Item 1. Business
Organization - ------------ Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993. The General Partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited partnership. C & M Associates, d/b/a 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 IV 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 Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.
A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996 an amendment to Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998 an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. As of March 31, 1998, subscriptions had been received and accepted by the General Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31 and Series 32 for 39,610,709 BAC's representing capital contributions of $395,942,500.
The Offering, including information regarding the issuance of BACs in series, is described on pages 144 to 149 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference.
Description of Business - ----------------------- The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an Apartment Complex exclusively or
partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund will invest will own 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 is expected to qualify 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 ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Certain Apartment Complexes may also qualify 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 64 to 88 of the Prospectus, as supplemented, under the captions "Tax Credit Programs" and "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, 1998 the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 28 Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 24 Operating Partnerships on behalf of Series 24, 22 Operating Partnerships on behalf of Series 25, 42 Operating Partnerships on behalf of Series 26, 13 Operating Partnerships on behalf of Series 27, 25 Operating Partnerships on behalf of Series 28, 17 Operating Partnerships on behalf of Series 29, 13 Operating Partnerships on behalf of Series 30, 22 Operating Partnerships on behalf of Series 31 and 3 Operating Partnerships on behalf of Series 32. A description of these Operating Partnerships is set forth in Item 2
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 269 Operating Partnerships in 13 series, identified in the table set forth below. The Apartment Complex owned by the Operating Partnership 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." The Operating Partnership and the respective Apartment Complex is described more fully in the Prospectus. 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 IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Ashbury Sioux Falls, Apartments SD 48 $ 1,294,046 4/94 6/94 100% $ 806,117
Bennetts Bennetsville, Pointe Apts. SC 32 1,349,864 3/94 8/94 100% 208,251
Bradley Bradley, Manor AR 25 802,261 8/94 3/95 100% 182,044
Breeze Port Washington, Cove Apts. WI 64 2,804,644 5/94 10/94 100% 2,601,494
Cascades Sterling, Commons Apts. VA 320 14,847,736 6/94 10/95 100% 7,132,820
Clarksville Clarksville, Estates MO 32 700,019 6/94 9/94 100% 142,639
Club Goldenrod II Orlando, Apartments FL 220 7,590,684 4/94 6/95 100% 3,681,417
College Greene N. Chili, Senior Apts NY 110 3,781,020 3/95 8/95 100% 1,918,496
Concordia St. Croix, Manor I VI 22 1,472,129 8/94 7/95 100% 490,034
Coushatta Seniors II Coushatta, Apartments LA 24 713,205 5/94 3/94 100% 175,182
East Douglas Bloomington, Apartments IL 51 1,960,847 7/94 12/95 100% 1,281,690
Edison Lane Edison, Apartments GA 24 722,430 9/94 10/95 100% 204,561
Evergreen Macedon, Hills Apts. NY 72 2,819,733 8/94 1/95 100% 627,661
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Fairoaks Rincon, Lane Apts. GA 44 $ 1,419,074 7/94 5/95 100% $ 339,284
Floral Waggaman, Acres II LA 32 1,038,441 5/94 8/94 100% 228,457
Forest Glen Vidalia, Village GA 46 1,336,137 7/94 2/95 100% 378,777
Gardenview Houston, Apartments TX 309 5,224,311 6/94 9/95 100% 2,261,021
Harrisonburg Harrisonburg, Seniors Apts. LA 24 693,899 5/94 1/94 100% 176,621
Hillside Cynthiana, Apartments KY 48 898,979 10/94 4/95 100% 643,850
Kristine Bakersfield, Apartments CA 60 1,357,598 10/94 10/94 100% 311,675
Northfield Jackson, Apts. MS 120 2,973,185 6/94 8/95 100% 3,241,973
Parkside Avondale, Apartments AZ 54 703,359 12/94 1/94 100% 282,547
Riverview Franklinton, Apartments LA 47 1,711,310 4/94 10/94 100% 370,000
Shady Lane Winnfield, Senior Apts. LA 32 951,507 5/94 10/93 100% 197,200
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Atlantic Atlantic City, City Apts. NJ 153 $5,585,000 9/94 10/95 96% $2,500,000
Black River Black River Falls, Run WI 48 1,261,525 10/94 12/94 100% 350,531
Cattaraugus Cattaraugus, Manor NY 24 1,110,054 8/94 4/95 95% 263,711
Creekside at Tasker's Frederick, Chance MD 120 4,520,000 10/94 9/95 94%* 2,471,093
Forest Glen at Sully Centreville, Station VA 118 4,804,000 11/94 9/95 100% 2,649,450
Fort Winslow, Halifax ME 24 1,171,928 9/94 1/95 100% 389,085
Havelock Havelock, Manor Apts. NC 60 1,860,798 12/94 10/95 100% 336,348
Holly Buchanan, Village GA 24 718,374 8/94 6/95 100% 205,400
Liveoak Union Springs, Village AL 24 769,659 10/94 7/95 100% 176,953
Lookout Covington, Ridge Apts. KY 30 675,678 12/94 12/94 100% 744,100
Pinedale Menomonie, Apartments II WI 60 1,433,116 10/94 12/94 61% 869,798
Pumphouse Chippewa, Crossing II Apartments WI 48 1,301,054 10/94 12/94 68% 692,840
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- The Woods Campton, Apartments NH 20 $1,040,915 8/94 10/94 100% $ 269,500
Tower View Tower City, Apartments PA 25 1,136,207 11/94 5/95 96% 268,863
* Property was in lease-up phase as of March 31, 1998.
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Albemarle Hertford, Village Apts. NC 36 $1,465,568 1/95 9/94 100% $ 321,628
Apple Edmond, Village Apts. OK 160 3,969,967 11/94 3/96 100% 1,572,166
Bayou Riverview, Crossing Apts. FL 290 8,412,488 11/94 1/96 100% 2,544,032
Bellwood Ford City, Gardens PA 28 1,254,342 6/95 9/95 100% 308,152
Black River Black River Falls, Run Apts. WI 48 1,261,525 3/95 12/94 100% 395,279
Clarendon Summerton, Court Apts. SC 40 1,455,966 10/94 4/95 100% 340,737
Club II Orlando, Goldenrod Apts.FL 220 7,590,684 3/95 6/95 100% 2,106,975
Cobblestone Fuquay, Apartments NC 33 1,422,551 1/95 5/94 100% 326,054
Concordia St. Croix, Manor II VI 20 1,499,934 1/95 11/95 100% 259,444
Concordia St. Croix, Manor III VI 20 1,494,310 2/95 12/95 100% 264,007
Drakes Branch Drakes Branch, Elderly Apts. VA 32 1,272,661 1/95 6/95 100% 232,722
Elks Towers Litchfield, Apartments IL 27 806,802 10/95 12/96 100% 698,042
Fonda Fonda, Terrace Apts. NY 24 1,038,300 12/94 10/94 100% 259,387
Highland Boston, House MA 14 748,150 12/96 5/97 100% 571,829
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Kimbark Longmont, 1200 Apts. CO 48 $2,001,814 9/95 12/95 100% $ 321,843
Kingsway Swedsboro, Apartments NJ 36 1,489,208 7/95 6/95 100% 46,290
Lake Street Girard, Apartments PA 32 1,365,588 4/95 9/95 100% 342,369
Lost Tree Branson, Apartments MO 88 1,634,014 4/95 6/95 100% 474,948
Maplewood Sacramento, Apartments KY 12 437,445 8/95 9/95 100% 110,881
Marksville Marksville, Square Apts. LA 32 968,125 1/95 1/96 100% 268,848
Neshoba Philadelphia, County Apts. MS 24 852,191 7/95 8/95 100% 251,411
Philadelphia Philadelphia, Square Apts. MS 16 545,403 7/95 8/95 100% 149,950
Quankey Halifax, Hills Apts. NC 24 1,020,252 1/95 3/95 100% 200,496
Richmond Richmond, Square Apts. MO 32 948,220 12/94 2/95 100% 818,770
Salem Wood Salemburg, Apartments NC 24 974,010 1/95 12/94 100% 181,355
The Birches Old Orchard Beach, ME 88 2,817,500 1/95 3/96 100% 520,672
Troy Villa Troy, Apartments MO 64 2,073,352 12/94 6/95 100% 1,810,416
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Twin City Festus, Villa MO 40 $1,539,803 1/95 11/95 100% $ 679,176
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Apple Edmond, Village Apts. OK 160 $3,969,967 11/94 3/96 100% $ 1,572,166
Bayou Riverview, Crossing Apts. FL 290 8,412,488 4/95 1/96 100% 3,816,047
Concordia St. Croix, Manor II VI 20 1,536,334 1/95 11/95 100% 259,445
Concordia St. Croix, Manor III VI 20 1,530,710 2/95 12/95 100% 264,007
Columbia Hempstead, Commons Apts. NY 37 1,317,008 5/95 5/95 100% 1,501,605
Country Hill Cedar Rapids, Apts.Phase II IA 92 2,200,000 8/95 6/96 100% 1,981,495
Great Pines Hurleyville, Apts. NY 26 1,182,451 7/95 12/95 100% - -0-
Heatheridge Barling, Estates ** AR 17 842,800 7/95 11/95 100% 748,240
Ithaca Ithaca, Apts. I MI 28 680,202 11/95 7/95 100% 164,008
Kimbark Longmont, 1200 Apts. CO 48 2,001,814 9/95 12/95 100% 965,530
La Pensione Sacramento, K Apts. CA 127 2,300,126 9/95 12/96 100% 1,993,935
Mathis Mathis, Apartments TX 32 918,230 1/95 1/95 100% 219,045
Mid City Jersey City, Apartments NJ 58 3,102,095 9/95 6/94 100% 113,679
Orange Grove Orange Grove, Seniors Apts. TX 24 673,221 1/95 2/95 100% 104,728
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Philmont Philmont, Terrace Apts. LA 32 $1,498,768 5/95 5/95 100% $ 370,750
Riverview St. Louis, Apartments MO 42 1,255,511 8/95 12/95 100% 1,160,308
South Hills Bellevue, Apartments NE 72 1,890,499 6/95 2/96 100% 1,686,354
St. Peters St. Peters, Villa MO 54 1,963,524 7/95 3/96 100% 1,495,685
The Birches Old Orchard Beach, ME 88 2,800,000 1/95 3/96 100% 520,672
Twin City Festus, Villa MO 40 1,539,803 2/95 11/95 100% 679,176
Village Kansas City, Woods Est. KS 45 1,688,022 5/95 12/95 100% 1,450,000
Vinsett Van Buren, Estates ** AR 10 ** 7/95 11/95 100% **
Woodland Roland, Hills OK 10 324,336 7/95 6/95 100% 274,540
** Two properties which make up one Operating Partnership named Barlee Properties L.P. with 27 units. Entire mortgage balance and contributions are listed with Heatheridge Estates.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Autumn Ridge Shenandoah Apartments VA 34 $1,544,348 7/96 1/97 100% $ 228,356
Brooks Blue Ridge, Summit Apts. GA 36 1,121,159 12/95 11/96 100% 223,280
Brownsville Brownsville, Apartments TN 36 1,207,113 9/95 9/95 100% 267,091
Century East Bismark, Apts. IV ND 24 630,463 8/95 8/95 100% 399,962
Century Bismark, East V Apts. ND 24 630,463 11/95 9/95 100% 399,962
Centenary Towers St. Louis Apts. MO 100 2,800,000 5/97 12/97 100% 638,344
Cooper's Irving, Crossing TX 93 3,658,614 6/96 12/95 100% 678,966
Edenfield Millen, Apartments GA 48 1,309,752 1/96 12/96 100% 314,827
Elm Street Yonkers, Apartments NY 35 2,183,629 1/96 1/96 100% 407,601
Heritage Coolidge, Glen Apts. AZ 28 1,139,884 4/96 4/96 100% 373,388
Hillridge Los Lunas, Apartments NM 38 1,220,990 8/96 6/96 100% 954,007
Lake Fargo, Apartments I ND 24 615,080 8/95 7/95 100% 399,962
Lakeway Zwolle, Apartments LA 32 877,320 11/95 4/96 100% 110,902
Laurelwood High Point, Park Apts. NC 100 2,417,370 2/96 10/96 100% 2,120,403
Madison Park Boston, IV Apts. MA 143 7,772,018 5/96 3/97 97% 1,155,884
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- New Hilltop Laurens, Apartments SC 72 $1,724,738 11/95 11/95 100% $ 450,039
North Columbia, Hampton Pl. MO 36 873,933 11/95 3/96 100% 1,002,996
Northfield Jackson, Housing, L.P. MS 5 197,582 12/96 9/96 100% 217,266
Pahrump Pahrump, Valley Apts. NV 32 1,402,061 7/96 7/96 100% 318,225
Park Meadow Gaylord, Apartments MI 80 1,950,000 9/95 4/97 100% 1,728,158
Shadowcreek Overton, Apartments NV 24 1,232,717 6/96 9/96 100% 351,320
Stanton Stanton, Village Apts. TN 40 1,216,812 9/95 9/95 100% 279,730
Woodlands Elko, Apartments NV 24 1,140,694 11/95 9/95 100% 269,867
Wyandotte Los Angeles, Apartments CA 73 3,010,000 4/96 2/97 100% 952,329
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Dogwood Athens, Park Apts. GA 127 $2,648,460 12/95 10/96 100% $3,538,760
Dunlap West Point, Acres MS 50 1,173,490 9/96 4/96 100% 229,797
Century Bismark, East II Apts. ND 24 542,553 8/96 6/96 100% 371,183
Clarke Pokamoke City, Manor Apts. MD 30 1,227,743 2/96 4/96 100% 440,107
Hannah Ethel, Heights Apts. MS 28 817,365 6/96 12/96 100% 305,505
Heartland Green Horse Cave, Cave KY 24 857,145 5/96 11/96 100% 267,177
Hurricane Hurricane, Hills UT 49 1,312,500 9/96 4/97 100% 1,922,394
Laurelwood High Point, Park Apts. NC 100 2,417,370 2/96 10/96 100% 946,540
Lenox Manhattan, Ave. Apts. NY 18 416,030 10/96 9/97 100% 753,364
Madison Boston, Park IV MA 143 7,772,018 5/96 3/97 97% 2,054,904
Main New Rochelle, Everett Apts. NY 11 636,546 6/96 1/97 100% 782,852
Maple New Haven, Hill CT 32 965,615 2/97 2/98 100% 163,000
Mary Ryder St. Louis, Home MO 48 411,130 1/97 6/96 91% 1,591,573
Osborne White Plains, Apts. NY 7 439,615 6/96 12/96 100% 522,325
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Rose Connellsville, Square PA 11 $ 378,904 10/96 2/97 90%* $ 179,633
Rosewood Bladenboro, Estates, II NC 16 682,762 9/96 12/96 100% 96,392
Sandstone Great Falls, Village MT 48 1,255,565 11/95 8/96 100% 1,291,318
Shannon Shannon, Rentals MS 48 1,272,218 4/96 1/97 100% 222,474
Smith Roxbury, House MA 132 2,336,580 4/96 3/97 100% 1,008,690
Sutton Indianopolis, Place IN 360 6,275,000 11/96 10/97 94%* 532,330
Washington Dayton, Arms OH 93 2,156,566 2/96 2/95 100% 203,859
Wyandotte Los Angeles, Apts. CA 73 3,454,783 4/96 2/97 100% 1,315,122
* Property was in lease-up phase as of March 31, 1998.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Academy West Point, Apts. VA 32 $ 708,517 4/97 3/98 50%* $ 237,173
Bradley Estates Meriden, Phase I CT 74 2,806,743 2/97 12/97 100% 550,000
Bradley Estates Meriden, Phase II CT 42 1,628,514 2/97 12/97 100% 395,000
Brookhaven Shrevport, Apts. LA 35 998,223 2/97 1/97 100% 573,912
Butler Leesville, Estates LA 10 177,250 8/96 10/96 100% 77,627
Calgory Bismark, Apts. I ND 24 632,144 2/96 12/95 100% 414,507
Calgory Bismark, Apts. II ND 24 592,665 2/96 12/95 100% 414,507
Calgory Bismark, Apts. III ND 24 632,144 2/96 12/95 100% 414,507
Cameron Cameron, Apts. LA 40 873,509 8/96 10/96 100% 475,965
Country Fargo, Edge Apts. ND 48 1,100,000 7/97 12/97 64%* 846,735
Devonshire London, II Apts. OH 28 793,645 1/97 12/96 100% 182,070
Devonshire W. Jefferson, West Apts. OH 19 546,687 1/97 1/97 100% 126,983
East Park Dilworth, II Apts. MN 24 588,906 8/96 8/96 100% 525,631
Edgewood Milledgeville, Park Apts. GA 61 1,500,000 5/96 1/97 100% 1,477,023
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Edgewood Estates Edgewood, Apts. TX 22 $ 624,806 6/97 11/97 100% $ 138,749
Escher Trenton, Street SRO NJ 104 1,549,680 4/97 U/C N/A 834,377
Grandview Fargo, Apartments ND 36 1,190,900 8/96 8/96 100% 1,069,522
Grayson Independence, Manor VA 32 -0- 3/98 U/C N/A - -0-
Hanover Ashland, Apts. VA 40 773,241 11/97 U/C 50%* 256,109
Hanover Towers Meriden, Apts. CT 100 4,964,754 2/97 11/97 100% 860,000
Hazeltine Los Angeles, Apts. CA 35 1,440,000 6/96 1/97 100% 1,016,298
Holly Heights Bowling Green, Apts. KY 30 1,381,158 5/97 8/97 100% 241,826
Lake Fargo, Apts. IV ND 24 646,960 2/96 12/95 100% 414,507
Lake Fargo, Apts. V ND 24 617,946 2/96 12/95 100% 414,507
Liberty Village Liberty, Apts. NY 32 1,624,317 1/97 5/97 100% 361,248
Little Little Valley, Valley Est. NY 24 1,151,515 1/97 4/97 100% 143,337
Maxton Maxton, Green Apts. NC 32 975,985 9/96 12/96 100% 258,281
Madison Miami Beach, Apartments FL 17 424,402 3/96 6/97 100% 737,154
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998 (Continued) Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Mason Mason, Manor Apts. TN 24 $ 935,008 2/96 1/96 100% $ 229,775
Mosby Littleton, Forest Apts. NC 24 783,692 10/96 10/96 100% 496,753
New Hope Bailey De Ridder, Apts. LA 40 827,721 8/96 9/96 100% 455,212
Nordhoff North Hills, Apts. CA 38 1,990,000 9/96 7/97 100% 1,429,401
Powell Valley Jonesville, Village VA 34 -0- 3/98 U/C N/A - -0-
Southwind Jennings, Apts. A LDHA LA 36 801,170 8/96 12/96 100% 428,742
T.R. Bobb New Iberia, Apts. LA 30 774,011 8/96 12/96 100% 428,742
Timmons- ville Timmonsville, Green Apts. SC 32 1,076,823 10/96 2/97 100% 275,439
Tremont Station Tremont, Apartments PA 24 1,074,528 5/96 11/96 83%* 265,857
Village Estates Victoria, Apts. VA 32 683,570 4/97 U/C 87%* - -0-
Village Green Gloucester, Apts. VA 32 1,156,838 4/97 11/97 90%* 229,902
Warrensburg Warrensburg, Heights MO 28 1,123,881 12/96 11/96 100% - -0-
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998 (Continued) Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Westside Salem, Apts. AR 29 $1,049,910 8/96 10/96 100% $ 212,016
The Willows Smithville, Apts. TX 32 823,195 5/96 5/96 100% 209,768
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- AHAB Rental Units Springfield, Phase II MO 17 $ 494,868 6/97 11/97 88%* $ 531,236
Angelou Court New York, Apts. NY 23 420,770 10/97 U/C N/A 696,576
The Casa San Juan Rosa PR 97 791,499 9/97 U/C N/A 887,936
Forest Glen at Sulluy Station Phase II Centreville, Atps. VA 119 6,834,653 8/96 6/97 34%* 1,339,550
Harrison Heights Harrisonville, Apts. MO 48 -0- 1/98 12/96 100% - -0-
Harbor Towers Meriden, Apts. CT 202 12,757,355 2/97 11/97 100% 2,400,000
Holly Heights Storm Lake, Apts. IA 32 497,613 4/97 U/C N/A 463,320
Lake Apts. Fargo, II ND 24 615,405 1/97 12/95 100% 396,024
Magnolia Place Gautier, Apts. MS 40 1,258,431 11/97 1/98 100% 600,020
Pear Village Leitchfile, Apts. KY 16 623,332 8/96 2/97 100% 478,822
Randolph Silver Spring, Village MD 130 3,590,812 9/96 8/97 89%* 2,637,883
Summer Hill Sr. Wayne, Apts. NJ 164 6,563,518 11/96 U/C N/A 1,800,000
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Sunday Bowling Green, Sun Apts. KY 30 $ 293,648 10/96 12/96 100% $ 704,746
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Boston New York, Road L.P. NY 15 $ 583,799 2/97 6/97 100% $ 375,811
Ashberry Manor Bardstown, Apts. KY 24 647,431 2/97 3/97 100% 550,104
Bienville Ringold, III Apts. LA 32 965,769 2/97 2/97 100% 266,129
Blanchard Blanchard, Apts. LA 32 917,903 7/97 7/97 100% 266,129
Bonner Highland Bonner Springs, Apts. KS 52 -0- 12/97 U/C N/A - -0-
Chandler Village Chandler, Apts OK 32 914,896 4/97 4/98 100% 250,639
Cottonwood Cottonwood, Apts. LA 24 740,735 7/97 7/97 100% 213,740
Cottonwood Holly Grove, Apts. AR 24 470,899 2/97 4/97 100% 254,856
Evangeline Lake Arthur, Apts. LA 32 978,205 11/97 1/97 100% 274,713
Fairway Marlette, Apts. II MI 48 1,087,913 12/96 3/97 97%* 255,353
Jackson Place Jackson, Apts. LA 40 1,031,073 7/97 10/97 100% 737,711
Mapelwood Winnfield Apts. LA 40 -0- 3/98 U/C N/A 695,570
Milton Village Milton, Apts. NY 32 1,168,944 2/97 6/97 100% 944,144
Neighborhood Restorations West Philadelphia, VII PA 72 -0- 3/98 2/98 100% 3,428,835
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Park Plaza West Memphis, I & II AR 128 $3,083,469 12/97 11/96 100% $ 553,954
Pin Oak Bowie, Village MD 110 3,325,788 11/97 1/96 100% 3,179,143
Southern Villa Russellville Apts. KY 32 1,045,041 11/97 U/C 75%* 294,384
Randolph Silver Spring, Village MD 130 1,275,000 12/97 8/97 89%* - -0-
Sand Lane Manor Henderson, Apts. KY 24 82,224 8/97 U/C N/A 281,866
Senior Suites of Chicago, Chicago IL 84 219,021 12/97 U/C N/A 2,406,084
Sumner Hartford, House CT 79 -0- 1/98 U/C N/A 1,508,361
Terraceview Townhomes Litchfield Apts. MN 22 807,862 7/97 10/97 100% 581,121
Tilghman Dunn, Square NC 20 835,355 11/97 10/97 100% 307,605
Wellston Village Wellston, Apts. OK 14 377,493 4/97 4/98 100% 102,258
Yale Village Yale, Apts. OK 8 -0- 2/98 U/C 37%* - -0-
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- The Arbor Jackson, Park Apts. MS 160 $5,700,000 12/96 U/C 28%* $ 1,979,936
The Richmond, Arbors VA 85 -0- 7/97 U/C N/A 1,335,488
Barrington Cove Barrington, Apts. RI 60 1,776,900 4/97 5/97 100% 2,515,234
Bent Tree Jacksboro, Apts. TX 24 456,418 12/97 1/98 100% 94,604
Colonial Poplarville, Apts. MS 16 398,788 10/97 7/97 100% 51,623
Edgewood Baker, Apts. LA 72 -0- 3/97 U/C N/A 1,392,721
Glenbrook Saint Jo, Apts. TX 24 526,670 12/97 3/97 100% 116,697
The Lincoln San Diego, Hotel CA 41 939,243 2/97 7/97 100% 565,311
The Collins, Meadows MS 36 295,606 9/97 U/C N/A 147,166
Lutkin Bayou Drew, Apts. MS 36 835,786 11/97 6/97 100% 115,370
Nacogdoches Plaza Nacodgoches, Apts. TX 70 -0- 4/97 U/C 12%* 1,803,104
Park Crest Sherwood, Apts. AZ 216 -0- 2/98 U/C N/A - -0-
Pecan Hill Bryson, Apts. TX 16 375,947 8/97 1/98 100% 64,331
Regency Poplarville, Apts. MS 16 463,162 10/97 7/97 100% 61,641
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ---------- Rhome Rhome, Apts. TX 24 $ 530,918 12/97 2/97 100% $ 128,441
Westfield Apts Welsh, Apts. II LA 40 -0- 11/97 U/C N/A 690,387
Willow Point Jackson, Apts. II MS 120 4,300,000 12/96 2/98 83%* 1,793,268
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Byam Village Waterbury, Apts. CT 46 $1,503,976 2/97 2/98 100% $ 355,000
Country Estates Farmville, Apts. VA 24 -0- 3/98 U/C 95%* - -0-
Country Estates King George, Apts. VA 40 -0- 3/98 U/C 90%* - -0-
Farewell Mills Lisbon, Apts. ME 27 210,000 8/97 U/C N/A - -0-
Lakewood Clarksville, Apts. VA 52 -0- 3/98 U/C 78%* - -0-
Lone Oak Graham, Apts. TX 64 511,472 8/97 U/C 34%* 240,444
Mesa Grande Carlsbad, Apts. NM 72 -0- 2/98 U/C N/A 584,039
Nocona Terrace Nocona, Apts. TX 36 252,262 8/97 U/C 11%* 152,858
Parktrace Jackson, Apts. TN 84 13,275 11/97 U/C N/A 591,216
Riverbend Swanzey, Apts. NH 24 1,252,049 7/97 2/98 100% 127,118
Royal Crest Bowie, Apts. TX 48 353,006 8/97 U/C 20%* 202,014
Sunrise Homes Apts/ Broadway Place Hobbs, Apts. NM 44 -0- 2/98 U/C N/A 377,893
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Whistle Stop Gentry, Apts. AR 28 $ -0- 9/97 U/C N/A $ 435,515
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Bent Tree San Angelou, Apts. TX 112 $ 477,900 12/97 U/C N/A $ - -0-
Canton Manor Canton, Apts. MS 32 821,603 11/97 U/C N/A 98,336
Canton Village Canton, Apts. MS 42 1,144,526 11/97 U/C N/A 186,522
Eagles Ridge Decatur, Terrace TX 89 546,422 12/97 U/C 25%* 291,598
Elmwood Ellisville, Apts. MS 32 681,576 12/97 U/C N/A 170,436
Giles Amelia, Apts. VA 16 -0- 3/98 U/C 81%* - -0-
Henderson Terrace Bridgeport, Apts. TX 24 185,804 11/97 U/C 29%* 77,506
Hurricane Hurricane, Hills UT 28 -0- 9/97 U/C 35%* 2,004,672
Madison Height Canton Apts. MS 80 2,267,398 11/97 U/C N/A 356,411
Lakeview City of Little Elm, Court TX 24 226,461 11/97 U/C 20%* 53,444
Mesquite Jacksboro, Trails TX 35 146,923 11/97 U/C 28%* 124,803
Munjoy South Townhouse Portland, Apts. ME 140 3,925,059 9/97 U/C N/A 706,503
Nottoway Blackstone, Manor VA 28 -0- 3/98 U/C 64%* - -0-
Parktowne Cleveland Apts. TN 84 -0- 11/97 U/C N/A 3,026,788
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Park Ridge McKee, Apts. KY 22 $ 317,785 10/97 U/C N/A $ 203,078
Pilot Pilot Point, Point Apts. VA 40 329,751 11/97 U/C 37%* 95,774
Riverbend Bedford, Apts. ME 28 239,936 10/97 U/C N/A 1,061,775
Royal Estates Canton, Apts. MS 32 843,666 11/97 U/C N/A 135,825
Sencit Hampden Associates Mechanicsburg, L.P. PA 48 230,000 10/97 U/C N/A
Silver Creek Flat Rock Apts. MI 112 175,000 3/98 U/C N/A - -0-
Springs Manor Rawls Spring, Apts. MS 32 836,747 12/97 U/C N/A 230,087
Windsor Park Jackson, Apts. MS 279 7,500,000 11/97 U/C N/A 2,179,024
* Property was in lease-up phase as of March 31, 1998. U/C=Property was under construction as of March 31,1998.
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/97 Date Comp. 3/31/98 3/31/98 - ----------------------------------------------------------------- - ----------- Carriage Pointe Old Bridge, Apts. NJ 18 $ -0- 1/98 1/97 88% $ - -0-
Chardonnay Oklahoma City, Apts. OK 14 -0- 1/98 1/97 85%* 385,826
Gilette Sayreville, Manor NJ 100 ** 1/98 1992 100% **
Pearlwood Pearl Apts. MS 40 -0- 2/98 U/C N/A 561,059
Woodhaven S. Brunswick, Apts. NJ 80 ** 2/98 1995 92% **
* Property was in lease-up phase as of March 31, 1998. ** 3 properties which make up one Operating Partnership named FFLP Associates LP with 194 units. Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1998.
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 Fund's Interests and Related Fund Matters
(a) Market Information The Fund 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, 1998, the Fund has 22,997 BAC holders for an aggregate of 39,610,709 BACs, at a subscription price of $10 per BAC, received and accepted.
The BACs were issued in series. Series 20 consists of 2,444 investors holding 3,866,700 BACs, Series 21 consists of 1,201 investors holding 1,892,700 BACs, Series 22 consists of 1,722 investors holding 2,564,400 BACs, Series 23 consists of 2,165 investors holding 3,336,727 BACs, Series 24 consists of 1,328 investors holding 2,169,878 BACs, Series 25 consists of 1,802 investors holding 3,026,109 BACs, Series 26 consists of 2,412 investors holding 3,995,900 BACs, Series 27 consists of 1,387 investors holding 2,460,700 BACs, Series 28 consists of 2,118 investors holding 4,000,738 BACs, Series 29 consists of 2,313 investors holding 3,991,800 BACs, Series 30 consists of 1,361 investors holding 2,651,000 BACs, Series 31 consists of 2,112 investors holding 4,417,857 BACs, and Series 32 consists of 632 investors holding 1,236,200 BACs at March 31, 1998.
(c) Dividend history and restriction The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 5, 1993 through March 31, 1998.
The Fund 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.
Fund allocations and distributions are described on pages 99 to 101 of the Prospectus, as supplemented, under the caption "Sharing Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals", which is incorporated herein by reference.
Item 6.
Item 6. Selected Financial Data
The information set forth below presents selected financial data of the Fund. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof. Selected financial data for year and Periods ended March 31,
Operations 1998 1997 1996 1995 - ---------- ---- ---- ---- ---- - ---- Interest Income $ 4,007,240 $ 2,498,953 $ 1,027,956 $ 344,043 $ 8,065
Share of Loss of Operating Partnerships (12,821,176) (10,783,903) (5,472,852) (884,379) - Operating Expenses (4,654,485) (3,283,551) (1,839,647) (800,135) (5,561) ----------- ----------- ----------- ----------- - ---------- Net Income (Loss) $(13,468,421)$(11,568,501)$ (6,284,543) $ (1,340,471)$ 2,504 =========== =========== =========== =========== ========== Net Income (Loss) per BAC $ (.36)$ (.50)$ (.41) $ (.36)$ .01 =========== =========== =========== =========== ==========
Balance Sheet 1998 1997 1996 1995 - ------------- ---- ---- ---- ---- - ---- Total Assets $386,072,953 $259,200,587 $180,061,938 $102,047,029 $10,964,208 =========== =========== =========== =========== ========== Total Liabilities $ 79,763,815 $ 36,568,416 $ 35,541,287 $ 25,581,723 $ 541,432 =========== =========== =========== =========== ========== Partners' Capital $306,309,138 $222,632,171 $144,520,651 $ 76,465,306 $10,422,776 =========== =========== =========== =========== ========== Other Data - ---------- Tax Credits per BAC for the Investors Tax Year, the Twelve Months Ended December 31, 1997, 1996, 1995 and 1994* $ .61 $ .52 $ .35 $ -0- $ N/A =========== ========== =========== =========== ==========
* 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 Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment or on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.
The Fund invests in short-term tax-exempt municipal bonds to decrease the amount of taxable interest income that flows through to it's investors. The Fund anticipates that the investments it purchases will be held to maturity, but periodically the Fund must sell investments to meet certain obligations. Many of the investments sold during the years ended March 31, 1997 and 1998 were yielding coupon rates higher than market rates. A premature sale of these investments may have resulted in realized losses, but when combined with the higher coupon yields the resulting actual yields were consistent with market rates. In selecting investments to purchase and sell the general partner and it's advisors stringently monitor the ratings of the investments and safety of principal.
Capital Resources - ----------------- The Fund is offering BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $395,942,500 representing 39,610,709 BACs from investors admitted as BAC Holders in Series 20 through 32 of the Fund. As of March 31, 1998 the Fund is continuing to offer BACs in Series 32.
(Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC Holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.
During the fiscal year ended March 31, 1998, the Fund used $553,877 of Series 20 net offering proceeds to pay installments of its capital contributions to 6 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $28,572,584 and the Fund had completed payment of all installments of its capital contributions to 21 of the Operating Partnerships. Series 20 has $ 524,696 in capital contributions that remain to be paid to the other 3 Operating Partnerships.
(Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC Holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.
During the fiscal year ended March 31, 1998, the Fund used $30,517 of Series 21 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 21 has $860,126 in capital contributions that remain to be paid to the other 5 Operating Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC Holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.
During the fiscal year ended March 31, 1998, the Fund used $1,261,110 of Series 22 net offering proceeds to pay installments of its capital contributions to 10 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 22 had been used to invest in 28 Operating Partnerships in an aggregate amount of $18,517,845 and the Fund had completed payment of all installments of its capital contributions to 22 of the Operating Partnerships. Series 22 has $1,836,296 in capital contributions that remain to be paid to the other 6 Operating Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC Holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.
During the fiscal year ended March 31, 1998, the Fund used $1,705,632 of Series 23 net offering proceeds to pay installments of its capital contributions to 7 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278 and the Fund had completed payment of all installments of its capital contributions to 14 of the Operating Partnerships. Series 23 has $2,724,109 in capital contributions that remain to be paid to the other 8 Operating Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.
During the fiscal year ended March 31, 1998, the Fund used $1,377,894 of Series 24 net offering proceeds to pay initial and additional installments of its capital contributions to 16 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,939,004 and the Fund had completed payment of all installments of its capital contributions to 12 of the Operating Partnerships. Series 24 has $1,518,325 in capital contributions that remain to be paid to the other 12 Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC Holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.
During the fiscal year ended March 31, 1998, the Fund used $1,996,981 of Series 25 net offering proceeds to pay installments of its capital contributions to 14 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,449,722 and the Fund had completed payment of all installments of its capital contributions to 6 of the Operating Partnerships. Series 25 has $3,396,767 in capital contributions that remain to be paid to the other 16 Operating Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,000 BACs from investors admitted as BAC Holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.
During the fiscal year ended March 31, 1998, the Fund used $5,715,139 of Series 26 net offering proceeds to pay initial and additional installments of its capital contributions to 29 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 26 had been used to invest in 42 Operating Partnerships in an aggregate amount of $27,755,832 and the Fund had completed payment of all installments of its capital contributions to 11 of the Operating Partnerships. Series 26 has $9,269,613 in capital contributions that remain to be paid to the other 31 Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.
During the fiscal year ended March 31, 1998, the Fund used $4,713,523 of Series 27 net offering proceeds to pay initial and additional installments of its capital contributions to 12 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 27 had been used to invest in 13 Operating Partnerships in an aggregate amount of $16,548,629 and the Fund had completed payment of all installments of its capital contributions to one of the Operating Partnerships. Series 27 has $3,524,022 in capital contributions that remain to be paid to the other 12 Operating Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.
During the fiscal year ended March 31, 1998, the Fund used $16,095,025 of Series 28 net offering proceeds to pay initial and additional installments of its capital contributions to 21 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 28 had been used to invest in 25 Operating Partnerships in an aggregate amount of $24,959,483 and the Fund had completed payment of all installments of its capital contributions to 3 of the Operating Partnerships. Series 28 has $7,185,987 in capital contributions that remain to be paid to the other 22 Operating Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $10,135,000 representing 3,991,800 BACs from investors admitted as BAC Holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997.
During the fiscal year ended March 31, 1998, the Fund used $8,746,483 of Series 29 net offering proceeds to pay initial and additional installments of its capital contributions to 16 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 29 had been used to invest in 17 Operating Partnerships in an aggregate amount of $22,222,236 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 29 has $9,330,218 in capital contributions that remain to be paid to the 17 Operating Partnerships.
(Series 30). The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997.
During the fiscal year ended March 31, 1998, the Fund used $2,201,978 of Series 30 net offering proceeds to pay initial and additional installments of its capital contributions to 9 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 30 had been used to invest in 13 Operating Partnerships in an aggregate amount of $12,787,385 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 30 has $9,721,288 in capital contributions that remain to be paid to the 13 Operating Partnerships.
(Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC Holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.
During the fiscal year ended March 31, 1998, the Fund used $10,228,698 of Series 31 net offering proceeds to pay initial and additional installments of its capital contributions to 18 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 31 had been used to invest in 22 Operating Partnerships in an aggregate amount of $25,427,984 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 31 has $14,425,302 in capital contributions that remain to be paid to the 22 Operating Partnerships.
(Series 32). The Fund commenced offering BACs in Series 32 on January 19, 1998. As of March 31, 1998, the Fund had received and accepted $12,362,000 representing 1,236,200 BACs from investors admitted as BAC Holders in Series 32. As of March 31, 1998 the Fund is continuing to offer BACs in Series 32.
During the fiscal year ended March 31, 1998, the Fund used $946,885 of Series 32 net offering proceeds to pay initial and additional installments of its capital contributions to 2 Operating Partnerships. As of March 31, 1998 proceeds from the offer and sale of BACs in Series 32 had been used to invest in 3 Operating Partnerships in an aggregate amount of $7,493,801 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 32 has $6,546,916 in capital contributions that remain to be paid to the 3 Operating Partnerships.
Results of Operations - --------------------- The Fund incurs a fund management fee 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 Partnership. The annual fund management fee incurred for the fiscal years ended March 31, 1998 and 1997 was $2,454,590 and $1,747,642, respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired.
The Fund's investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
(Series 20). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 24 Operating Partnerships at March 31, 1998, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $2,743,341 and $2,543,951, respectively in passive income tax losses that were passed through to the investors and also provided $1.33 and $.829, respectively, in tax credits per BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating Partnerships for Series 20 was $23,307,328 and $25,829,683, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund 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 March 31, 1998 and 1997, the net loss of the series was $2,844,245 and $3,320,223, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will begin to stabilize in future years as the Operating Partnerships stabilize operations.
During 1996, the Operating General Partner of Breeze Cove Limited Partnership (Breeze Cove Apartments) experienced financial difficulties. Shortly thereafter, the Operating General Partner and its affiliated management company were replaced. The new management company has steadily improved occupancies throughout 1997 and 1998. It currently stands at 99%. Operations are anticipated to improve in 1998 due to high occupancies and management's plans to refinance by year-end.
The Operating General Partner of East Douglas Apartments Limited Partnership (East Douglas Apartments) failed to meet his partnership obligations. As a result, the Operating General Partner and its related management agent were replaced in April, 1998. The new management company is focusing on improving the property's physical occupancy and operations. It is also anticipated that the mortgage will be refinanced by year-end.
In August 1996 the General Partner was notified that Virginia Avenue Affordable Limited Partnership (Kristine Apartments) was named as defendant in a land encroachment complaint. Initial efforts to settle the complaint were unsuccessful, but recently the parties reached a tentative settlement agreement by which the operating partnership would receive an appropriate quit claim deed and other title related documents confirming the partnership's interest in the disputed property.
(Series 21). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 93.6% and 86.0%, respectively. The series had a total of 14 properties at March 31, 1998. Out of the total, 8 were at 100% qualified occupancy and 1 was in initial lease-up.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $1,282,891 and $1,273,18, respectively, in passive income tax losses that were passed through to the investors and also provided $1.13 and $.906, respectively, in tax credits per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating Partnerships for Series 21 was $9,560,326 and $11,515,577, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund 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 March 31, 1998 and 1997, the net loss of the series was $2,098,068 and $2,361,437, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, and the fund management fee. It is anticipated that the net loss begin to stabilize in future years as the Operating Partnerships lease-up and stabilize operations.
(Series 22). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 100% and 97.3%, respectively. The series had total of 28 properties at March 31, 1998, all or which were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $1,646,323 and $1,779,026, respectively, in passive income tax losses that were passed through to the investors and also provided $1.19 and $.897, respectively, in tax credit per BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating Partnerships for Series 22 was $16,104,712 and $17,576,959, respectively. The decrease is primarily a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund 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 March 31, 1998 and 1997, the net loss of the series was $1,654,264 and $2,058,842, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will fluctuate until the series finishes acquiring Operating Partnerships and the new Operating Partnerships complete construction, lease-up, and stabilize operations.
(Series 23). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 100% and 96.7%, respectively. The series had a total of 22 properties at March 31, 1998, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $2,328,388 and $2,293,323, respectively, in passive income tax losses that were passed through to investors and also provided $1.29 and .897, respectively in tax credits per BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating Partnerships for Series 23 was $23,271,914 and $25,009,648, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund 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 March 31, 1998 and 1997 the net loss of the series was $1,927,661 and $1,996,916, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee.
(Series 24). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 99.9% and 91.3%, respectively. The series had a total of 24 properties at March 31, 1998. Out of the total, 23 were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $1,556,521 and $1,048,795, respectively, in passive income tax losses that were passed through to investors and also provided $1.12 and $.503, respectively in tax credits per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating Partnerships for Series 24 was $15,422,126 and $15,915,977, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the acquisition of one additional Operating Partnership.
For the years ended March 31, 1998 and 1997 the net loss of the Series was $1,575,358 and $928,613, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
In the current fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Wyandotte L.P. (Wyandotte Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. During the first quarter 1997 construction was completed, and the property reached 100% qualified occupancy by December 1997. The new Operating General Partner is currently working with the Opearting Partnership's mortgage lender to convert to permanent loan status by the end of the year.
(Series 25). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 98.7% and 81.4%, respectively. The series had a total of 22 properties at March 31, 1998. Out of the total, 18 were at 100% qualified occupancy and 2 were in initial lease-up.
For the tax year ended December 31, 1997 and 1996, the series, in total, generated $2,174,096 and $449,199, respectively in passive income tax losses that were passed through to investors and also provided 1.08 and $.134 in tax credits per BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating Partnerships for Series 25 was $22,681,362 and $24,266,974, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1998 and March 31, 1997 the net loss of the series was $1,793,365 and $760,670, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
In the current fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Wyandotte L.P. (Wyandotte Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. During the first quarter 1997
construction was completed, and the property reached 100% qualified occupancy by December 1997. The new Operating General Partner is currently working with the Opearting Partnership's mortgage lender to convert to permanent loan status by the end of the year.
(Series 26). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 95.5% and 87.7%, respectively. The series had a total of 42 properties at March 31, 1998. Out of the total, 33 were at 100% qualified occupancy and 4 were in initial lease-up. The series also had 3 properties that were under construction, and 2 properties with multiple buildings, some of which were under construction and some of which were in initial lease-up at March 31, 1998.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $1,535,837 and $752,999, respectively, in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of .590 for 1997 and from $.163 to .256 for 1996 depending on the investors' date of admission.
As of March 31, 1998 and 1997, the Investments in Operating Partnerships for Series 26 was $29,729,194 and $21,613,713, respectively. The increase is a result of the Fund acquiring 9 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund 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 March 31, 1998 and 1997 the net loss of the series was $1,016,127 and $209,997, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
In the current fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Hazeltine Limited Partnership (Hazeltine Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. During the first quarter 1997 construction was completed and the property reached 100% qualified occupancy by December 1997. The new Operating General Partner is currently working with the Opearting Partnership's mortgage lender to convert to permanent loan status by the end of the year.
(Series 27). As of March 31, 1998 and 1997 the average Qualified Occupancy for the series was 90.1% and 100%, respectively. The series had a total of 13 properties at March 31, 1998. Out of the total, 6 were at 100% qualified occupancy and 3 were in initial lease-up. The series also had 4 properties that were still under construction as of March 31, 1998.
For the tax years ended December 31, 1997 and 1996, the series, in total, generated $748,300 and $176,089, respectively, in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of .201 for 1997 and from $.060 to .090 for 1996 depending on the investors' date of admission.
As of March 31, 1998 and 1997, the Investments in Operating Partnerships for Series 27 was $18,158,317 and $13,365,524, respectively. The increase is a result of the Fund acquiring 6 additional interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1998 and for the period ended March 31, 1997 the net loss of the Series was $787,105 and $24,327, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will fluctuate in the future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
(Series 28). As of March 31, 1998 and 1997, the average Qualified Occupancy for the series was 94.9% and 98.5%, respectively. The series had a total of 25 properties at March 31, 1998. Out of the total, 16 were at 100% qualified occupancy and 2 were in initial lease-up . The series also had 5 properties that were still under construction, and 2 properties with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1998.
For the tax year ended December 31, 1997 the series, in total, generated $483,903 in passive income tax losses that were passed through to investors and also provided $.066 in tax credit per BAC. For the tax year ended December 31, 1996 the series, in total generated $15,796 in passive income but did not generate any tax credits to pass through to the investors.
As of March 31, 1998 and 1997 the Investments in Operating Partnerships for Series 28 was $28,144,829 and $3,387,008, respectively. The increase is a result of the Fund acquiring 20 additional investments in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1998 and for the period ended March 31, 1997 the net income of the series was $264,071 and $91,590, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended.
It is anticipated that operations will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
(Series 29). As of March 31, 1998 and March 31, 1997, the average Qualified Occupancy for the series was 85.3% and 0%, respectively. The series had a total of 17 properties at March 31, 1998. Out of the total, 9 were at 100% qualified occupancy and 1 was in initial lease-up. The series also had 5 properties that were still under construction, and 2 properties with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1998.
For the tax year ended December 31, 1997 the series, in total, generated $393,806 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credits per BAC by month of admission.
February $.241 March $.220 April $.198 May $.176 June $.154
The series had not admitted any investors as of December 31, 1996, therefore, it has no comparative information to report.
As of March 31, 1998 and 1997, the Investments in Operating Partnerships for Series 29 was $24,760,987 and $6,100,572, respectively. The increase is a result of the Fund acquiring 14 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1998 and for the period ended March 31, 1997 the net (loss) income of the series was $(276,745) and $934, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.
(Series 30). As of March 31, 1998 the average Qualified Occupancy for the series was 66.0%. The series had a total of 13 properties at March 31, 1998. Out of the total, 2 were at 100% qualified occupancy. The series also had 5 properties that were still under construction, and 6 properties with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1998.
For the tax year ended December 31, 1997, the series, in total, generated $42,545 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credit per BAC by month of admission.
July $.016 August $.013 September $.011
As of March 31, 1998, the Investments in Operating Partnerships for Series 30 was $14,400,077. The amount is a result of the Fund acquiring 13 interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1998 the net income of the Series was $331,331. The major components of this amount are the Fund's share of income from Operating Partnerships, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the operations will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
Since Series 30 did not commence operations until after March 31, 1997, it does not have any comparative information to report.
(Series 31). As of March 31, 1998, the average Qualified Occupancy for the series was 39.9%. The series had a total of 22 properties at March 31, 1998 of which 14 were still under construction, and 6 had multiple buildings some of which were under construction and some of which were in lease-up.
For the tax year ended December 31, 1996, the series, in total, generated $140,296 in passive income losses to pass through to the investors and also provided .010 in tax credits per BAC. The series had not admitted any investors as of December 31, 1996, therefore, it has no comparative information to report.
As of March 31, 1998 Investments in Operating Partnerships for Series 31 was $29,042,410. The amount is a result of the Fund acquiring 22 interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1998 the net loss of the series was $69,689. The major components of this amount are general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
Since Series 31 did not commence operations until after March 31, 1997, it does not have any comparative information to report.
(Series 32). As of March 31, 1998, the average Qualified Occupancy for the series was 91.3%. The series had a total of 3 properties at March 31, 1998, 1 of which was in active lease-up and 1 of which were still under construction.
The series had not admitted any investors as of December 31, 1997, therefore, it had no passive income tax losses or tax credits to pass through to investors for the tax year ended December 31, 1997.
As of March 31, 1998, the Investments in Operating Partnerships for Series 32 was $8,571,676. The amount is a result of the Fund acquiring 3 interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1998 the net loss of the series was $21,196. The major component of this amount is general and administrative expenses. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.
Since the Series did not commence operations until after March 31, 1997, it does not have any comparative information to report.
Recent Accounting Statements Not Yet Adopted - -------------------------------------------- On March 31, 1997, the fund 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.
The fund 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 fund's financial statements.
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 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 Fund
(a), (b), (c), (d) and (e)
The Fund 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 Fund'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 50, is co-founder, President and Chief Executive Officer of Boston Capital Partners, Inc., where he is responsible for strategic planning, business development and corporate investor relations. 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. Mr. Manning also is a leader in the civic community, serving on the Boards of Youthbuild Boston and the Pine Street Inn. Mr. Manning is a graduate of Boston College.
Richard J. DeAgazio, age 53, is Executive Vice President of Boston Capital Partners, Inc., and is President of Boston Capital Services, Inc. Mr. DeAgazio serves 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 serves on the NASD's national Business Conduct Committee, the State Liaison Committee and the Direct Participation Program Committee. 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 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 37, is Chief Financial Officer of Boston Capital Partners, Inc., and serves on the firm's Operating Committee. He has twelve 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.
None.
(g) Promoters and control persons.
None.
Item 11.
Item 11. Executive Compensation (a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 1998 fiscal year:
1. An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 1998 was $2,454,590.
2. The Fund has reimbursed an affiliate of the General Partner a total of $318,316 for amounts charged to operations during the year ended March 31, 1998. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.
3. The Fund has reimbursed affiliates of the General Partner a total of $330,066 for amounts charged to syndication during the year ended March 31, 1998. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.
4. The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests. During the 1998 fiscal year, the Fund accrued or paid $9,578,948 of acquisition fees and expenses to the General Partner or its affiliates.
5. Dealer Manager fees of $2,201,893 were accrued or paid to Boston Capital Services, Inc. during the 1998 fiscal year in respect to the sale of units.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1998, 39,610,709 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 Fund. The Fund's response to Item 12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. 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 Fund 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 Fund. Additionally, the General Partner will receive distributions from the partnership if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. The amounts and kinds of compensation and fees are described on page 43 of the Prospectus, as supplemented, 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, 1998 and 1997
Statements of Operations for the years or periods ended March 31, 1998, 1997 and 1996
Statements of Changes in Partners' Capital for the years or periods ended March 31, 1998, 1997 and 1996
Statements of Cash Flows for the years or periods ended March 31, 1998, 1997 and 1996
Notes to Financial Statements, March 31, 1998, 1997, and
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 thereto.
(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 IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).
b. Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).
c. Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).
d. Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).
e. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
f. Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
g. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).
h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).
i. Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
j. Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
k. Agreement of Limited Partnership of Hurricane Hills, L.C. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
l. Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
m. Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
n. Agreement of Limited Partnership of Autumn Ridge Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
o. Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
p. Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
q. Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form K as filed with the Securities and Exchange Commission on March 26, 1997).
r. Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
s. Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
t. Agreement of Limited Partnership of Ethel Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
u. Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
v. Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
w. Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
x. Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
y. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
z. Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
aa. Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ab. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ac. Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ad. Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ae. Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
af. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ag. Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ah. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
aj. Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 7, 1997.) ak. Agreement of Limited Partnership of Brookhaven Apartments Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 21, 1997.)
al. Agreement of Limited Partnership of Maple Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 16, 1997.)
am. Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
an. Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ao. Agreement of Limited Partnership of Bradley Phase II Limited Partnership (incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)
ap. Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
aq. Agreement of Limited Partnership of Bradley Phase I Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ar. Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
as. Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
at. Agreement of Limited Partnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
au. Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 8, 1997.)
(b) Reports on Form 8-K
Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Better Homes for Havelock Limited Partnership filed with the commission on February 1, 1995.
Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Cynthiana Properties Limited filed with the commission on February 1, 1995.
Report on Form 8-K dated October 13, 1995, concerning the Partnership's investment in North Hampton Place Limited Partnership filed with the commission on October 13, 1995.
Report on Form 8-K dated February 29, 1996, concerning the Partnership's investment in Brook Summit Apartments, LP filed with the commission on February 29, 1996.
Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in New Madison Park IV Limited Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in Smith House II Limited Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated February 11, 1997, concerning the Partnership's investment in Pear Village Limited Partnership filed with the commission on February 11, 1997.
Report on Form 8-K dated February 14, 1997, concerning the Partnership's investment in M.R.H., L.P. filed with the commission on February 14, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in 352 Lennox Associates, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Decro Nordhoff, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Hurricane Hills, L.C. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Main Everett Housing, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Mokapoke Limited Partnership filed with the commission on March 25, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Autumn Ridge Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Century East Apartments II Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Coolidge-Pinal II Associates filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Dublin Housing Associates, Phase II filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in East Park Apartments II Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Edenfield Place Apartments, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ethel Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Los Lunas Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in New Devonshire West, Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Northfield Housing L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ohio Investors Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Osborne Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Overton Associates Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Pahrump Valley Investors filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Shannon Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Sutton Place Apartments, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in West Point Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Jeremy Associates Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Laurelwood Park Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Roxbury Housing Veterans Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated April 7, 1997, concerning the Partnership's investment in Elm Street Associates, L.P. filed with the commission on April 7, 1997.
Report on Form 8-K dated May 21, 1997, concerning the Partnership's investment in Brookhaven Apartments Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 16, 1997, concerning the Partnership's investment in Maple Limited Partnership filed with the commission on July 16, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase I Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase II Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Butler Street/Hanover Towers Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Byam Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Harbor Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in 1374 Boston Road Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Centenary Housing Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Lake Apartments II Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 8, 1997, concerning the Partnership's investment in AHAB Project One, LP filed with the commission on August 8, 1997.
(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 Partnerships.
None
SIGNATURES
---------- Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund IV L.P.
By: Boston Capital Associates IV L.P. General Partner
By: Boston Capital Associates
Date: July 15, 1998 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 Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE: TITLE:
General Partner and July 15, 1998 /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 IV L.P. SERIES 20 THROUGH SERIES 32
MARCH 31, 1998 AND 1997
Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 32
PAGE
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS
BALANCE SHEETS
STATEMENTS OF OPERATIONS
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
STATEMENTS OF CASH FLOWS
NOTES TO FINANCIAL STATEMENTS
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 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 of Boston Capital Tax Credit Fund IV L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. as of March 31, 1998 and 1997, and the related statements of operations, changes in partners' capital and cash flows for the years ended March 31, 1998, 1997 and and Boston Capital Tax Credit Fund IV L.P. - Series 20 through as of March 31, 1998 and Series 20 through 29 as of March 31, and the related statements of operations, partners' capital and cash flows for the years ended March 31, 1998, 1997 and for the year ended March 31, 1996 for Series 20 through 23, for the period June 29, 1995 (date of inception) through March 31, 1996 for Series 24, for the period September 22, 1995 (date of inception) through March 31, 1996 for Series 25, for the period January 18, 1996 (date of inception) through March 31, 1996 for Series 26, for the period June 17, 1996 (date of inception) through March 31, 1996 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1996 for Series 28, for the period February 10, (date of inception) through March 31, 1997 for Series 29, for the period June 23, 1997 (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, and for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32. 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 partnerships in which Boston Capital Tax Credit Fund IV L.P. owns a limited partnership interest. Investments in such partnerships comprise the following percentages: Total, 17% and 13% of the assets as of March 31, 1998 and 1997, respectively, and 22%, 12% and 18% of the partnership loss for the years ended March 31, 1998, 1997 and 1996, respectively; of the assets for Series 20 as of March 31, 1998 and 1997, 16% and 10%, respectively; of the partnership loss for Series 20 for the years ended March 31, 1998, 1997 and 1996, 11%, 9% and 25%, respectively; of the assets for Series 21 as of March 31, 1998 and 1997, 22% and 22%; of the partnership loss for Series 21 for the years ended March 31, 1998, 1997 and 1996, 10%, 11% and 0%, respectively; of the assets for Series 22 as of March 31, 1998 and 1997, 12% and 8%, respectively; of the partnership loss for Series 22 for the years ended March 31, 1998, 1997 and 1996, 8%, 6% and 10%, respectively; of the assets for Series 23 as of March 31, 1998 and 1997, 31% and 29%, respectively; of the partnership loss for Series 23 for the years ended March 31, 1998, 1997 and 1996, 28%, 16% and 34%, respectively; of the assets for Series 24 as of March 31, 1998 and 1997, 31% and 30%, respectively; of the partnership loss for Series 24 for the years ended March 31, 1998, 1997 and for the period June 29, 1995 (date of inception) through March 31, 1996, 31%, 27% and
32%, respectively; of the assets for Series 25 as of March 31, and 1997, 34% and 25%, respectively; of the partnership loss for Series 25 for the years ended March 31, 1998 and 1997 and for the period September 22, 1995 (date of inception) through March 31, 1996, 37%, 16% and 1%, respectively; of the assets for Series 26 as of March 31, 1998 and 1997, 19% and 11%, respectively; of the partnership loss for Series 26 for the years ended March 31, 1998, 1997 and for the period January 18, 1996 (date of inception) through March 31, 1996, 28%, 13% and 0%, respectively; of the assets for Series 27 as of March 31, 1998 and 1997, 19% and 0%, respectively; of the partnership loss for Series 27 for the period June 16, 1996 (date of inception) through March 31, 1997, 10% and 0%, respectively; of the assets for Series 28 as of March 31, and 1997, 16% and 0%, respectively; of the partnership loss for Series 28 for the years ended March 31, 1998 and for the period September 30, 1996 (date of inception) through March 31, 1997, 12% and 0%, respectively; of the assets for Series 29 as of March 31, 1998 and 1997, 4% and 0%, respectively; of the partnership loss for Series 29 for the year ended March 31, 1998 and for the period February 10, 1997 (date of inception) through March 31, 1997, 31% and 0%, respectively; of the assets for Series 30 as of March 31, 1998, 3%; of the partnership loss for Series 30 for the period June 23, 1997 (date of inception) through March 31, 1998, 10%; of the assets for Series 31 as of March 31, 1998, 21%; of the partnership loss for Series 31 for the period September 11, 1997 (date of inception) through March 31, 1998, 9%; and of the assets for Series 32 as of March 31, 1998, 0%; and of the partnership loss for Series 32 for the period January 19, 1998 (date of inception) through March 31, 1998, 0%. 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. 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 IV L.P. as of March 31, 1998 and 1997 and the results of its operations and its cash flows for the years ended March 31, 1998, 1997 and 1996 and Boston Capital Tax Credit Fund IV L.P. Series 20 through 32 as of March 31, 1998 and Series 20 through 29 as of March 31, 1997 and the results of their operations and their cash flows for the years ended March 31, and 1997 and for the year ended March 31, 1996 for Series through 23, for the period June 29, 1995 (date of inception) through March 31, 1996 for Series 24, for the period September 22, 1995 (date of inception) through March 31, 1996 for Series 25, for the period January 18, 1996 (date of inception) through March 31, 1996 for Series 26, for the period June 16, 1996 (date of inception) through March 31, 1996 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1997 for Series 28, for the period February 10, 1997 (date of inception)
Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT To the PartnersAshbury Apartments Limited PartnershipSioux Falls, South Dakota We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners I 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 Ashbury Apartments 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 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 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.
Sioux Falls, South Dakota January 19, 1998
Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe 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. 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and discloses in the financia1 statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financia1 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 Bennetts Pointe Limited Partnership as of December 31, 1997 and 1996, and the resu1t 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, 1 have also issued a report dated February 18, 1998 on my consideration of Bennetts Pointe Limited Partnership's internal contro1 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 Coopers &Lybrand
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 DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com
INDEPENDENT AUDITOR'S REPORT
To the Partners Cynthiana Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Cynthiana Properties, Limited (a Kentucky limited partnership), HUD Project No. 08344096, 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 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, Government Auditing Standards, issued by the Comptroller General of the United States, and the consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide 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 Cynthiana Properties, Limited, HUD Project No. 083-44096, as of December 3 1, 1997 and 1996, and the results of its operations, 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 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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
April 14, 1998
Coopers &Lybrand
Report of Independent Accountants
To the Partners Evergreen Hills Associates, L.P.
We have audited the accompanying statements of financial position of Evergreen Hills 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 Evergreen Hills Associates, L.P., 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.
Rochester, New York January 21, 1998 Martin A. Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue Affordable 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. My responsibility is to express an opinion on these financial statements based on my audit.
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 financial statements referred to above present fairly, in all material respects, the financial position of Virginia Avenue Affordable Housing 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.
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.
Martin A. Starr Certified Public Accountant February 11, 1998
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of Better Homes for Havelock Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Better Homes for Havelock Limited Partnership (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 Company'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 Better Homes for Havelock 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 13, 1998 on our consideration of Better Homes for Havelock Limited Partnership's internal control and a report dated February 13, 1998 on its compliance with laws and regulations applicable to the financial statements.
Raleigh, North Carolina February 13, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River Run 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 Black River Run 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 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1998
OSCAR N. HARMS & 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 ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of LiveOak Village Limited Partnership Charlotte, North Carolina
We have audited the balance sheets of Live0ak Village Limited Partnership (an Alabama Limited Partnership) as of December 31, 1997 and 1996, and the repeated 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 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 Live0ak Village 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 audit was 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 13, 14, 15, and 16 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 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.
Certified Public Accountants
February 6, 1998
RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge 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. 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 Lookout Ridge 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.
Our audit was 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 auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky February 13, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse Crossing H 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 Pumphouse Crossing II 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 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.
CERTIFIED PUBLIC ACCOUNTANTS January 22, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II 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 Pinedale II 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 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.
CERTIFIED PUBLIC ACCOUNTANTS January 12, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702- 0810 - PHONE(715) 832-3425 - FAX(715) 832-1665
Jensen Burcham Stelmack Edwards LLP 717 West 5th Avenue, Longmont, Colorado 80501-5420 Telephone (303) 651-3626 - Metro (303) 443-4581 Fax (303) 443-0107 - E-mail JBSECPAs@aol.com
Friduss, Lukee, Schiff & CO P.C. Certified Public Accountants 4747 West Peterson Avenue Chicago, Illinois 60645
(773)777-4445 (773)777-8557 Fax
Members American Institute of Certified Public Accountants Illinois CPA Society
Independent Auditor's Report
To the Partners ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois 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 ELKS TOWER APARTMENTS 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 accompanying information in Schedule I 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.
Friduss, Lukee, Schiff & CO P.C. CERTIFIED PUBLIC ACCOUNTANTS Chicago, IL May 26, 1998
INDEPENDENT AUDITORS' REPORT
To the Partner's Kimbark 1200 Associates, Limited Partnership Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No. 101-98011 of Kimbark 1200 Associates, Limited Partnership, (a Colorado limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' equity (deficit), 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 refereed to above present fairly, in all material respects, the financial position of Kimbark 1200 Associates, Limited Partnership, as of December 31, 1997, and the results of its operations and the changes iii partners' equity 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 US. Department of Housing and Urban Development, we have also issued a report dated January 22, 1998, on our consideration of Kimbark 1200 Associates, Limited Partnership's, internal control, and reports dated January 22, 1998, on its compliance with specific requirements applicable to major HUD programs and specific requirements applicable to Affirmative Fair Housing.
To the Partners Kimbark 1200 Associates, Limited Partnership Page Two
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supporting information on pages 17 through 247 is presented for the purpose of additional analysis and is not a required part of the basic financial statements of FHA Project No. 10 1 -98011. 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.
Certified Public Accountants January 22, 1998
Audit Partner- Debt-a S. Edwards, CPA Colorado Permit Number- 6046 IA's Federal I.D. Number- 84-1362772 Tom Mechsner Certified Public Accountant 2200 E. Sunshine Suite 360 Springfie1d, Missouri 65804 (417) 882-4,103
INDEPENDENT AUDITOR'S REPORT
To the Partners Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree 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. 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 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. 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 Lost Tree Limited Partnership 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 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.
Tom Mechsner Certified Public Accountant March 10, 1998 Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi
We have audited the accompanying balance sheets of Philadelphia Housing II, Limited Partnership (a Mississippi limited partnership), FmHA Project No. 28-050-640808922 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 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 Philadelphia Housing II, Limited Partnership, 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 purposes 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. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). 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.
Jackson, Mississippi February 4, 1998
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927
INDEPENDENT AUDITOR'S REPORT
To the Partners Sacramento Properties Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sacramento Properties Limited (a Kentucky limited partnership), RHS Project No.: 20-075-0611257573, 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. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year December 31, 1997, 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 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 Sacramento Properties Limited, as of December 3 1, 1997, and the results of its operations, the changes in its partners' capital and its 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 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Daniel G. Drane Certified Public Accountant
February 11, 1998
MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS, ESTABLISHED 1946 400 GARDEN CITY PLAZA GARDEN CITY, NEW YORK 11530-3317 TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners Colonna Redevelopment Company L.P. Hempstead, New York
We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the "Partnership") as of December 31, 1997 and 1996 and the related statements of operations, cash flows and partners' equity 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 Colonna Redevelopment Company 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.
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 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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 22, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Michigan 65804 (417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry Apartments, 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 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. 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 Halls Ferry Apartments, 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 pages 15 and 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 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.
Tom Mechsner Certified Public Accountant March 10, 1998 YEO & YEO
Independent Auditors' Report
Partners Ithaca I Limited Partnership Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership RHCD Project No. 26-029-383119117 as of December 31, 1997 and 1996, and the related statements of income, partners' equity and cash flows for the years ending December 31, 1997 and 1996. 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, the standards applicable to financial audits contained in 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 Ithaca I 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 4, 1998 on our consideration of Ithaca I Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws and regulations, and contracts.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 11 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
CERTIFIED PUBLIC ACCOUNTANTS February 4, 1998
To The Partners Sacramento SRO Limited Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditors' Report
We have audited the accompanying balance sheet of Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' capital and statements of cash flows for the years the ended. These financial statements are the responsibility of the company'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 Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the results of their operations and cash flows for the years then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
February 20, 1998
GORACKE & WILCOX, P.C. Certified Public Accountants 5010 South 118th Street, Suite 100 Omaha, Nebraska 68137-2208 Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT
To the Partners South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills Apartments, L.P. 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 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. 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 statement. referred to above present fairly, in all material respects, the financial position of South Hills Apartments, L.P. 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 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 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.
Goracke & Wilcox, P.C. January 26, 1998 YOUNG & PRICKITT, P C. Certified Public Accountants 111 Franklin Road, Suite 302 Roanoke, Virginia 24011-2100 540/982-3852 540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To The Partners Autumn Ridge Associates Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1997 and the related statement for operations and 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 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 Autumn Ridge Associates as of December 31, 1997 and the results of its operation 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 13 through 16 is presented for the purpose 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 for 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 19, 1998
YORK, DILLINGHAM & COMPANY, P.L.L.C CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 551 1708 ALPINE AVENUE COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the related statement 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.
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 basic 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 Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also issued a report dated March 7, 1998 on our consideration of Brownsville Associates, Limited's internal control structure and a report dated March 8, 1998 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 7, 1998 RBG & CO.
Independent Auditors' Report
To The Partners Centenary Housing Limited Partnership St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary Housing Limited Partnership (Centenary Towers Apartments, Project No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1997 and the related statements of profit and loss, partners' equity and cash flows for the period beginning May 29, 1997 and ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Centenary Housing Limited Partnership as of December 31, 1997 and the results of its operations and its cash flows for the period beginning May 29, 1997 and ended December 31, 1997 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 accompanying supplementary information (shown on pages 15 through 19) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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.
In accordance with Government Auditing Standards, we have also issued a report dated February 28, 1998 on our consideration of Centenary Housing Limited Partnership's internal control structure and a report dated February 28, 1998 on its compliance with laws and regulations.
February 28, 1998 Blume Loveridge & CO., PLLC Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners Coolidge-Pinal II Associates, A Washington Limited Partnership Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal II Associates, A Washington Limited Partnership, as of December 31, 1997 and 1996, 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 an 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 Coolidge-Pinal II Associates, A Washington 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 27, 1998, on our consideration of the Partnership's internal control structure and a report, dated February 27, 1998, on its compliance with laws and regulations.
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS - (CONTINUED)
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on pages 14 to 17 is presented for the purpose of complying with the requirements of the U.S. Department of Agriculture, Rural Housing Service, for the year ended December 31, 1997, and is not a required part of the financial statements. Such additional information, presented in Column 2 of Parts I, II and III of the Multiple Family Housing Project Budget (Form RD 1930-7) and on page 17, has been subjected to the auditing procedures applied in the audit of the financial statements for that year, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget have not been subjected to the auditing procedures applied in the audits of the financial statements, and accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget.
February 27, 1998
RNK
INDEPENDENT AUDITORS' REPORT
To the Partners Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street Associates, 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 partnerships, 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 than we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, 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 Elm Street Associates, L.P., as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles.
January 26, 1998 ROSENBERG, NEUWIRTH & KUCHNER SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - - FAX (212) 643-1951
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY ASSOCIATES LIMITED PARTNERSHLP (a Colorado limited partnership) as of December 31, 1997 and 1996, and the related statements of operations, partners' capital accounts 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 Jeremy Associates 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.
Denver, Colorado February 13, 1998
James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments 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 Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments 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.
April 8, 1998
010483 Co 08/01/1996 99.000000 BCTC FUND IV - SERIES 24 Los Lunas Apartments Limited Partnership James L. Caughren, CPA James L Caughren P: (505) 872-0573 F: (505) 881-1781 DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina 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 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 new Hilltop 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.
January 29, 1999
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 - Telephone 803-790-0020 - Fax 803-790-0011
Mantyla McReynolds PC Certified Public Accountants
Independent Auditor's Report
Partners Shadowcreek Apartments Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), FmHA Case No. 33-002-0880283493, as of December 31, 1997 and the related statements of operations, changes in Project equity and cash flows for the year ended December 31, 1997. 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 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 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 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 Project as of December 31, 1997 and the results of its operations and cash flows for the year ended December 31, 1997 and the period October 1, 1996, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1997. 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. Partners Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued a report dated February 4, 1998, on our consideration of the Project's internal control structure and a report dated February 4, 1998 on its compliance with laws and regulations.
February 4, 1998 BURKE & REA EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners Pahrump Valley Investors (A Wyoming Limited Partnership) Cheyenne, WY
We have audited the accompanying balance sheets of Pahrump Valley Investors (A Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-680204949, 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. These 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 Pahrump Valley Investors (A Wyoming 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 Pahrump Valley Investors' internal control structure and a report dated March 13, 1998 on its compliance with laws and regulations.
Stockton, California March 13, 1998 Sonnenberg & Company, CPAs A Professional Corporation 5190 Governor Drive, Suite 201, San Diego, California 92122 Orange County: 2331 W. Lincoln Ave., Suite 300, Anaheim, CA 92801 Los Angeles County: 15840 Ventura Blvd., Suite 208, Encino, CA Riverside County: P.O. Box 1090, Murrieta, CA 92564
Phone: (619) 457-5252 - (714) 751-0292 - (800) 464-4HOA - Fax: (619) 457-2211 - (800) 303-4FAX
INDEPENDENT AUDITORS' REPORT
To the Partners SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte, L.P., 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. Our responsibility is to express an opinion on these financial statements based on our audit.
Except as discussed in the following paragraph, 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.
We were unable to obtain written representations from management of the Partnership concerning transactions prior to July 21, 1997, which took place under substantially different management. In addition, because of the inadequacy of the accounting records, we were unable to form an opinion regarding the amounts at which building and equipment, and accounts payable are recorded in the accompanying balance sheet at December 31, 1997 (stated at $6,046,256 and $444,783 respectively).
In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had the written representations been furnished and accounting records concerning property and accounts payable been adequate, the financial statements referred to above present fairly, in all material respects, the financial position of SG-Wyandotte, L.P. as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
As of July 21, 1997, SG Housing Corporation was removed as the Additional General Partner and a portion of its interest was automatically transferred to BCTC 94, Inc. As further discussed in note H to the financial statements, certain matters are in dispute among the partners. March 13, 1998 Sonnenberg & C 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) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038-621542356, as of December 31, 1997 and 1996, and the 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 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 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 Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038- 621542356, 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 March 14, 1998 on our consideration of Stanton Associates, Limited's internal control structure and a report dated March 14, 1998 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 14, 1998 Mantyla McReynolds PC Certified Public Accountants
Independent Auditor's Report
Partners Woodlands Apartments Elko, Nevada
We have audited the accompanying balance sheets of Woodlands Apartments (Project), FmHA Case No. 33-004-0880314570, as of December 31, 1997 and 1996 and the related statements of operations, changes in Project equity and cash flows for the years 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 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 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 Project as of December 31, 1997 and 1996 and the results of its operations and cash flows for the years then ended, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1997. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Woodlands Apartments
In accordance with Government Auditing Standards, we have issued a report dated February 4, 1998, on our consideration of the Project's internal control structure and a report dated February 4, 1998, on its compliance with laws and regulations.
February 4, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
The Partners Ethel Housing, L.P. Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing, L.P., RD Case No. 28-0040640823417, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ethel Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 17, 1998, on our consideration of Ethel Housing, L.P. as internal control, and reports dated February 17, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Ethel Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 17, 1998
MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave Family Apartments, Ltd., (a limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity (deficit), and cash flows for the period 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 Horse Cave Family Apartments, Ltd. as of December31, 1997, and the results of its operations and its cash flows for the period 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 supplemental data included in this report 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 presented fairly, in all material respects, in relation to the basic financial statements taken as a whole.
Lexington, Kentucky February 3, 1998
Robert C. Morris CPA 716 S. 1100 W Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the Partners Hurricane Hills I LC
I have audited the accompanying balance sheet of Hurricane Hills I LC as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year 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.
I conducted my audit 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 Hurricane Hills I LC as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
San Juan, Puerto Rico
Tobin and Company Certified Public Accountants 2001 Palmer Avenue Larchmont, New York 10538 914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS' REPORT
To the Partners Main Everett Housing Limited Partnership
We have audited the accompanying balance sheet of Main Everett Housing 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. 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 misstatements. 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 Main Everett Housing Limited Partnership as of December 31, 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.
Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The financial statements for the year ended December 31,1996 were audited by other accountants and they expressed an unqualified opinion in their report dated February 6, 1997.
Tobin and Company, CPA's January 12, 1998 Boyd, Franz & Stephans LLP Certified Public Accountants
Joseph B. Stephans, CPA, CFP Robert F. Kelly, CPAJohn P. Nanos, CPAStephen M. King, CPAMichael P. Siebert, CPATo the PartnersM.R.H., L.P.We have audited the accompanying balance sheet of M.R.H., L.P. as of December 31, 1 997, and the related statement 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.
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 M.R.H., L.P. as of December 31, 1997 and the results of its operations, changes in partners @ equity and 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 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.
January 21, 1998
MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT To the PartnersWashington Arms Apartments(A Limited Partnership)Dayton, OhioWe have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' capital and cash flows for the year ended December 31, 1997. 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, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project #046-NIO93 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital for the period then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Washington Arms Apartments' internal controls and a report dated February 13, 1998 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13-17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046-NIO93. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 Tobin and CompanyCertified Public Accountants2001 Palmer AvenueLarchmont, New York 10538914-833-2200 fax: 914-833-2278 INDEPENDENT AUDITORS' REPORTTo the PartnersOsborne Housing Limited Partnership We have audited the accompanying balance sheet of Osborne Housing Limited Partnership as of December 3 1, 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 Osborne Housing Limited Partnership as of December 31, 1997 and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The financial statements for the year ended December 31, 1996 were audited by other accountants and they expressed an unqualified opinion on them on them in their report dated February 6, 1997.
Tobin and Company, CPA's January 12, 1998
Junkermier - ClarkCampanella - Stevens - P.C.Certified Public AccountantsTo the PartnersSandstone Village Limited PartnershipGreat Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone Village 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 management of Sandstone Village Limited Partnership. 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 Sandstone Village 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.
Great Falls, Montana February 6, 1998
GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners Shannon Housing, L.P. Shannon, Mississippi
We have audited the accompanying balance sheets of Shannon Housing, L.P., RD Case No. 28-0410640835658, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period April 11, 1996 through December 31, 1996. 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 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 Shannon Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997, and the period April 11, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 14, 1998, on our consideration of Shannon Housing, L.P.'s internal control, and reports dated February 14, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of
Shannon Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 14, 1998
MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS
973 Hatch Street Cincinnati, Ohio 45202 513-579-8787 Fax: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, 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, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project 1073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Sutton Place Apartments' internal control and a report dated February 13, 1998 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners West Point Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheets of West Point Housing, L.P., RD Case No. 28-0130630762266, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996. 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 cur 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 West Point Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 25, 1998, on our consideration of West Point Housing, L.P.'s internal control, and reports dated February 25, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 15 through 21 are presented for purposes of West Point Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 18 through 21, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 25, 1998 LITTLE, SHANEYFELT, MARSHALL & CO. CERTIFIED PUBLIC ACCOUNTANTS PROSPECT BUILDING 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232
INDEPENDENT AUDITOR'S REPORT
To the Partners Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor One Limited Partnership, RD Project No. 03-025-710677259 (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 audit.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 One 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 15, 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.
Little, Shaneyfelt, Marshall & Co. March 15, 1998 TAPP, TAPP & CHU CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of December31, 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 Decro Nordhoff, L.P. 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 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 audit 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.
Tapp, Tapp & Chu, CPA's San Gabriel, California March 6, 1998 Rothstein, Kass & Company, P.C. Certified Public Accountants
1177 Avenue of the Americas New York, New York 10036-2714 212-490-770/Fax 212-730-6892
85 Livingston Avenue Roseland, New Jersey 07068-1785 973-994-6666/Fax 973-994-0337
INDEPENDENT AUDITORS' REPORT
To the Partners Escher SRO Project, L.P.
We have audited the accompanying balance sheet of Escher SRO Project, L.P. as of December 31, 1997, and the related statements of income, 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 Escher SRO Project, L.P. 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.
Roseland, New Jersey January 16, 1998
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com
INDEPENDENT AUDITOR'S REPORT
To the Partners Holly Hills Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Holly Hills Properties, Limited (a Kentucky limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the six-month period then ended. 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 audit.
I conducted my audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the Consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide 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 Holly Hills Properties, Limited, as of December 31, 1997, and the results of its operations, changes in its partners' capital, and its cash flows for the six-month period 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 pages 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Daniel G. Drane Certified Public Accountant April 14, 1998
SHARPTON, BRUNSON & COMPANY, PA. CERTIFIED PUBLIC ACCOUNTANTS
ONE SOUTHEAST THIRD AVE., SUITE 2100 MIAMI, FLORIDA 33131 TELEPHONE: (305) 374-1574/FAX: (305) 372-8161
ONE EAST BROWARD BLVD., SUITE 1110 FORT LAUDERDALE, FLORIDA 33301 TELEPHONE: (954) 467-5490/FAX: (954) 467-6184
Independent Accountants' Report
To The Partners M.B. Apartments Associates, Ltd.
We have audited the accompanying balance sheet of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of December 31, 1997, and the related statements of operations, changes in partners' equity and cash flows for then year ended. These financial statements are the responsibility of management of the 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 M.B. Apartments Associates, Ltd. (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.
February 27, 1998 KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC STANLEY W. KLINE STUART W. LONDON
3681 GREEN ROAD #402 BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of New Devonshire West Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio
We have audited the accompanying balance sheet of New Devonshire West Limited Partnership (an Ohio limited partnership), RD Project #41-092-0310955693, as of December 31, 1997, and the related statement of income, changes in partners' deficit, and cash flows for the year then ended. This financial statement is the responsibility of the Partnership's management. Our responsibility is to express an Opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our 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 statement referred to above present fairly, in all material respects, the financial position of New Devonshire West Limited Partnership, (an Ohio limited partnership), at December 31, 1997, and the results of its operations, changes in partners' 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 February 17, 1998, on our consideration of New Devonshire West Limited Partnership's internal control structure and a report dated February 17, 1998, on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire West Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the financial statement taken as a whole.
KLINE AND LONDON Certified Public Accountants, LLC
Beachwood, Ohio February 17, 1998 KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC STANLEY W. KLINE STUART W. LONDON
3681 GREEN ROAD #402 BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of New Devonshire II Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio
We have audited the accompanying balance sheet of New Devonshire II Limited Partnership (an Ohio limited partnership), RD Project #41-049-311449843, as of December 31, 1997, and the related statement of income, changes in partners' deficit, and cash flows for the year then ended. This financial statement is the responsibility of the Partnership's management. Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 New Devonshire II Limited Partnership, (an Ohio limited partnership), at December 31, 1997, and the results of its operations, changes in partners' 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 February 17, 1998, on our consideration of New Devonshire II Limited Partnership's internal control structure and a report dated February 17, 1998, on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire II Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the financial statement taken as a whole.
KLINE AND LONDON Certified Public Accountants, LLC
Beachwood, Ohio February 17, 1998
Report of Independent Accountants To the Partners CR Housing Associates, LP
We have audited the accompanying balance sheet of CR Housing Associates, LP as of December 31, 1997 and the related statements partners' capital and cash flows for the year 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. 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 CR Housing Associates, LP as of December 31, 1997, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles.
San Juan, Puerto Rico
Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners AHAB Project One, L.P.
I have audited the accompanying balance sheet of AHAB Project One, L.P. 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. 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 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. 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 AHAB Project One, L.P. as of December 31, 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.
Tom Mechsner Certified Public Accountant March 10, 1998
GORACKE & WILCOX, P.C.Certified Public Accountants5010 South 118th Street, Suite 100 Omaha, Nebraska 68137-2208 Telephone 402-896-1500
Virgil J. Goracke, C.P.A. Douglas A. Goracke, C.P.A. Michael E. Wilcox, C.P.A. Paul F. Piotrowski, C.P.A. Chris E. Ritterbush, C.P.A. Jeffrey A. Dunn, C.P.A.
INDEPENDENT AUDITORS' REPORTTo the PartnersHolly Heights Apartments, L.P.We have audited the accompanying balance sheets of Holly Heights Apartments, L.P. as of December 31, 1997 and 1996, and the related statements of operations, partners I equity 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. 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 Holly Heights Apartments, L.P. 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.
Goracke & Wilcox, P.C.March 13, 1998 DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.comHardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORTTo the PartnersPear Village LimitedLeitchfield, KentuckyI have audited the accompanying balance sheet of Pear Village Limited (a Kentucky 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. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31, 1997, 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 Pear Village Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital, and its 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 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Daniel G. Drane Certified Public Accountant
February 11, 1998
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 email dgdcpa@bbtel.comHardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT To the PartnersSunday Sun Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sunday Sun Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/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.
I conducted my audit, as of and for the year ended December 31, 1997, 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 Sunday Sun Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, and its 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.
Daniel G. Drane Certified Public Accountant
Trochiano & Daszkowski LLP Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of 1374 Boston Road Associates, L. P.:
We have audited the accompanying balance sheet of 1374 Boston Road Associates, L. P. as of December 31, 1997, and the related statements of revenues, expenses, and changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the management of 1374 Boston Road Associates, L. P. 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 1374 Boston Road Associates, L. P. as of December 31, 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Trochiano & Daszkowski LLP
Staten Island, NY January 30, 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 Ashberry Manor, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Ashberry Manor, Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/deficit, and cash flows for the period March 12, 1997 to December 31, 1997. 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 audit, as of December 31, 1997 and for the period March 12, 1997 to December 31, 1997, 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 Ashberry Manor, Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, and its cash flows for the period March 12, 1997 to December 31, 1997 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 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Daniel G. Drane Certified Public Accountant
April 14, 1998
YEO & YEO Limited Partnership
Partners Fairway II Dividend Housing Association Limited Partnership Marlette, Michigan
We have audited the accompanying balance sheet of Fairway II Limited Dividend Housing Association Limited Partnership, FmHA Project No. 26-074-0383047638 as of December 31, 1997 and 1996, and the related statements of income, partners' equity and cash flows for the year ending December 31, 1997 and four months ending December 31, 1996. 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, the standards applicable to financial audits contained in 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 audit 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 Fairway II Limited Dividend Housing Association Limited Partnership as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the four months then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1998 on our consideration of Fairway II Limited Dividend Housing Association Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws, regulations, and contracts.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 11 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Yeo & Yeo PC. Certified Public Accountants February 4, 1998
DANIEL G. DRANETelephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtcl.com Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners Sand Lane Manor, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sand Lane Manor, Limited (a Kentucky limited partnership), as of December 31, 1997. This financial statement is the responsibility of the partnership's management. My responsibility is to express an opinion on this financial statement based on my audit.
I conducted my audit, as of December 31, 1997, 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 statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. 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 balance sheet referred to above presents fairly, in all material respects, the financial position of Sand Lane Manor, Limited, as of December 31, 1997, in conformity with generally accepted accounting principles.
Daniel G. Drane Certified Public Accountant
June 3, 1998 KGN Certified Public Accountants Financial & Management Consultants Kupferberg, Goldberg & Neimark, LLC 111 E. Wacker Drive Suite 1400 Chicago, Illinois 60602-4595 312-819-4300 FAX 312-819-4343 e-mail: kgn @kgn.com
To the Partners of Senior Suites Chicago Austin Limited Partnership Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997, and the related statement of partners' equity 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 presents fairly, in all material respects, the financial position of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997 and the changes in partners' equity for the year then ended in conformity with generate accepted accounting principles.
KUPFERBERG, GOLD
January 22, 1998
STANGL & JASKOWIAK, LTDCERTIFIED PUBLIC ACCOUNTANTSClyde M. Staitgl, CPAAdam M. Jaskowiak, CPAAllan J. Rudolph, CPARobert J. Zawacki, LPAINDEPENDENT AUDITORS' REPORTTo the PartnersTerraceview Limited Partnership
We have audited the accompanying balance sheet of Terraceview 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 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 Terraceview Limited Partnership as of December 31, 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year 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 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation the basic financial statements taken as a whole.
February 7, 1998
Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Bryson Apartments, LTD.
We have audited the accompanying balance sheet of Bryson Apartments, Ltd. (a 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 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 Bryson Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and 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 Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners ments. 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.
Wichita Falls, Texas March 7, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners Collins Housing, L.P. Collins, Mississippi
We have audited the accompanying balance sheet of Collins Housing, L.P., RD Case No. 28-0160640864674, as of December 31, 1997, and the related statements of operations, partners' equity, and cash flows for period October 1, 1997 through December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Collins Housing, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the period October 1, 1997 through December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 25, 1998, on our consideration of Collins Housing, L.P.'s internal control, and reports dated February 25, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Collins Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Collins Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 25, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Glenbrook Apartments, Ltd.
We have audited the accompanying balance sheet of Glenbrook Apartments, Ltd. (a 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. 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 Glenbrook Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and 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 Page I-17 is presented for purposes of additional To the Partners 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.
Wichita Falls, Texas March 9, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Jacksboro Apartments, LTD.
We have audited the accompanying balance sheet of Jacksboro Apartments, Ltd. (a 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. 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 Jacksboro Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and 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 Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state-
To the Partners ments. 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.
Wichita Falls, Texas March 6, 1998 CONSIDINE & CONSIDINE
To The Partners Lincoln Hotel Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheet of Lincoln Hotel Partnership, a California Limited Partnership, as of December 31, 1997 and the related statement of operations and partners' capital and statement of cash flows for the year then ended. These financial statements are the responsibility of the company'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 Lincoln Hotel Partnership, a California Limited Partnership, as of December 31, 1997, and the results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
February 20, 1998 Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE
To the Partners Lutkin Bayou Apartments, LP Drew, Mississippi
We have audited the financial statements of Lutkin Bayou Apartments, LP as of and for the periods ended December 31, 1997 and 1996, and have issued our report thereon dated February 20, 1998.
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.
In planning and performing our audits of the financial statements of Lutkin Bayou Apartments, LP for the periods ended December 31, 1997 and 1996, we considered its internal control structure 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 structure.
The management of Lutkin Bayou Apartments, LP is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate.
For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories:
- - Financing (notes, loans and capital contributions) - - Revenue and receipts - - Purchases and disbursements - - Accuracy and completeness of external reporting to regulatory authorities and others
For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk.
Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities 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 structure and its operation that we consider to be material weaknesses as defined above.
This report is intended for the information of the audit committee, management, and the Farmers Home Administration and should not be used for any other purpose.
Jackson, Mississippi February 20, 1998 LOU ANN MONTEY AND ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS 8400 N. Mopac Expressway Suite 304 Austin, Texas 78759 (512) 338-0044 Facsimile (512) 338-5395
To The Partners Northway Drive, Ltd. Bryan, Texas
We have audited the accompanying balance sheet of Northway Drive, Ltd. - (A Texas Limited Partnership) as of December 31, 1997. This financial statement is the responsibility of the partnership's management. Our responsibility is to express and opinion on this financial statement 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 balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit provides a reasonable basis for our opinion.
Because we were not engaged to audit the statements of operations and changes in partner's capital and cash flows, we did not extend our auditing procedures to enable us to express and opinion on results of operations and cash flows for the period ended December 31, 1997. Accordingly, we express no opinion on them.
In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Northway Drive, Ltd. - (A Texas Limited Partnership) as of December 31, 1997, in conformity with Generally Accepted Accounting Principles.
Austin, Texas April 17,1998 INDEPENDENT AUDITORS' REPORT
To the Partners Rhome Apartments, Ltd.
We have audited the accompanying balance sheet of Rhome Apartments, Ltd. (a 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. 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 Rhome Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and 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 page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners ments. 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.
Wichita Falls, Texas February 23, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Nocona Apartments, Ltd.
Independent Auditors' Report
We have audited the accompanying balance sheet of Nocona Apartments, Ltd. (a limited partnership), RD Project No: 50- 0690752685663-02-2 as of December 31, 1997, and the related statement of operations, partners' equity and cash flows for the five month period 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 Nocona Apartments, Ltd. RD Project No.: 50-069-0752685663-02- 2 as of December 31, 1997, and the results of its operations, the changes in partners, equity and cash flows for the five month period 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 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 audit pro- To the Partners Nocona Apartments, Ltd. cedures 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.
Wichita Falls, Texas March 3, 1998 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing One, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing One, L.P. a Mississippi limited partnership, as of December 31, 1997, and the related statement of income, partners' capital, and cash flows for the one month then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Canton Housing One, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the one month then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1998, on our consideration of the Partnership's internal control and a report dated February 17, 1998, on its compliance with specific requirements applicable to major FmHA programs.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 14 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in Part IV included on pages 14 through 18, on which we express no opinion, 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.
EUBANK & BETTS, PLLC
Jackson, Mississippi February 17, 1998
EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing Three, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing Three, L.P., a Mississippi limited partnership, as of December 31, 1997, and the related statement of income, partners' capital, and cash flows for the one month then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, all material respects, the financial position of Canton Housing Three, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the one month then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1998, on our consideration of the Partnership's internal control and a report dated February 17, 1998, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 11 through 16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in part IV included on pages 11 through 14, on which we express no opinion, 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. Jackson, Mississippi February 17, 1998 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing Two, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing Two, L.P., a Mississippi limited partnership, FmHA Project No. 28- 045-0640886061 01-5, as of December 31, 1997, and the related statements of income, partners' capital, and cash flows for the one month 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 Canton Housing Two, L.P., FmHA Project No. 28-045@0886061 01- 5, as of December 31, 1997, and the results of its operations and its cash flows for the one month then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1998, on our consideration of the Partnership's internal control and reports dated February 17, 1998, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 12 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in Part IV included on pages 12 through 16, on which we express no opinion, 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.
Jackson, Mississippi February 17, 1998 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing Four, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing Four, L.P., a Mississippi limited partnership, as of December 31, 1997, and the related statement of income, partners' capital, and cash flows for the one month 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 Canton Housing Four, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the one month then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1998, on our consideration of the Partnership's internal control and a report dated February 17, 1998, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 12 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in Part IV included on pages 12 through 15, on which we express no opinion, 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.
EUBANK & BETTS, PLLC
Jackson, Mississippi February 17, 1998 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 Eagles Ridge Terrace, L. P. Decatur, Texas
I have audited the accompanying balance sheet of Eagles Ridge Terrace, L. P. as of December 31, 1997, and the related statements of operations, partners' equity and cash flows for the period 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 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 financial statements referred to above present fairly, in all material respects, the financial position of Eagles Ridge Terrace, L. P. as of December 31, 1997 and the results of its operations, changes in partners' equity and cash flows for the period 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 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 a whole.
Fort Worth, Texas March 13, 1998
Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT To the Partners Ellisville Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheets of Ellisville Housing, L.P. (a Mississippi limited partnership), FmHA Project No. 28-034-0640864667 as of December 31, 1997, and the related statements of operations, partners' capital (deficit) and cash flows for the period then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Ellisville Housing, L.P., and the results of its operations and its cash flows for the period 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. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). 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.
Jackson, Mississippi February 25, 1998
Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT To the Partners Hattiesburg Housing, LP Jackson, Mississippi
We have audited the accompanying balance sheet of Hattiesburg Housing, LP (a Mississippi limited partnership), FmHA Project No. 28-018-640864668 as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the period 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 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 Hattiesburg Housing, LP, and the results of its operations and its cash flows for the period 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. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). 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.
Jackson, Mississippi February 17, 1998
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 Henderson Terrace, L. P. Bridgeport, Texas
I have audited the accompanying balance sheet of Henderson Terrace, L. P. 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 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 financial statements referred to above present fairly, in all material respects, the financial position of Henderson Terrace, L. P. as of December 31, 1997 and the results of its operations, 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 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 13, 1998 Robert C. Morris, CPA 716 S 1100 W Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane Hills II LC as of December 31, 1997, and the related partners' equity 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.
I conducted my 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 examination, 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 provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills II LC as of December 31, 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.
I-3 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 Lakeview Little Elm, L. P. Little Elm, Texas
I have audited the accompanying balance sheet of Lakeview Little Elm, L. P. as of December 31, 1997, and the related statements of operations, partners' equity and cash flows for the period 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 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 financial statements referred to above present fairly, in all material respects, the financial position of Lakeview Little Elm, L. P. as of December 31, 1997 and the results of its operations, changes in partners, equity and cash flows for the period 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 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 13, 1998 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 Mesquite Trails, L. P. Jacksboro, Texas
I have audited the accompanying balance sheet of Mesquite Trails, L. P. as of December 31, 1997, and the related statements of operations, partners, equity and cash flows for the period 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 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 financial statements referred to above present fairly, in all material respects, the financial position of Mesquite Trails, L. P. as of December 31, 1997 and the results of its operations, changes in partners, equity and cash flows for the period 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 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 13, 1998 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 Pilot Point Apartments, L. P. Pilot Point, Texas
I have audited the accompanying balance sheet of Pilot Point Apartments, L. P. as of December 31, 1997, and the related statements of operations, partners, equity and cash flows for the period 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 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 financial statements referred to above present fairly, in all material respects, the financial position of Pilot Point Apartments, L. P. as of December 31, 1997 and the results of its operations, changes in partners I equity and cash flows for the period 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 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 13, 1998 . Fishbein & Company, P.C. Certified Public Accountants Elkins Park Square - Suite 200 8080 Old York Road Elkins, PA 19027-1455 215-635-3100 Fax: 215-635-5788
INDEPENDENT AUDITOR'S REPORT
Partners Sencit Hampden Associates, L.P. Harrisburg, Pennsylvania
We have audited the accompanying balance sheet of SENCIT HAMPDEN ASSOCIATES, L.P., ROTH VILLAGE TOWNHOMES, PHFA Project No. 0-546, as of December 31, 1997, the end of the initial accounting period of the Partnership. This balance sheet is the responsibility of the Partnership's management. Our responsibility is to express an opinion on this balance sheet 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 balance sheet is free of material misstatement. An audit include examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. 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 balance sheet referred to above presents fairly, in all material respects, the financial position of Sencit Hampden Associates, L.P. as of December 31, 1997, in conformity with generally accepted accounting principles.
Charles Bailly & Company Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Ashbury Apartments Limited Partnership Sioux Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. A. 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 Ashbury Apartments Limited Partnership as of December 31, 1996 and 1995, 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 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.
Sioux Falls, South Dakota January 28, 1997
THOMAS C. CUNNINGHAM, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (703) 669-5531 (703) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
To the Partners Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe Limited Partnership, FmHA Case No.: 46-035-0541643546, as of December 31, 1996 and 1995 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing standards and Government 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 Bennetts Pointe Limited Partnership, as of December 31, 1996 and 1995 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.
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 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 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 15, 1997 on my consideration of Bennetts Pointe Limited Partnership's internal control structure and a report dated February 15, 1997 on its compliance with laws and regulations applicable to the financial statements.
Thomas C. Cunningham, CPA PC Bristol , Virginia February 15, 1997 Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Breeze Cove Limited Partnership Madison, Wisconsin
We have audited the accompanying balance sheet of Breeze Cove Limited Partnership as of December 31, 1996, and the related statements of loss, 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 Breeze Cove Limited Partnership for the year ended December 31, 1 995 were audited by other auditors, whose report dated January 17, 1996 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 Breeze Cove Limited Partnership as of December 31, 1 996, and the results of its operations, changes in partners' equity and its cash flows for the year 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 negative cash flows and anticipates that negative cash flows will continue. These factors raise 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 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
January 17, 1997 Coopers &Lybrand
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, 1996 and 1995, and the related statements of operations 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 College Greene Rental Associates, L.P., as of December 3 1, 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.
Rochester, New York February 5, 1997
FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 (312) 7 7 7-4445 FAX (312) 777-6557
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY
INDEPENDENT AUDITOR'S REPORT
To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1995 and 1994, 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 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 EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
FRIDUSS, LUKEE, SCHIFF & CO., P.C. Certified Public Accountants
Chicago, Illinois May 29, 1996 GOLDEN ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS Larry R. Golden, CPA Janine D. Graham, CPA P.O. Box 967 769 E. Oglethorpe Hwy Hinesville, GA 31310
INDEPENDENT AUDITOR'S REPORT
To The Partners Fairoaks Lane Limited Partnership
We have audited the accompanying balance sheets of Fairoaks Lane Limited Partnership, as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fairoaks Lane Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1997 on our consideration of Fairoaks Lane Limited Partnership's internal control structure and a report dated January 29, 1997 on its compliance with laws and regulations.
GOLDEN ASSOCIATES
January 29, 1997 Hinesville, Georgia GOLDEN ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS Larry R. Golden, CPA Janine D. Graham, CPA P.O. Box 967 769 E. Oglethorpe Hwy Hinesville, GA 31310
INDEPENDENT AUDITOR'S REPORT
To The Partners Forest Glen Village Limited Partnership
We have audited the accompanying balance sheets of Forest Glen Village Limited Partnership, as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Forest Glen Village Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1997 on our consideration of Forest Glen Village Limited Partnership's internal control structure and a report dated January 29, 1997 on its compliance with laws and regulations.
GOLDEN ASSOCIATES
January 29, 1997 Hinesville, Georgia Bob T. Robinson Certified Public Accountant 2084 Dunbarton Drive Jackson, Mississippi 39216 (601) 982-3875
To the Partners Bradley Elderly, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Bradley Elderly, L.P. as of December 31, 1995 and 1994, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. 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 Bradley Elderly, L.P. as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
Jackson, Mississippi January 23, 1996 FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 (312) 777-4445 FAX (312) 777-6557
INDEPENDENT AUDITOR'S REPORT
To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1995 and 1994, 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 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 EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
FRIDUSS, LUKEE, SCHIFF & CO., P.C. Certified Public Accountants
Chicago, Illinois May 29, 1996
Coopers &Lybrand
Report of Independent Accountants
To the Partners Evergreen Hills Associates, L.P.
We have audited the accompanying balance sheet of Evergreen Hills Associates, L.P. (A Limited Partnership), as of December 31, 1995, and the related statements of operations and 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 Evergreen Hills Associates, L.P., as of December 31, 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.
Rochester, New York February 5, 1996 Bob T. Robinson Certified Public Accountant 2084 Dunbarton E)rive Jackson, Mississippi 39216 (601) 982-3875
To the Partners Northfield Apartments, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Northfield Apartments, L.P. as of December 31, 1995 and 1994 and the related statements of operations, partners, equity (deficit) and cash flows for 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 Northfield Apartments, L.P. as of December 31, 1995 and 1994 and the results of its operation. 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 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 basis financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jackson, Mississippi March 13, 1996 MCMILLAN, PATE & KING, L.L.P. CERTIFIED PUBLIC ACCOUNTANTS 615 OBERLIN ROAD, SUITE 200 RALEIGH, NC 27605
INDEPENDENT AUDITORS' REPORT
Partners Better Homes for Havelock Limited Partnership
We have audited the balance sheet of Better Homes for Havelock Limited Partnership as of December 31, 1995 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.
McMillan, Pate & Robertson, Certified Public Accountants, a North Carolina partnership, ceased business operations on February 29, 1996. In accordance with North Carolina General Statutes and the North Carolina Accountancy Rules, the Company directed its records to be transferred to McMillan, Pate & King, L.L.P., which commenced business operations on March 1, 1996. Incomplete accounting and tax services of McMillan, Pate & Robertson are being completed by McMillan, Pate & King, L.L.P.
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 Better Homes for Havelock Limited Partnership as of December 31, 1995 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 page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the 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.
February 16, 1996 and March 1, 1996 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. 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 Black River Run Limited Partnership, as of December 31, 1996 and 1995, 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 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS January 9, 1997 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 INDUSTRY OF CERTIFIED PUBLIC ACCOUNTANTS NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners of LiveOak Village Limited Partnership Charlotte, North Carolina
We have audited the balance sheets of LiveOak village Limited Partnership (an Alabama Limited Partnership) as of December 31, 1996 and 1995, and the related statements of partners' capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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 Live0ak Village Limited Partnership as of December 31, 1996 and 1995, 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. Schedules 1, 2, 3, and 4 on pages 13, 14, 15, and 16 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 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.
Certified Public Accountants January 31, 1997 RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge 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.
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 Lookout Ridge Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity (deficit) and 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 9 and 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky February 20, 1997 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. 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 Pinedale II Limited Partnership, as of December 31, 1996 and 1995, 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 13, 1997 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse Crossing II Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. 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 Pumphouse Crossing II Limited Partnership, as of December 31, 1996 and 1995, 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 20, 1997 RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheets of Lookout Ridge Limited Partnership as of December 31, 1995, 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 and opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards. Those standard 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 Lookout Ridge Limited Partnership as of December 31, 1995, and the results of its operations, the changes in partners' equity (deficit) and 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 9 and 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky April 24,1996 TAMA AND BUDAJ, P.C. Certified Public Accountants 32783 MIDDLEBELT ROAD FARMINGTON, MICHIGAN 48334-1726 (810) 626-3800 FAX NO (810) 626-2276
Independent Auditor's Report
To the Partners of Clarendon Court Limited Partnership
We have audited the accompanying balance sheet of CLARENDON COURT LIMITED PARTNERSHIP as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year ended December 31, 1996 and the period March 29, 1995 (date operational) to December 31, 1995. These financial statements are the responsibility of the general partner and management of the partnership. 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 CLARENDON COURT LIMITED PARTNERSHIP, as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the year ended December 31, 1996 and the period March 29, 1995 (date operational) to December 31, 1995 in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information listed in the table of contents is presented for the purpose of additional analysis and is not a required part of the basic financial statements. This accompanying information is the responsibility of the partnership's management. Such information, except for the portion marked "unaudited" on which we express no opinion, has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated in all material respects when-considered in relation to the basic financial statements taken as a whole.
Farmington Hills, Michigan January 31, 1997 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. 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 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. 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 Lost Tree Limited Partnership as of December 31, 1996 and 1995, 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 pages 15 and 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 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.
Tom Mechsner Certified Public Accountant February 17, 1997 Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi
We have audited tie accompanying balance sheets of Philadelphia Housing II, Limited Partnership (a Mississippi limited partnership), FmHA Project No. 28-050-640808922 as of December 31, 1996 and 1995, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Philadelphia Housing II, Limited Partnership, 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 purposes 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. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). 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.
Jackson, Mississippi January 16, 1997 MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS ESTABLISHED 1946 400 GARDEN CITY PLAZA GARDEN CITY, NEW YORK 11530-3317 TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners Colonna Redevelopment Company L.P. Hempstead, New York
We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the 'Partnership") as of December 31, 1996 and 1995 and the related statements of operations, cash flows and partners' equity 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 Colonna Redevelopment Company 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.
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.
January 21, 1997 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry Apartments, L.P. 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. 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 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. 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 Halls Ferry Apartments, L.P. as of December 31, 1996 and 1995, 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.
Tom Mechsner Certified Public Accountant February 17, 1997 YEO & YEO
Independent Auditors' Report
Partners Ithaca I Limited Partnership Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership FmHA Project No. 26-029-383119117 as of December 31, 1996 and 1995, and the related statements of income, partners' equity and cash flows for the years ending December 31, 1996 and 1995. 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 accordance with Government Auditing Standards, we have also issued a report dated February 25, 1996 on our consideration of Ithaca I Limited Partnership's internal control structure and a report dated February 25, 1996 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 Ithaca I 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 10 through 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
CERTIFIED PUBLIC ACCOUNTANTS
February 25, 1997 Ehrhardt Keefe Steiner & Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners Kimbark 1200 Associates, Limited Partnership
We have audited the accompanying balance sheet of Kimbark 1200 Associates, Limited Partnership as of December 31, 1995, 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.
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 Kimbark 1200 Associates, Limited Partnership as of December 31, 1995, and the results of its operations, changes in partners' equity and 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.
January 29, 1996 Denver, Colorado Ehrhardt Keefe Steiner & Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No. 101-98011 of Kimbark 1200 Associates, Limited Partnership, as of December 31, 1996, and the related statements of profit and loss, changes in partners' equity, 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 FHA Project No. 101-98011 as of December 31, 1996, and the results of its operations and the changes in partners' equity 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 February 14, 1997 on our consideration of FHA Project No. 101-98011's internal control structure and a report dated February 14, 1997 on its compliance with specific requirements applicable to major HUD programs and specific requirements applicable to affirmative fair housing.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data included in the report (shown on pages 15 through 20) are presented for the purpose of additional analysis and are not. a required part of the basic financial statements of FHA Project No. 101-98011. 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. Ehrhardt Keefe Steiner & Hottman PC February 14, 1997 Denver, Colorado Audit Partner: Lisa M. Pease EIN: 84-0869721 CONSIDINE & CONSIDINE
To The Partners Lincoln Hotel Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheets of Sacramento SRO Limited Partnership, as of December 31, 1996 and 1995 and the related statements of operations and partners' capital and statements of cash flows for the years then ended. These financial statements are the responsibility of the company'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 Sacramento SRO Limited Partnership, as of December 31, 1996 and 1995, and the results of their operations and cash flows for the year then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
March 17, 1997 GORACKE & WILCOX, P.C. Certified Public Accountants 5010 118th Street, Suite 100 Omaha, Nebraska 68137-2208 Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT To the PartnersSouth Hills Apartments, L.P.
We have audited the accompanying balance sheets f South Hill. Apartments, L.P. as of December 31, 1996 and 1995, and the related statements of operations, partners, equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. 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 Hills Apartments, L.P. as of December 31, 1996 and 1995, 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 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.
Goracke & Wilcox, P.C.
February 5, 1997 NOVOGRADAC & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners of Village Woods Estates, L.P., A Kansas Limited Partnership
We have audited the accompanying balance sheet of Village Woods Estates, L.P., A Kansas Limited Partnership, as of December 31, 1995, and the related statements of net loss, 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 Village Woods Estates, L.P. as of December 31, 1995 and its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Los Angeles, California May 30, 1996 YOUNG & PRICKITT, P. C. Certified Public Accountants 111 Franklin Road, Suite 302 Roanoke, Virginia 24011-21 00 540/982-3852 540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To Partners Autumn Ridge Associates Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based .. 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 balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit of the balance sheet provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996, in conformity with generally accepted accounting principles.
February 21, 1997 YORK, DILLINGHAM & COMPANY, P.L.L.C CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 551 1708 ALPINE AVENUE COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1996 and 1995, and the related statement 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.
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 basic 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 Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1997 on our consideration of Brownsville Associates, Limited's internal control structure and a report dated February 17, 1997 .. its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee February 17, 1997 DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina Limited Partnership), as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for December 31, 1996 and from November 8, 1995 to December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 New Hilltop Apartments, A Limited Partnership, as of December 31, 1996 and 1995, and the results of its operations and its cash flows for December 31, 1996 and from November 8, 1995 to December 31, 1995, in conformity with generally accepted accounting principles.
February 19, 1997
Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte, L.P., a California Limited Partnership, as of December 31, 1996, and the related statement of partners' equity 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 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 SG-Wyandotte, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997 YORK, DILLINGHAM & COMPANY, P.L.L.C CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 551 1708 ALPINE AVENUE COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, FmHA Project No.: 48-038-621542356, as of December 31, 1996 and 1995, and the 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 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 Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, FmHA Project No.: 48-038- 621542356, as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 14, 1997 on our consideration of Stanton Associates, Limited's internal control structure and a report dated February 14, 1997 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relating to the basic financial statements taken as a whole. Columbia, Tennessee February 14, 1997 Bybee & Company A BUSINESS DEVELOPMENT COMPANY 100 South 500 West, Suite 200 Bountiful, Utah 84010 (801) 295-2992
Independent Auditor's Report
Partners Shadowcreek Apartments Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), FmHA Case No. 33-002-0880283493, as of December 31, 1996 and the related statements of operations, changes in Project equity and cash flows for the period October 1, 1996 through December 31,1996. 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 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 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 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 Project as of December 31, 1996 and the results of its operations and cash flows for the period October 1, 1996, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 and 11) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the period October 1, 1996 through December 31, 1996. 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. Partners Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued a report dated May 30, 1997, on our consideration of the Project's internal control structure and a report dated May 30, 1997, on its compliance with laws and regulations.
May 30, 1997 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A Professional Corporation
Independent Auditors' Report
The Partners Ethel Housing, L.P. Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing, L.P., RECD Case No. 28-0040640823417, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the period June 26, 1996 through December 31, 1996. 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, and the Audit Program issued by the United States Department of Agriculture, Rural Economic and Community Development. 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 Ethel Housing, L.P. as of December 31, 1996, and the results of its operations and its cash flows for the period June 26, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 7, 1997, on our consideration of Ethel Housing, L.P.'s internal control structure, and reports dated February 7, 1997, on its compliance with specific requirements applicable to major RECD programs and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Ethel Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 7, 1997 SPAR & BOYER Certified Public Accountants, L.L.P.
Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA
Independent Auditors' Report
MAIN EVERETT HOUSING L.P. New Rochelle NY 10801
We have audited the accompanying balance sheet of MAIN EVERETT HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Company'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 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 MAIN EVERETT HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles.
Dobbs Ferry, New York February 6, 1996
SPAR & BOYER Certified Public Accountants, L.L.P.
Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA
Independent Auditors' Report
OSBORNE HOUSING L.P. New Rochelle NY 10801
We have audited the accompanying balance sheet of OSBORNE HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners, Capital and cash flows for the year then ended. These financial statements are the responsibility of the Company'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 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 OSBORNE HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles.
Dobbs Ferry, New York February 6, 1996 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A Professional Corporation
Independent Auditors' Report
The Partners Shannon Housing, L.P. Shannon, Mississippi
We have audited the accompanying balance sheet of Shannon Housing, L.P., RECD Case No. 28-0410640835658, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the period April 11, 1996 through December 31, 1996. 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, and the Audit Program issued by the United States Department of Agriculture, Rural Economic and Community Development. 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 Shannon Housing, L.P. as of December 31, 1996, and the results of its operations and its cash flows for the period April 11, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 7, 1997, on our consideration of Shannon Housing, L.P.'s internal control structure, and reports dated February 7, 1997, on its compliance with specific requirements applicable to major RECD programs and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Shannon Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 7, 1997 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, 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, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide 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 HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Sutton Place Apartments, internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 15 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 5, 1997 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A Professional Corporation
Independent Auditors' Report
The Partners West Point Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheet of West Point Housing, L.P., RECD Case No. 28-0130630762266, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the period September 29, 1996 through December 31, 1996. 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, and the Audit Program issued by the United States Department of Agriculture, Rural Economic and Community Development. 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 West Point Housing, L.P. as of December 31, 1996, and the results of its operations and its cash flows for the period September 29, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 10, 1997, on our consideration of West Point Housing, L.P.'s internal control structure, and reports dated February 10, 1997, on its compliance with specific requirements applicable to major RECD programs and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 15 through 21 are presented for purposes of West Point Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 18 through 21, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 10, 1997 JCCS Junkermier - Clark Campanella - Stevens - P.C. Certified Public Accountants
Sandstone Village Limited Partnership Great Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Sandstone Village Limited Partnership as of December 31, 1995 and the related statements of income and partners' capital and cash flows for the two month period then ended. These financial statements are the responsibility of the management of Sandstone Village 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 Sandstone Village Limited Partnership as of December 31, 1995, and the results of its operations and its cash flows for the two month period then ended in conformity with generally accepted accounting principles.
Great Falls, Montana February 3, 1996 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Washington Arms Apartments (A Limited Partnership) Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, changes in partners, capital and cash flows for the year ended December 31, 1996. 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, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide 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 HUD Project #046-NIO93 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital for the period then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1997 on our consideration of Washington Arms Apartments I internal control structure and a report dated January 29, 1997 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13-18 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046-NT093. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 29, 1997
Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners SG-Hazeltine, L.P.
We have audited the accompanying balance sheet of SG-Hazeltine, L.P., a California Limited Partnership, as of December 31, 1996 and the related statement of partners' equity 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 SG- Hazeltine, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles.
Sonnenberg & Company, CPAs February 12, 1997 San Diego, California
LITTLE & COMPANY CERTIFIED PUBLIC ACCOUNTANTS P. 0. BOX 2485 1111 NORTH 19TH STREET MONROE, LOUISIANA 71207 TELEPHONE (318) 323-1717 TELECOPIER (318) 322-5121
INDEPENDENT AUDITOR'S REPORT
The Willows Apartments Partnership, Ltd. Smithville, Texas
We have audited the accompanying balance sheet of The Willows Apartments Partnership, Ltd., (the 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. 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 for Financial and Compliance 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 misstatements 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 Willows Apartments Partnership, Ltd., 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.
In accordance with Government Auditing Standards, we have also issued a report dated May 27, 1997, on our consideration of the internal control structure and a report dated May 27, 1997, on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying schedule listed in the table of contents is presented for the purpose of additional analysis and is not a required part of the financial statements of The Willows Apartments Partnership, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
Monroe, Louisiana May 27, 1997
through March 31, 1996 for Series 29, for the period June 23, (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, and for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32 in conformity with generally accepted accounting principles.
We and other auditors have also audited the information included in the related financial statement schedules listed in Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund IV L.P. - - Series 20 through Series 32 as of March 31, 1998. In our opinion, the schedules present fairly, in all material respects, the information required to be set forth therein, in conformity with generally accepted accounting principles.
Bethesda, Maryland July 15, 1998
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
* Includes net of gain on disposition of investment of $25,059 for Series 21, $4,596 for Series 22, and $23,253 for Series 24.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
* Includes net of gain on disposition of investments of $25,059.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
* Includes net of gain on disposition of investment of $4,596.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
* Net of gain on disposition of investment of $23,253.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no comparative information has been included. Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included.
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund IV L.P. (the "fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly- constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures; 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 fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner).
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.
Pursuant to the Securities Act of 1933, the fund filed a Form S- 11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The fund has registered 65,000,000 BACs at $10 per BAC for sale to the public in one or more series. BACs sold in bulk are offered to investors at a reduced cost per BAC.
The BACs issued and outstanding in each series at March 31, and 1997 are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment in Operating Limited Partnerships -------------------------------------------- The fund accounts for the investment in the operating limited partnership using the equity method, whereby, the fund adjusts the investment cost for its share of the operating limited partnership's results of operations and for any distributions received or accrued. However, the fund recognizes individual operating limited partnership's losses only to the extent that the fund's share of losses of the operating partnerships does not exceed the carrying amount of its investment. Unrecognized losses will be suspended and offset against future individual operating limited partnership's income.
A loss in value of an investment in an operating 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 fund and the estimated residual value of the investment.
Capital contributions to operating partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investment in operating partnerships and capital contributions payable.
The operating partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end. The fund records losses and income from the operating partnerships on a calendar year basis which is not materially different from losses and income generated if the operating partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating partnerships once there is a binding obligation to fund a specified amount. The operating partnerships record capital contributions from the fund when received.
The fund records acquisition cost as an increase in its i n vestment in operating partnerships. Certain operating partnerships have not recorded the acquisition costs as a capital contribution from the fund. These differences are shown as reconciling items in note C.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment in Operating Limited Partnerships (Continued) --------------------------------------------
During the years ended March 31, 1998 and 1997, the fund acquired interests in operating limited partnerships as follows:
Organization Costs ------------------ Initial organization and offering expenses common to all Series, are allocated on a percentage of equity raised to each Series.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Organization Costs (Continued) ------------------
Organization costs are being amortized on the straight-line method over 60 months. Accumulated amortization for the years ended March 31, 1998 and 1997 is as follows:
Deferred Acquisition Costs --------------------------
Deferred acquisition costs which are not allocated to the investments in operating limited partnerships will be amortized on the straight-line method over 27.5 years upon the final acquisition of limited partnership interests in operating limited partnerships.
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 general partner and assignees individually.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Selling Commissions and Registration Costs ------------------------------------------
Selling commissions paid in connection with the public offering are charged against the assignees' capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees' capital as incurred.
Cash Equivalents ----------------
Cash equivalents include overnight repurchase agreements, tax- exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments.
Fiscal Year -----------
For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Net Income (Loss) Per Beneficial Assignee Certificate Unit ----------------------------------------------------------
Net income (loss) per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 1998, 1997 and are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments Available-for-Sale ------------------------------
Investments held to maturity are being carried at amortized costs and investments available-for-sale are carried at fair market value.
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.
Adoption of Accounting Standard -------------------------------
On March 31, 1997, the fund adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and S F A S 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. 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 fund'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.
The fund 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 fund's financial statements.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1998, 1997 and 1996, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings L.P. (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) (formerly Boston Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual fund 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 fund fees charged to operations during the years ended March 31, 1998, 1997 and 1996, are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund's offering of BACs. The dealer-manager fees are included in partners' capital as selling commissions and registration costs. During the years ended March 31, 1998, 1997 and 1996, Boston Capital Services, Inc. fees received by series are as follows:
Boston Capital Holdings LP is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund's acquisition of interests in the operating limited partnerships. The fund incurred $9,578,948, $8,964,635 and $7,597,693, respectively, of acquisition fees to Boston Capital Holdings LP during the years ended March 31, 1998, 1997 and 1996. The acquisition fees incurred to Boston Capital Holdings LP series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1998, 1997 and 1996, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings LP and/or Boston Capital Asset Management Limited Partnership were charged to each series' operations as follows:
Accounts payable - affiliates at March 31, 1998 and represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings LP, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.
During the years ended March 31, 1998 and 1997, the fund reimbursed affiliates of the general partner a total of $330,066 and $321,859, respectively, for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to postage, printing, travel and overhead allocations and are included in partners' capital as selling commissions and registrations costs at March 31, and 1997. During the year and period ended March 31, 1998 and 1997, the selling commission and registration costs incurred to affiliates by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1998 and 1997, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 1998 and 1997 by series are as follows:
During the year end March 31, 1998, Series 26 disposed of their interest in 1 operating partnership.
During the year end March 31, 1997, Series 21, 22 and disposed of their interest in 1, 3 and 1 operating partnerships, respectively.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Under the terms of the fund's investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations. At March 31, 1998 and 1997, contributions are payable to operating limited partnerships as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997 is summarized as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997 is summarized as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997 is summarized as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997 is summarized as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 i n vested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 28 hold an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 28 hold an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 28 hold an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 28 hold an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1998 and 1997 consist of advance installments of $24,395,853 and $12,972,311, respectively, of capital contributions to operating limited partnerships. Series 20 through Series 32 notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime plus 1% to 4.5%. Prime was 8.5% and 8.5% as of March 31, 1998 and 1997, respectively. These notes will be applied against future payments of capital contributions. The carrying value of the notes receivable at March 31, 1998 and 1997 approximates fair value. The notes at March 31, 1998 and 1997 by series are as follows:
NOTE E - OTHER ASSETS
Other assets include $2,780,023 and $5,039,295 of cash held by an escrow agent at March 31, 1998 and 1997, respectively. The cash held for Series 20 through 32 at March 31, 1998 and Series 20 through 29 at March 31, 1997 represents capital contributions to be released to the operating limited partnerships when certain criteria have been met. The escrows held at March 31, 1998 and 1997 by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE E - OTHER ASSETS (Continued)
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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 IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment 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, 1997, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1998, the amortized cost and fair value of investments available-for-sale are as follows:
The amortized cost and fair value of securities available-for- sale as of March 31, 1998 is shown below:
Proceeds and periods from sales and maturities of investments during the year ended March 31, 1998 was $12,151,077 resulting in a realized loss of $96,231 included in interest income.
In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.2% to 14%.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1997, the amortized cost and fair value of investments available-for-sale are as follows:
The amortized cost and fair value of securities available-for- sale as of March 31, 1997 is shown below:
Proceeds and periods from sales and maturities of investments during the year ended March 31, 1997 was $4,416,315 resulting in a realized loss of $62,724 included in interest income.
In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.9% to 14.25%.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE H - CASH EQUIVALENTS
On March 31, 1998 and 1997, the fund purchased $1,750,000 and $12,700,000 of U.S. Government Securities under agreements for resale on April 1, 1998 and 1997, respectively. Interest is earned at rates ranging from 2.7% to 3.3% per annum.
Cash equivalents of $2,382,429 and $14,759,648 as of March 31, 1998 and 1997, respectively, include tax exempt sweep accounts and money market accounts with interest rate ranging from 2.6% to 3.7% per annum.
NOTE I - CONCENTRATION OF CREDIT RISK
The fund maintains its cash balances at a number of banks. The deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 at each bank. The balances in and between banks fluctuates daily. The amount of deposits, as well as the institutions that they are deposited in, are continually monitored by the general partner. As of March 31, 1998, the uninsured portion of the cash balances on deposit was $558,407.
NOTE J - LINE OF CREDIT
The Partnership has a line of credit with a bank in the amount of $5,000,000 which was advanced during the year ended March 31, 1998 and is outstanding at March 31, 1998. The line bears interest at the prime rate (8.5% at March 31, 1998). Interest is payable monthly. The line is guaranteed by BCP and affiliates.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 47,152,331 Other............................................. 0
$ 47,152,331 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------- Balance at close of period - 03/31/95...........................$ 47,152,331
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 6,999,847 Improvements, etc................................. 50,521,023 Other............................................. 0 ----------- $ 57,520,870 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$104,673,201
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 718,412 Other............................................. 0 ----------- $ 718,412 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$105,391,613
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 20
Balance at close of period - 03/31/97............................$105,391,613
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 286,982 Other............................................. 0 ----------- $ 286,982 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$105,678,595 ===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year additions*...............................$ 509,226 ---------
Balance at close of period - 3/31/95..............................$ 509,226
Current year additions*...............................$2,750,192 ---------
Balance at close of period - 3/31/96..............................$ 3,259,418
Current year additions*...............................$3,936,515 ---------
Balance at close of period - 3/31/97..............................$ 7,195,933
Current year additions*.................................$3,837,060 ---------
Balance at close of period - 3/31/98..............................$11,032,993 ==========
* Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 14,011,014 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 14,011,014 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 14,011,014
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 31,821,601 Improvements, etc................................ 693,221 Other............................................ 0 ----------- $ 32,514,822 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 46,525,836
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 102,815 Other............................................ 0 ----------- $ 102,815 Deductions during period: Cost of real estate sold.........................$ (1,512,675) Other............................................ (193,671) ----------- $ (1,706,346) ----------- Balance at close of period - 03/31/97............................$ 44,922,305
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 21
Balance at close of period - 03/31/97............................$ 44,922,305
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 108,749 Other............................................ 0 ----------- $ 108,749 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 45,031,054 ===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year expense..................................$ 117,569 --------- Balance at close of period - 3/31/95..............................$ 117,569
Current year expense..................................$ 790,213 --------- Balance at close of period - 3/31/96..............................$ 907,782
Current year expense..................................$1,104,203 --------- Balance at close of period - 3/31/97..............................$ 2,011,985
Current year expense..................................$1,204,163 --------- Balance at close of period - 3/31/98..............................$ 3,216,148 ========== * Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,699,758 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 2,699,758 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 2,699,758
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 75,121,060 Improvements, etc................................. 15,793 Other............................................. 0 ---------- $ 75,136,853 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 77,836,611
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 16,438,316 Other............................................. 0 ---------- $ 16,438,316 Deductions during period: Cost of real estate sold..........................$(3,852,006) Other............................................. 0 ---------- $ (3,852,006) ----------- Balance at close of period - 03/31/97............................$ 90,422,921
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 22
Balance at close of period - 03/31/97............................$ 90,422,921
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,217,148 Other............................................. 0 ---------- $ 1,217,148 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 91,640,069 ===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94........................$ 0
Current year additions*..............................$ 16,389 --------- Balance at close of period - 3/31/95.............................$ 16,389
Current year additions*..............................$1,685,278 --------- Balance at close of period - 3/31/96.............................$ 1,701 667
Current year additions*..............................$2,638,228 --------- Balance at close of period - 3/31/97.............................$ 4,339,895
Current year additions*..............................$2,931,844 --------- Balance at close of period - 3/31/98.............................$ 7,271,739 =========== * Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 58,791,142 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 58,791,142 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 58,791,142 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,651,522 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 25,651,522 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. (21,382) ---------- $ (21,382) ----------- Balance at close of period - 03/31/97............................$ 84,421,282 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 874,764 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 874,764 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 85,296,046 ===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 693,729 --------- Balance at close of period - 3/31/96..............................$ 693,729
Current year additions*...............................$2,288,171 --------- Balance at close of period - 3/31/97..............................$ 2,981,900
Current year additions*.................................$2,505,105 --------- Balance at close of period - 3/31/98..............................$ 5,487,005 ========== *_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 15,269,744 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 15,269,744 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 15,269,744
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 44,018,168 Improvements, etc................................. 1,703,291 Other............................................. 0 ---------- $ 45,721,459 Deductions during period: Cost of real estate sold..........................$(4,136,393) Other............................................. (550,346) ---------- $ (4,686,739) ----------- Balance at close of period - 03/31/97............................$ 56,304,464 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,754,806 Improvements, etc................................. 10,437,670 Other............................................. 0 ---------- $ 14,192,476 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 70,496,940 ===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 24
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 176,661 --------- Balance at close of period - 3/31/96..............................$ 176,661
Current year additions*...............................$1,093,319 --------- Balance at close of period - 3/31/97..............................$ 1,269,980
Current year additions*...............................$2,321,086 --------- Balance at close of period - 3/31/98..............................$ 3,591,066 ========== *_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 331,047 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 331,047 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 331,047 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 43,624,585 Improvements, etc................................. 9,149,104 Other............................................. 0 ---------- $ 52,773,689 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 53,104,736
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,458,443 Improvements, etc................................. 15,277,130 Other............................................. 0 ---------- $ 20,735,573 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 73,840,309 ===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 20,636 --------- Balance at close of period - 3/31/96..............................$ 20,636
Current year additions*...............................$1,056,849 --------- Balance at close of period - 3/31/97..............................$ 1,077,485
Current year additions*...............................$2,388,275 --------- Balance at close of period - 3/31/98..............................$ 3,465,760 ==========
*_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 32,787,138 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 32,787,138 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 32,787,138 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 31,051,915 Improvements, etc................................. 7,109,210 Other............................................. 0 ---------- $ 38,161,125 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 70,948,263 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 361,387 --------- Balance at close of period - 3/31/97..............................$ 361,387
Current year additions*.................................$ 1,764,231 --------- Balance at close of period - 3/31/98..............................$ 2,125,618 ========== *_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,779,730 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 5,779,730 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 5,779,730 ----------- Balance at close of period - 03/31/97............................$ 5,779,730 Additions during period: Acquisitions through foreclosure..................$20,677,829 Other acquisitions................................ 13,433,505 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 34,111,334 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 34,111,334 ----------- Balance at close of period - 03/31/98............................$ 39,891,064 ===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 10,734 --------- Balance at close of period - 3/31/97..............................$ 10,734
Current year additions*.................................$ 577,659 --------- Balance at close of period - 3/31/98..............................$ 588,393 ==========
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 647,230 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 647,230 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/97............................$ 647,230 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 45,106,975 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 45,106,975 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/98............................$ 45,754,205
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 8,223 -- - ------- Balance at close of period - 3/31/98..............................$ 8,223
========== Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*...............................$1,264,549 -- - ------- Balance at close of period - 3/31/98..............................$ 1,272,772
==========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 29
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,053,524 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 25,053,524 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/98............................$ 25,053,524
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*.............................$ 271,480 --------- Balance at close of period - 3/31/98..............................$ 271,480 ===========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 30
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 7,362,304 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 7,362,304 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/98............................$ 7,362,304
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*.............................$ 49,478 --------- Balance at close of period - 3/31/98..............................$ 49,478 ==========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 20,896,557 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 20,896,557 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/98............................$ 20,896,557
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*.............................$ 41,619 --------- Balance at close of period - 3/31/98..............................$ 41,619 ==========
*Total includes current year expense and amounts capitalized to building basis.