of Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA February 28, 1998
Schonwit & AssociatesCertified Public Accountants 575 Anton Boulevard, Suite 500, Costa Mesa, California 92626 (714) 437-1025 FAX (714) 957-1678 INDEPENDENT AUDITOR'S REPORT
To the PartnersLa Gema Del Barrio, A California Limited Partnership
I have audited the accompanying balance sheet of La Gema Del Barrio, A California Limited Partnership, as of December 31, 1997, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. I have previously audited and reported on the financial statements for the preceding year.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31, 1997, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
January 29, 1998
PLANTE & MORAN, LLP 1111 Michigan Avenue P.O. Box 2500 East Lansing, Michigan 48826-2500 Certified Public Accountants Management Consultants 517-332-6200 FAX 517-332-8502
Independent Auditor's Report To the PartnersLakeview Meadows Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) MSHDA Development No. 874, as of December 31, 1997 and 1996, and the related statements of profit and 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. Those standards require that we 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. 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 Lakeview Meadows Limited Dividend Housing Association Limited Partnership as of December 31, 1997 and 1996, and its profit and loss, 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 a report dated February 16, 1998, on our consideration of the Partnership's internal controls and a report dated February 16, 1998, on its compliance with laws and regulations.
February 16, 1998
LAURIE A. LEE Certified Public Accountant
5446 Birchbrook Court, Las Vegas, Nevada 89120 Telephone: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of Navapai Associates:
I have audited the balance sheets of Navapai Associates, a Limited Partnership (the "Partnership") as of December 31, 1997 and 1996, 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 audit.
I conducted my 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 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 accessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my 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 the Partnership as of December 31, 1997 and 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, I have also issued my reports dated February 14, 1998 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.
The accompanying supplementary information (beginning 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 auditing procedures applied in the audit of the basic financial statement. and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 14, 1998
Member: American institute of Certified Public Accountants and Nevada Society of Certified Public Accountants
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Post Office, Box, 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Oakland Village Limited Partnership
We have audited the accompanying balance sheets of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
ROBERT ERCOLINI & COMPANY LLPCertified Public Accountants, Business Consultants INDEPENDENT AUDITOR'S REPORTTo the Partners ofRosenberg Building Associates Limited Partnership Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1997 and 1996, 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. Those standards require that we plan and perform the audits statements are free of obtain reasonable assurance about whether the finance the amounts and material misstatement. An audit includes examining, on a test basis, evidence supporting 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 Rosenberg Building Associates Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital, 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 additional information included in this report (shown on pages 19 and 20) 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.
February 4, 1998
FIFFY-FIVE SUMMER STREET - BOSTON, MA 02110-1007 - TELEPHONE 617-482-5511 - Fax 617-426-5252
Coopers & Lybrand L.L.P. Report of Independent Accountants
To the Partners Schroon Lake Housing Redevelopment Company
We have audited the accompanying statements of financial position of Schroon Lake Housing Redevelopment Company (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in 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 the 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 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 Schroon Lake Housing Redevelopment Company as of December 31, 1997 and 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 our report dated January 19, 1998 on our consideration of Schroon Lake Housing Redevelopment Company's internal control structure and a report dated January 19, 1998 on its compliance with laws and regulations.
Rochester, New York January 19, 1998
FRIEDMAN & FULLER, PC Certified Public Accountants Management Consultants
2400 Research Boulevard Suite 250 Rockville, Maryland 20850-3243 Telephone (301) 921-8000
INDEPENDENT AUDITOR'S REPORT
To the Partners Stanardsville Village Limited Partnership RHS No. 54-48-541523939 North Main Street Stanardsville, Virginia 22973
We have audited the accompanying balance sheets of Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 1997 and 1996, and the related statements of operations, partners' capital (deficiency) 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 and the Audit Program 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 Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 1997 and 1996, 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 10 and 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 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.
February 4, 1998
FLOYD & COMPANY Certified Public Accountant
132 Stephenson Avenue, Suite 202 Savannah, Georgia 31406
Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of Summer Lane Limited Partnership
We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the related statements of operations, partners' equity (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 audits.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
Witt, Mares & Company, PLC Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners Victoria Limited Partnership
We have audited the accompanying balance sheets of Victoria Limited Partnership (a Virginia Limited Partnership), as of December 31, 1997 and 1996, 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. The financial statements as of December 31, 1996, were audited by Graham Carter & Jennings, PLC, who merged with Witt, Mares & Company, PLC as of December 1, 1997, whose report dated February 3, 1997 expressed an unqualified opinion on those statements.
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 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 Victoria Limited. Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partner's equity 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 our report dated February 12, 1998 on our consideration of Victoria Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 17 and 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 financial statements take as a whole.
Newport News, Virginia
February 12, 1998
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of Village Terrace Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Village Terrace Limited Partnership as of December 31, 1997 and 1996 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. Those standards require that we 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. 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 Village Terrace Limited Partnership as of December 31, 1997 and 1996 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 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 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.
Raleigh, North Carolina February 5, 1998
CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Woodfield Commons Limited Partnership
We have audited the accompanying balance sheets of Woodfield Commons Limited Partnership as of December 31, 1997 and 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 audits.
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 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 Woodfield Commons Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity, 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 basic financial statements taken as a whole. The supplemental information on pages 13 and 14 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.
CERTIFIED PUBLIC ACCOUNTANTS January 26, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 - PHONE(715) 832-3425 - FAX(715) 832-1665
- -I-
Mary K. Flegal Certified Public Accountant
INDEPENDENT AUDITOR'S REPORT
To the Partners Fawn River Apartments
I have audited the accompanying balance sheets of Fawn River Apartments (a partnership) Project #26-078-382856293 as of December 31, 1996 and 1995, and the related statements of operations, partners' deficit and cash flows for the years ended December 31, 1996 and 1995. These financial statements are the responsibility of the Project'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 standards for financial and compliance audits contained in the Standards for Audit of Governmental Organizations, Programs, Activities and Functions, Issued by the U.S. General Accounting Office. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether 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 my audit provides a reasonable basis for my opinion.
The financial statements include only the assets, liabilities and operations of Fawn River Apartments Project #26-078-382856293 and do not include any other assets, liabilities or operations of the Partnership.
In my opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and partners' deficit of Fawn River Apartments Project #26-078-382856293 as of December 31, 1996 and 1995, and its operations, partners' deficit and cash flows for the years ended December 31, 1996 and 1995.
In accordance with Government Auditing Standards, I have also issued a report dated January 17, 1997, on my consideration of Fawn River Apartments Project #26-078-38285693 internal control structure and a report dazed January 17, 1997, on its compliance with laws and regulations.
MARY K. FLEGAL January 17, 1997 The Waters Edge, Second Floor - 5930 Lovers Lane Portage, Michigan 49002 Phone (616) 383-1900
FLOYD & COMPANY, CPA Certified Public Accountant 306 Commercial Ave, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of Hillmont Village Limited Partnership
We have audited the accompanying balance sheets of Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
Schonwit & Associates Certified Public Accountant 5 Anton Boulevard, Suite 500 Costa Mesa, California 92626 (714) 437-1025 FAX (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the Partners La Gema Del Barrio, A California Limited Partnership
I have audited the accompanying balance sheet of La Gema Del Barrio, A California Limited Partnership, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year 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 audit. The financial statements of La Gema Del Barrio, a California Limited Partnership, for the year ended December 31, 1995, as presented herein, were examined by another auditor whose report dated April4, 1996, expressed an unqualified opinion on those financial statements.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
February 14, 1997
Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A
To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California
We have audited the accompanying balance sheets of Maidu Properties (A California 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. 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 of our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1996 and 1995, on pages 13 and 14, 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.
Burke & Rea
Stockton, California April 4, 1997
P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115
H M & R P.C. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS'REPORT
To the Partners Montague Place Limited Partnership Lansing, Michigan
We have audited the accompanying balance sheets of Montague Place Limited Partnership (a Michigan limited partnership), FMHA Project. No. 26-079- 0382937919 as of December 31, 1996 and 1995, and the related to 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.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards. 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 audit provides 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 Montague Place 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.
Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11 to 20 is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Henderson, Miller & Robbins, P.C. Lansing, Michigan February 4, 1997
HENDERSON, MILLER & ROBBINS, RC. 1375 S. WASHINGTON Ave. Lansing MI 48910 517) 372-6565 - FAX (517) 372-6571
FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of Oakland Village Limited Partnership
We have audited the accompanying balance sheets of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, financial statements referred to above present fairly, in all material respects, the financial position of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
FLOYD & COMPANY, CPA Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone: (912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of Summer Lane Limited Partnership
We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (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 audits.
The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
See notes to financial statements
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS
Years ended March 31, 1999, 1998 and 1997
* Includes loss on disposal of operating limited partnership (Series 10) of $235,446.
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
* Includes loss on disposal of operating limited partnership (Series 10) of $235,446.
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
See notes to financial statements
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
See notes to financial statements
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
See notes to financial statements
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund II Limited Partnership (the "partnership") was formed under the laws of the State of Delaware on June 28, 1989, for the purpose of acquiring, holding and disposing of limited partnership interests in operating limited partnerships which were to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure; accordingly, the apartment complexes are restricted as to rent charges and operating methods and are subject to the provisions of Section 42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the partnership is Boston Capital Associates II Limited Partnership and the limited partner is BCTC Assignor Corp. II (the "assignor limited partner").
Pursuant to the Securities Act of 1933, the partnership filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective August 29, 1988, which covered the offering (the "Public Offering") of the partnership's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The partnership registered 20,000,000 BACs at $10 per BAC for sale to the public in six series. BACs sold in bulk over $100,000 were offered to investors at a reduced cost per BAC. The partnership is no longer selling any BACs related to any series. The final closing in Series 14 was January 27, 1993.
The BACs issued and outstanding in each series at March 31, 1999 and 1998 are as follows:
In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Organization Costs ------------------
Initial organization and offering expenses, common to all series, were allocated on a percentage of equity raised to each series.
Organization costs were amortized on the straight-line method over 60 months.
Accumulated amortization as of March 31, 1999 and 1998 is as follows:
Deferred Acquisition Costs -------------------------- Deferred acquisition costs are being amortized on the straight-line method starting April 1, 1995 over 27.5 years (330 months).
As of April 1, 1995, the partnership reclassified certain unallocated acquisition costs included in the investments in operating limited partnerships to deferred acquisition costs. The amounts include $23,920, $94,634, and $47,968 for Series 9, Series 10 and Series 11, respectively.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Deferred Acquisition Costs (Continued) -------------------------- Accumulated amortization as of March 31, 1999 and 1998 is as follows:
Income Taxes ------------ No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.
Investments in Operating Limited Partnerships --------------------------------------------- The partnership accounts for its investments in operating limited partnerships using the equity method of accounting. Under the equity method of accounting, the partnership adjusts its investment cost for its share of each operating limited partnership's results of operations and for any distributions received or accrued. However, the partnership recognizes individual operating limited partnership's losses only to the extent that the fund's share of losses of the operating limited partnerships exceeds the carrying amount of the investment. Unrecognized losses are suspended and offset against future individual operating limited partnership's income. No operating limited partnerships were acquired during 1998 or 1999.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued) --------------------------------------------- A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the partnership and the estimated residual value of the investment. Accordingly, the partnership recorded an impairment loss of $468,736 during the year ended March 31, 1999.
Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The partnership records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.
The operating limited partnerships maintain their financial statements based on a calendar year and the partnership utilizes a March 31 year-end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.
The partnership records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the partnership when received.
The partnership records acquisition cost as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the partnership. These differences are shown as reconciling items in note C.
Cash Equivalents ---------------- Cash equivalents include tax-exempt sweep accounts, certificates of deposit, and money market accounts having original maturities at date of acquisition of three months or less. The carrying amounts approximates fair value because of the short maturity of these instruments.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fiscal Year ----------- For financial reporting, all the series use a March 31 year end, whereas for income tax reporting, each series uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Net Loss per Beneficial Assignee Certificate -------------------------------------------- Net loss per beneficial assignee certificate is calculated based upon the weighted average number of units outstanding. The weighted average number of units outstanding in each series at March 31, 1999, 1998 and 1997 is as follows:
Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Investments Held to Maturity ---------------------------- Investments held to maturity consist of certificates of deposit with original maturities greater than 90 days and are carried at amortized cost which approximates fair value.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements -------------------------------- On March 31, 1997, the partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. On March 31, 1998, the partnership adopted SFAS No. 130, "Reporting Comprehensive Income," SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information," and SFAS No. 132, "Employers' Disclosures about Pensions and Other Postretirement Benefits." SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, SFAS No. 131 establishes standards for how public business enterprises report information about operating segments and SFAS No. 132 revises employers' disclosures about pension and other postretirement benefit plans. The implementation of these standards has not materially affected the partnership's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage-backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135.
The fund does not have any derivative or hedging activities and does not have any mortgage-backed securities. FASB Statement 75, "Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units," does not apply to the fund. Consequently, these pronouncements are expected to have no effect on the fund's financial statements.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, the partnership entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual partnership management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnership and 99% of the permanent financing at the operating limited partnership level. The annual partnership management fees charged to each series' operations during the years ended March 31, 1999, 1998 and 1997 are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses incurred by Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership during the years ended March 31, 1999, 1998 and 1997 charged to each series' operations are as follows:
Accounts payable - affiliates at March 31, 1999 and 1998 represents general and administrative expenses, partnership management fees, and may include advances which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership. The carrying value of the accounts payable - affiliates approximates fair value.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1999 and 1998, the partnership has limited partnership interests in operating limited partnerships which own operating apartment complexes. During 1999, the partnership disposed of its operating limited partnership interest in one of the operating limited partnerships owned in Series 10. The number of operating limited partnerships in which the partnership has limited partnership interests at March 31, 1999 and 1998 by series are as follows:
Under the terms of the partnership's investment in each operating limited partnership, the partnership is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations.
The contributions payable to operating limited partnerships at March 31, 1999 and 1998 by series are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1999 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1999 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1999 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1998 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1998 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31, 1998 are summarized as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1998 are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1998 are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1997 are as follows
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1997 are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1998 are as follows:
* Amounts include $318,868, $957,796, $572,903, $735,777, $568,414 and $1,004,849 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of l o s s not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1998 are as follows:
* Amounts include $318,868, $957,796, $572,903, $735,777, $568,414 and $1,004,849 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1997 are as follows:
* Amounts include $433,884, $938,335, $503,174, $560,616, $450,482 and $624,486 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of l o s s not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1997 are as follows:
* Amounts include $433,884, $938,335, $503,174, $560,616, $450,482 and $624,486 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows:
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572, $169,086 and $184,060 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 in which Series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows:
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572, $169,086 and $184,060 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 is reconciled as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund II Limited Partnership Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - CASH EQUIVALENTS
Cash equivalents of $527,993 and $661,174 as of March 31, 1999 and 1998, respectively, include tax-exempt sweep accounts, certificates of deposit, and money market accounts with interest at rates ranging 2.25% to 5.3% per annum.
NOTE F - NOTES RECEIVABLE
Notes receivable at March 31, 1999 and 1998, consist of advance installments of capital contributions and/or advances made to operating limited partnerships of $543,584 and $604,695, respectively. The Series 12 notes, $-0- and $61,111 at March 31, 1999 and 1998, respectively, are noninterest bearing and due on demand. The Series 14 notes, $543,584 and $543,584 at March 31, 1999 and 1998, respectively, are noninterest bearing and due on demand. The carrying value of the notes receivable approximates fair value.
NOTE G - INVESTMENTS HELD TO MATURITY
Investments held to maturity at March 31, 1999 and 1998, consist of certificates of deposit totaling $1,060,192 and $ 9 17,497, respectively. The certificates of deposit relating to each year mature within the next 12 months with interest rates ranging from 5.30% to 5.65% per annum.
Proceeds from redemptions of investments during the year ended March 31, 1999 were $944,428.
NOTE H - CONTINGENCY
Woodfield Commons, an operating limited partnership, is in receipt of a 60-Day letter issued by the IRS stating that the partnership has not met certain IRC Section 42 requirements. The finding was the result of an IRS audit of the partnership's tenant files. The IRS has proposed an adjustment that would disallow the partnership from utilizing certain past or future credits. The Operating General Partner and its Counsel are in the process of filing an appeal to the finding of the IRS, and do not anticipate an outcome that will have a material effect on the financial statements. Accordingly, no adjustment has been made in accompanying financial statements.
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 41,816,362 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,735,711 Other............................................. 0 ---------- $ 1,735,711
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$ 43,552,073
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 147,543 Other............................................. 0 ---------- $ 147,543 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 -----------
Balance at close of period - 03/31/94............................$ 43,699,616 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 58,462 Other............................................. 0 ---------- $ 58,462
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. (261,992) ---------- $ (261,992) ----------- Balance at close of period - 03/31/95............................$ 43,496,086
Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95.........................$ 43,496,086
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 26,794 Other......................................... 0 ----------- $ 26,794 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96.........................$ 43,522,880
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (12,480,477) ----------- $(12,480,477) ----------- Balance at close of period - 03/31/97.........................$ 31,042,403
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 44,376 Other......................................... 0 ----------- $ 44,376 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $ 0 ------------ Balance at close of period - 03/31/98........................ $ 31,086,779
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/98........................ $ 31,086,779
Additions during period: Acquisitions through foreclosure............ $ 0 Other acquisitions............................ 0 Improvements, etc............................. 56,791 Other......................................... 0 ----------- $ 56,791 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (1,073,393) ----------- $ (1,073,393) ------------ Balance at close of period - 03/31/99........................ $ 30,073,177 ============
Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,312,199 Current year expense................................$1,360,178 ---------
Balance at close of period - 3/31/93............................$ 3,672,377 Current year expense................................$1,436,830 ---------
Balance at close of period - 3/31/94............................$ 5,109,207 Current year expense................................$1,391,094 ---------
Balance at close of period - 3/31/95............................$ 6,500,301 Current year expense................................$1,384,980 ---------
Balance at close of period - 3/31/96............................$ 7,885,281 Current year expense................................$ (333,705) ---------
Balance at close of period - 3/31/97............................$ 7,551,576 Current year expense................................$ 980,513 ---------
Balance at close of period - 3/31/98............................$ 8,532,089 ========== Current year expense................................$ 100,126 ---------
Balance at close of period - 3/31/99............................$ 8,632,215 ==========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$122,231,856
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,447,429 Improvements, etc................................. 143,343 Other............................................. 0 ---------- $ 3,590,772
Deductions during period: Cost of real estate sold..........................$(7,395,934) Other............................................. (24,083) ---------- $ (7,420,017) ----------- Balance at close of period - 03/31/93............................$118,402,611
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,591,731 Improvements, etc................................. 9,011,423 Other............................................. 0 ---------- $ 12,603,154 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$131,005,765 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,630,397 Improvements, etc................................. 1,266,494 Other............................................. 0 ---------- $ 3,896,891
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$134,902,656
Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95.........................$134,902,656
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 818,652 Other......................................... 0 ----------- $ 818,652 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/96.........................$135,721,308
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (2,117,890) ----------- $ (2,117,890)
- ----------- Balance at close of period - 03/31/97.........................$133,603,418
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 355,226 Other......................................... 0 ----------- $ 355,226 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/98.........................$133,958,644
Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/98.........................$133,958,644
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 570,512 Other......................................... 0 ----------- $ 570,512 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (990,393) ----------- $
- ----------- Balance at close of period - 03/31/99.........................$133,538,763
===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$ 6,203,920
Current year expense...............................$4,059,735 ---------
Balance at close of period - 3/31/93...........................$10,263,655 Current year expense...............................$4,195,190 ---------
Balance at close of period - 3/31/94...........................$14,458,845 Current year expense...............................$4,588,398 ---------
Balance at close of period - 3/31/95...........................$19,047,243 Current year expense...............................$4,535,644 ---------
Balance at close of period - 3/31/96...........................$23,582,887
Current year expense...............................$4,517,586 ---------
Balance at close of period - 3/31/97...........................$28,100,473
Current year expense...............................$4,359,076 ---------
Balance at close of period - 3/31/98...........................$32,495,549
Current year expense...............................$3,444,078 ---------
Balance at close of period - 3/31/99...........................$35,903,627
==========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 73,561,151
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,204,866 Improvements, etc................................. 314,333 Other............................................. 0 ---------- $ 2,519,199
Deductions during period: Cost of real estate sold..........................$(7,395,934) Other............................................. 0 ---------- $(7,395,934) ----------- Balance at close of period - 03/31/93............................$ 68,684,416
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 8,492,161 Improvements, etc................................. 6,297,007 Other............................................. 0 ---------- $ 14,789,168 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$ 83,473,584 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 313,600 Other............................................. 0 ---------- $ 313,600
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 83,787,184
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95.........................$ 83,787,184 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 86,855 ----------- $ 86,855 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (440,637) ----------- $ (440,637)
- ----------- Balance at close of period - 03/31/96.........................$ 83,433,402 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 186,916 ----------- $ 186,916
- ----------- Balance at close of period - 03/31/97.........................$ 83,620,318
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 116,256 Other......................................... 0 ----------- $ 116,256 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 -----------
- ----------- Balance at close of period - 03/31/98.........................$ 83,736,574
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/98.........................$ 83,736,574
Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 530,895 Other......................................... 0 ----------- $ 530,895 Deductions during period: Cost of real estate sold......................$ 0 Other * ...................................... (1,589,126) -----------
(1,589,126)
- ----------- Balance at close of period - 03/31/99.........................$ 82,678,343
===========
* Deduction is Northern Connecticut; disposed of during fiscal year March 31, 1999.
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 3,259,154
Current year expense................................$2,487,975 ---------
Balance at close of period - 3/31/93............................$ 5,747,129
Current year expense................................$2,881,214 ---------
Balance at close of period - 3/31/94............................$ 8,628,343
Current year expense................................$2,883,271 ---------
Balance at close of period - 3/31/95............................$11,511,614
Current year expense................................$2,768,634 ---------
Balance at close of period - 3/31/96............................$14,280,248
Current year expense................................$2,797,002 ---------
Balance at close of period - 3/31/97............................$17,077,250
Current year expense................................$2,780,726 ---------
Balance at close of period - 3/31/98............................$19,857,976
Current year expense................................$2,397,434 ---------
Balance at close of period - 3/31/99............................$22,255,410
==========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 75,467,308
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 44,500 Improvements, etc................................. 862,272 Other............................................. 0 ---------- $ 906,772
Deductions during period: Cost of real estate sold..........................$(1,343,477) Other............................................. (188,348) ---------- $ (1,531,825) ----------- Balance at close of period - 03/31/93............................$ 74,842,255
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,762,741 Improvements, etc................................. 1,962,905 Other............................................. 0 ---------- $ 7,725,646 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 -----------
Balance at close of period - 03/31/94............................$ 82,567,901 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,297,882 Other............................................. 0 ---------- $ 1,297,822
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 83,865,783
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95..........................$ 83,865,783 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 81,256 Other.......................................... 0 ----------- $ 81,256 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (1,209,041) ----------- $ (1,209,041) ----------- Balance at close of period - 03/31/96..........................$ 82,737,998
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 125,078 Other.......................................... 0 ----------- $ 125,078 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/97..........................$ 82,863,076
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 121,624 Other.......................................... 0 ----------- $ 121,624 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/98..........................$ 82,984,700
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Reconciliation of Land, Building & Improvements current year changes - continued
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 178,906 Other.......................................... 0 ----------- $ 178,906 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/99..........................$ 83,163,606
===========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,602,158 Current year expense................................$2,916,577 ---------
Balance at close of period - 3/31/93............................$ 5,518,735 Current year expense................................$2,946,686 ---------
Balance at close of period - 3/31/94............................$ 8,465,421 Current year expense................................$4,159,331 ---------
Balance at close of period - 3/31/95............................$12,624,752 Current year expense................................$1,693,850 ---------
Balance at close of period - 3/31/96............................$14,318,602 Current year expense................................$2,889,737 ---------
Balance at close of period - 3/31/97............................$17,208,339 Current year expense.................................$2,903,701 ---------
Balance at close of period - 3/31/98............................$20,112,040
Current year expense.................................$2,772,892 ---------
Balance at close of period - 3/31/99............................$22,884,932
==========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 79,690,665
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 9,428,122 Improvements, etc................................. 7,164,766 Other............................................. 0 ---------- $ 16,592,888 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$ 96,283,553
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 901,206 Improvements, etc................................. 16,586,367 Other............................................. 0 ---------- $ 17,487,573 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$113,771,126 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 2,226,528 Other............................................. 0 ---------- $ 2,226,528
Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$115,997,654
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95..........................$115,997,654 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 231,724 Other.......................................... 0 ----------- $ 231,724 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/96..........................$116,229,378
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 67,052 Other.......................................... 0 ----------- $ 67,052 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/97..........................$116,296,430
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 141,479 Other.......................................... 0 ----------- $ 141,479 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/98..........................$116,437,909
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/98..........................$116,437,909
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 144,694 Other.......................................... 0 ----------- $ 144,694 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/99..........................$116,582,603
===========
Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,036,741 Current year expense................................$3,141,623 ---------
Balance at close of period - 3/31/93............................$ 5,178,364 Current year expense................................$3,409,630 ---------
Balance at close of period - 3/31/94............................$ 8,587,994 Current year expense................................$4,171,394 ---------
Balance at close of period - 3/31/95............................$12,759,388 Current year expense................................$4,116,629 ---------
Balance at close of period - 3/31/96............................$16,876,017 Current year expense................................$3,687,191 ---------
Balance at close of period - 3/31/97............................$20,563,208 Current year expense................................$3,611,359 ---------
Balance at close of period - 3/31/98............................$24,174,567
Current year expense................................$3,513,077 ---------
Balance at close of period - 3/31/99............................$27,687,644
==========
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 81,648,074
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 80,920,213 Improvements, etc................................. 5,161,569 Other............................................. 0 ---------- $ 86,081,782 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$167,729,856
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,382,316 Improvements, etc................................. 38,261,558 Other............................................. 0 ---------- $ 40,643,874 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$208,373,730 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 4,756,033 Improvements, etc................................. 4,399,236 Other............................................. 0 ---------- $ 9,155,269 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$217,528,999
Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95..........................$217,528,999
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 11,627,996 Other.......................................... 0 ----------- $ 11,627,996 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (299,900) ----------- $ (299,900) ----------- Balance at close of period - 03/31/96..........................$228,857,095
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 0 Other.......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (9,932,304) ----------- $ (9,932,304) ----------- Balance at close of period - 03/31/97..........................$218,924,791
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 369,722 Other.......................................... 0 ----------- $ 369,722 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/98..........................$219,294,513
Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/98..........................$219,294,513
Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 768,624 Other.......................................... 0 ----------- $ 768,624 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $
- ----------- Balance at close of period - 03/31/99..........................$220,063,137
===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 659,075
Current year expense..................................$5,383,385
- ---------
Balance at close of period - 3/31/93..............................$ 6,042,460
Current year expense..................................$6,562,213
- ---------
Balance at close of period - 3/31/94..............................$12,604,673
Current year expense..................................$7,623,477
- ---------
Balance at close of period - 3/31/95..............................$20,228,150
Current year expense..................................$8,161,751
- ---------
Balance at close of period - 3/31/96..............................$28,389,901
Current year expense..................................$5,335,897
- ---------
Balance at close of period - 3/31/97..............................$33,725,798
Current year expense..................................$6,688,907
- ---------
Balance at close of period - 3/31/98..............................$40,414,705
Current year expense.................................. $6,624,768
- ---------
Balance at close of period - 3/31/99..............................$47,039,473
==========