-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FTJZBdm/1Bm4LDYEKJxe4duAyuqi+MhGukSfQoLBu6UX77INvDuZSyEGxRNAlTi4 WZixbBYpkrYV1vxqlsCG7Q== 0000835095-97-000006.txt : 19970716 0000835095-97-000006.hdr.sgml : 19970716 ACCESSION NUMBER: 0000835095-97-000006 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970715 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND II LTD PARTNERSHIP CENTRAL INDEX KEY: 0000853566 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043066791 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: 1934 Act SEC FILE NUMBER: 000-19443 FILM NUMBER: 97640535 BUSINESS ADDRESS: STREET 1: 313 CONGRESS ST 6TH FL STREET 2: C/O BOSTON CAPITAL PARTNERS INC CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-K405 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended March 31, 1997 or -------------- [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to ------------- ------------ Commission file number 0-19443 ------- Boston Capital Tax Credit Fund II Limited Partnership - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Massachusetts 04-3066791 - -------------------------------- ------------------------------- (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Boston Place, Suite 2100 Boston, MA 02108-4406 - ---------------------------------------------- ----------------------- (Address of Principal executive offices) (Zip Code) Partnership's telephone number, including area code: (617)624-8900 ------------- Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered -------------------- ---------------------- None None Securities registered pursuant to Section 12(g) of the Act: Beneficial Assignee Certificates -------------------------------- (Title of Class) Indicate by check mark whether the Partnership (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Partnership was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. __ |XX| DOCUMENTS INCORPORATED BY REFERENCE ----------------------------------- The following documents of the Partnership are incorporated by reference: Form 10-K Parts Document --------- -------- Parts I, III October 25, 1989 Prospectus, as supplemented Parts II, IV BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 1997 TABLE OF CONTENTS PART I Item 1. Business Item 2. Properties Item 3. Legal Proceedings Item 4. Submission of Matters to a Vote of Security-Holders PART II Item 5. Market for the Registrant's Limited Partnership Interests and Related Partnership Matters Item 6. Selected Financial Data Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 8. Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure PART III Item 10. Directors and Executive Officers of the Partnership Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management Item 13. Certain Relationships and Related Transactions PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K Signatures PART I ------ Item 1. Business Organization - ------------ Boston Capital Tax Credit Fund II Limited Partnership (the "Partnership") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of June 28, 1989. The General Partner of the Partnership is Boston Capital Associates II Limited Partnership, a Delaware limited partnership. Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the General Partner. The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC II Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Partnership and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner have been assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a Limited Partner of the Partnership including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Partnership. A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") was filed with the Securities and Exchange Commission and became effective October 25, 1989 in connection with a public offering ("Offering") in series 7, 9 through 12, and 14. The Partnership raised $186,337,517 representing a total of 18,679,738 BACs. In 1991, BACs were offered and sold to certain residents of the Commonwealth of Pennsylvania. The provisions of Section 201 of the Pennsylvania Securities Act of 1972, relating to the registration of securities, may not have been complied with, in connection with, the offer or sale of some of the securities. Accordingly, the Partnership offered to repurchase these securities, at the investors option. Three investors holding 6,100 BACs representing $61,000 accepted the Partnership's offer to repurchase. In 1993 the Partnership repurchased the BAC's with an effective date of December 31, 1992. The Partnership completed sales of BACs in all Series on January 27, 1992. Description of Business - ----------------------- The Partnership's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships"), each of which owns or leases and operates an Apartment Complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Partnership invested owns Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance. 1 Each Apartment Complex has qualified for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), thereby providing tax benefits over a period of twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Certain of the Apartment Complexes also qualified for the historic rehabilitation tax credit under Section 48 of the Code (the "Rehabilitation Tax Credit"). The Federal Housing Tax Credit and the Government Assistance programs are described on pages 67 to 92 of the Prospectus, as supplemented, under the caption "Government Assistance Programs," which is incorporated herein by reference. Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex. As of March 31, 1997, the Partnership had invested in a total of 310 Operating Partnerships; 15 Operating Partnerships on behalf of Series 7, 55 Operating Partnerships on behalf of Series 9, 46 Operating Partnerships on behalf of Series 10, 40 Operating Partnerships on behalf of Series 11, 53 Operating Partnerships on behalf of Series 12, and 101 Operating Partnerships on behalf of Series 14. A description of these Operating Partnerships is set forth in Item 2 herein. The business objectives of the Partnership are to: (1) preserve and protect the Partnership's capital; (2) provide current tax benefits to Investors in the form of (a) Federal Housing Tax Credits and Rehabilitation Tax Credits, which an Investor may apply, subject to certain strict limitations, against his federal income tax liability from active, portfolio and passive income, and (b) passive losses which an Investor may apply to offset his passive income (if any); (3) provide capital appreciation (except with respect to the Partnership's investment in certain Non-Profit Operating Partnerships) through increases in value of the Partnership's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the Apartment Complexes; (4) Provide cash distributions (except with respect to the Partnership's investment in certain Non-Profit Operating Partnerships) from a Capital Transaction as to the Partnership. The Operating Partnerships 2 intend to hold the Apartment Complexes for appreciation in value. The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions; and (5) provide, on a current basis and to the extent available, cash distributions from the operations of the Apartment Complexes (no significant amount of which is anticipated). The business objectives and investment policies of the Partnership are described more fully on pages 44 to 52 of the Prospectus, as supplemented, under the caption "Business Objectives and Investment Policies, " which is incorporated herein by reference. Item 2. Properties The Partnership has acquired a Limited Partnership Interest in each of the three hundred ten Operating Partnerships in six series identified in the table set forth below. In each instance the Apartment Complex owned by each of the Operating Partnerships is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable Report on Form 8-K filed during the past fiscal year. The General Partner believes that there is adequate casualty insurance on the properties. Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships. 3 Boston Capital Tax Credit Fund II Limited Partnership - Series 7 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- The Bowditch School Lodging Jamaica Plain, House MA 50 $1,638,578 12/89 12/89 100% $ 606,390 Briarwood Cameron, Apartments MO 24 625,922 12/89 12/89 100% 157,254 Buckner Buckner, Properties MO 24 620,649 12/89 3/89 100% 146,287 Creekside Vandergrift, Apartments PA 30 1,125,059 6/89 9/89 100% 247,790 Deer Hill Huntersville, II Apartments NC 40 1,481,751 2/90 5/89 100% 333,370 Hillandale Lithonia, Commons GA 132 3,324,477 12/89 1/90 100% 1,138,907 Leo A. Meyer Senior Citizen King City, Housing CA 44 1,658,088 6/90 11/89 100% 893,708 Lebanon Properties Lebanon II MO 24 574,542 12/89 7/89 100% 136,440 New Holland Danville, Apartments IL 53 973,523 5/90 8/90 100% 800,434 Oak Grove Oak Grove, Estates MO 20 486,452 12/89 9/89 100% 113,188 Oakview Delta, Apartments OH 38 1,128,782 12/89 10/89 100% 258,264 Metropole Miami Beach, Apartments FL 42 2,223,077 12/89 12/89 100% 694,581 4 Boston Capital Tax Credit Fund II Limited Partnership - Series 7 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - -------------------------------------------------------------------------- Rosenberg Santa Rosa, Apartments CA 77 $1,837,045 2/90 1/92 100% $1,943,360 Westwood Square Moore Head City, Apartments NC 36 1,416,387 7/90 7/90 100% 117,286 Winfield Properties Winfield, II MO 24 611,010 12/89 5/89 100% 142,525 5 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - -------------------------------------------------------------------------- Azalea Village Crawford, Apartments GA 24 $ 641,812 5/90 5/90 100% $ 143,206 Beaver Brook Pelham, Commons NH 24 1,187,746 4/90 5/90 100% 290,403 Bent Creek Crest View, Apartments II FL 24 710,710 6/90 5/90 100% 164,534 Big Lake Big Lake, Seniors TX 20 562,201 4/94 6/95 100% 141,072 Blanco Blanco, Senior Apts. TX 20 521,147 12/93 9/94 100% 98,561 Breezewood Village Kissimmee, Phase I FL 86 2,808,946 4/90 4/90 100% 831,650 Breezewood Kissimmee, Village II FL 42 1,432,211 5/90 5/90 100% 416,268 Cambridge Madison, Manor FL 36 1,137,659 4/90 1/90 100% 268,523 Corinth Senior Corinth, Housing NY 40 1,495,099 4/90 2/90 100% 384,000 Cotton Mill Stuart, Apartments VA 40 1,487,068 10/92 7/93 100% 271,351 Country Cedar Rapids, Hill Apts. IA 166 4,421,315 4/90 6/90 100% 3,471,607 Country Blakely, Lane Apts. GA 32 949,321 5/90 5/90 100% 211,916 6 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - -------------------------------------------------------------------------- Fawn River Sturgis, Apartments MI 100 $3,708,188 10/90 10/90 95% $971,446 Garden Lake Immokalee, Apartments FL 65 2,198,547 5/90 5/90 100% 577,529 Glenwood Porterville, Hotel CA 36 751,549 6/90 6/90 100% 383,100 Grand Princess St. Croix, Manor USVI 24 1,495,825 6/90 8/90 100% 374,766 Grand Princess St. Croix, Villa USVI 24 1,494,827 6/90 8/90 100% 276,203 Greenwich Senior Greenwich, Housing NY 36 1,488,571 4/90 2/90 97% 340,000 Grifton Grifton, Manor Apts. NC 40 1,264,023 9/93 2/94 100% 261,645 Hacienda Villa Firebaugh, Apartments CA 120 3,947,514 4/90 1/90 100% 1,343,294 Haines City Haines City, Apartments FL 46 1,443,279 4/90 2/90 100% 339,465 Hamlet Newfane, Square NY 24 1,001,774 10/92 9/92 100% 193,830 Hill St. South Paris, Commons ME 25 1,494,993 11/92 10/92 100% 301,064 Kristin Park Las Vegas, Apartments NM 44 1,394,952 3/90 6/90 100% 313,200 7 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Le Grand Le Grand, Apts. CA 34 $1,746,464 11/92 10/93 100% $ 419,011 Longmeadow Skowhegan, Apartments ME 28 1,484,915 8/90 8/90 100% 284,000 Magnolia Lane Bloomingdale, Apartments GA 48 1,484,619 5/90 3/90 100% 321,908 Maywood Corning, Apartments CA 40 1,505,534 3/90 7/90 100% 365,280 Meadowcrest Southfield, Apartments MI 83 2,906,533 9/90 10/90 100% 1,116,284 Mill Pond Brooklyn, Apartments MI 36 1,110,469 5/90 5/90 100% 250,175 New Holland Danville, Apartments IL 53 973,523 5/90 8/90 100% 565,622 Pinewoods Springfield, Apartments IL 168 3,864,669 6/90 6/91 100% 1,258,700 Pine Ridge Polkton, Place NC 16 660,264 1/94 12/93 100% 114,730 Pleasanton Pleasanton, Seniors Apts.TX 24 625,705 12/93 7/93 100% 144,839 Port Portage, Crossing IN 160 3,315,289 3/90 4/90 100% 2,733,580 Putney Putney, Meadows Apts VT 28 1,424,723 12/92 5/93 100% 374,495 Quail Hollow Homerville, Apartments GA 54 1,475,030 5/90 1/90 100% 363,353 8 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - -------------------------------------------------------------------------- Quail Hollow Raleigh II NC 36 $ 1,405,922 7/90 9/90 100% $ 313,521 Rainbow Gardens Dunnellon, Apartments FL 36 1,221,901 12/92 6/93 100% 236,763 Raitt Santa Ana, Street Apts. CA 6 791,508 5/93 8/93 100% 416,200 School St. Marshall, Apts. II WI 24 819,094 6/93 6/93 100% 652,967 Scottsville Scottsville, Hollow NY 36 1,430,225 5/90 5/90 100% 304,060 Somerset Antioch, Apartments CA 156 5,480,494 3/90 3/90 100% 3,920,000 St. Paul's St. Paul, Apartments NC 32 1,268,718 5/90 9/90 100% 263,165 Surry Village Surry, II VA 24 777,798 5/90 1/90 100% 157,002 Tappahannock Tappahannock, Greens Apts. VA 40 1,511,213 3/94 5/94 100% 293,486 Telluride Telluride, Apartments CO 30 1,474,581 9/90 11/90 100% 300,033 The Warren St. Lodging Boston, House MA 19 721,934 3/90 5/90 100% 460,900 Twin Oaks Raeford, Apartments NC 28 1,142,647 5/90 5/90 100% 275,894 9 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Ventura Hernando, Village FL 53 $ 1,489,702 6/90 7/90 100% $ 473,300 Vilage Live Oak, Oaks FL 24 735,288 6/90 2/90 100% 164,291 Apartments II Warrensburg Warrensburg, Estates MO 32 795,235 4/90 4/90 100% 181,849 Westside Providence, Apartments RI 40 2,452,438 6/90 12/90 100% 1,777,738 Westwood Square Moorehead City, Apartments NC 36 1,416,387 7/90 7/90 100% 195,391 Wilmington Wilmington, Housing NY 24 1,055,408 8/90 8/90 100% 237,279 10 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Athens Park Athens, Apartments AL 48 $1,340,154 8/90 6/90 100% $ 354,144 Autumn Lane Washington, Apartments GA 24 736,196 8/89 11/90 100% 168,234 Baytree Richlands, Apartments NC 24 959,931 11/88 7/90 100% 210,999 Benchmark China Grove, Apartments NC 24 953,752 11/88 7/90 100% 223,328 Berkshire Wichita, Apartments II KS 66 1,759,000 7/90 7/90 100% 1,183,452 Brentwood Eunice, Apartments LA 32 957,568 11/90 10/90 100% 205,470 Briarwood Middleburg, Apartments FL 52 1,487,020 8/90 8/90 100% 509,251 Butler Manor Morgantown, Apartments KY 16 505,202 12/90 2/91 100% 119,952 Campbell Creek Dallas, Apartments GA 80 1,729,489 12/91 10/90 100% 735,000 Candlewick Monroeville, Place AL 40 1,263,000 12/92 10/92 100% 241,600 Cedarstone Poplarville, Apts. MS 24 775,767 5/93 5/93 100% 180,800 Charlton Court Folkston, Apartments GA 40 1,206,076 12/92 1/93 100% 263,520 11 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Chuckatuck Suffolk Square VA 42 $1,451,431 11/90 2/90 100% $ 320,900 Cloverleaf Bishopville, Apartments SC 24 858,572 11/90 4/90 100% 153,900 Cloverleaf Apts., Bishopville, Phase II SC 24 877,867 11/90 4/90 100% 160,761 Connellsville Connellsville, Heritage Apts. PA 36 1,373,424 11/90 3/90 100% 325,460 Freedom Ford City, Apartments PA 28 1,053,315 11/90 9/90 89% 262,791 Hartway Munfordville, Apts. KY 32 916,402 7/90 6/90 100% 239,041 Hilltop Kingsland, Terrace GA 54 1,492,592 8/90 7/90 100% 455,851 Indian Run S. Kingston Village RI 114 2,432,946 4/93 7/93 96% 604,867 Ironton Ironton, Estates MO 24 627,904 5/93 1/93 100% 157,976 Lambert Square Lambert, Apts. MS 32 1,005,284 11/92 12/92 100% 192,347 Longview Maysville, Apartments NC 24 874,151 11/88 8/90 100% 195,837 Maidu Roseville, Village CA 81 2,193,985 3/91 12/91 100% 470,000 12 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Mann Indianapolis, Estates IN 132 $3,068,810 7/90 10/90 100% $ 1,980,000 Meadowbrook Lane Americus, Apartments GA 50 1,483,679 9/90 3/90 100% 336,264 Melrose Lane Great Falls, Apartments SC 24 876,877 11/90 10/90 100% 203,645 Mercer Mercer, Manor PA 26 911,567 11/90 8/90 100% 220,450 46 North Connecticut Atlantic City, Ave. NJ 13 1,024,762 1/93 12/92 100% 559,000 Pecan Village Ellaville, Apartments GA 30 790,144 7/90 2/90 100% 221,856 Piedmont Forsyth, Hills GA 50 1,462,028 7/90 9/90 100% 439,958 Pine View Perry, Apartments FL 29 964,539 9/90 12/90 100% 277,405 Pines by the Newnan, Creek Apts. GA 96 2,062,078 12/90 10/90 100% 890,000 Pine Grove Ackerman, Apts. MS 24 601,745 9/93 6/94 100% 169,926 Pinetree Manor Centreville, Apts. MS 32 983,714 11/92 1/93 100% 191,500 Rosewood Village Willacoochee, Apartments GA 24 651,381 7/90 7/90 100% 147,480 13 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Springwood Park Durham, Apartments NC 100 $ 2,397,002 3/91 5/91 100% $ 1,000,000 Stockton Stockton, Estates MO 20 517,551 2/93 1/93 100% 120,352 Stratford Square Brundidge, Apartments AL 24 754,013 10/92 2/93 100% 145,036 Summer Glen Immokalee, Apartments FL 45 1,490,158 11/92 3/93 100% 246,230 Summerwood West Des Moines, Apartments IA 86 2,394,690 7/90 7/90 100% 2,015,183 Sunmark Morgantown, Apartments KY 24 772,016 8/90 12/90 100% 176,669 Village Lawton, Commons MI 58 1,492,908 11/90 6/90 98% 323,665 Washington Heights Apartments, Bismarck, IV ND 24 459,263 11/90 7/90 100% 381,010 Woods Hollow Centreville, Apartments MI 24 635,846 11/90 2/90 100% 132,700 Woodside Lisbon, Apartments ME 28 1,485,711 12/90 11/90 100% 397,630 14 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ----------------------------------------------------------------------------- Academy Hill Ahoskie, Apartments NC 40 $1,381,402 2/91 2/91 100% $ 319,224 Aspen Square Tazewell, Apartments VA 60 1,839,613 11/90 11/90 100% 356,495 Bridgeview Emlenton, Apartments PA 36 1,369,406 12/90 12/89 100% 327,257 Buckeye Senior Buckeye, Apartments AZ 41 1,345,943 12/90 8/90 100% 311,480 Campbell Creek Dallas, Apartments GA 80 1,729,489 12/90 10/90 100% 142,000 Cambridge Manor Macon, Apartments MS 47 1,631,123 5/93 4/93 100% 356,356 Church Hill Church Point, Apartments LA 32 958,542 12/90 1/91 100% 205,750 Copper Creek Lebanon, Apartments VA 36 1,178,490 11/90 9/90 100% 237,647 Coronado Tuscon, Hotel AZ 42 535,030 3/91 3/91 100% 614,050 Crestwood St. Cloud, Apartments FL 216 4,387,363 1/91 6/91 100% 5,636,484 El Dorado El Dorado Springs, Springs Est. MO 24 583,276 11/90 9/90 100% 133,790 Eldon Est. Eldon, II MO 24 583,417 12/90 11/90 100% 131,340 15 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Eldon Eldon, Manor MO 24 $ 561,459 12/90 11/90 100% $ 241,980 Elmwood Manor Eutaw, Apartments AL 47 1,629,855 5/93 12/93 100% 333,440 Fairridge Lane Denmark, Apartments SC 24 820,723 11/90 6/90 100% 209,326 Fairridge Village Denmark, Apartments SC 24 772,741 11/90 6/90 100% 186,381 Farmerville Farmerville, Square Apts. LA 32 970,163 1/91 4/91 100% 212,280 Forest Glade Wauchula, Apartments FL 50 1,487,052 12/90 12/90 100% 420,565 Franklin Great Falls, School MT 40 1,273,665 10/90 12/91 100% 1,453,270 Hilltop Los Lunas, Apts. NM 40 1,427,453 1/93 11/92 100% 253,455 Holland Holland, Meadows NY 24 901,648 11/90 6/90 100% 213,880 Holley Holley, Grove NY 24 920,270 11/90 10/90 100% 207,360 Ivan Woods Delta Township, Senior Apts. MI 90 2,233,624 2/91 4/91 100% 1,184,275 Kaplan Manor Kaplan, Apartments LA 32 928,706 12/90 12/90 100% 198,460 16 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Lakewood Village Lake Providence, Apartments LA 32 $ 956,406 1/91 5/91 100% $ 223,827 Licking Licking, Apartments MO 16 407,033 11/91 3/92 100% 90,436 London Miami Beach, Arms FL 58 2,651,471 12/90 12/90 100% 937,961 Maidu Roseville, Village CA 81 2,193,985 3/91 12/91 100% 530,000 Nevada Nevada, Manor MO 24 650,235 11/90 10/90 100% 143,270 Oatka Warsaw, Meadows NY 24 921,850 11/90 6/90 100% 206,670 Osage Arkansas City, Place KS 38 1,235,928 12/90 12/90 100% 522,999 Pines by the Creek Newnan, Apartments GA 96 2,062,078 12/90 10/90 100% 245,000 Sandy Pines Punta Gorda, Manor FL 44 1,484,822 12/90 7/90 100% 399,977 Sierra Springs Tazewell, Apartments VA 36 1,179,138 11/90 11/90 100% 299,634 South Fork South Fork, Heights CO 48 1,433,198 2/91 2/91 100% 343,358 Twin Oaks Allendale, Apartments SC 24 784,397 12/90 9/90 100% 206,888 17 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Walnut Village Manning, Apartments SC 24 $ 842,777 11/90 11/90 100% $ 183,244 Washington Manor Washington, Apartments LA 32 960,545 1/91 3/91 100% 216,990 Wildridge Jesup, Apartments GA 48 1,407,038 1/91 4/91 100% 329,130 Windsor Metter, Apts. GA 52 1,478,198 12/92 5/93 100% 248,207 18 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Bowman Village Bowman, Apartments GA 24 $ 667,435 6/91 10/91 100% $ 139,879 Brandywood Oak Creek, Apartments WI 54 1,752,028 12/91 9/91 100% 1,532,506 Brentwood Manor Clarkson, Apartments KY 24 752,147 6/91 7/91 100% 173,969 Briarwick Nicholasville, Apartments KY 40 1,259,161 4/91 4/91 100% 323,941 Bridgerun Cannon Falls, Townhomes MN 18 576,874 6/91 7/91 100% 458,800 Bucksport Park Bucksport, Apartments ME 24 1,390,266 6/91 8/91 100% 334,600 Campbell Creek Dallas, Apartments GA 80 1,729,489 3/91 10/90 100% 593,000 Cananche Creek Norton, Apartments VA 36 1,239,105 5/91 6/91 100% 276,695 Carson Village Wrightsville, Apartments GA 24 654,679 10/91 6/92 100% 161,452 Clymer House Clymer, Apartments PA 26 1,085,671 6/91 10/91 100% 254,097 Corcoran Garden Corcoran, Apartments CA 38 1,529,122 2/91 11/90 100% 432,438 Cornish Cornish, Park ME 25 1,459,627 6/91 6/91 100% 333,000 19 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Crescent City Senior Crescent City, Apartments CA 38 $1,870,741 3/91 3/91 100% $ 474,536 Earlimart Senior Earlimart, Apartments CA 35 1,350,042 6/91 6/91 100% 364,515 Evanwood Hardinsburg, Apartments KY 24 762,098 6/91 5/91 100% 167,221 Fox Run Jesup, Apartments GA 24 637,753 12/91 7/92 100% 150,033 Franklin House Liberty, Apts. MO 21 309,602 5/93 1/88 100% 137,836 Hamilton Village Preston, Apartments GA 20 571,592 10/91 3/92 100% 140,948 Hunters Park Tarboro, Apartments NC 40 1,414,753 5/91 4/91 100% 320,175 Ivan Woods Senior Delta Township, Apartments MI 90 2,233,624 2/91 4/91 100% 778,688 Keenland Burkesville, Apartments KY 24 736,637 6/91 9/91 100% 164,246 Lakeridge Eufala, Apartments AL 30 919,603 3/91 4/91 100% 186,780 Laurel Village Wadley, Apartments GA 24 664,305 10/91 5/92 100% 149,058 20 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Los Caballos Hatch, II Apts. NM 24 $ 779,138 7/91 8/91 100% $ 164,740 Marlboro Place Bennettsville, Apartments SC 24 838,836 3/91 2/91 100% 192,779 Melville Plaza Melville, Apartments LA 32 896,198 7/91 10/91 100% 178,564 Nanty Glo House Nanty Glo, Apartments PA 36 1,480,281 6/91 7/91 100% 353,000 Newport Franklin, Village VA 48 1,491,552 4/91 11/90 100% 355,000 Oakleigh Abbeville, Apartments LA 32 917,201 8/91 3/92 100% 178,716 Oak Street Scott City, Apartments MO 24 600,346 6/91 11/91 100% 138,149 Oakwood Mamou, Apartments LA 32 914,168 8/91 1/92 100% 180,819 Pines by the Creek Newnan, Apartments GA 96 2,062,078 3/91 10/90 100% 645,000 Pinewoods Springfield, Apartments IL 168 3,864,669 7/91 6/91 100% 2,880,000 Portales Portales, Estates NM 44 1,444,481 7/91 7/91 100% 365,100 21 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Prairie West West Fargo, Apts. III ND 24 $ 475,649 3/91 3/91 100% $ 360,698 Ridgeway Court III Bemidji, Apartments MN 24 895,994 4/91 1/91 100% 180,186 River Crystal River, Reach Apts. FL 41 1,370,435 5/91 5/91 100% 351,421 Rockmoor Banner Elk, Apartments NC 12 439,169 5/91 3/91 100% 95,818 Shawnee Ridge Norton, Apartments VA 20 669,433 5/91 5/91 100% 145,606 Springwood Park Durham, Apartments NC 100 2,397,002 3/91 5/91 100% 374,349 Spring Mountain Pahrump, Apartments NV 33 1,369,074 5/91 4/91 100% 290,406 Stonegate Perry, Manor FL 36 1,012,820 5/91 12/90 100% 274,321 Summit Ridge Palmdale, Apartments CA 304 9,004,859 10/92 12/93 100% 3,674,306 Turner Lane Ashburn, Apartments GA 24 723,743 5/91 7/91 100% 147,090 Union Baptist Plaza Springfield, Apartments IL 24 529,851 5/91 4/91 100% 432,648 22 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Uptown Salyersville, Apartments KY 16 $ 523,229 5/91 3/91 100% $ 121,700 Villas of Eufala, Lakeridge AL 18 533,728 3/91 3/91 100% 96,868 Waynesboro Village Waynesboro, Apartments TN 48 1,375,226 4/91 1/91 100% 310,510 Windsor Windsor, Court II VA 24 733,507 4/91 11/90 100% 169,347 Woodcrest Manor Woodville, Apartments MS 24 713,305 6/91 11/91 100% 138,579 Woodlawn Village Abbeville, Apartments GA 36 1,038,102 10/91 4/92 100% 229,601 Woodside Grove City, Apartments PA 32 1,159,210 4/91 3/91 100% 229,291 Yorkshire Townhome Fort Smith, Apts. AR 50 1,107,190 9/93 8/94 100% 874,069 23 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Ada Village Ada, Apts. OK 44 $1,054,346 1/93 11/93 100% $ 158,976 Amherst Amherst, Village VA 48 1,607,320 1/92 1/92 100% 322,796 Belmont Village Belmont, Court NY 24 931,273 1/92 12/91 95% 201,300 Bethel Park Bethel, Apartments ME 24 1,494,878 12/91 3/92 100% 324,100 Blanchard Senior Blanchard, Apts. II LA 24 599,925 10/91 9/91 100% 143,628 Blanchard Blanchard, Village Apts. OK 8 219,071 1/93 7/93 100% 32,954 Brantwood Lane Centreville, Apartments AL 36 1,146,451 7/91 9/91 100% 237,873 Breckenridge McColl, Apartments SC 24 870,566 1/92 3/92 100% 186,065 Briarwood Apartments Middleburg, Ph II FL 50 1,497,599 2/92 4/92 100% 293,694 The Bridge New York, Building NY 15 N/A 1/92 12/91 100% 1,037,770 Buchanan Warren, Court PA 18 727,618 7/91 11/90 88% 160,600 Burnt Ordinary Toano, Village VA 22 710,837 7/91 7/91 100% 159,400 24 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Carleton Court Providence, Apartments RI 46 $2,632,853 12/91 12/91 100% $1,496,922 Carriage Run Emporia, Apartments VA 40 1,334,409 10/91 4/92 100% 259,980 Cedar View Brinkley, Apartments AR 32 1,274,241 5/92 10/92 100% 254,016 Cedarwood Pembroke, Apartments NC 36 1,422,174 10/91 1/92 100% 326,310 Chapparral Kingman, Apartments AZ 20 697,751 8/91 7/91 100% 198,275 College Chili, Green NY 110 4,041,301 3/95 8/95 100% 742,771 Colorado City Seniors Colorado City, Apartments TX 24 543,812 10/91 10/91 100% 98,721 Cottonwood Cottonport, Apts. II LA 24 656,329 10/91 7/91 100% 152,664 Country Meadows Sioux Falls, Apartments SD 44 1,110,281 11/91 10/91 100% 922,350 Countryside Fulton, Manor MS 24 666,263 10/91 8/91 100% 151,868 Davis Village Davis, Apts. OK 44 1,181,354 1/93 9/93 100% 180,452 Devenwood Ridgeland, Apartments SC 24 876,194 7/92 1/93 100% 186,000 25 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Duncan Village Duncan, Apts. OK 48 $1,155,877 1/93 11/93 100% $ 172,005 Edison Village Edison, Apartments GA 42 1,203,485 7/91 2/92 100% 274,144 Ethel Bowman Tionesta, Proper HousePA 36 1,434,505 2/92 1/92 88% 334,160 Excelsior Springs Excelsior Springs, Properties MO 24 625,408 2/92 4/91 100% 150,651 Fairground Bedford, Place Apts. KY 19 713,046 3/95 8/95 100% 176,963 Four Oaks Village Four Oaks, Apartments NC 24 896,275 3/92 6/92 100% 179,900 Franklin Vista Anthony, III Apts. NM 28 932,216 1/92 4/92 100% 179,685 Friendship Bel Air, Village MD 32 1,442,972 1/92 6/91 100% 226,000 Glenhaven Merced, Park CA 12 403,505 1/94 6/90 100% 125,000 Glenhaven Merced, Park II CA 15 499,283 1/94 6/89 100% 365,925 Glenhaven Merced, Park III CA 15 501,859 1/94 12/89 100% 225,500 26 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Glenhaven Merced, Estates CA 13 $ 707,514 6/89 6/89 100% $ 134,000 Green Village Standardsville, Apts. II VA 16 588,010 4/92 11/91 100% 99,100 Greenleaf Bowdoinham, Apartments ME 21 1,132,054 11/91 8/92 100% 295,085 Harbor Springs Seniors Hughes Springs, Apartments TX 32 790,069 10/91 8/91 100% 183,674 Harrison City Penn Township, Apts. PA 38 1,485,187 7/92 9/92 86% 311,775 Hessmer Village Hessmer, Apartments LA 32 913,495 12/91 4/92 100% 186,503 Hillmont Village Micro, Apartments NC 24 887,931 9/91 1/92 100% 184,900 Hunters Run Douglas, Apartments GA 50 1,451,285 12/91 2/92 100% 322,368 Independence Mt. Pleasant, Apartments PA 28 1,089,545 8/91 6/91 96% 223,100 Indian Creek Kilmarnock, Apartments VA 20 767,003 7/91 4/91 100% 174,400 Jarratt Village Jarratt, Apartments VA 24 835,929 10/91 12/91 100% 159,140 Kingfisher Village Kingfisher, Apts. OK 8 171,876 1/93 12/93 100% 24,365 27 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- La Gema del Santa Ana, Barrio Apts. CA 6 $ 670,088 6/92 8/92 100% $ 458,000 Lafayettee Gardens Scott, Apartments LA 56 599,319 10/91 11/91 100% 437,688 Lake Isabella Senior Lake Isabella, Apartments CA 46 1,999,356 9/91 1/92 100% 442,457 Lakeview Battle Creek, Meadows MI 53 1,576,000 1/92 6/92 100% 1,018,808 Lakewood Terrace Lakeland, Apts. FL 132 3,932,649 11/93 8/89 100% 725,312 Lana Lu Lonaconing, Apartments MD 30 1,493,502 12/91 9/92 100% 303,261 Lexington Village Lexington, Apts. OK 8 212,249 1/93 1/93 100% 32,178 Maidu Roseville, Village CA 81 2,193,985 1/92 12/91 100% 1,096,199 Marion Manor Marion, Apartments LA 32 1,009,781 2/92 6/92 100% 199,708 Maysville Village Maysville, Apts. OK 8 226,700 1/93 10/93 100% 33,726 Montague Place Caro, Apartmetns MI 28 1,144,205 12/91 12/91 100% 432,320 Navapai Prescott Valley, Apartments AZ 26 885,717 6/91 4/91 100% 207,330 28 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Nevada City Senior Grass Valley, Apartments CA 60 $3,557,533 1/92 10/92 100% $ 839,300 Newellton Place Newellton, Apartments LA 32 950,799 2/92 4/92 100% 190,600 New River Overlook Radford, Apartments VA 40 1,489,932 8/91 2/92 100% 285,371 Northridge Arlington, Apartments TX 126 1,723,362 1/92 2/92 96% 741,300 Oak Ridge Crystal Springs, Apartments MS 40 1,307,850 1/92 1/92 100% 308,578 Oakland Village Littleton, Apts. NC 24 855,063 5/92 8/92 100% 161,939 Okemah Village Okemah, Apts. OK 30 699,392 1/93 5/93 100% 119,832 Pineridge McComb, Apartments MS 32 1,007,467 10/91 10/91 100% 238,995 Pineridge Walnut Cove, Elderly NC 24 995,445 10/91 3/92 100% 199,311 Pittsfield Park Pittsfield, Apartments ME 18 1,049,950 12/91 6/92 100% 237,300 Plantation Richmond Hill, Apartments GA 49 1,425,291 12/91 11/91 100% 320,858 Portville Square Portville, Apartments NY 24 980,810 3/92 3/92 95% 198,100 29 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1996 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Prague Village Prague, Apts. OK 8 $ 122,996 1/93 3/93 100% $ 21,373 Rainbow Commons Marshfield, Apartments WI 48 1,220,249 9/91 6/91 100% 1,126,901 Rainier Manor Mt. Rainier, Apartments MD 104 3,712,816 3/92 1/93 100% 1,190,350 Rosenberg Santa Rosa, Hotel CA 77 1,837,045 12/91 1/92 100% 1,850,000 Rosewood Manor Ellenton, Apartments FL 43 1,443,146 12/91 11/91 100% 302,250 San Jacinto Senior San Jacinto, Apartments CA 46 2,379,264 1/92 10/91 100% 588,965 Lakeside Manor Schroon Lake, Apartments NY 24 1,096,402 11/91 1/92 95% 249,349 Smithville Smithville, Properties MO 48 1,248,563 2/92 5/91 100% 285,384 Snow Hill Ridge Raleigh, Apartments NC 32 1,217,322 10/91 12/91 100% 307,524 Somerset Antioch, Apartments CA 156 5,480,494 8/92 3/90 100% 1,026,542 Spring Creek Derby, Village KS 72 1,876,305 6/91 9/91 100% 1,634,760 30 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - ---------------------------------------------------------------------------- Spring Valley Lexington Park, Apartments MD 128 $4,860,326 11/91 12/92 100% $ 2,777,811 Springwood Park Durham, Apartments NC 100 2,397,002 10/91 5/91 100% 374,349 Summer Lane Santee, Apartments SC 24 863,418 7/91 11/91 100% 176,291 Summit Ridge Palmdale, Apartments CA 304 9,004,859 10/92 12/93 100% 1,236,600 Titusville Titusville, Apartments PA 30 1,245,008 12/91 1/92 100% 280,829 Townview St. Mary's, Apartments PA 36 1,383,897 9/91 10/91 97% 315,700 Tyrone House Tyrone, Apartments PA 36 1,489,985 12/91 1/92 100% 349,800 Valley Ridge Senior Central Valley, Apartments CA 38 1,831,879 1/92 12/91 100% 456,600 Victoria Victoria, Place VA 39 1,409,195 1/92 6/92 100% 287,736 Villa West Topeka, Apts. IV KS 60 1,558,771 8/91 1/91 100% 1,392,873 Village Raleigh, Green NC 42 728,004 5/92 9/91 100% 581,446 Washington Abingdon, Court VA 39 1,194,915 7/91 8/91 100% 295,250 31 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 PROPERTY PROFILES AS OF March 31, 1997 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97 - --------------------------------------------------------------------------- Wesley Village Martinsburg, Apartments WV 36 $1,319,261 10/91 6/92 100% $ 266,253 Westside Louisville, Apartments MS 33 833,193 3/92 1/92 100% 191,014 Wildwood Terrace Wildwood, Apartments FL 40 1,267,980 10/91 10/91 100% 281,647 Woodside Belleview, Apartments FL 41 1,216,779 11/91 10/91 100% 268,500 Wynnewood Village Wynnewood, Apts. OK 16 419,103 1/93 11/93 100% 67,443 Yorkshire Delevan, Corners NY 24 926,910 8/91 9/91 100% 191,500 Zinmaster Minneapolis, Apartments MN 36 1,874,424 1/95 1/88 100% 150,000 32 Item 3. Legal Proceedings None. Item 4. Submission of Matters to a Vote of Security Holders None. 33 PART II ------- Item 5. Market for the Registrant's Partnership Interests and Related Partnership Matters (a) Market Information The Partnership is classified as a limited partnership and thus has no common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop. (b) Approximate number of security holders As of March 31, 1997, the Partnership has 11,722 registered BAC holders for an aggregate of 18,679,738 BACs which were offered at a subscription price of $10 per BAC. The BACs were issued in series. Series 7 consists of 810 investors holding 1,036,100 BACs, Series 9 consists of 2,254 investors holding 4,178,029 BACs, Series 10 consists of 1,635 investors holding 2,428,925 BACs, Series 11 consists of 1,411 investors holding 2,489,599 BACs, Series 12 consists of 1,963 investors holding 2,972,795 BACs, and Series 14 consists of 3,649 investors holding 5,574,290 BACs at March 31, 1997. (c) Dividend history and restriction The Partnership has made no distributions of Net Cash Flow to its BAC Holders from its inception, June 28, 1989 through March 31, 1997. The Partnership Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder. Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month. Partnership allocations and distributions are described on pages 107 to 112 of the Prospectus, as supplemented, which are incorporated herein by reference. 34 Item 6. Selected Financial Data The information set forth below presents selected financial data of the Partnership for each of the five years in the period ended March 31, 1997. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof. March 31, March 31, March 31, March 31, March 31, 1997 1996 1995 1994 1993 -------- -------- -------- -------- -------- Operations - ---------- Interest & other Inc $ 155,501 $ 65,468 $ 78,723 $ 385,315 $ 646,392 Share of Loss of Operating Partnerships (10,464,997) (12,992,069) (14,053,018) (15,080,553) (14,123,632) Operating Exp (2,781,444) (2,852,335) (2,876,048) (3,021,320) (3,135,298) ---------- ----------- ----------- ----------- ----------- Net Loss $(13,090,940)$(15,778,936)$(16,850,343)$(17,716,558)$(16,612,538) ========== =========== =========== =========== =========== Net Loss per BAC $ (.69)$ (.84)$ (.89)$ (.94)$ (.88) ========== =========== =========== =========== =========== Balance Sheet - ------------- Total Assets $ 73,382,875 $ 85,486,212 $ 99,601,389 $114,309,046 $137,676,534 ========== =========== =========== =========== =========== Total Liab $ 12,041,732 $ 11,054,129 $ 9,390,370 $ 7,247,684 $ 12,837,614 Partners' ========== =========== =========== =========== =========== Equity $ 61,341,143 $ 74,432,083 $ 90,211,019 $107,061,362 $124,838,920 ========== =========== =========== =========== =========== Other Data - ---------- Credit per BAC for the Investors Tax Year, for the twelve months ended, December 31, 1996, 1995, 1994, 1993 and 1992* $ 1.40 $ 1.39 $ 1.35 $ 1.16 $ 1.07 =========== =========== =========== =========== =========== * 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. Results of Operations. 35 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity - --------- The Partnership's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid as of March 31, 1997 or on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Partnership has invested. These sources of liquidity, along with the Partnership's working capital reserve, are available to meet the obligations of the Partnership. The Partnership does not anticipate significant cash distributions from operations of the Operating Partnerships. The Partnership is currently accruing the annual partnership management fee to enable each series to meet current and future third party obligations. During the fiscal year ended March 31, 1997 the Partnership accrued $2,509,932 in annual partnership management fees. As of March 31, 1997 the accrued partnership management fees totalled $11,603,196. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Partnership receives sale or refinancing proceeds from Operating Partnerships, and at that time proceeds from such sales or refinancing will be used to satisfy such liabilities. The Partnership anticipates that there will be sufficient cash to meet future third party obligations. The Partnership does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships. An affiliate of the general partner has advanced $46,900 to the Partnership to pay certain third party operating expenses. This amount has been advanced solely to Series 7. These, and any additional advances, will be paid, without interest, from available cash flow, reporting fees, or the proceeds of the sale or refinancing of the Partnership's interest in Operating Partnerships. The Partnership anticipates that as the Operating Partnerships continue to mature, more cash flow and reporting fees will be generated. Cash flow and reporting fees will be added to the Partnership's working capital and will be available to meet future third party obligations of the Partnership. The Partnership is currently pursuing, and will continue to pursue, available cash flow and reporting fees and anticipates that the amount collected will be sufficient to cover third party operating expenses. For the fiscal year ended March 31, 1997, the Partnership earned $155,501 in interest, the majority of which was earned as tax exempt interest in an escrow account holding capital contributions due to the Operating Partnership Lexington Park Associates Limited Partnership. During the year ended March 31, 1997, the portion of funds in the escrow account that represented a credit adjuster, plus accrued interest, was returned to the Partnership, and the portion due to Lexington Park Associates was released to the Operating Partnership. Per the Escrow Agreement, the interest earned on the escrowed funds was due to the Partnership. 36 Capital Resources - ----------------- The Partnership offered BACs in a public offering declared effective by the Securities and Exchange Commission on October 25, 1989. The Partnership received and accepted subscriptions for $186,337,517 representing 18,679,738 BACs from investors admitted as BAC Holders in Series 7, 9 through 12 and 14 of the Partnership. Offers and sales of BACs in Series 7, 9 through 12, and 14 of the Partnership were completed and the last of the BACs in Series 14 were issued by the Partnership on January 27, 1992. (Series 7). The Partnership commenced offering BACs in Series 7 on November 14, 1989. As of March 31, 1997, the Partnership had received and accepted subscriptions for $10,361,000, representing 1,036,100 BACs from investors admitted as BAC Holders in Series 7. Offers and sales of BACs in Series 7 were completed and the last of the BACs in Series 7 were issued by the Partnership on December 29, 1989. As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 7 had been used to invest in a total of 15 Operating Partnerships in an aggregate amount of $7,774,651. The Partnership has completed payment of all installments of its capital contributions to all Operating Partnerships. Series 7 net offering proceeds in the amount of $12,008 remains in working capital. (Series 9). The Partnership commenced offering BACs in Series 9 on February 1, 1990. As of March 31, 1997, the Partnership had received and accepted subscriptions for $41,574,518, representing 4,178,029 BACs from investors admitted as BAC Holders in Series 9. Offers and sales of BACs in Series 9 were completed and the last of the BACs in Series 9 were issued by the Partnership on April 30, 1990. During the fiscal year ended March 31, 1997, the Partnership used $86,448 of Series 9 net offering proceeds to pay installments of its capital contributions to two Operating Partnerships. As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 9 had been used to invest in a total of 55 Operating Partnerships in an aggregate amount of $31,605,286, and the Partnership had completed payment of installments of its capital contributions to 54 of the 55 Operating Partnerships. Series 9 net offering proceeds in the amount of $566,836 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital. (Series 10). The Partnership commenced offering BACs in Series 10 on May 7, 1990. As of March 31, 1997, the Partnership had received and accepted subscriptions for $24,288,997 representing 2,428,925 BACs from investors admitted as BAC Holders in Series 10. Offers and sales of BACs in Series 10 were completed and the last of the BACs in Series 10 were issued by the Partnership on August 24, 1990. 37 As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 10 had been used to invest in a total of 46 Operating Partnerships in an aggregate amount of $18,555,455. The Partnership has completed payment of all installments of its capital contributions to all of the Operating Partnerships. Series 10 net offering proceeds in the amount of $144,428 remains in working capital. (Series 11). The Partnership commenced offering BACs in Series 11 on September 17, 1990. As of March 31, 1997, the Partnership had received and accepted subscriptions for $24,735,002, representing 2,489,599 BACs in Series 11. Offers and sales of BACs in Series 11 were completed and the last of the BACs in Series 11 were issued by the Partnership on December 31, 1990. As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 11 had been used to invest in a total of 40 Operating Partnerships in an aggregate amount of $18,894,372, and the Partnership had completed payment of all installments of its capital contributions to 37 of the 40 Operating Partnerships. Series 11 net offering proceeds in the amount of $307,351 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital. (Series 12). The Partnership commenced offering BACs in Series 12 on February 1, 1991. As of March 31, 1997, the Partnership had received and accepted subscriptions for $29,649,003, representing 2,972,795 BACs in Series 12. Offers and sales of BACs in Series 12 were completed and the last of the BACs in Series 12 were issued by the Partnership on April 30, 1991. During the fiscal year ended March 31, 1997, the Partnership used $76,430 of Series 12 net offering proceeds to pay additional installments of its capital contributions to one Operating Partnership. As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 12 had been used to invest in a total of 53 Operating Partnerships in an aggregate amount of $22,356,179, and the Partnership had completed payment of all installments of its capital contributions to 51 of the 53 Operating Partnerships. Series 12 net offering proceeds in the amount of $8,532 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital. (Series 14). The Partnership commenced offering BACs in Series 14 on May 20, 1991. As of March 31, 1997, the Partnership had received and accepted subscriptions for $55,728,997, representing 5,574,290 BACs in Series 14. Offers and sales of BACs in Series 14 were completed and the last of the BACs in Series 14 were issued by the Partnership on January 27, 1992. 38 During the fiscal year ended March 31, 1997, the Partnership used $458,006 of Series 14 net offering proceeds to pay additional installments of its capital contributions to seven Operating Partnerships. As of March 31, 1997 the net proceeds from the offer and sale of BACs in Series 14 had been used to invest in a total of 101 Operating Partnerships in an aggregate amount of $42,034,328, and the Partnership had completed payment of all installments of its capital contributions to 85 of the 101 Operating Partnerships. Series 14 net offering proceeds in the amount of $686,170 remains to be used by the Partnership to pay additional installments of capital contributions to Operating Partnerships and in working capital. Results of Operations - --------------------- The Partnership incurs an annual partnership management fee payable to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual partnership management fee charged to operations for the fiscal years ended March 31, 1997 and 1996 was $2,273,826 and $2,356,546, respectively. The amount is anticipated to decrease in subsequent fiscal years as the Operating Partnerships begin to pay annual partnership management fees and reporting fees to the Partnership. In all series, the tax credits provided to the investors from the tax years ended December 31, 1995 to December 31, 1996 either increased or were consistent with the prior year. The increase is due to properties reaching stabilized operations during the fiscal year ended March 31, 1997. The Partnership expects the stream of tax credits to level off within the next year as the properties in all series reach stabilized operations and generate credits as projected. The Partnership's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested. The Partnership's investments in Operating Partnerships have been made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders. (Series 7). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 100%. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $2,805,455 in passive income and $838,164 in passive income tax losses that were passed through to the investors, and also provided $1.24 and $1.20, respectively, in tax credits per BAC to the investors. The series generated passive income in 1996 due to the fact that the Operating Partnership Rosenberg reflected income from cancellation of indebtedness caused by debt restructuring during the tax year ended December 31, 1996. 39 For the years ended December 31, 1996 and 1995 Series 7 reflects a net loss from Operating Partnerships of $3,087,808 and $292,522, respectively, adjusted for depreciation which is a non-cash item. The increase in loss from the prior year is the result of a one time non-cash impairment loss incurred by two operating partnerships, Rosenberg and New Holland. This is in accordance with SFAS No. 121. Rosenberg also had income from a gain on reduction of debt. This debt reduction occurred without a loss in ownership or tax credits. When adjusted for the impairment loss and gain on reduction of debt, the Operating Partnerships reflect a net loss of $125,508 for 1996. (Series 9). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 99.9% and 99.8%, respectively. The series had a total of 55 properties as of March 31, 1997, of which 53 were at 100% qualified occupancy. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $2,146,637 and $4,666,369, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.36 and $1.37, respectively, in tax credits per BAC to the investors. The reason for the large decrease in passive losses from December 31, 1995 to December 31, 1996 was due to an adjustment made at December 31, 1996 for incorrect loss reported at December 31, 1995. For the years ended December 31, 1996 and 1995 Series 9 reflects a net (loss) income from Operating Partnerships of $(1,958,157) and $620,121, respectively, adjusted for depreciation which is a non cash item. The current year loss is the result of a one time non-cash impairment loss incurred by one of the Operating Partnerships, New Holland. This is in accordance with newly addopted SFAS No. 121. When adjusted for the impairment loss, the Operating Partnerships reflect net income of $385,843 for 1996. The Operating General Partner of School Street II pledged his general partnership interest in the Operating Partnership as collateral for another loan. As this was a violation of the terms of the partnership agreement, the operating general partner was removed and replaced. This did not affect property operations, which are stable. (Series 10). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 99.5% and 99.7%, respectively. The series had a total of 46 properties at March 31, 1997, of which 43 were at 100% qualified occupancy. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $1,794,818 and $1,744,865, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.46 per year for 1996 and 1995 in tax credits per BAC to the investors. For the years ended December 31, 1996 and 1995 Series 10 reflects net income from Operating Partnerships of $1,050,780 and $1,034,996, respectively, adjusted for depreciation which is a non cash item. 40 (Series 11). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 100%. The series had a total of 40 properties at March 31, 1997, all of which were at 100% qualified occupancy. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $1,660,788 and $1,666,030, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.32 per year for 1996 and 1995 in tax credits per BAC to the investors. For the years ended December 31, 1996 and 1995 Series 11 reflects net income from Operating Partnerships of $2,892,360 and $962,926, respectively, adjusted for depreciation which is a non-cash item. The increase in net income is the result of a one time non-cash gain on reduction of debt by the Operating Partnership Franklin School. This debt reduction occurred without a loss in ownership or tax credits. When adjusted for the gain on reduction of debt, the Operating Partnerships reflect net income of $982,179 for 1996. (Series 12). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 99.9% and 100%, respectively. The series had a total of 53 properties at March 31, 1997, of which 52 were at 100% qualified occupancy. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $2,418,461 and $2,468,406, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.46 per year for 1996 and 1995 in tax credit per BAC to the investors. For the years ended December 31, 1996 and 1995 Series 12 reflects net income from Operating Partnerships of $497,680 and $495,173, respectively, adjusted for depreciation which is a non cash item. California Investors VII Limited Partnership was operating at a deficit due to higher than projected operating expenses and a competitive rental market. Operating shortfalls caused the accrual of accounts payable. The Operating Partnership closed on a debt refinancing in the fourth quarter of 1996. The favorable interest rate enabled the Operating Partnership to pay off the accrued accounts payable and reduced the monthly debt payment. The refinancing should also create increased operating stability for the Operating Partnership. During 1996, the Operating General Partner of Brandywood Limited Partnership experienced financial difficulties. Shorlty thereafter, the Operating General Partner and its affiliated management company were replaced. The new Operating General Partner and management company, together, have improved the operations of the property. Additionally, negotiations with the permanent mortgage lender have been finalized resulting in restructuring of the debt service in order to improve the financial feasibility of the property. 41 (Series 14). As of March 31, 1997 and 1996, the average Qualified Occupancy for the series was 99.4% and 99.8%, respectively. The series had a total of 101 properties at March 31, 1997. Out of the total, 92 were at 100% qualified occupancy. For the tax years ended December 31, 1996 and 1995, the series, in total, generated $2,821,765 and $4,330,709, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.43 and $1.42, respectively, in tax credits per BAC to the investors. The variance in passive income tax losses generated for the tax years ended December 31, 1995 and 1996 is due to the fact that the Operating Partnership Rosenberg reflected income from cancellation of indebtedness caused by debt restructuring during the tax year ended December 31, 1996. For the years ended December 31, 1996 and 1995 Series 14 reflects a net (loss) income from Operating Partnerships of $(386,762) and $729,866, respectively, adjusted for depreciation which is a non-cash item. The current year loss is a result of a one time non-cash gain on reduction of debt and a one time impairment loss of the Operating Partnership Rosenberg. The debt reduction occurred without a loss in ownership or tax credits and the impairment loss is in accordance with the newly adopted SFAS No. 121. When adjusted for both the gain and loss, the Operating Partnerships reflect net income of $951,538 for 1996. California Investors VII Limited Partnership was operating at a deficit due to higher than projected operating expenses and a competitive rental market. Operating shortfalls cause the accrual of accounts payable. The Operating Partnership closed on a debt refinancing in the fourth quarter of 1996. The favorable interest rate enabled the Operating Partnership to pay off the accrued accounts payable and reduced the monthly debt payment. The refinancing should also create increased operating stability for the Operating Partnership. Recent Accounting Statements Not Yet Adopted -------------------------------------------- In February 1997, the Financial Accounting Board issued 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 earning 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. SFAS No. 128 and SFAS No. 129 are effective for fiscal years ending after December 31, 1997 and earlier application is not permitted. The implementation of these standards is not expected to materially impact the partnership's financial statements because the partnership's earnings per share would not be significantly affected and the disclosures regarding the captial structure in the financial statements would not be significantly changed. 42 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. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. 43 PART III -------- Item 10. Directors and Executive Officers of the Registrant (a), (b), (c), (d) and (e) The Partnership has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs. Herbert F. Collins, age 67, is co-founder and Chairman of the Board of Boston Capital Corporation. Founded in 1974, Boston Capital, through its five companies, offers a wide range of investment banking services to its domestic and international clients. Mr. Collins has received Presidential appointments from both President George Bush and President Bill Clinton. In 1992, President Bush appointed Mr. Collins to the Presidential Advisory Committee on the Arts at The Kennedy Center. In 1995, Mr. Collins was appointed by President Clinton to the Thrift Depositor Protection Oversight Board. Mr. Collins is Chairman- emeritus of the Council for Rural Housing and Development and former Chairman of the Federal Home Loan Bank Board of Boston. Mr. Collins currently serves as a member of the National Rural Housing Council, the Fannie Mae Housing Impact Advisory Council, and is a member of the board of the National Housing Conference. Mr. Collins is also involved with a number of civic and charitable organizations with a particular interest in assisting disadvantaged urban youth. These activities include serving on the boards of Youth Build - Boston, the I Have a Dream Foundation, the Pine Street Inn and The Ron Burton Training Village. Mr. Collins is a graduate of Harvard College and served in the U.S. Marine Corps. He and his wife, Sheila, have six children. They reside in Gloucester, Massachusetts. John P. Manning, age 49, is co-founder, President and Chief Executive Officer of Boston Capital Partners, Inc., and serves as member of the Investment Committee. He has twenty-five years of experience in the financing, development and operation of multi-family housing, especially affordable housing. In addition to his responsibilities at Boston Capital, Mr. Manning has been a proactive leader in the industry. He served as a member of the Mitchell-Danforth Task Force, established by Senators Mitchell and Danforth in 1990, 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 Housing Development Reporter, three Washington D.C. based housing organizations. In 1996, he was asked to be a judge by the FNMA Foundation for its prestigious Maxwell Awards, given to the most outstanding affordable housing projects in America. He served as a member of the Massachusetts Housing Policy Committee, Executive Office of Communities & Development, having been appointed by the Governor of Massachusetts. In 44 similar capacities, Mr. Manning has been asked to testify as an expert witness before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee, on the efficacy of the Low Income Housing Tax Credit, private sector participation and the effects on the capital markets and the economy. 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, Washington, D.C. Mr. Manning graduated from Boston College. Richard J. DeAgazio, age 52, is Executive Vice President of Boston Capital Partners, Inc., and is President of Boston Capital Services, Inc., Boston Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the national Board of Governors of the National Association of Securities Dealers (NASD), was the Vice Chairman of the NASD's District 11 Committee, and served as Chairman of the NASD's Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee. He 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 graduated from Northeastern University. Christopher W. Collins, age 42, 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 36, is Senior Vice President and Chief Financial Officer of Boston Capital Partners, Inc. and has over fourteen years experience in the accounting and finance fields. Mr. Nickas has supervised the financial aspects of both the 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. 45 (f) Involvement in certain legal proceedings. None. (g) Promoters and control persons. None. Item 11. Executive Compensation (a), (b), (c), (d) and (e) The Partnership has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, the Partnership has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 1997 fiscal year: 1. An annual partnership management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid or payable by the Operating Partnerships, has been paid or accrued as payable to Boston Capital Communications Limited Partnership. The annual partnership management fee accrued during the year ended March 31, 1997 was $2,509,932. Accrued fees are payable without interest as sufficient funds become available. 2. The Partnership has reimbursed an affiliate of the General Partner a total of $78,224 for amounts charged to operations during the year ended March 31, 1997. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations. Item 12. Security Ownership of Certain Beneficial Owners and Management (a) Security ownership of certain beneficial owners. As of March 31, 1997, 18,679,738 BACs had been issued. No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the Series. (b) Security ownership of management. The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Partnership. The Partnership's response to Item 12(a) is incorporated herein by reference. 46 (c) Changes in control. There exists no arrangement known to the Partnership the operation of which may at a subsequent date result in a change in control of the Partnership. There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control. Item 13. Certain Relationships and Related Transactions (a) Transactions with management and others. The Partnership has no officers or directors. However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Partnership. Additionally, the General Partner will receive distributions from the Partnership if there is cash available for distribution or residual proceeds as defined in the Partnership Agreement. The amounts and kinds of compensation and fees are described on pages 32 to 33 of the Prospectus under the caption "Compensation and Fees", which is incorporated herein by reference. See Note B of Notes to Financial Statements in Item 14 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partner and its affiliates during the period from April 1, 1993 through March 31, 1997. (b) Certain business relationships. The Partnership response to Item 13(a) is incorporated herein by reference. (c) Indebtedness of management. None. (d) Transactions with promoters. Not applicable. 47 PART IV ------- 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, 1997 and 1996 Statement of Operations, Years ended March 31, 1997, 1996, and 1995. Statements of Changes in Partners' Capital, Years ended March 31, 1997, 1996 and 1995. Statements of Cash Flows, Years ended March 31, 1997, 1996 and 1995. Notes to Financial Statements, March 31, 1997, 1996 and 1995. Schedule III - Real Estate and Accumulated Depreciation Notes to Schedule III Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes hereto. (a) 3. Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K) Exhibit No. 3 - Organization Documents. a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund II Limited Partnership. (Incorporated by reference from Exhibit 3 to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.) 48 Exhibit No. 4 - Instruments defining the rights of security holders, including indentures. a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund II Limited Partnership. (Incorporated by reference from Exhibit 4 to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.) Exhibit No. 10 - Material contracts. a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Partnership's Registration Statement No. 33-30145 on Form S-11 as filed with the Securities and Exchange Commission on October 25, 1989.) Exhibit No. 28 - Additional exhibits (b) Reports on Form 8-K ------------------- (c) Exhibits -------- The list of exhibits required by Item 601 of Regulation S-K is included in Item (a)(3). (d) Financial Statement Schedules ----------------------------- See Item (a) 1 and 2 above. (e) Independent Auditors' Reports for Operating Limited Partnerships. --------------------------------------------------- 49 SIGNATURES ---------- Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Partnership has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Boston Capital Tax Credit Fund II Limited Partnership By: Boston Capital Associates II Limited Partnership, General Partner By: Boston Capital Associates Date: July 15, 1997 By: /s/ John P. Manning ------------------- John P. Manning By: /s/ Herbert F. Collins ---------------------- Herbert F. Collins Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Partnership and in the capacities and on the dates indicated: DATE: July 15, 1997 SIGNATURE: TITLE: General Partner and /s/ John P. Manning Principal Executive ------------------- Officer, Principal John P. Manning Financial Officer and Principal Accounting Officer of Boston Capital Associates General Partner and /s/ Herbert F. Collins Principal Executive --------------------- Officer, Principal Herbert F. Collins Financial Officer and Principal Accounting Officer of Boston Capital Associates 49 1 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP - SERIES 7, 9 THROUGH 12, AND 14 MARCH 31, 1997 AND 1996 2 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT F-3 FINANCIAL STATEMENTS BALANCE SHEETS F-5 STATEMENTS OF OPERATIONS F-12 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-19 STATEMENTS OF CASH FLOWS F-23 NOTES TO FINANCIAL STATEMENTS F-37 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-70 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. 3 Reznick Fedder & Silverman Certified Public Accountants * Business Consultants A Professional Corporation 4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319 (301) 652-9100 * Fax (301) 652-1848 INDEPENDENT AUDITORS' REPORT To the Partners Boston Capital Tax Credit Fund II Limited Partnership We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund II Limited Partnership, including Boston Capital Tax Credit Fund II Limited Partnership - Series 7, Series 9 through 12, and Series 14, in total and for each series as of March 31, 1997 and 1996 and the related statements of operations, changes in partners' capital and cash flows, for the total partnership and for each of the series, for each of the three years in the period ended March 31, 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 audits. We did not audit the financial statements of certain operating partnerships in which Boston Capital Tax Credit Fund II Limited Partnership owns a limited p a rtnership interest. Investments in such partnerships comprise the following percentages of the assets as of March 31, 1997 and 1996 for Series 7, Series 9 through 12 and Series 14, and the limited partnership loss for each of the three years in the period ended March 31, 1997 for Series 7, Series 9 through 12, and Series 14: Total, 32% and 30% of the assets and 11%, 21% and 33% of the partnership loss; Series 7, 4% and 24% of the assets and 5%, 17% and 24% of the partnership loss; Series 9, 38% and 37% of the assets and 26%, 21% and 32% of the partnership loss; Series 10, 31% and 27% of the assets and 4%, 5% and 40% of the partnership loss; Series 11, 18% and 29% of the assets and 10%, 31% and 35% of the partnership loss; Series 12, 26% and 32% of the assets and 24%, 28% and 28% of the partnership loss; and Series 14, 16% and 28% of the assets and 15%, 20% and 34% of the partnership loss. The financial statements of these partnerships were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to information relating to these partnerships, is based solely on the reports of the other auditors. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements of each series. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion. F-3 4 In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund II Limited Partnership, including Boston Capital Tax Credit Fund II Limited Partnership - Series 7, Series 9 through 12, and Series 14, in total and for each series as of March 31, 1997 and 1996 and the results of its operations and its cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 1997, in conformity with generally accepted accounting principles. We and other auditors have also audited the information included in the related financial statement schedule listed in Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund II Limited Partnership Series 7, Series 9 through 12, and Series 14 as of March 31, 1997. In our opinion, the schedule presents fairly, the information required to be set forth therein, in conformity with generally accepted accounting principles. Bethesda, Maryland July 2, 1997 F-4 McGLADREY & PULLEN,LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Westwood Square Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westwood Square 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 21, 1997 on our consideration of Westwood Square Limited Partnership's internal control structure and a report dated January 21, 1997 on its compliance with laws and regulations. Greensboro, North Carolina January 21, 1997 McGLADREY & PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Deer Hill II Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Deer Hill II Limited Partnership as of December 31, 1995 and 1994, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Deer Hill II Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1996 on our consideration of Deer Hill II Limited Partnership's internal control structure and a report dated January 23, 1996 on its compliance with laws and regulations. Greensboro, North Carolina January 23, 1996 McGLADREY & PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Westwood Square Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1995 and 1994, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westwood Square Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1996 on our consideration of Westwood Square Limited Partnership's internal control structure and a report dated January 23, 1996 on its compliance with laws and regulations. Greensboro, North Carolina January 23, 1996 MCGLADREY & PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Deer Hill II Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Deer Hill II Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Deer Hill II 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 21, 1997 on our consideration of Deer Hill II Limited Partnership's internal control structure and a report dated January 21, 1997 on its compliance with laws and regulations. Greensboro, North Carolina January 21, 1997 BLOOM, GETTIS, HABIB & TERRONE, P.A. Certified Public Accountants Suite 1450 2601 South Bayshore Drive Miami, FL 33133-9893 Telephone (305) 858-6211 Fax (305) 858-9696 Burt R. Bloom, C.P.A., C.V.A. Lawrence W. Gettis, C.P.A. Steven M. Habib, C.P.A. Roger J. Terrone, C.P.A. Curt A. Rosner, C.P.A. To the Partners Metropole Apartments Associates, Ltd. Boston, Massachusetts INDEPENDENT AUDITORS' REPORT We have audited the accompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a Florida Limited Partnership), as of December 31, 1996 and 1995, and the related Statements of Operations, Partners' Deficit and Cash Flows for the years then ended. These financial statements are the responsibility of the Metropole Apartments Associates, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Metropole Apartments Associates, Ltd. as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 28, 1997 Dulin, Ward & DeWald, Inc Certified Public Accountants Offices Located in Fort Wayne and Marion, Indiana Michael R. DeWald Robert R. Meyer James R. Doty Nelson Coats Micheal J. O Brien Jeff A. Tanner Mark S. Westerhausen James E. Hindle, Jr. (1949-1994) INDEPENDENT AUDITOR'S REPORT To the Partners of Oakview Limited (A Limited Partnership) Corunna, Indiana We have audited the accompanying balance sheets of Oakview Limited (A Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by, the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Oakview Limited (A Limited Partnership) as of December 31, 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 accompanying expense analysis is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance Government Auditing Standards, we have also issued a report dated January 23, 1997 on our consideration of Oakview Limited's internal control structure and a report dated January 23, 1997 on its compliance with laws and regulations. Fort Wayne, Indiana January 23, 1997 Our mission is to assist business, organizations and individuals in measuring, controlling and managing their financial success. 1610 Spy Run Avenue, Fort Wayne, Indiana 46805 219-423-2414/800-232-8913 Fax 219-423-2419 HOWE AND ASSOCIATES Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 18, 1995 INDEPENDENT AUDITOR'S REPORT Partners BRIARWOOD APARTMENTS, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles. Howe and Associates HOWE AND ASSOCIATES, PC Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 24, 1995 INDEPENDENT AUDITOR'S REPORT Partners BUCKNER PROPERTIES, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles. Howe and Associates, PC HOWE AND ASSOCIATES Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 15, 1995 INDEPENDENT AUDITOR'S REPORT Partners LEBANON PROPERTIES II, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates HOWE AND ASSOCIATES Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 15, 1995 INDEPENDENT AUDRTOR'S REPORT Partners OAK GROVE ESTATES, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates Dulin, Ward & DeWald, Inc. Certified Public Accountants Offices Located in Fort Wayne and Marion, Indiana Michael R. DeWald Robert F. Meyer James R. Doty J. Nelson Coats Michael J. O'Brien Jeff A. Taner Mark S. Westerhausen James E. Hindle, Jr. (1949 - 1994) INDEPENDENT AUDITOR'S REPORT To the Partners of Oakview Limited (A Limited Partnership) Corunna, Indiana We have audited the accompanying balance sheets of Oakview Limited (A Limited Partnership) as of December 31, 1994 and 1993, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Oakview Limited (A Limited Partnership) as of December 31, 1994 and 1993, 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 accompanying expense analysis is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Fort Wayne, Indiana January 24, 1995 Our mission is to assist businesses, organizations and individuals in measuring, controlling and managing their financial success. 1610 Spy Run Avenue, Fort Wayne, Indiana 46805 219-423-2414/800-232-8913 Fax 219-423-2419 HOWE AND ASSOCIATES, PC Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 27, 1995 INDEPENDENT AUDITOR'S REPORT Partners WINFIELD PROPERTIES II, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates, PC John G. Burk and Associates Certified Public Accountants A Professional Corporation 56 Court Street P.O. Box 705 Keene, New Hampshire 03431 (603) 357-4882 To the Partners of Beaver Brook Housing Associates Limited Partnership INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheets of Beaver Brook Housing Associates (a Limited Partnership) (Case No. 34-06-020424443) as of December 31, 1996 and 1995 and the related statements of income and expense, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beaver Brook Housing Associates (a Limited Partnership) at December 31, 1996 and 1995 and the results of its operations, its partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our reports dated January 22, 1997 on our consideration of Beaver Brook Housing Associates' internal control structure and on its compliance with laws and regulations. January 22, 1997 Dulin, Ward & DeWald, Inc Certified Public Accountants Offices Located in Fort Wayne and Marion, Indiana Michael R. DeWald Robert R. Meyer James R. Doty Nelson Coats Micheal J. O Brien Jeff A. Tanner Mark S. Westerhausen James E. Hindle, Jr. (1949-1994) INDEPENDENT AUDITOR'S REPORT To the Partners of Brooklyn Limited (An Indiana Limited Partnership) Corunna, Indiana We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 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 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1997 on our consideration of Brooklyn Limited's internal control structure and a report dated January 23, 1997 on its compliance with laws and regulations. Fort Wayne, Indiana January 23, 1997 Our mission is to assist businesses, organizations and individuals in measuring, controlling and managing their financial success. 1610 Spy Run Avenue, Fort Wayne, Indiana 46805 219-423-2414/800-232-8913 219-423-2419 (Fax) Mary K. Flegal Certified Public Accountant INDEPENDENT AUDITOR'S REPORT To the Partners Fawn River Apartments I have audited the accompanying balance sheets of Fawn River Apartments (a partnership) Project #26-078-382856293 as of December 31, 1996 and 1995, and the related statements of operations, partners' deficit and cash flows for the years ended December 31, 1996 and 1995. These financial statements are the responsibility of the Project's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and standards for financial and compliance audits contained in the Standards for Audit of Governmental Organizations, Programs, Activities and Functions, Issued by the U.S. General Accounting Office. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. The financial statements include only the assets, liabilities and operations of Fawn River Apartments Project #26-078-382856293 and do not include any other assets, liabilities or operations of the Partnership. In my opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and partners' deficit of Fawn River Apartments Project #26-078-382856293 as of December 31, 1996 and 1995, and its operations, partners' deficit and cash flows for the years ended December 31, 1996 and 1995. In accordance with Government Auditing Standards, I have also issued a report dated January 17, 1997, on my consideration of Fawn River Apartments Project #26-078-38285693 internal control structure and a report dazed January 17, 1997, on its compliance with laws and regulations. MARY K. FLEGAL January 17, 1997 The Waters Edge, Second Floor - 5930 Lovers Lane Portage, Michigan 49002 Phone (616) 383-1900 SMITH, MILES & COMPANY, L.C. 1230 AERPORT ROAD CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone:(904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Fountain Green Apartments, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., Project No: 09-46-592948719, as of December 31, 1996 and 1995, 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 and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fountain Green Apartments, Ltd., as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 6, 1997 BOWMAN & COMPANY, LLP Certified Public Accountants Herbert H. Bowman Telephone: 209/473-1040 Bruce G. Bentz Lodi: 209/333-0540 Taylor M. Welz Fax: 209/473-9771 Kathleen D. O'Brien 2431 West March Lane Gary R. Daniel Suite 100 Daniel E. Phelps Stockton, California 95207-6598 Member Of Aicpa Division Of Firms Private Companies Practice Section INDEPENDENT AUDITORS'REPORT To the Partners Glennwood Hotel investors (A California Limited Partnership) Sacramento, California We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 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. Stockton, California January 27, 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 Institute of CPAs - North Carolina Association of CPAs INDEPENDENT AUDITOR S REPORT To the Partners of Grifton Housing Associates, A NC Limited Partnership Charlotte, North Carolina We have audited the balance sheets of Grifton Housing Associates, A NC Limited Partnership as of December 31, 1996 and 1995, and the related statements of partners, capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, 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 financialstatements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Grifton Housing Associates, A NC Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1997 on our consideration of Grifton Housing Associates, a NC Limited Partnership's internal control structure and a report dated January 31, 1997 on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages 15, 16, 17, and 18 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Certified Public Accountants January 31, 1997 100 EAST CUMBERLAND STREET, P.O. BOX 578 DUNN, N.C. 28335 (910) 892-1021 FAX (910) 892-6084 LOUIS YOUNG C.P.A. INC. 2630 E. ASHLAN FRESNO, CALIFORNIA 93726 224-5141 Louis Young CPA Jason Liao CPA INDEPENDENT AUDITOR S REPORT The Partners Hacienda villa Associates Firebaugh, California We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 1996, and the related statements ofoperations, partners, capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hacienda Villa Associates (a Limited Partnership) as of December 31, 1996, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Louis Young CPA Inc. Fresno, California February 14, 1997 DUGGAN, JOINER, BIRKENMEYER, STAFFORD, & FURMAN, P.A. Certified Public Accountants 334 N.W. Third Avenue Ocala, Florida 34475 Phone (352) 732-0171 Fax (352) 867-1370 Malcolm R. Duggan, Jr., C.P.A. C.D. Joiner, Jr., C.P.A., Retired Wayne J. Birkenmeyer, C.P.A. Frank E. Stafford, Jr., C.P.A. Edward J. Furman, C.P.A. O.H. Daniels, Jr., C.P.A. R. Phillip Bledsoe, C.P.A. Carole A. Wright, C.P.A. Annette C. Furman, C.P.A. David A. Young, Jr., C.P.A. Laura J. Allen, C.P.A. Jamie S. Hampy, C.P.A. Patricia A. Lancaster, C.P.A. Julie A. Poole, C.P.A. Robert K. Hund, C.P.A. INDEPENDENT AUDITORS' REPORT February 5, 1997 To the Partners Haines City Apartments, Ltd. We have audited the accompanying basic financial statements of Haines City Apartments, Ltd., as of and for the year ended December 31, 1996, as listed in the table of contents. These basic financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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 basic financial statements referred to above present fairly, in all material respects, the financial position of Haines City Apartments, 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. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. additional information presented on pages 8 to 14 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The information on pages 8 to 13 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. The information on page 13, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it. In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Haines City Apartments, Ltd. s internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations. Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A. Certified Public Accountants McGee & Associates, P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Kristin Park Apartments, Ltd. and Rural Housing Service We have audited the accompanying balance sheets of Kristin Park Apartments, Ltd. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kristin Park Apartments, Ltd. 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. In accordance with Government Auditing Standards, we have also issued a report dated January 16, 1997, on our consideration of the Partnership's internal control structure and a report dated January 16, 1997, on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Kristin Park Apartments, Ltd. Such information has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 16, 1997 Farmington, New Mexico Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A To the Partners Maywood Associates, Ltd (A California Limited Partnership) Cheyenne, WY We have audited the accompanying balance sheets of Maywood Associates, Ltd. (A California Limited Partnership), USDA Rural Development Case No. 04-052- 680184284, as of December 31, 1996 and 1995 and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and accounting principles used and significant estimates made by management as well as evaluting the overall financial statement presentation. We believe that our audits provide a reasonable basis of our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maywood Associates, Ltd. (A California Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 25, 1997 on our consideration of Maywood Associates, Ltd.'s internal control structure and a report dated March 25, 1997 on its compliance with laws and regulations. Burke & Rea Stockton, California March 25, 1997 P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Post Office Box 14251 Savannah, Georgia 31406 Savannah, Georgia 31416 Phone: (912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partners of Meadow Run Limited Partnership We have audited the accompanying balance sheets of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed an unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects the financial position of Meadow Run Limited Partnership p a Georgia Limited Partnership,), as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Pedcor Investments 1989-VIII, L.P. We have audited the accompanying balance sheets of Pedcor Investments 1989- VIII, L.P. as of December 31, 1996 and 1995, and the related statements of loss, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pedcor Investments 1989-VIII, L.P. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole. Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC January 14, 1997 Certified Public Accountants 8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240 317-259-6857 Fax: 317-259-6861 STANCIL & COMPANY INDEPENDENT AUDITORS' REPORT To the Partners of Quail Hollow Associates Raleigh, North Carolina We have audited the balance sheets of Quail Hollow Associates (a limited partnership) as of December 31, 1996 and 1995 and the related statements of income (loss), partners' capital (deficit), 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 audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Quail Hollow Associates as of December 31, 1996 and 1995 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 14, 1997 on our consideration of Quail Hollow Associates' internal control structure and a report dated February 14, 1997 on its compliance with laws and regulations. Our audits was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information 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 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. Raleigh, North Carolina February 14, 1997 CERTIFIED PUBLIC ACCOUNTANTS - MANAGEMENT CONSULTANTS 1055 Dresser Court Raleigh, North Carolina 27609 Tel: 919/872-1260 Fax: 919/872-6182 Jack M. Stancil Reginald L. Dupree Henry L. White Schonwit & Associates Certified Public Accountant 575 Anton Boulevard, Suite 500 Costa Mesa, California 92626 (714) 437-1025 Fax (714) 957-1678 INDEPENDENT AUDITOR'S REPORT To the Partners Raitt Street Apartments, A California Limited Partnership I have audited the accompanying balance sheet of Raitt Street Apartments, A California Limited Partnership, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. The financial statements of Raitt Street Apartments, A California Limited Partnership, for the year ended December 31, 1995, as presented herein, were examined by another auditor whose report dated April 4, 1996, expressed an unqualified opinion on those statements. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to theauditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. SCHONWIT & ASSOCIATES February 14, 1997 Suby, Von Haden & Associates, S.C. Certified Public Accountants - Business and Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners School Street Limited Partnership II Madison, Wisconsin We have audited the accompanying balance sheet of School Street Limited Partnership II 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 School Street Limited Partnership II for the year ended December 31, 1995 were audited by other auditors, whose report dated January 18, 1996 expressed an unqualified opinion on those statements. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of School Street Limited Partnership II as of December 31, 1 996, 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. January 10, 1997 1221 John Q. Hammons Dr., P.O. Box 44966 Madison, WI 53744-4966 (608) 831-8181 FAX (608) 831-4243 MADISON MILWAUKEE ROCKFORD BAKER NEWMAN & NOYES Limited Liability Company Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners South Paris Heights Associates (A Limited Partnership) We have audited the accompanying balance sheets of South Paris Heights Associates (A Limited Partnership) as of December 31, 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 South Paris Heights Associates (A Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations, and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1997 on our consideration of the internal control structure of the Partnership and a report dated January 23, 1997 on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for the use of the Farmers Home Administration and is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form FmHA 1930-8 and Column 2 (Actual), Parts I, II and III of the Multiple Family Housing Project Budget, Form FmHA 1930-7, have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have not audited Parts IV, V, and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and III of Form FmHA 1930-7, and, accordingly, express no opinion thereon. January 23, 1997 Limited Liability Company One Hundred Middle Street, P.O. Box 507, Portland, Maine 04112 Telephone 207-879-2100 Telefax 207-774-1793 Bender, Weltman, Thomas & Co. Certified Public Accountants 1067 North Mason Road, Suite 7 St. Louis MI. 63141-6341 (314) 576-1350 Fax (314) 576-9650 WILLIAM J.BENDER JOEL W.WELTMAN JATAES R:.THOIAAS GERALD O.MAGRUOER Independent Auditors Report To The Partners Springfield Housing Associates, L.P. Springfield, Illinois We have audited the accounting balance sheets of Springfield Housing Associates, L.P., a (limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners capital, and cash flows for the years then ended. These statements are the responsibility of the Partnership's management. We conducted an audit in accordance with generally accepted auditing standards. 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P. (A limited partnership), as of December 31, 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. Bender, Weltman, & Thomas & Co., CPA February 24, 1997 THOMAS C. CUNNINGHAM, CPA PC 23 Moore Street Bristol, Virginia 24201 (540)669-5531 (540)669-5576 fax INDEPENDENT AUDITOR'S REPORT To the Partners Tappahannock Greens Limited Partnership I have audited the accompanying balance sheets of Tappahannock Greens Limited Partnership, FmHA Case No.: 54-036-0541621981, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant. estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tappahannock Greens Limited Partnership, as of December 31, 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 Tappahannock Greens 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 SMITH, MILES & COMPANY, L.C. 1230 RT ROAD CERTIFIED PUBLIC ACCOUNTANS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone:(904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Village Oaks Apartments II, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., FMRA Project No: 09-061-0592884971, 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 I s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditors Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Village Oaks Apartments II, Ltd., as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in :relation to the basic financial statements taken as a whole. Panama City, Florida February 6, 1997 Ziner & Company, P.C. Certified Public Accountants INDEPENDENT AUDITORS'REPORT To the Partners of 438 Warren Street Limited Partnership We have audited the accompanying balance sheets of 438 Warren Street Limited Partnership (a Massachusetts limited partnership) as of December 31, 1995 and 1994, and the related statements of operations, partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the general partner. 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 the general partner, 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 438 Warren Street Limited Partnership as of December 31, 1995 and 1994, and the results of its operations, its changes in partners' deficit and its cash flows for the years then ended in conformity with generally accepted accounting principles. January 10, 1996 7 Winthrop Square Boston, Massachusetts 02110-1256 Phone (617) 542-8880 Fax (617) 542-8715 SMITH, MILES & COMPANY, L.C. Certified Public Accountants 1230 Aerport Road P.O. Box 1177 Panama City, Florida 32402 Phone: (904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Fountain Green Apartments, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., FmHA Project No: 09-46-592948719, as of December 31, 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 and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements, referred to above present fairly, in all material respects, the financial position of Fountain Green Apartments, Ltd., as of December 31, 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida January 25, 1996 BOWMAN & COMPANY, LLP Certified Public Accountant 2431 West March Lane, Suite 100 Stockton, California 95207-6598 Telephone: 209/473-1040 Lodi: 209/333-0540 Fax: 209/473-9771 Herbert H. Bowman Bruce G. Bentz Taylor M. Welz Kathleen 0. O'Brien Gary R. Daniel Daniel E. Phelps Member of AICPA Division of Firms, Private Companies Practice Section INDEPENDENT AUDITORS' REPORT To the Partners Glennwood Hotel Investors (A California Limited Partnership) Sacramento, California We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1995 and 1994, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 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. Stockton, California January 23, 1996 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. Marla L. Tart, C.P.A. Darlene Langston, C.P.A. Connie P. Stancil, C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners of Grifton Housing Associates, A NC Limited Partnership Charlotte, North Carolina We have audited the balance sheets of Grifton Housing Associates, A NC Limited Partnership as of December 31, 1995 and 1994, and the related statements of partners, capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards (1988 Revision) issued by the Comptroller General of the United States, and the audit programs provided by the U.S. Department of Agriculture-Farmers Home Administration (December 1989 Revision) issued by the office of Inspector General. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Grifton Housing Associates, A NC Limited Partnership as of December 31, 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedule 11111 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. Certified Public Accountants February 15, 1996 100 EAST CUMBERLAND STREET, P.O. BOX 578 DUNN, N.C. 28335 (910) 892-1021 FAX (910) 892-6084 LOUIS YOUNG C.P.A. INC. 2630 E. Ashlan Fresno, California 93726 224-5141 Louis Young CPA Jason Liao CPA INDEPENDENT AUDITOR S REPORT The Partners Hacienda Villa Associates Firebaugh, California We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 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. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hacienda Villa Associates (a Limited Partnership) as of December 31, 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 pages 14 and 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Louis Young CPA Inc. Fresno, California February 15, 1996 STANCIL & COMPANY INDEPENDENT AUDITORS' REPORT To the Partners of Quail Hollow of Warsaw Limited Partnership Raleigh, North Carolina We have audited the balance sheets of Quail Hollow of Warsaw Limited Partnership as of December 31, 1995 and 1994 and the related statements of loss, 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 audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Quail Hollow of Warsaw Limited Partnership as of December 31, 1995 and 1994 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1996 on our consideration of Quail Hollow of Warsaw Limited Partnership's internal control structure and a report dated February 9, 1996 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information 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 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. Raleigh, North Carolina February 9, 1996 CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS 1055 Dresser Court, Raleigh, Nordi Carolina 27609 Tel: 919/872-1260 Fax: 919/872-6182 Jack M. Stancil Reginald L. Dupree David W. McKinney Henry L. White Virchow, Krause & Company Certified Public Accountants & Consultants INDEPENDENT AUDITORS' REPORT To the Partners School Street Limited Partnership II Madison, Wisconsin We have audited the accompanying balance sheet of School Street Limited Partnership II as of December 31, 1995, 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. 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 School Street Limited Partnership II 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 financial statements taken as a whole. The supplemental information found on page 12, included in the 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 audit of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole. The financial statements of School Street Limited Partnership II for the year ended December 31, 1994 were audited by other accountants, whose report dated January 24, 1995 stated that they were not aware of any material modifications that should be made to those statements in order for them to be in conformity with generally accepted accounting principles. VIRCHOW, KRAUSE & COMPANY, LLP January 18, 1996 Baker Newman & Noyes Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners South Paris Heights Associates (A Limited Partnership) We have audited the accompanying balance sheets of South Paris Heights Associates (A Limited Partnership) as of December 31, 1995 and 1994, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Paris Heights Associates (A Limited Partnership) as of December 31, 1995 and 1994, and the results of its operations, and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 16, 1996 on our consideration of the internal control structure of the Partnership and a report dated February 16, 1996 on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for the use of the Farmers Home Administration and is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form FmHA 1930-8 and Column 2 (Actual), Parts 1, II and III of the Multiple Family Housing Project Budget, Form FmHA 1930-7, have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have not audited Parts IV, V, and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and III of Form FmHA 1930-7, and, accordingly, express no opinion thereon. February 16, 1996 Limited Liability Company One Hundred Middle Street, P.O. Box 507, Portland, Maine 04112 Telephone 207-879-2100 Telefax 207-774-1793 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Twin Oaks Associates Limited Partnership Fayetteville, North Carolina Gentlemen: We have audited the accompanying balance sheets of Twin Oaks Associates Limited Partnership, Fayetteville, North Carolina (a North Carolina limited partnership), FmHA Project No.: 38-047-561642422, 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 Twin Oaks Associates Limited 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 Twin Oaks Associates Limited Partnership, Fayetteville, North Carolina, as of December 31, 1995 and 1994, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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 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. Respectfully submitted, Bradley, Snipes & Associates, P. A. Dunn, North Carolina January 26, 1996 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone:(904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Village Oaks Apartments II, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., Project No: 09-061-0592884971, 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 and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred -to above present fairly, in all material respects, the financial position of Village Oaks Apartments II, Ltd., as of December 31, 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 our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida January 26, 1996 John G. Burk and Associates Certified Public Accountants A Professional Corporation 56 Court Street P.O. Box 705 Keene, New Hampshire 03431 (603) 357-4882 To the Partners of Beaver Brook Housing Associates Limited Partnership INDEDENDENT AUDITORS' REPORT We have audited the accompanying balance sheets of Beaver Brook Housing Associates (a Limited Partnership) (Case No. 34-06-020424443) as of December 31, 1994 and 1993, and the related statements of income and expense, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beaver Brook Housing Associates Limited Partnership at December 31, 1994 and 1993, and the results of its operations, partners, equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles. January 20, 1995 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. March 15, 1995 INDEPENDENT AUDITORS' REPORT To the Partners Big Lake Seniors Apartments, Ltd. Mansfield, Louisiana We have audited the accompanying balance sheet of Big Lake Seniors Apartments, Ltd. at December 31, 1994. 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. 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 Big Lake Seniors Apartments, Ltd. at December 31, 1994 in conformity with generally accepted accounting principles. Cole, Evans & Peterson David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Blakely Properties Limited Partnership We have audited the accompanying balance sheets of BLAKELY PROPERTIES LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 BLAKELY PROPERTIES LIMITED PARTNERSHIP as of December 31, 1994 and 1993, 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 of BLAKELY PROPERTIES LIMITED PARTNERSHIP taken as a whole. The accompanying financial information listed as supplementary data in the table of contents is presented for purposes of additional analysis as required by Farmers Home Administration. The information in these schedules 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 of BLAKELY PROPERTIES LIMITED PARTNERSHIP, taken as a whole. Savannah, Georgia February 24, 1995 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. February 3, 1995 INDEPENDENT AUDITORS' REPORT To the Partners Blanco Seniors Apartments, Ltd. Mansfield, Louisiana We have audited the accompanying balance sheet of Blanco Seniors Apartments, Ltd. at December 31, 1994, and the related statements of income, 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 Blanco Seniors Apartments, Ltd. at December 31, 1994 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Cole, Evans & Peterson David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Bloomingdale Properties Limited Partnership We have audited the accompanying balance sheets of BLOOMINGDALE PROPERTIES LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 BLOOMINGDALE PROPERTIES LIMITED PARTNERSHIP as of December 31, 1994 and 1993, 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 of BLOOMINGDALE PROPERTIES LIMITED PARTNERSHIP taken as a whole. The accompanying financial information listed as supplementary data in the table of contents is presented for purposes of additional analysis as required by Farmers Home Administration. The information in these schedules 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 of BLOOMINGDALE PROPERTIES LIMITED PARTNERSHIP, taken as a whole. Savannah, Georgia February 24, 1995 Dulin, Ward & DeWald, Inc. Certified Public Accountants Michael R. DeWald Robert F. Meyer James R. Doty J. Nelson Coats Michael J. O'Brien Jeff A. Taner Mark S. Westerhausen James E. Hindle, Jr. (1949 - 1994) Offices Located in Fort Wayne and Marion, Indiana INDEPENDENT AUDITOR'S REPORT To the Partners of Brooklyn Limited (An Indiana Limited Partnership) Corunna, Indiana We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1994 and 1993, 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 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 Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 1994 and 1993, 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 8 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. Fort Wayne, Indiana January 24, 1995 Our mission is to assist businesses, organizations and individuals in measuring, controlling and managing their financial success. 1610 Spy Run Avenue Fort Wayne, Indiana 46805 219-423-2414/800-232-8913 Fax 219-423-2419 FECTEAU & COMPANY, P.C. Certified Public Accountants Advisors of Taxation INDEPENDENT AUDITORS'REPORT To the Partners Corinth Housing Redevelopment Company Rochester, New York We have audited the accompanying balance sheets of Corinth Housing Redevelopment Company as of December 31, 1994 and 1993, and the related statements of operations, partners' equity, and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Corinth Housing Redevelopment Company, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FECTEAU & Company P.C. January 2O,l995 Albany, New York Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518) 438-7444 Member American Institute of Certified Public Accountants (Private Companies Practice Section & Tax Division) New York State Society of CPA's JAMES KNUTZEN & ASSOCIATES, CPAs P.A. 3100 University Boulevard South, Suite 230 Jacksonville, Florida 32216 (904) 725-5832 Fax (904) 727-6835 James Knutzen, CPA, MBA Christina E. Gibson, CPA Raju Iyer, CPA Gregory Korn CPA Todd Middlemas, CPA Wilson Trammell, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Garden Lake of Immokalee, Ltd. We have audited the accompanying balance sheets of Garden Lake of Immokalee, Ltd. (a Florida Limited Partnership), FMHA Project No. : 09-11-592909207, as of December 31, 1994 and 1993 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Garden Lake of Immokalee, Ltd. , (a Florida Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations, partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information on pages 14 - - 17 is presented for the 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. James Knutzen & Associates, CPAs P.A. Jacksonville, Florida February 9, 1995 FECTEAU & COMPANY, P.C. Certified Public Accountants Advisors of Taxation INDEPENDENT AUDITORS' REPORT To the Partners Greenwich Housing Redevelopment Company Rochester, New York We have audited the accompanying balance sheets of Greenwich Housing Redevelopment Company as of December 31, 1994 and 1993, and the related statements of operations, partners' equity, and cash flows for the years then ended. The financial statements are the responsibility of the Partner-ship's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statements 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 Greenwich Housing Redevelopment Company, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FECTEAU & COMPANY, P.C. January 20, 1995 Albany, New York Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518) 438-7444 Member American Institute of Certified Public Accountants (Private Companies Practice Section & Tax Division) New York State Society of CPA's FECTEAU & COMPANY, P.C. Certified Public Accountants Advisors of Taxation INDEPENDENT AUDITORS'REPORT To the Partners Wilmington Housing Redevelopment Company Rochester, New York We have audited the accompanying balance sheets of Wilmington Housing Redevelopment Company (a New York Limited Partnership) as of December 31, 1994 and 1993 and the related statements of operations, partners' equity, and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wilmington Housing Redevelopment Company as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FECTEAU & COMPANY, P.C. January 20, 1995 Albany, New York Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518) 438-7444 Member American Institute of Certified Public Accountants (Private Companies Practice Section & Tax Division) New York State Society of CPA's McGee & Associates, P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Kristin Park Apartments, Ltd. and Farmers Home Administration We have audited the accompanying balance sheets of Kristin Park Apartments, Ltd. (a limited partnership) as of December 31, 1 994 and 1 993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Kristin Park Apartments, Ltd. as of December 31, 1994 and 1993, and the results of its operations and the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for the purposes of additional analysis and is not a required part of the financial statements of Kristin Park Apartments, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 17, 1995 Farmington, New Mexico Berry, Dunn, McNeil & Parker Certified Public Accountants Management Consultants 100 Middle Street/P.O. Box 1100, Portland, Maine 04104-1100 (207)775-2387 / FAX (207) 774-2375 INDEPENDENT AUDITORS' REPORT The Partners Longmeadow Housing Associates We have audited the accompanying balance sheet of Longmeadow Housing Associates, a limited partnership, FmHA Case No. 23-013-010439880, as of December 31, 1994, and the related statements of 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. The financial statements and additional information as of and for the year ended December 31, 1993, were audited by other auditors whose report dated January 25, 1994, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 1994 financial statements referred to above present fairly, in all material respects, the financial position of Longmeadow Housing Associates, a limited partnership, as of December 31, 1994, and the results of its operations and its cash flows for the year then ended 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 additional information on pages 14 through 15 and Multiple Family Housing Borrower Balance Sheet, Form FmHA 1930-7 is presented solely for the use of the Farmers Home Administration and is not a required part of the basic financial statements. This additional 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 25, 1995 Portland, Maine Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire Manchester, New Hampshire Portsmouth, New Hampshire BURKE & REA EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Maywood Associates, Ltd. (A California Limited Partnership) Cheyenne, WY We have audited the accompanying balance sheets of Maywood Associates, Ltd. (A California Limited Partnership) , FmHA Case No. 04-052-680184284, as of December 31, 1994 and 1993, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maywood Associates, Ltd. (A California Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Stockton, California March 21, 1995 87 WEST MARCH LANE, SUITE I STOCKTON, CA 95207 TELEPHONE 209/476-0200 FAX 209/476-8980 TOSKI, SCHAEFER & CO., P.C. Certified Public Accountants 555 International Drive Williamsville, New York 14221 Telephone (716) 634-0700 Fax (716) 634-0764 INDEPENDENT AUDITOR'S REPORT The Partners Newfane Senior Limited Partnership: We have audited the accompanying balance sheets of Newfane Senior Limited Partnership as of December 31, 1994 and 1993 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Newfane Senior Limited Partnership as of December 31, 1994 and 1993 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 accompanying information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Williamsville, New York January 13, 1995 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Old Stage Road Associates Limited Partnership We have audited the accompanying balance sheets of Old Stage Road Associates Limited Partnership, Fayetteville, North Carolina (a North Carolina limited partnership), FMHA Project No.: 38-078-561645244 as of December 31, 1994 and 1993, and the related statements of operations, partners' equity, and cash flow for the years then ended. These financial statements are the responsibility of the Old Stage Road Associates Limited Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Old Stage Road Associates Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our 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 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. Respectfully submitted, Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. February 10, 1995 INDEPENDENT AUDITORS' REPORT To the Partners Pleasanton, Ltd. Mansfield, Louisiana We have audited the accompanying balance sheets of Pleasanton, Ltd. at December 31, 1994 and December 31, 1993, and the related statements of income, partners, capital, and cash flows for the periods then ended. These 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 Pleasanton, Ltd. at December 31, 1994 and December 31, 1993, and the results of its operations and its cash flows for the periods then ended in conformity with generally accepted accounting principles. Cole, Evans & Peterson Otis Atwell & Timberlake 980 Forest Avenue Professional Association Portland Maine 04103 CERTIIFIED PUBLIC ACCOUNTANTS (207) 797-0990 FAX (207) 797-8618 James C. Otis, C.P.A., CFP Stephen W. AtwelL C.P.A. Fred 1. Timberlake, C.P.A. Bruce E. Fritzson, C.P.A. Thomas J. Gioia, C.P.A. To The Partners Putney First Limited Partnership We have audited the accompanying balance sheets of Putney First Limited Partnership, a Vermont limited partnership, FMHA Project No. 53-013-010451705, as of December 31, 1994 and 1993, and the related statements of income and partners' equity (deficit), and cash flows for the year ended December 31, 1994 and for the period from November 6, 1992 through December 31, 1993. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement: presentation. We believe that our audits provide a reasonable basis for our opinion.. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Putney First Limited Partnership, a limited partnership, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the year ended December 31, 1994 and for the period from November 6, 1992 through December 31, 1993, 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 additional information on page 12 is presented solely for the use of the Farmers Home Administration 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 February 1, 1995 Portland, Maine THOERNER & TOMA CERTIFIED PUBLIC ACCOUNTANTS 17752 Mitchell North - Suite D Irvine, CA 92614-6802 Tel (714) 863-9900 Fax (714) 863-9926 INDEPENDENT AUDITORS REPORT To the Partners Raitt Street Apartments A California Limited Partnership Santa Ana, CA We have audited the accompanying balance sheet of Raitt Street Apartments, A California Limited Partnership as of December 31, 1994, 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 overal financial statement presentation. We believe that our audit provies a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1994, and the results of its opertions, 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 6 is presented for purposes of aditional analusisi 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. Thoerner & Toma March 22, 1995 Suby, Von Haden & Associates, S.C. Certified Public Accountants - Business and Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners School Street Limited Partnership II Madison, Wisconsin We have audited the accompanying balance sheets of School Street Limited Partnership II as of December 31, 1994 and 1993, and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of School Street Limited Partnership II as of December 31, 1994 and 1993, and the results of its operations, partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. January 24, 1995 1221 John Q. Hammons Dr., P.O. Box 44966 Madison, WI 53744-4966 (608) 831-8181 FAX (608) 831-4243 MADISON MILWAUKEE ROCKFORD TOSKI, SCHAEFER & CO., P.C. Certified Public Accountants 555 International Drive Williamsville, New York 14221 Telephone (716) 634-0700 Fax (716) 634-0764 INDEPENDENT AUDITOR'S REPORT The Partners Southwestern Limited Partnership: We have audited the accompanying balance sheets of Southwestern Limited Partnership as of December 31, 1994 and 1993 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Southwestern Limited Partnership as of December 31, 1994 and 1993 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 accompanying information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Williamsville, New York January 13, 1995 Curtis W. Christensen & Co. Certified Public Accountants 109 South Main Street Sheridan, Wyoming 82801 Telephone (307) 674-6609 Fax (307) 674-7017 John P. Croff, C.P.A. 1922-1974 Gordon Macalister, C.P.A. 1916-1976 Curtis W. Christensen, C.P.A. Steven W. Rucki, C. P. A. INDEPENDENT AUDITORS' REPORT To the Partners Sunshine Apartments, A Limited Partnership Sheridan, Wyoming 82801 We have audited the accompanying balance sheets of Sunshine Apartments, A Limited Partnership, as of December 31, 1994 and 1993, and the related statements of operations and changes in partners' equity 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 fee of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Sunshine Apartments, A limited Partnership as of December 31, 1994 and 1993, and the result 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 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. Curtis W. Christensen & Co. Certified Public Accountants Sheridan, Wyoming January 31, 1995 Malvin, Riggins & Company, P.C. CERTIFIED PUBLIC ACCOUNTANTS MEMBERS AMERICAN INSTTRUTE OF CER-NFIED PUBLIC ACCOUNTANTS & VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Page 4 INDEPENDENT ALTDITORIS REPORT To the Partners Surry Village II Limited Partnership We have audited the accompanying balance sheets of Surry Village II Limited Partnership, (a Virginia limited partnership), FMHA Project No.: 55-013- 541414965, as of December 31, 1994 and 1993, 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 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 December 1989- Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement- An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We belie-ve 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 Surry Village II Limited Partnership, FMHA Project No-:55-013-541414965 as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO, CPA 12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - Newport News, VA 23602 Telephone (804) 881-9600 - Facsimile (804) 881-9617 Page 5 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 18 through 27 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report and Analysis (Form FMHA 1930-8) Part I for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Malvin, Riggins & Company Certified Public Accountants Newport News, Virginia February 3, 199S Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, Virginia 24201 (703) 669-5531 Fax (703)669-5576 INDEPENDENT AUDITOR'S REPORT To the Partners Tappahannock Greens Limited Partnership I have audited the accompanying balance sheet of Tappahannock Greens Limited Partnership, FmHA Case No.: 54-036-0541621981, as of December 31, 1994 and the related statement of operations for the period May 11, 1994 to December 31, 1994 and the related statements of 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 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 Tappahannock Greens Limited Partnership, as of December 31, 1994 and the results of its operations for the period May 11, 1994 to December 31, 1994 and cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Thomas C. Cunningham, CPA PC Bristol, Virginia February 15, 1995 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Twin Oaks Associates Limited Partnership Fayetteville, North Carolina Gentlemen: We have audited the accompanying balance sheets of Twin Oaks Associates Limited Partnership, Fayetteville, North Carolina (a North Carolina limited partnership), FmHA Project No.: 38-047-561642422, as of December 31, 1994 and 1993, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Twin Oaks Associates Limited 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 Twin Oaks Associates Limited Partnership, Fayetteville, North Carolina, as of December 31, 1994 and 1993, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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 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. Respectfully submitted Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partners of Autumn Lane Limited Partnership We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership s management. our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partner; of Ellaville Properties Limited Partnership We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles- used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Flood & Company, CPA February 28, 1997 Byrd, Smalley, Evans, Adams, & Johnson, P.C. Certified Public Accountants 237 Johnson Street S.E. P.O. Box 2179 Decatur, AL 35602-2179 (205) 353-1611 Fax (205) 353-1578 Larry O. Byrd, CPA Timothy Smalley, CPA Stan A. Evans, CPA John R. Adams, CPA Ray Johnson, CPA James A. Craig, CPA Penny L. Smith, CPA Lisa A. Nuss, CPA Julie S. Redmond, CPA Angie A. Harris, CPA Laura S. Berry, CPA Kerry A. Burroughs, CPA We have audited the accompanying balance sheets of Housing Investors Athens II, Ltd (a partnerships as of December 31, 1996 and 199S, and the related statements of operations, partners, capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget Circular A-133, "Audits of Institutions of Higher Education and Other Nonprofit institutions.,, Those standards and OMB Circular A-133 require 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, an a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Housing investors Athens II, Ltd., as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 28, 1997 on our consideration of Housing Investors Athens II, Ltd's internal control structure and a report date February 28, 1997 an its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information is presented for purposes of additional analysis and is not a recruited 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. February 28, 1997 Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California We have audited the accompanying balance sheets of Maidue Properties (A California Limited Partnership), as of December 31, 1996 and 1995 and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluting the overall financial statement presentation. We believe that our audits provide a reasonable basis of our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1996 and 1995, on pages 13 and 14, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opionion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Burke & Rea Stockton, California April 4, 1997 P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partners of Meadowbrook Properties II Limited Partnership We have audited the accompanying balance sheets of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Pedcor Investments 1989-X, L.P. We have audited the accompanying balance sheets of Pedcor Investments 1989-X, L.P. as of December 31, 1996 and 1995, and the related statements of loss, partners, equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pedcor Investments 1989-X, L.P. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such Information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole. Indianapolis, Indiana Dauby O Connor & Zaleski, LLC January 17, 1997 Certified Public Accountants 8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240 317-259-6857 Fax: 317-259-6861 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone: (912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partners of Rosewood Village Limited Partnership We have audited the accompanying balance sheets of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd Company, CPA February 28, 1997 KOSTIN, RUFFKESS & COMPANY, LLC Certified Public Accountants 345 North Main Street West Hartford, CT 06117-2521 (860) 236-1975 (800) 286-1783 Internet: http://www.kostin.com 260 U.S. Route #1 Bank Building New London, CT 06320-2608 447-1235 Fax (860) 442-0166 Members of the firm: Jerrold M. Gold, CPA Lawrence Marziale, CPA Joseph W. Sparveri, Jr. CPA Peter K. Askham, CPA John L. Evanich, Jr. CPA Richard V. Kretz, CPA Edmund S. Kindelan, CPA Michael T. Novosel, CPA John S. Pavlik, CPA Kimberly O. Nardone, CPA Jonathan A. Sigal, CPA Daniel Donofrio, CPA INDEPENDENT AUDITORS'REPORT We have audited the accompanying balance sheet of South Farm Limited Partnership, as of March 31, 1997, and the related statements of income and expense, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of South Farm Limited Partnership at March 31, 1997, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of Program, issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated May 9, 1997 on our consideration of South Farm Limited Partnership's internal control structure and a report dated May 9, 1997 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information contained in Schedules 1 through 20 is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, the supplementary information is fairly presented in all material respects in relation to the basic financial statements taken as a whole. West Hartford, Connecticut May 9, 1997 KOSTIN, RUFFKESS & COMPANY, LLC Certified Public Accountants 345 North Main Street West Hartford, CT 06117-2521 860 236-1975 Fax 860 236-1783 To The Partners South Farm Limited Partnership RIHMFC #HIP-023 INDEPENDENT AUDITORS' REPORT Jerrold M. Gold, CPA Lawrence Marziale, CPA Joseph W. Sparveri, Jr., CPA Peter K. Askham, CPA John L Evanich, Jr., CPA Richard V. Kretz, CPA Edmund S. Kindelan, CPA Michael T. Novosel, CPA John S. Pavlik CPA Kimberly 0. Nardone, CPA Nathan A. Sigal, CPA Amy H. Gottesdiener, CPA We have audited the accompanying balance sheet of South Farm Limited Partnership, as of March 31, 1996, and the related statements of income and expense, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Farm Limited Partnership at March 31, 1996, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HAD Programs, issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated June 4, 1996 on our consideration of South Farm Limited Partnership's internal control structure and a report dated June 4, 1996 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 supplementary information contained in Schedules 1 through 19 is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, the supplementary information is fairly presented in all material respects in relation to the basic financial statements taken as a whole. West Hartford, Connecticut June 4, 1996 KOSIN, ROUGHCAST & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS American Institute of CPAs - Connecticut Society of CPAs - Associated Accounting Firms International - Kreston International, An International Association of Independent Accounting Firms David C. Moja, C.P.A. P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Autumn Lane Limited Partnership We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. David C. Moja, C.P.A, P.C. March 11, 1996 Savannah, Georgia Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Baytree Associates Limited Partnership We have audited the accompanying balance sheets of Baytree Associates Limited Partnership (a North Carolina 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Am audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Am audit also includes 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 Baytree Associates Limited Partnership, as of December 31, 1995 and 1994, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the 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. Respectfully submitted Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 18, 1996 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants David C. Moja, C.P.A., PC P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Ellaville Properties Limited Partnership We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners' equity (deficit.) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. we believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted. accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. . Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly presented in all material respects in to the basic financial statements taken as a whole. David C. Moja, C.P.A., P.C. March 12, 1996 Savannah, Georgia Byrd, Smalley, Evans, Adams, & Johnson, P.C. Certified Public Accountants 237 Johnson Street S.E. P.O. Box 2179 Decatur, AL 35602-2179 (205) 353-1611 Fax (205) 353-1578 Larry O. Byrd, CPA Timothy Smalley, CPA Stan A. Evans, CPA John R. Adams, CPA Ray Johnson, CPA James A. Craig, CPA Penny L. Smith, CPA Lisa A. Nuss, CPA Julie S. Redmond, CPA INDEPENDENT AUDITOR'S REPORT To the Partners Housing Investors, Athens II, LTD. Decatur, Alabama We have audited the accompanying balance sheets of Housing Investors Athens II, Ltd (a partnership) as of December 31, 1995 and 1994, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, 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 Housing Investors Athens II, Ltd., as of December 31, 199S and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1996 on our consideration of Housing Investors Athens II, Ltd s internal control structure and a report date February 9, 1995 on its compliance with laws arid regulations. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 9, 1996 David C. Moja, C.P.A., PC P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Meadowbrook Properties II L.P. We have audited the accompanying balance sheets of Meadowbrook Properties II L.P. (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadowbrook Properties II L.P. (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part Of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly presented in all material respects in he basic financial statements taken as a whole. David C. Moja, C.P.A., P.C. March 12, 1996 Savannah, Georgia Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Pedcor Investments 1989-X, L.P. We have audited the accompanying balance sheets of Pedcor Investments 1989-X, L.P. as of December 31, 1995 and 1994, and the related statements of loss, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. our :responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements :referred to above present fairly, in all material respects, the financial position of Pedcor Investments 1989-X, L.P. as of December 31, 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. The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied .in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole. Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC January 16, 1996 Certified Public Accountants 8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240 317-259-6857 Fax: 317-259-6861 Ludvigson, Braun & Co. Accountants and Auditors 117 NW 3rd Street P.O. Box 845 Valley City, North Dakota 58072-0845 Telephone: (701) 845-1457 Fax: (701) 845-8OO3 R.B. Ludvigson, CPA (Retired) Raymond J. Braun LPA Muriel G. Haugen, CFA Connie E. Winkler, LPA JoAnn R. Zerface, CPA INDEPENDENT AUDITORS' REPORT To the Partners Washington Heights IV, A Limited Partnership Bismarck, North Dakota We have audited the accompanying balance sheets of Washington Heights IV, A 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Washington Heights IV, A Limited Partnership as of December 31, 1995 and 1994 and the results of its operations, the changes in partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Valley City, North Dakota January 26, 1996 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Benchmark Associates Limited Partnership We have audited the accompanying balance sheets of Benchmark Associates Limited Partnership (a North Carolina Limited Partnership), as of December 31, 1994 and 1993, 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 Benchmark Associates Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants ROBBINS AND GAUTREAU Certified Public Accountant (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Brentwood Partnership We have audited the accompanying balance sheets of Brentwood Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership I s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 Brentwood Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 DANIEL G. DRANE Certified Public Accountant 209 East Third Street P. 0. Box 577 Hardinsburg, Kentucky 40143 (502) 756-5704 INDEPENDENT AUDITOR S REPORT To the Partners Butler Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Butler Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-016-611166123, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my 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 Butler Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 DONALD W. CAUSEY, CPA, P.C. Certified Public Accountant 516 Walnut Street - P.O. Box 775 Gadsden, Alabama 35902 Telephone (205) 543-3707 Fax (205) 543-9800 Fax INDEPENDENT AUDITOR S REPORT To the Partners Candlewick Place, Ltd. Monroeville, Alabama I have audited the accompanying balance sheets of Candlewick Place, Ltd., a limited partnership, FmHA Project No.: 01-050-631017825 as of December 31, 1994 and 1993, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Candlewick Place, Ltd., FmHA Project No.: 0 1-050-631017825 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 9 through 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Year End Report and Analysis (Form FmHA 1930-8) Parts I through HI for the year ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 20, 1995 DONALD W. CAUSEY, CPA, P.C. Certified Public Accountant 516 Walnut Street - P.O. Box 775 Gadsden, Alabama 35902 Telephone (205) 543-3707 Fax (205) 543-9800 Fax INDEPENDENT AUDITOR S REPORT To the Partners Cedarstone Associates, L.P. Poplarville, Mississippi I have audited the accompanying balance sheets of Cedarstone Associates, L.P., a limited partnership, FmHA Project No.: 28-055-026239203 as of December 31, 1994 and 1993, and the related statements of, operations, partners' capital and cash flows for the years then ended. Those financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements arc free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cedarstone Associates, L. P., FmHA Project No.: 28-055-026239203 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The audits were made for the purpose of forming an opinion on die basic financial statements taken as a whole. The supplemental information on pages 9 through 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Year End Report and Analysis (Form FmHA 1930-8) Parts I through III for the year ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to die basic financial statements taken as a whole. February 23, 1995 Malvin, Riggins & Company, P.C. CERTIFIED PUBLIC ACCOUNTANTS MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & \VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Page 4 INDEPENDENT AUDITOR S REPORT To the Partners Chuckatuck Limited Partnership We have audited the accompanying balance sheets of Chuckatuck Limited Partnership, (a Virginia limited partnership), FMHA Project No.: 54-074- 41440875, as of December 31, 1994 and 1993, and the related statements of operations, partners, capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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, 11 issued December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement- An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Chuckatuck Limited Partnership, FmHA Project No.:54-074-541440875 as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO, CPA 12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - Newport News, VA 23602 Telephone (804) 881-9600 - Facsimile (804) 881-9617 Page 5 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 18 through 27 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report and Analysis (Form F 1930-8) Part I for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole- Malvin, Riggins & Company, P.C. Certified Public Accountants Newport News, Virginia February 3, 1995 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Cloverleaf Associates Limited Partnership Fayetteville, North Carolina We have audited the accompanying balance sheets of Cloverleaf Associates Limited Partnership (a North Carolina limited partnership) as of December 31, 1994 and 1993, and the related statements of operations, partners' equity (deficit), and cash flow 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. @ audit also includes 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 Cloverleaf Associates Limited Partnership, Fayetteville, North Carolina as of December 31, 1994 and 1993, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the 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 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. Respectfully submitted, Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Cloverleaf Associates - Phase II Limited Partnership Fayetteville, North Carolina We have audited the accompanying balance sheets of Cloverleaf Associates - Phase II Limited Partnership (a North Carolina Limited Partnership) as of December 31, 1994 and 1993, 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 Cloverleaf Associates - Phase II Limited 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 Cloverleaf Associates - Phase II Limited Partnership as of December 31, 1994 and 1993, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the 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 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. Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Great Falls Limited Partnership We have audited the accompanying balance sheets of GREAT FALLS LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 GREAT FALLS LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 DANIEL G. DRANE Certified Public Accountant 209 East Third Street P. 0. Box 577 Hardinsburg, Kentucky 40143 (502) 756-5704 INDEPENDENT AUDITOR S REPORT To the Partners Hart Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Hart Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-050-611135226, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hart Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 HOWE & ASSOCIATES, PC Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 27, 1995 INDEPENDENT AUDITOR'S REPORT Partners IRONTON ESTATES, LP Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates, PC ROBBINS AND GAUTREAU Certified Public Accountant (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Lambert Square, L.P. We have audited the accompanying balance sheets of Lambert Square, L. P. (A Mississippi Limited Partnership) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Lambert Square, L.P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809 Phone (504) 924-6744 Fax (504) 929-6916 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Longview Associates Limited Partnership We have audited the accompanying balance sheets of Longview Associates Limited Partnership (a North Carolina Limited Partnership), as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of Longview Associates Limited 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 Longview Associates Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations, and the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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 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. Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of Certified Public Accountants, North Carolina Association of Certified Public Accountants DANIEL G. DRANE Certified Public Accountant 209 East Third Street P. 0. 577 Hardinsburg, Kentucky 40143 (502) 756-5704 INDEPENDENT AUDITOR'S REPORT To the Partners Morgantown Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Morgantown Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-016-0611149787, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Morgantown Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 Edmund A. Restivo, Jr. Ltd. Certified Public Accountant INDEPENDENT AUDITOR'S REPORT To The Partners North Connecticut Avenue Limited Partnership Boston, MA I have audited the accompanying balance sheet of North Connecticut Avenue Limited Partnership as of December 31, 1994, and the related statements of operations, changes in partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of North Connecticut Avenue Limited 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 North Connecticut Avenue Limited Partnership as of December 31, 1994, 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. My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included in the report (shown on pages 13 to 14) is presented for purpose of additional analysis and is not a required part of the basic financial statements of North Connecticut Avenue Limited Partnership. 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. February 10, 1995 The Wilcox Building Penthouse Suite 42 Weybosset Street Providence, Rhode Island 02903 Telephone 401-332-0210 Fax 401-421-6799 ROBBINS AND GAUTREAU Certified Public Accountant (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Pinetree Manor, L.P. We have audited the accompanying balance sheets of Pinetree Manor, L. P. as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Pinetree Manor, L. P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809 Phone (504) 924-6744 Fax (504) 929-6916 DONALD W. CAUSEY, CPA, P.C. Certified Public Accountant P.O. Box 775 - 516 Walnut Street Gadsden, Alabama 35902 Telephone (205) 543-3707 Fax (205) 543-9800 INDEPENDENT AUDITOR S REPORT To the Partners Stratford Square, Limited Partnership Brundidge, Alabama I have audited the accompanying balance sheets of Stratford Square, Limited Partnership, a limited partnership, FmHA Project No.: 01-036-631030935 as of December 31, 1994 and 1993, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stratford Square, Limited Partnership, FmHA Project No.: 01-036-631030935 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 9 through 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Year End Report and Analysis (Form FmHA 1930-8) Parts I through RI for the year ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 26, 1995 HOWE & ASSOCIATES Certified Public Accountants 104 East Broadway Columbia, MO 65203 February 15, 1995 INDEPENDENT AUDITOR'S REPORT Partners STOCKTON ESTATES, LP Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates JAMES KNUTZEN & ASSOCIATES, CPAs PA. 3100 University Boulevard South, Suite 230 Jacksonville, Florida 32216 (904) 725-5832 FAX (904) 727-6835 James Knutzen, C.P.A., M.B.A. Christina E. Gibson, C.P.A. Raju Iyer, C.P.A. Gregory Korn, C.P.A. Todd Middlemas, C.P.A. Wilson Trammell. C.P.A. Member of American and Florida Institutes of CPAs INDEPENDENT AUDITORS' REPORT To the Partners of Summer Glen of Immokalee, Ltd. We have audited the accompanying balance sheets of Summer Glen of Immokalee, Ltd. (a Florida Limited Partnership), FmHA Project No.:09-011-593009333, as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Summer Glen of Immokalee, Ltd. (a Florida Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations, partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information on pages 14 - - 18 is presented for the 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. James Knutzen & Associates, CPAs P.A. Jacksonville, Florida February 9, 1995 BERRY, DUNN, McNEIL & PARKER CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS INDEPENDENT AUDITORS' REPORT The Partners Woodside Housing Associates We have audited the accompanying balance sheet of Woodside Housing Associates, a limited partnership, FMHA Case No. 23-01-010439878, as of December 31, 1994, and the related statements of operations, changes in partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements and additional information as of and for the year ended December 31, 1993, were audited by other auditors whose report dated January 25, 1994, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 1994 financial statements referred to above present fairly, in all material respects, the financial position of Woodside Housing Associates, a limited partnership, as of December 31, 1994, 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information on pages 13 through 18 as of and for the year ended December 31, 1994, is presented solely for the use of the Farmers Home Administration and is not a required part of the basic financial statements. The additional information presented in the Multiple Family Housing Borrower Balance Sheet, Form FMHA 1930- , as of December 31, 1994, 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. Portland, Maine January 25, 1995 -2- McGLADREY & PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Academy Hill Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Am audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Academy Hill Limited Partnership as of December 31, 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 21, 1997 on our consideration of Academy Mil Limited Partnership's internal control structure and a report dated January 21, 1997 on its compliance with laws and regulations. Greensboro, North Carolina January 21, 1997 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH TEXAS 76107 (817) 336-588 0 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Aspen Square, L. P. Tazewell, Virginia I have audited the accompanying balance sheets of Aspen Square, L.P., as of December 31, 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 I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Aspen Square, L.P., as of December 31, 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 page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material re in relation to the basic financial statements taken as Fort Worth, Texas March 21, 1997 I-3 McGee & Associates, P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Buckeye Senior, Ltd. and Rural Housing Service We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Buckeye Senior, Ltd. 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. In Accordance with Government Auditing Standards, we have also issued a report dated January 13, 1997, on our consideration of the Partnership's internal control structure and a report dated January 13, 1997, on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 13, 1997 Farmington, New Mexico GWEN WARD, PC. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH TEXAS 76107 (817) 336-5880 MEMBER TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Copper Creek, L.P. I have audited the accompanying balance sheets of Copper Creek, L.P. as of December 31, 1996 and 1995, and the related statements of operations, partners equity (deficit) and cash flows or the years then ended. These financial statements are the responsibility of the partnership' s management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Copper Creek, L.P. as of December 31, 1996 and 1995, and the results of its operations, changes in partners I equity (deficit) and cash f lows f or the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Fort Worth, Texas March 21, 1997 I-3 Clifton Gunderson L.L.C. Certified Public Accountants & Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Coronado Housing Limited Partnership We have audited the accompanying balance sheets of Coronado Housing Limited Partnership as of December 31, 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 Coronado Housing Limited Partnership as of December 31, 1996 and 1995 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. The accompanying supplemental information for the years ended December 31, 1996 and 1995 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tucson, Arizona February 4, 1997 Members of Nexia International American Institute Of Certified Public Accountants Arizona Colorado Illinois Indiana Iowa Maryland Missouri Ohio Texas Virginia Wisconsin Kay L. Bowen & Associates Certified Public Accountant, P.C. Phone (801) 627-0825 Fax (801) 627-0829 3710 Quincy Avenue Ogden, Utah 84403 Kay L. Bowen, President Shari B. Johnson, CPA Member of the American Institute of Certified Public Accountants INDEPENDENT AUDITOR S REPORT We have audited the accompanying balance sheet of Franklin School Associates, as of December 31, 1996 and 1995, and the related statements of income and cash flows and change an partners' equity 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 Government Auditing Standards, issued by the Comptroller General of the States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion. In our opinion, the financial statements referred to present fairly, in all material respects, the financial position of Franklin School Apartments, as of December 31, 1996 and 1995, and the results of its operations, change in partners equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HUD Programs issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated March 5, 1997, on our consideration of Franklin School Associate's internal control structure, and reports dated March 5, 1997, on its compliance with specific requirements applicable to non-major HUD programs and specific requirements applicable to Affirmative Fair Housing. Ogden, Utah March 5, 1997 Kay L. Bowen, CPA, President Kay L. Bowen & Associates, P.C. Federal I.D. #87-0448933 TAMA AND BUDAJ, P.C. Certified Public Accountants 32783 Middlebelt Road Farmington Hills, Michigan 48334-1726 (810) 626-3800 Fax (810) 626-2276 ELY TAMA, CPA JEFFREY F. BUDAJ. CPA BARTON A. LOWEN, CPA EMIL A. RAAB, CPA DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA SEAN M. DONOVAN, CPA American, Michigan, Florida & South Carolina Institutes of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of The Harbor View Group, Ltd. We have audited the accompanying balance sheet of THE HARBOR VIEW GROUP, LTD. as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the 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 THE HARBOR VIEW GROUP, LTD., as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information listed in the table of contents is presented for the purpose of p 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. TAMA AND BUDAJ, P.C. Farmington Hills, Michigan January 31, 1997 James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176 Report of Independent Certified Public Accountants To the Partners Hilltop Apartments Limited Partnership We have audited the balance sheet of Hilltop Apartments Limited Partnership (a New Mexico limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners I capital, and cash f lows f or the years then ended. All information included in these financial statements is the responsibility of the Company s management. Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards Require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hilltop Apartments Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our reports dated May 30, 1997 on our consideration of Hilltop Apartments Limited Partnership internal control and on its compliance with laws and regulations. May 30, 1997 MUELLER, WALLA & ALBERTSON, P.C. Certified Public Accountants 10714 Manchester Road Suite 202 Kirkwood, Missouri 63122 (314) 822-6575 INDEPENDENT AUDITORS' REPORT The Partners Licking Associates 11, L.P. Licking, Missouri We have audited the accompanying balance sheets of Licking Associates II, L.P. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Licking Associates II, L.P. as of December 31, 1996 and 1995, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 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. Mueller, Walla & Albertson, P.C. Certified Public Accountants January 16, 1997 BLOOM, GETTIS, HABIB & TERRONE, P.A. Certified Public Accountants Suite 1450 2601 South Bayshore Drive Miami, FL 33133-9893 Telephone (305) 858-6211 Fax (305) 858-9696 American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants Burt R. Bloom, C.P.A., C.V.A. Lawrence W. Gettis, C.P.A. Steven M. Habib, C.P.A. Roger J. Terrone, C.P.A. Curt A. Rosner, C.P.A. To the Partners London Arms/Lyn Mar Limited Partnership Boston, Massachusetts INDEPENDENT AUDITORS' REPORT We have audited the accompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida Limited Partnership), as of December 31, 1996 and 1995, and the related Statements of Operations, Partners' Deficit and Cash Flows for the years then ended. These financial statements are the responsibility of the management of London Arms/Lyn Mar Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the mounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of London Arms/Lyn Mar Limited Partnership as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 28, 1997 Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California We have audited the accompanying balance sheets of Maidue Properties (A California Limited Partnership), as of December 31, 1996 and 1995 and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluting the overall financial statement presentation. We believe that our audits provide a reasonable basis of our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1996 and 1995, on pages 13 and 14, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opionion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Burke & Rea Stockton, California April 4, 1997 P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Post Office Box 14251 Savannah, Georgia 31416 Phone:(912) 355-9969 INDEPENDENT AUDITORS' REPORT To the General Partners of Manning Properties Limited Partnership We have audited the accompanying balance sheets of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Charles Bailly & Company P.L.L.P. Certified Public Accountants Consultants INDEPENDENT AUDITOR S REPORT The Partners RPI Limited Partnership #18 St. Paul, Minnesota We have audited the accompanying balance sheets of RPI Limited Partnership #18, FmHA Project Number: 18-18-411649005, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United states. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates-made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of RPI Limited Partnership #18 as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 12, 1997 on our consideration of RPI Limited Partnership #18 s internal control structure and a report dated February 12, 1997 on its compliance with laws and regulations. Fargo, North Dakota February 12, 1997 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH TEXAS 76107 (817) 336-5880 MEMBER MEMBER AMERICAN INSTITUTE OF TEXAS SOCIETY OF CERTIFIED CERTIFIED PUBLIC ACCOUNTANTS PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Sierra Springs, L.P. I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 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 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 ref erred to above present fairly, in all material respects, the financial position of Sierra Springs, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-17 and I-18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Fort Worth, Texas March 24, 1997 Thompson, Derrig & Slovacek A Professional Corporation of Certified Public Accountants 4500 Carter Creek Parkway Suite 201 Bryan, Texas 77802-4456 (409)260-9696 - FAX (409)260-9683 Woody Thompson, CPA/CFP Andrea Derrig, CPA Ed Slovacek, CPA/CFP Sharla Akin, CPA Alline Briers, CPA Gay Vick Craig, CPA Ronnie Craig, CPA Alice Monroe, CPA Marian Rose Varisco, CPA INDEPENDENT AUDITORS' REPORT February 26, 1997 To the Partners South Fork Heights Limited Partnership We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Colorado limited partnership), as of December 31, 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 management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan, and perform the audits to obtain reasonable assurance about whether the financial statements are free of "Material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Fork Heights Limited Partnership as of December 31, 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 pages 16 through 27 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report/Analysis (Form FmHA 1930-8) Parts I through III and Project Budget(Form FmHA 1930-7) for year ended December 31, 1996, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Thompson, Derrig & Slovacek, P.C. Certified Public Accountants Smith, Miles & Company, L.C. 1230 Airport Road P.O. BOX 1177 PANAMA City, Florida 32402 Phone:(904) 785-0261 Fax:(904) 795-0263 INDEPENDENT AUDITORS' REPORT To the Partners Wildridge Apartments, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., Project No: 11-51-592863964, as of December 31, 1996 and 1995, and the :related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also Includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wildridge Apartments, Ltd., as of December 31, 1996 and 1995, and the results of Its operations and Its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, In our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida January 30, 1997 McGLADREY & PULLEN, LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Academy Hill Limited Partnership Greensboro, North Carolina We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 1995 and 1994, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes e g, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Academy Hill Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 23, 1996 on our consideration of Academy Hill Limited Partnership's internal control structure and a report dated January 23, 1996 on its compliance with laws and regulations. Greensboro, North Carolina January 23, 1996 GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, TX 76107 (817) 336-5880 Member American Institute of CPAs Texas Society of CPAs INDEPENDENT AUDITOR S REPORT To the Partners of Aspen Square, L.P. I have audited the accompanying balance sheets of Aspen Square, L.P., as of December 31, 1995 and 1994, and the related statements of operations, partners, capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Aspen Square, L.P., as of December 31, 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. 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 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 audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statement taken as a whole. Fort Worth, Texas February 23, 1996 GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, TX 76107 (817) 336-5880 Member American Institute of CPAs Texas Society of CPAs INDEPENDENT AUDITOR S REPORT To the Partners of Copper Creek, L.P. I have audited the accompanying balance sheets of Copper Creek, L.P. as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Copper Creek, L.P. as of December 31, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Fort Worth, Texas February 23, 1996 TAMA AND BUDAJ, P.C. Certified Public Accountants 32783 Middlebelt Road Farmington Hills, Michigan 48334-1726 (810) 626-3800 Fax (810) 626-2276 ELY TAMA, CPA JEFFREY F. BUDAJ. CPA BARTON A. LOWEN, CPA EMIL A. RAAB, CPA DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA SEAN M. DONOVAN, CPA American, Michigan, Florida & South Carolina Institutes of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of The Harbor View Group, Ltd. We have audited the accompanying balance sheet of THE HARBOR VIEW GROUP, LTD. as of December 31, 1995 and 1994, and the related statements of operations, changes in partners' equity (deficit) and cash flows - project operations for the years then ended. 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 THE HARBOR VIEW GROUP, LTD., 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data on pages 10 through 17 inclusive has been subjected to the auditing procedures applied in the examination 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. We have also reviewed internal accounting controls and compliance with laws and regulations and have rendered our reports thereon on pages 18 through 20. TAMA AND BUDAJ, P.C. Farmington Hills, Michigan February 9, 1996 James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176 Independent Auditor's Report The Partners Hilltop Apartments Limited Partnership We have audited the accompanying balance sheet of Hilltop Apartments Limited Partnership (a New Mexico limited partnership) as of December 31, 1995 and 1994, and the related statements of operations, changes in 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 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 also includes 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 Hilltop 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. JAMES L. CAUGHREN March 19, 1996 BURKE & REA Certified Public Accountants Edward T. Burke, C.P.A. Bernard E. Rea, C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California We have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1995 and 1994, and the related statements of income, 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1995 and 1994, an pages 13 and 14, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Stockton, California April 3,1996 P.O. BOX 4632 STOCKTON, CA 95204 TELEPHONE 209/933-9113 FAX 209/933-9115 David C. Moja, C.P.A. P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Manning Properties Limited Partnership We have audited the accompanying balance sheets of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements Are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Manning Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly presented in all material respects in Station to the basic financial statements taken as a whole. David C. Moja, C.P.A. March 11, 1996 Savannah, Georgia Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITOR S REPORT The Partners RPI Limited Partnership #18 St. Paul, Minnesota We have audited the accompanying balance sheets of RPI Limited Partnership #18, Project Number: 18-18-411649005, 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 and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of RPI Limited Partnership #18 as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1996 on our consideration of RPI Limited Partnership #18's internal control structure and a report dated January 29, 1996 on its compliance with laws and regulations. Fargo, North Dakota January 29, 1996 GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, TX 76107 (817) 336-5880 Member American Institute of CPAs Texas Society of CPAs INDEPENDENT AUDITOR S REPORT To the Partners of Sierra Springs, L.P. I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the 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 Sierra Springs, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-17 and 1-18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic statements taken as a whole. Fort Worth, Texas February 21, 1996 SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD P.O.BOX 1177 CERTIFIED PUBLIC ACCOUNTANTS PANAMA CITY, FLORIDA 32402 Phone:(904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Wildridge Apartments, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., FMHA Project No: 11-51-592863964, as of December 31, 1995 and 1994, and the :related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the :responsibility of the partnership's management. our :responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing -the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wildridge Apartments, Ltd. 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 9, 1996 McGEE & Associates, P.C. Certified Public Accountants Independent Auditors' Report To the Partners Buckeye Senior, Ltd. and Farmers Home Administration We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 1 994 and 1 993, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards_ issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Buckeye Senior, Ltd. as of December 31, 1994 and 1993, and the results of its operations and the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for the purposes of additional analysis and is not a required part of the financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 13, 1995 Farmington, New Mexico Robbins & Gatreau CERTIFIED PUBLIC ACCOUNTANTS (A PROFESSIONAL CORPORATION) CALVIN L. ROBBINS,JR., CPA, CFE ROBBINS AND GAUTREAU JOHN C. GAUTREAU, CPA JEFFREY CURT GAUTREAU, CPA CORA CRISLER HEAD, CPA Independent Auditors' Report To the Partners of Church Hill Partnership We have audited 'the accompanying balance sheets of Church Hill Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners I capital, operations, and cash f lows f or the years then ended. These financial statements are the responsibility of the Partnership,' s management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Church Hill Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 KMG Peat Marwick, LLP INDEPENDENT AUDITORS' REPORT To the Partners Coronado Housing Limited Partnership: We have audited the accompanying balance sheets of Coronado Housing Limited Partnership as of December 31, 1994 and 1993 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 an these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Coronado Housing Limited Partnership as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in the attached schedule 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. Tucson, Arizona February 13, 1995 Member Firm of Klynveld Peat Marwick Goerdeler David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Denmark Properties Limited Partnership We have audited the accompanying balance sheets of DENMARK PROPERTIES LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 DENMARK PROPERTIES LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Denmark Properties Limited Partnership II We have audited the accompanying balance sheets of DENMARK PROPERTIES LIMITED PARTNERSHIP II (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 DENMARK PROPERTIES LIMITED PARTNERSHIP if as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 WAY, RAY, SHELTON & Co., PC. Certified Public Accountants Telephone - 205-345-5860 FAX 205/345-5883 MEMBERS 216 McFarland Circle North ROBERT S. WAY, C.P.A. AMERICAN INSTITUTE OF W. PAUL RAY, C.P.A. CERTIFIED PUBLIC ACCOUNTANTS STEVEN A. SHELTON, C.P.A. ALABAMA SOCIETY OF KIMBERLY F. ELMORE, C.P.A. CERTIFIED PUBLIC ACCOUNTANTS STEVEN L. MITCHELL, C.P.A. CINDY T. SAVAGE, C.P.A. SONIA M. CHISM, C.P.A. February 14, 1995 M. ELBERT SIMS, JR., C.P.A. SUSAN L. SPARKS, C.P.A. ELIZABETH E. BATES, C.P.A. STACEY M. SHINAS, C.P.A. PAMELA D. SHAY, C.P.A. LAURA W. RYAN, C.P.A. ROGER F. BRYANT, C.P.A. RUSSELL W. RANEY, C.P.A. INDEPENDENT AUDITORS' REPORT NATALIE T. MINOR, C.P.A. Elderly Housing of Macon, Ltd. P.O. Box 168 Tuscaloosa, Alabama 35402 Dear Partners: We have audited the accompanying balance sheets of Elderly Housing of Macon, Ltd. as of December 31, 1994 and 1993, and the related statements of income, changes in partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the 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 Elderly Housing of Macon, Ltd. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Elderly Housing of Macon, Ltd. February 14, 1995 Page Two Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on age 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. Respectfully submitted, Way, Ray, Shelton & Co., P.C. Certified Public Accountants HOWE AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 20, 1995 INDEPENDENT AUDITOR'S REPORT Partners EL DORADO SPRINGS ESTATES, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above resent fairly, in all material respects, the financial position and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates HOWE AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 15, 1995 INDEPENDENT AUDITOR'S REPORT Partners ELDON ESTATES 11, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates HOWE AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 15, 1995 INDEPENDENT AUDITOR'S REPORT Partners ELDON MANOR, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 amount and disclosures in the financial statements. An audit also includes 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates ROBBIN AND GAUTREAU (A PROFESSIONAL CORPORATION) CERTIFIED PUBLIC ACCOUNTANTS CALVIN L. ROBBINS, JR., CPA, CFE JOHN C. GAUTREAU, 11, CPA JEFFREY CURT GAUTREAU, CPA CORA CRISLER HEAD, CPA Independent Auditors' Report To the Partners of Farmerville Square Partnership We have audited the accompanying balance sheets of Farmerville Square Partnership (a Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the comptroller General of the United States. 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 Farmerville Square Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA Blvd., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 Toski, Schaeffer & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS 555 INTERNATIONAL OR.VE WILLIAMSVILLE. NEW YORK 14221 TELEPHONE (716) 634-0700 FAX (716) 634-0764 INDEPENDENT AUDITOR'S REPORT The Partners Holley Senior Limited Partnership: We have audited the accompanying balance sheets of Holley Senior Limited Partnership as of December 31, 1994 and 1993 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit' to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Holland Senior Limited Partnership as of December 31, 1994 and 1993 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 accompanying information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Williamsville, New York January 13, 1995 ROBBINS AND GAUTREAU (A PROFESSIONAL CORPORATION) CERTIFIED PUBLIC ACCOUNTANTS ROBBINS, JR., CPA, CFE JOHN C. GAUTREAU, 11, CPA JEFFREY CURT GAUTREAU, CPA CORA CRISLER HEAD, CPA Independent Auditors Report To the Partners of Kaplan Manor Partnership We have audited the accompanying balance sheets of Kaplan Manor Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners I capital, operations, and cash f lows f or the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about. Whether the financial statements are free of material misstatement. An audit, includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kaplan Manor Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 ROBBINS AND GAUTRAU (A PROFESSIONAL CORPORATION) CERTIFIED PUBLIC ACCOUNTANTS CALVIN L ROBBINS, JR., CPA, CFE JOHN C. GAUTREAU, 11, CPA JEFFREY CURT GAUTREAU, CPA CORA CRISLER HEAD, CPA Independent Auditors' Report To the Partners of Lakewood Village Partnership We have audited 'the accompanying balance sheets of Lakewood Village Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the comptroller General of the United States. 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 Lakewood Village Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baron Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 MUELLER, WALLA & ALBERTSON, P.C. CERTIFIED PUBLIC ACCOUNTANTS 10714 MANCHESTER ROAD SUITE 202 KIRKWOOD, MISSOURI 63122 (314) 822-6575 The Partners Licking Associates 11, L.P. Licking, Missouri We have audited the accompanying balance sheets of Licking Associates 11, L.P. (a limited partnership) as of December 31, 1994 and 1993, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Am audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Licking Associates 11, L.P. as of December 31, 1994 and 1993, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 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. Mueller & Walla, P.C. Certified Public Accountants February 3, 1995 MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS HOWE AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 15, 1995 INDEPENDENT AUDITOR'S REPORT Partners NEVADA MANOR, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates Toski, Schaeffer & Co., P.C. CERTIFIED PUBLIC ACCOUNTANTS 555 INTERNATIONAL DRIVE WILLIAMSVILLE. NEW YORK 14221 TELEPHONE (716) 634-0700 FAX (716) 634-0764 INDEPENDENT AUDITOR'S REPORT The Partners Oatka Village Associates (A Limited Partnership): We have audited the accompanying balance sheets of Oatka Village Associates (A Limited Partnership) as of December 31, 1994 and 1993 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 an 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 Oatka Village Associates (A Limited Partnership) as of December 31,. 1994 and 1993 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 accompanying information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Williamsville, New York January 11, 1995 Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITOR S REPORT The Partners RPI Limited Partnership #18 St. Paul, Minnesota We have audited the accompanying balance sheets of RPI Limited Partnership #18, FmHA Project Number: 18-18-411649005, as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United states. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of RPI Limited Partnership #18 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Fargo, North Dakota January 25, 1995 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE F0RT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Sierra Springs, L.P. I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 1994 and 1993, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership' s management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the 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 prove de a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sierra Springs, L.P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted, accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-17 and I-18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Fort Worth, Texas February 23, 1995 I-3 Thompson, Derrig &, Slovacek Woody Thompson, CPA/CFP 4500 Carter Creek Parkway Suite 201 Gay Vick Craig, CPA Ronnie Craig, CPA Alice Monroe , CPA Marian Rose Varisco, CPA Sharia Akin CPA Andrea Derrig, CPA Bryan Texas 77802 Alline Briers: CPA Ed Slovacek, CPAICFP (409)260-9696 - FAX (409)260-9683 Independent Auditor s Report February 17,1995 To the Partners South Fork Heights Limited Partnership We have audited the accompanying balance sheet of South Fork Heights ]Limited Partnership (a Colorado limited partnership), as of December 31, 1994 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. 'These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued b the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Fork Heights Limited Partnership as of December 31, 1994 and the results of its operations and its cash flows for the year then ended in conformity with, generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 through 28 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report/Analysis (Form Fml4A 1930-8) Parts I -through III and Project Budget(Form FmHA 1930-7) for year ended December 31, 1994, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Thompson, Derrig & Slovacek, P.C. Certified Public Accountants Thompson, Derrig &, Slovacek Woody Thompson, CPA/CFP 4500 Carter Creek Parkway Suite 201 Gay Vick Craig, CPA Ronnie Craig, CPA Alice Monroe , CPA Marian Rose Varisco, CPA Sharia Akin CPA Andrea Derrig, CPA Bryan Texas 77802 Alline Briers: CPA Ed Slovacek, CPAICFP (409)260-9696 - FAX (409)260-9683 Independent Auditor s Report February 17, 1995 To the Partners South Fork Heights Limited Partnership We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Colorado limited partnership), as of December 31, 1994 and 1993 and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Fork Heights Limited Partnership as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 through 28 is presented for purposes of additional analysis and is not a required part of the. basic financial statements. The supplementary information presented in the Year End Report/Analysis (Form Fml4A 1930-8) Parts I through III and Project Budget (Form FMHA 1930-7) for year ended December 31, 1994, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Thompson, DERRIG & SLOVACEK, P.C. Certified Public Accountants JAMES KNUTZEN & ASSOCIATES, CPA s, P.A. SUITE 230 3100 UNIVERSITY BOULEVARD SOUTH JACKSONVILLE, FLORIDA 32216 (904) 725-5832 FAX (904) 727-6835 MEMBER OF AMERICAN AND FLORIDA INSTITUTES OF CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners of Twin Oaks of Allendale, Ltd. We have audited the accompanying balance sheets of Twin Oaks of Allendale, Ltd. (a Florida Limited Partnership), FMHA Case No.: 46-03-0592894359, as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Twin Oaks of Allendale, Ltd. (a Florida Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations, partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. James Knutzen Associates, CPAs P.A. Jacksonville, Florida February 9, 1995 Robbins & Gatreau CERTIFIED PUBLIC ACCOUNTANTS (A PROFESSIONAL CORPORATION) CALVIN L. ROBBINS,JR., CPA, CFE ROBBINS AND GAUTREAU JOHN C. GAUTREAU, CPA JEFFREY CURT GAUTREAU, CPA CORA CRISLER HEAD, CPA Independent Auditors' Report CERTIFIED PUBLIC ACCOUNTANTS To the Partners of Washington Manor Partnership We have audited the accompanying balance sheets of Washington Manor Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and -the related statements of changes in partners I capital, operations, and cash f lows f or 'the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An auditing includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 ref erred to above present fairly, in all material respects, the financial position of Washington Manor Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 Fraley, Miller & Company Certified Public Accountants 101 Fraley-Miller Plaza Suite 101 Grayson, Kentucky 41143 Telephone (606)474-6608 Fax (606) 474-7094 Partners: Associates: Robert A. Fraley Kim Whitley Horton Mickey F. Miller Brenda K. Ball INDEPENDENT AUDITORS'REPORT To the Partners of B B & L Enterprises, Ltd. We have audited the accompanying balance sheets of B B & L Enterprises, Ltd. (a Kentucky limited partnership) as of December 31, 1996, 1995, and 1994, and the related statements of results of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural Economic and Community Development audit program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In accordance with Government Auditing Standards, we have also issued a report dated February II, 1997, on our consideration of B B & L Enterprises, Ltd.'s internal control structure and a report dated February 11, 1997, on its compliance with laws and regulations. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of B B & L Enterprises, Ltd. as of December 31, 1996, 1995, and 1994, and the results of its operations, changes in partners' capital and its cash flows for the year then ended in conformity with generally accepted accounting principles. February 11, 1997 Branch Office Located at 374 Main Street, West Liberty, Kentucky 41472 Telephone (606) 743-7420 Fax (606) 743-7444 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Bowman Village Limited Partnership We have audited the accompanying balance sheets of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to ex an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Suby, Von Haden & Associates, S.C. Certified Public Accountants - Business and Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners Brandywood Limited Partnership Madison, Wisconsin We have audited the accompanying balance sheet of WHEDA Project No. 01 1/001 136 of Brandywood 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 Brandywood Limited Partnership for the year ended December 31, 1995 were audited by other auditors, whose report dated January 19, 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 WHEDA Project No. 01 1/001 136 of Brandywood Limited Partnership as of December 31, 1996, 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. The accompanying financial statements have been prepared assuming that the partnership will continue as a going concern. As discussed in Note J 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 J. The financial statements do no include any adjustments that might result from the outcome of this uncertainty. January 14, 1997 1221 John 0. Hammons Dr. P.O. Box 44966 Madison, WI 53744-4966 (608) 831-8181 FAX (608) 831-4243 MADISON - MILWAUKEE - ROCKFORD Fraley, Miller & Company Certified Public Accountants 101 Fraley-Miller Plaza Suite 101 Grayson, Kentucky 41143 Telephone (606) 474-6608 Fax (606) 474-7094 Partners: Associates: Robert A. Fraley Kim Whitley Horton Mickey F. Miller Brenda K. Ball INDEPENDENT AUDITORS' REPORT To the Partners of Briarwick Apartments, Ltd. We have audited the accompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limited partnership) as of December 31, 1996, 1995, and 1994, and the related statements of results of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural Economic and Community Development audit program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In accordance with Government Auditing Standards, we have also issued a report dated February 17, 1997, on our consideration of Briarwick Apartments, Ltd's internal control structure and a report dated February 17, 1997, on its compliance with laws and regulations. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Briarwick Apartments, Ltd. as of December 31, 1996, 1995, and 1994, and the results of its operations, changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles. February 17, 1997 Branch Office Located at 374 Main Street, West Liberty, Kentucky 41472 Telephone (606) 743-7420 Fax (606) 743-7444 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Cananche Creek, L.P. I have audited the accompanying balance sheets of Cananche Creek, L.P., as of December 31, 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 I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cananche Creek, L.P., as of December 31, 1996 and 1995, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material in relation to the basic financial statements taken as a whole. Fort Worth, Texas March 21, 1997 STEWART AND KERR, PA Certified Public Accountants 6817 Falls of Neuse Road, Suite 106 Raleigh, North Carolina 27615 (919) 676-3115 Fax: (919)676-3866 Robert E. Stewart Duncan J. Kerr Jayne D. Jungen Stanley I. Hofmeister American Institute of CPAs - North Carolina Association of CPAs INDEPENDENT AUDITOR S REPORT To the Partners of Partners Hunters Park Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Hunters Park 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 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 Hunters Park 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 17, 1997 on our consideration of Hunters Park Limited Partnership's internal control structure and a report dated January 17, 1997 on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the 1996 and 1995 financial statements taken as a whole. The accompanying information on pages 11-12 is presented for the purpose of additional analysis and is not a required part of the financial statements of Hunters Park Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Raleigh, North Carolina January 17, 1997 SMITH, MILES & COMPANY, L.C. CERTIFIED PUBLIC ACCOUNTANTS 1230 AIRPORT ROAD P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone:(904) 785-0261 Fax (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partner's Lakeridge Apartments of Eufaula, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., Project No: 01-0030592933800, as of December 31, 1996 and 1995, and the related statements of operations, partnership equity (deficit) and cash flows for the years then ended. These financial statements axe 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 mining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also Includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeridge Apartments of Eufala, Ltd. as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in Conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the account procedures applied In the audit of the basic financial statements and, In our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 7, 1997 FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Laurel Village Limited Partnership We have audited the accompanying balance sheets of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 McGEE & Associates, P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Los Caballos II, Ltd. and Rural Housing Service We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Los Caballos II, Ltd. as of December 31, 1 996 and 1 995, 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. In accordance with Government Auditing Standards we have also issued a report dated January 17, 1997, on our consideration of the Partnership's internal control structure and a report dated January 17, 1997, on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Los Caballos II, Ltd. Such information has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 17, 1997 Farmington, New Mexico Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A To the Partners Nye County Associates (A California Limited Partnership) Cheyenne, WY We have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), USDA Rural Development Case No. 33-019-680192750, as of December 31, 1996 and 1995 and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluting the overall financial statement presentation. We believe that our audits provide a reasonable basis of our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nye County Associates (A California Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 25, 1997 on our consideration of Nye County Associates' internal control structure and a report dated March 25, 1997 on its compliance with laws and regulations. Burke & Rea Stockton, California March 25, 1997 P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115 Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITORIS REPORT The Partners Ridgeway Court III, A Limited Partnership Fargo, North Dakota We have audited the accompanying balance sheets of Ridgeway Court III, A Limited Partnership, FmHA Project Number: 27-04-411633960, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ridgeway Court III, A Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Fargo, North Dakota February 3, 1997 Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITOR S REPORT The Partners RPI Limited Partnership #22 Bloomington, Minnesota We have audited the accompanying balance sheet of RPI Limited Partnership #22, MHFA Project Number 90-002, 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. The financial statements of RPI Limited Partnership #22 for the year ended December 31, 1995 were audited by other auditors whose report, dated January 19, 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 RPI Limited Partnership #22, 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. Fargo, North Dakota January 28, 1997 MUELLER, WALLA & ALBERTSON, PC. Certified Public Accountants 10714 Manchester Road, Suite 202 Kirkwood, Missouri 63122 (314) 822-6575 INDEPENDENT AUDITORS' REPORT The Partners Scott City Associates III, L.P. Scott City, Missouri We have audited the accompanying balance sheets of Scott City Associates III, L.P. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion'. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Scott City Associates III, L.P. as of December 31, 1996 and 1995, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Mueller, Walla & Albertson, P.C. Certified Public Accountants January 14, 1997 Members American Institute Of Certified Public Accountants Missouri Society Of Certified Public Accountants GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Shawnee Ridge, L.P. I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership, s management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted 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 opine on, the financial statements ref erred to above present fairly, in all material respects, the financial position of Shawnee Ridge, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-17 and I-18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. March 22, 1997 Fort Worth, Texas I-3 BENDER,WELTMAN,THOMAS & CO. CERTIFIED PUBLIC ACCCOUNTANTS 1067 NORTH MASON ROAD. Suite 7 St. LOUIS MO 63141-634l (314) 576-1350 Fax (314) 576-9650 WILLIAM J. Bender Joel Weltman James E. Thomas Gerald E. McGruder Independent Auditor s Report To The Partners Springfield Housing Associates, L.P. Springfield, Illinois We have audited the accompanying balance sheets of Springfield Housing Associates, L.P., a (limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners, capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership s management. Our responsibility is to express an opinion on these financial statements based an our audit. We conducted our audit in accordance with generally accepted auditing standards. 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P. (a limited partnership), as of December 31, 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. Bender, Weltman, Thomas & Co., CPA s February 24, 1997 Members Institute of Certified Public Accountants Missouri Society of Certified Public Accountants FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Turner Lane Limited Partnership We have audited the accompanying balance sheets of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows f or the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Humiston, Skokan, Warren & Eichenberger A Professional Corporation - Certified Public Accountants West Des Moines, Iowa INDEPENDENT AUDITORS' REPORT To the Partners Union Baptist Plaza, Limited Partnership West Des Moines, Iowa We have audited the accompanying balance sheets of UNION BAPTIST PLAZA, LIMITED PARTNERSHIP as of December 31, 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 Union Baptist Plaza, 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. January 13, 1997 SMITH, MILES & COMPANY, L.C. Certified Public Accountants 1230 AERPORT ROAD P.O. BOX 1177 Panama City, Florida 32402 Phone:(904) 785-0261 Fax:(904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Villas of Lakeridge, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd., FMHA Project No: 01-0030592930819, as of December 31, 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 I s management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 ref erred to above present fairly, in all material respects, the financial position of Villas of Lakeridge, Ltd., as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is .not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic' financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 7, 1997 YORK, DILLINGHAM & COMPANY, P.L.L.C. Certified Public Accountants P.0. Box 551 1708 Alpine Drive Columbia, Tennessee 38402-0551 Telephone (615) 388-0517 Fax (615) 381-3440 Branch Offices: 219 N Military Ave. Lawrenceburg, TN (615) 762-6877 147 Linden Hwy. Centerville, TN (615) 729-3229 120 N. Second St. Pulaski, TN (615) 424-9063 Larry W. York John M. Dillingham Members: American Institute Of CPAs - Tennessee Society Of CPAs INDEPENDENT AUDITORS' REPORT To the Partners Waynesboro Associates, Limited We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No. : 48-091- 621385326, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No.: 48-091- 621385326, 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 7, 1997 on our consideration of Waynesboro Associates, Limited's internal control structure and a report dated February 7, 1997 on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee February 7, 1997 David C. Moja, C.P.A. P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Bowman Village Limited Partnership We have audited the accompanying balance sheets of Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners I equity (deficit) and cash f lows 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 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 Bowman Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion is fairly presented in all material respects in to the basic financial statements taken as a whole. Moja, C.P.A., March 11, 1996 Savannah, Georgia GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, Texas 76107 (817) 336-5880 Member American Institute of CPAs - Texas Society Of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of Cananche Creek, L.P. I have audited the accompanying balance sheets of Cananche Creek, L.P., as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cananche Creek, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Fort Worth, Texas February 20, 1996 SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Lakeridge Apartments of Eufaula, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., FMHA Project No: 01-0030592933800, as of December 31, 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 I s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditor Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeridge Apartments of Eufaula, Ltd., as of December 31, 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material :respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 9, 1996 McGEE & Associates, P.C. Certified Public Accountants Independent Auditors' Report To the Partners Los Caballos II, Ltd. and Rural Economic Community Development We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a 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 and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Los Caballos II, Ltd. as of December 31, 1995 and 1994, and the results of its operations and the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 20, 1996, on our consideration of the Partnership's internal control structure and a report dated January 20, 1996, on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Los Caballos II, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 20, 1996 Farmington, New Mexico BURKE & REA Certified Public Accountants Edward T. Burke, C.P.A. Bernard E. Rea, C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners Nye County Associates (A California Limited Partnership) Cheyenne, WY We have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), FmHA Case No. 33- 019-680192750, as of December 31, 1995 and 1994, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nye County Associates (A California Limited Partnership) as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 8, 1996 on our consideration of Nye County Associates, internal control structure and a report dated March 8, 1996 on its compliance with laws and regulations. Stockton, California March 8, 1996 P.O. BOX 4632 STOCKTON, CA 95204 TELEPHONE 209/933-9113 FAX 209/933-9115 Ludvigson, Braun & Co. ACCOUNTANTS AND AUDITORS 117 NW 3r-d Street PO. Box 845 Valley City. North Dakota 5BO72- 0845 Telephone: (701) 845-1457 Facsimile: (701) 845-8003 H.B. Ludvigson, CFIA (retired) Raymond J. Braun. LPA Muriel G. Haugen, CPA Connie E. Winkler LPA JoAnn R. Zerface, CPA INDEPENDENT AUDITORS' REPORT To the Partners Prairie West Apartments III, A Limited Partnership West Fargo, North Dakota We have audited the accompanying balance sheets of Prairie West Apartments M, A 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Prairie West Apartments , A Limited Partnership as of December 31, 1995 and 1994 and the results of its operations, the changes in partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Valley City, North Dakota January 24, 1996 Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITOR S REPORT The Partners Ridgeway Court III, A Limited Partnership Fargo, North Dakota We have audited the accompanying balance sheets Of Ridgeway Court III, A Limited Partnership, FmHA Project Number: 27-04-411633960, as of December 31, 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ridgeway Court III, A Limited Partnership as of December 31, 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. Fargo, North Dakota January 31, 1996 DIXON, ODOM & CO., L.L.P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Rockmoor Associates of Banner Elk Raleigh, North Carolina We have audited the accompanying balance sheets of Rockmoor Associates of Banner Elk (a 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Rockmoor Associates of Banner Elk 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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 whole. January 23, 1996 A member of Moores Rowland International An association of independent accounting firms throughout the world 1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261- 2646 910-889-5156 Fax 910-889-6168 Casey, Menden & Co., P.A. Certified Public Accountants 8000 Town Line Avenue South, Suite 202 Bloomington, Minnesota 55438-1000 (612) 946-7900 Fax (612) 946-7901 Michael A. Casey, C.P.A. John F. Menden, C.P.A. Douglas J. Faust, C.P.A. John C. Nelson, C.P.A. Donald G. Langewisch, C.P.A. Janet E. Casey Paula M. Meidl Stephen J. Devries Debra K. Campbell Michael A. Casey, Jr. Jennifer A. Caspers Minnesota Society of CPAs - American Institute of CPAs INDEPENDENT AUDITOR S REPORT To the Partners RPI Limited Partnership #22 St. Paul, Minnesota We have audited the accompanying balance sheets of RPI Limited Partnership #22 as of December 31, 1995 and 1994, and the related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States and OMB Circular A-128, "Audits of State and Local Governments. Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of RPI Limited Partnership #22 as of December 31, 1995 and 1994, and the results of its operations, changes in partners I equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. The supplemental information on pages 10 through 17 is not a required part of the basic financial statements of RPI Limited Partnership #22 but is supplemental information required by the Minnesota Housing Finance Administration. We have applied certain limited procedures, which consisted principally of inquiries of partnership management regarding the methods of measurement and presentation of the supplemental information. However, we did not audit the supplemental information and express no opinion on it. January 19, 1996 MUELLER & WALLA, P.C. Certified Public Accountants 10714 Manchester Road, Suite 202 Kirkwood, Missouri 63122 (314) 822-6575 INDEPENDENT AUDITORS' REPORT The Partners Scott City Associates III, L.P. Scott City, Missouri We have audited the accompanying balance sheets of Scott City Associates III, L.P. (a limited partnership) as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Scott City Associates III, L.P. as of December 31, 1995 and 1994, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Mueller & Walla, P.C. Certified Public Accountants February 6, 1996 Members American Institute Of Certified Public Accountants Missouri Society Of Certified Public Accountants GWEN WARD, P.C. Certified Public Accountant 609 University Drive Fort Worth, Texas 76107 (817) 336-5880 Member American Institute of CPAs - Texas Society of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of Shawnee Ridge, L.P. I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of December 31, 1995 and 1994, and the related statements of operations, partners, capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the 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 Shawnee Ridge, 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. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages I-17 and I-18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Fort Worth, Texas February 23, 1996 SMITH, MILES & COMPANY,L.C. CERTIFIED PUBLIC ACOUNTANTS 1230 AIRPORT ROAD P.O. BOX 1177 PANAMA CITY, FLORIDA 32402 Phone: (904) 785-0261 Fax: (904) 785-0263 INDEPENDENT AUDITORS' REPORT To the Partners Lakeridge Apartments of Eufaula, Ltd. Panama City, Florida We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., FMHA Project No: 01-0030592933800, as of December 31, 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 I s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeridge Apartments of Eufaula, Ltd., 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Panama City, Florida February 9, 1996 YORK. DILLINGHAM & COMPANY. P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS LARRY W. YORK P. 0 BOX 551 JOHN M. DILLINGHAM 1708 ALPINE DRIVE COLUMBIA. TENNESSEE 38402- 0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440 MEMBERS: AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A:S INDEPENDENT AUDITORS' REPORT BRANCH OFFICES- 219 N MILITARY AVE.. LAWRENCEBURG. TN TELEPHONE (615) 762-6877 147 LINDEN HWY.. CENTERVILLE. TN TELEPHONE (615) 729-3229 120 N. SECOND ST.. PULASKI, TN (615) 424-9063 To the Partners Waynesboro Associates, Limited We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No. : 48-091- 621385326, 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 and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No.: 48-091- 621385326, as of December 31, 1995 and 1994, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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 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. see January 26, 1996 - -2- David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS'REPORT To The Partner Autumn Wood Village Limited Partnership We have audited the accompanying balance sheets of AUTUMN WOOD VILLAGE LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 fire of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 WOOD VILLAGE LIMITED PARTNERSHIP as of December 31, 1994 and 1993, 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 of AUTUMN WOOD VILLAGE LIMITED PARTNERSHIP taken as a whole. The accompanying financial information listed as supplementary data in the table of contents is presented for purposes of additional analysis as required by Farmers Home Administration. The information in these schedules 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 of AUTUMN WOOD VILLAGE LIMITED PARTNERSHIP, taken as a whole. Savannah, Georgia February 24, 1995 DANIEL G. DRANE Certified Public Account 209 East Third Street P. 0. Box 577 Hardinsburg, Kentucky 40143 (502) 7561-5704 INDEPENDENT AUDITOR S REPORT To the Partners Burkesville Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Burkesville Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-029-025899601, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Burkesville Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITOR S REPORT To The Partners Carson Village Limited Partnership We have audited the accompanying balance sheets of CARSON VILLAGE LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 CARSON VILLAGE LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 DANIEL G. DRANE Certified Public Accountant 209 East Third Street P. 0. Box 577 Hardinsburg, Kentucky 40143 (502) 756-5704 INDEPENDENT AUDITOR S REPORT To the Partners Clarkson Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Clarkson Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-043-0611167952, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Clarkson Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 DANIEL G. DRANE Certified Public Accountant 209 East Third Street P. 0. Box 577 Hardinsburg, Kentucky 40143 (502) 756-5704 INDEPENDENT AUDITOR S REPORT To the Partners Evanwood Properties, Ltd. Leitchfield, Kentucky I have audited the accompanying balance sheets of Evanwood Properties, Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-014-0611145803, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits, as of and for the years ended December 31, 1994 and 1993 in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Evanwood Properties, Ltd., as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant March 9, 1995 David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS REPORT To The Partners Hamilton Village Limited Partnership We have audited the accompanying balance sheets of HAMILTON VILLAGE LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement of operations, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HAMILTON VILLAGE LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 DIXON ODOM & CO., L.L.P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Hunters Park Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Hunters Park United Partnership as of December 31, 1994 and 1993 and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hunters Park Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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 whole. January 12, 1995 Page 1 829 Eastchester Drive Page 1 P.O. Box 2646 High Point, NC 27261-2646 910-889-5156, Fax 910-889-6168 David G. Pelliccione, C.P.A., P. C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Jesup Limited Partnership We have audited the accompanying balance sheets of JESUP LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 JESUP LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Savannah, Georgia February 24, 1995 Bradley, Snipes, Gower & Associates, P.A. Certified Public Accountants P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001 P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026 Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA INDEPENDENT AUDITORS' REPORT The Partners Marlboro Place Associates Limited Partnership We have audited the accompanying balance sheets of Marlboro Place Associates Limited Partnership (a North Carolina Limited Partnership), as of December 31, 1994 and 1993, and the related statement of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of Marlboro Place Associates Limited 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 Marlboro Place Associates Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as -a whole. The 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. Respectfully Bradley, Snipes, Gower & Associates, P. A. Dunn, North Carolina January 25, 1995 Members/American Institute of CPAs, North Carolina Association of CPAs Robbins and Gautreau Certified Public Accountants (A Professional Corporation) Calvin L. Robbins, Jr. CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreu, CPA Cora Crisler Head, CPA Independent Auditors Report To the Partners of Melville Plaza Partnership We have audited the accompanying balance sheets of Melville Plaza Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership I s management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 4-cant 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 f financial position of Melville Plaza Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash f lows f or -the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 ROBBINS AND GAUTREAU CALVIN L ROBBINS, JR., CPA, CFE JOHN C. GAUTREAU, 11, CPA CERTIFIED PUBLIC ACCOUNTANTS JEFFREY CURT GAUTREAU, CPA (A PROFESSIONAL CORPORATION) CORA CRISLER HEAD, CPA Independent Auditors' Report To the Partners of Oakleigh Partnership We have audited the accompanying balance sheets of Oakleigh Partnership (A Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of 'the United States. 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 Oakleigh Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for 'the years then ended in conformity with generally accepted accounting principles. As discussed in Note 10 to the financial statements, an error in the allocation of partners' capital between the general and limited partners in 1993 was discovered during 1994. Accordingly, the 1994 Statement of Changes in Partners capital has been reinstated to correct that error. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITF, 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 Robbins & Gattreau Certified Public Accountants A Professional Corporation Independent Auditors' Report To the Partners of Oakleigh Partnership We have audited the accompanying balance sheets of Oakleigh Partnership (A Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of 'the United States. 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 Oakleigh Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for 'the years then ended in conformity with generally accepted accounting principles. As discussed in Note 10 to the financial statements, an error in the allocation of partners' capital between the general and limited partners in 1993 was discovered during 1994. Accordingly ,the 1994 Statement of Changes in Partners Capital has been restated to correct 'that error. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., Suite, 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 Robbins & Gattreau Certified Public Accountants A Professional Corporation Independent Auditors' Report To the Partners of Oakleigh Partnership We have audited the accompanying balance sheets of Oakleigh Partnership (A Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of 'the United States. 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 Oakleigh Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for 'the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE, 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 HOWE AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 21, 1995 INDEPENDENT Auditor s REPORT Partners PORTALES ESTATES, L.P. Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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 Governmental 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates LUDVIGSON, BRAUN & CO. Accountants and Auditions Foss Building Valley City, North Dakota 58072-0845 Phone 845-1457 Fax 845-8003 P.O. Box 845 R. B. Ludvigson. CPA (Retired) Raymond J. Braun, LPA Connie E. Winkler, LPA Arlie A. Braunberger, CPA James M. Lochow, CPA Muriel Haugen, CPA Joann Zerface, CPA INDEPENDENT AUDITORS' REPORT To the Partners Prairie West Apartments III, A Limited Partnership West Fargo, North Dakota We have audited the accompanying balance sheets of Prairie West Apartments III, A Limited Partnership, as of December 31, 1994 and 1993 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 Prairie West Apartments III, A Limited Partnership as of December 31, 1994 and 1993 and the results of its operations, the changes in partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the 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. Valley City, North Dakota January 31, 1995 Humiston, Shokan, Warren, & Eichenberger A Professional Corporation Certified Public Accountants West Des Moines Iowa INDEPENDENT AUDITORS' REPORT To the Partners Union Baptist Plaza, Limited Partnership West Des Moines, Iowa We have audited the accompanying balance sheets of UNION BAPTIST PLAZA, LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Union Baptist Plaza, Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. January 20, 1995 YORK. DILLINGHAM & COMPANY. P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS LARRY W. YORK P. 0 BOX 551 JOHN M. DILLINGHAM 1708 ALPINE DRIVE COLUMBIA. TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440 MEMBERS: AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A:S INDEPENDENT AUDITORS' REPORT BRANCH OFFICES- 219 N MILITARY AVE.. LAWRENCEBURG. TN TELEPHONE (615) 762-6877 147 LINDEN HWY.. CENTERVILLE. TN TELEPHONE (615) 729-3229 120 N. SECOND ST.. PULASKI, TN (615) 424-9063 To the Partners Waynesboro Associates, Limited We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No. : 48-091- 621385326, 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 and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, FMHA Project No.: 48-091- 621385326, as of December 31, 1995 and 1994, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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 audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia Tennessee January 20, 1996 - -2- Malvin, Riggins & Company, P.C. CERTIFIED PUBLIC ACCOUNTANTS MEMBERS AMERICAN INSTITUTE- OF CERTIFIED PUBLIC ACCOUNTANTS & VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Page 4 INDEPENDENT AUDITOR'S REPORT To the Partners Windsor II Limited Partnership We have audited the accompanying balance sheets of Windsor II Limited Partnership, (a Virginia limited partnership), FMHA Project No: 54-057-541440877, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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 December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements- An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Windsor II Limited Partnership, FmHA Project No.:54-057-541440877 as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO, CPA 12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - - Newport News, VA 23602 Telephone (804) 881-9600 - Facsimile (804) 881-9617 Page 5 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 17 through 26 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report and Analysis (Form 1930-8) Part I for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements- Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Malvin, Riggins & Company, Certified Public Accountants Newport News, Virginia February 3, 1995 ROBBINS AND GAUTREAU CERTIFIED PUBLIC ACCOUNTANTS (A PROFESSIONAL CORPORATION) CALVIN L ROBBINS, JR., CPA, CFE CORA CRISLER HEAD, CPA JOHN C. GAUTREAU, 11, CPA JEFFREY CURT GAUTREAU, CPA Independent: Auditors' Report To the Partners of Woodcrest Manor, L.P. We have audited the accompanying balance sheets of Woodcrest Manor, L. P. (A Mississippi Limited Partnership) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership s management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Woodcrest Manor, L. P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 United Plaza Blvd. Suite 202 Baton Rouge, Louisiana 70809 Phone (504) 924-6744 FAX (504) 929-6916 STEWART AMD KERR, PA Certified Public Accountants 6817 Falls of Neuse Road, Suite 106 Raleigh, North Carolina 27615 (919) 676-3115 Fax (919) 676-3866 MEMBER - ------ AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS - -------------------------------------------------------- To the Partners St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments Raleigh, North Carolina We have audited the accompanying balance sheets of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments, as of December 31, 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 audit. The financial statements of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1994 were audited by other auditors whose report dated January 24, 1995, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis or our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1995, and the results of its operations, and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1996 on our consideration of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments internal control structure and a report dated February 11, 1996 on its compliance with laws and regulations. STEWART AND KERR, PA Page 2 Our audit was conducted for the purpose of forming an opinion on the 1995 financial statements taken as a whole. The accompanying information on Pages 11-12 is presented for the purposes of additional analysis and is not a required part of the financial statements of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments. Such 1995 information has been subjected to the auditing procedures applied in the audit of the 1995 financial statements and, in our opinion, is fairly presented in all material respects in relation to the 1995 financial statements taken as a whole. Raleigh, North Carolina February 11, 1996 LITTLE, SHANEYFELT & CO. Certified Public Accountants 1501 N. University, Suite 300 Little Rock, Arkansas 72207-5232 Telephone (501) 666-2879 INDEPENDENT AUDITOR S REPORT To the Partners Beckwood Manor six Limited Partnership We have audited the accompanying balance sheets of Beckwood Manor Six Limited Partnership, RHCD Project No. 03-048-0710677265 (the Partnership), as of December 31, 1996 and 1995, and the related statements of profit (loss), changes in partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United states. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. in our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beckwood Manor Six Limited Partnership as of December 31, 1996 and 1995, 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 a report dated March 16, 1997, on our consideration of the Partnerships internal control structure and a report dated March 16, 1997 on its compliance with laws, regulations, contracts and grants. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information shown on pages 9 to 10 is presented for the purposes of additional analysis and are not a required part of the basic financial statements of the Partnership. such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Little, Shaneyfelt & Co. March 16, 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 Institute of CPAs - North Carolina Association of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of Brantwood Lane Limited Partnership Charlotte, North Carolina We have audited the balance sheets of Brantwood Lane Limited Partnership as of December 31, 1996 and 1995, and the related statements of partners' capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brantwood Lane Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards we have also issued a report dated January 31, 1997 on our consideration of Brantwood Lane Limited Partnership's internal control structure and a report dated January 31, 1997 on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the 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 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 31, 1997 100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335 (910) 892-1021 FAX (910) 892-6084 CRISP HUGHES & CO., L.L.P Certified Public Accountants and Consultants INDEPENDENT AUDITORS' REPORT To The Partners Breckenridge Apartments, Limited Partnership We have audited the accompanying balance sheets of Breckenridge Apartments, Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, changes in partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with gene rally accepted auditing standards, and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Breckenridge Apartments, Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1997 on our consideration of Breckenridge Apartments, Limited Partnership's internal control structure and a report dated February 11, 1997 on its compliance with laws and regulations. February 11, 1997 1 Creekview Court P.O. Box 25849 Greenville, South Carolina 29616 (864) 288-5544 FAX (864) 458-8519 Other Offices.- Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC Member of The American Institute of CPAs, The Continental Association of CPA Firms, Inc., The Intercontinental Accounting Associates and The North Carolina and South Carolina of CPAs GRAHAM & JENNINGS, PLC Certified Public Accountants Harold D. Carter (1931-1993) Jack G. Jennings Walter H. Graham Michael J. Carter INDEPENDENT AUDITOR S REPORT To the Partners Carriage Run Limited Partnership We have audited the accompanying balance sheets of Carriage Run Limited Partnership (a Virginia limited partnership), FmHA Project No.: 54-049-621449686, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits 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 Carriage Run Limited Partnership, FmHA Project No.: 54- 049621449686, as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. As described in Note G, Carriage Run Limited Partnership is a defendant in a wrongful death action alleging negligence and claiming compensatory and punitive damages. The ultimate outcome of the lawsuit is not presently determinable. Accordingly, no provision for liability, if any, has been made in 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 pages 12 and 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 1997 601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757) 873-0767 Fax (757) 873-6938 DIXON, ODOM & CO., L.L.P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Cedarwood Apartments Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Cedarwood Apartments Limited Partnership as of December 31, 1996 and 1995 and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cedarwood Apartments Limited Partnership as of December 31, 1996 and 1995 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 22, 1997 on our consideration of Cedarwood Apartments Limited Partnership's internal control structure and a report dated January 22, 1997 on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 22, 1997 A member of Moores Rowland International An Association of independent accounting firms throughout the world 1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261-2646 910-889-5156 Fax 910-889-6168 LAURIE A. LEE Certified Public Accountant 5446 Birchbrook Court Las Vegas, Nevada 89120 Telephone:(702) 456-2162 INDEPENDENT AUDITOR S REPORT To the Partners of Chaparral Associates: I have audited the balance sheets of Chaparral Associates, a Limited Partnership (the "Partnership") as of December 31, 1996 and 1995, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing standards issued by the Comptroller General of the United States, and the US Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 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, I have also issued our reports dated February 14, 1997 on my consideration of the Partnership's internal control and on its compliance with laws and regulations. The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 14, 1997 Member: American Institute Of CPAs - Nevada Society Of CPAs CRISP HUGHES & CO., L.L.P. INDEPENDENT AUDITORS' REPORT To The Partners Devenwood Apartments, A Limited Partnership We have audited the accompanying balance sheets of Devenwood Apartments, A Limited Partnership as of December 31, 1996 and 1995, and the related statements of operations, changes m partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted' auditing standards, and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the account' principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Devenwood Apartments, A Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1997 on our consideration of Devenwood Apartments, A Limited Partnership's internal control structure and a report dated February 11, 1997 on its compliance with laws and regulations. February 11, 1997 1 Creekview Court P.O. Box 25949 Greenville, South Carolina 29616 (864) 288-5544 FAX (864) 458-8519 Other Offices. Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC Member of: The American Institute of CPAs, The Continental Association of CPA Firms, Inc. - The Intercontinental Accounting Associates and The North Carolina and South Carolina Associates of CPAs McGEE & Associates, P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Franklin Vista 111, Ltd. and Rural Housing Service We have audited the accompanying balance sheets of Franklin Vista, III, Ltd. (a limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franklin Vista III, Ltd. 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. In accordance with Government Auditing Standards we have also issued a report dated January 17, 1997, on our consideration of the Partnership's internal control structure and a report dated January 17, 1997, on its compliance with laws and regulations. Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the financial statements of Franklin Vista III, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 17, 1997 Farmington, New Mexico FLOYD & COMPANY, CPA Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone: (912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Four Oaks Limited Partnership We have audited the accompanying balance sheets of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March l6, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform -the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & company, CPA February 28, 1997 REGARDIE, BROOKS & LEWIS Certified Public Accountants JEROME P. LEWIS, CPA JESSE A. KAISER, CPA CHARTERED NATHAN J. ROSEN, CPA PAUL J. GNATT, CPA CELSO T MATAAC, JR., CPA PHILIP R. BAKER. CPA 7101 WISCONSIN AVENUE - BETHESDA, MARYLAND 20814 DOUGLAS A. DOWUNG, CPA TEL (301) 654-9000 FAX (301) 656-3056 BRIAN J. GIGANTI, CPA DAVID A. BROOKS, CPA CONSULTANT BENJAMIN F. REGARDIE (1897-1973) February 21, 1997 INDEPENDENT AUDITOR'S REPORT To the Partners Friendship Village Limited Partnership Bethesda, Maryland We have audited the accompanying balance sheets of Friendship village ]Limited Partnership as of December 31, 1996 and 1995, and the related statements of income, partnership equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program handbook, dated December 1989. Those standards require that we plan and perform the audit- to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test- basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Friendship 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 our reports dated February 21, 1997 on our consideration of Friendship Village Limited Partnership's internal control structure and on its compliance with laws and regulations. Certified Public Accountants FLOYD & COMPANY, CPA Certified Public Accountant 306 Commercial Ave, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Hillmont Village Limited Partnership We have audited the accompanying balance sheets of Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hillmont Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Schonwit & Associates Certified Public Accountant 5 Anton Boulevard, Suite 500 Costa Mesa, California 92626 (714) 437-1025 FAX (714) 957-1678 INDEPENDENT AUDITOR'S REPORT To the Partners La Gema Del Barrio, A California Limited Partnership I have audited the accompanying balance sheet of La Gema Del Barrio, A California Limited Partnership, as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. The financial statements of La Gema Del Barrio, a California Limited Partnership, for the year ended December 31, 1995, as presented herein, were examined by another auditor whose report dated April4, 1996, expressed an unqualified opinion on those financial statements. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity, and cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 6 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. SCHONWIT & ASSOCIATES February 14, 1997 PLANTE MORAN, LLP Certified Public Accountants - Management Consultants 1111 Michigan Avenue P.O. Box 2500 East Lansing, Michigan 48826-2500 517-332-6200 FAX 517-332-8502 INDEPENDENT AUDITOR S REPORT To the Partners Lakeview Meadows Limited Dividend Housing Association Limited Partnership We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership), MSHDA Development No. 874, as of December 31, 1996 and 1995, and the related statements of profit and loss, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeview Meadows Limited Dividend Housing Association Limited Partnership as of December 31, 1996 and 1995, and its profit and loss, partners' equity, and its cash flows for the. years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 12, 1997, on our consideration of the Partnership's internal control structure and a report dated February 12, 1997, on its compliance with laws and regulations. February 12, 1997 A member of Moores Rowland International Burke & Rea Edward T. Burke, C.P.A Bernard E. Rea, C.P.A To the Partners Maidu Properties (A California Limited Partnership) Rocklin, California We have audited the accompanying balance sheets of Maidue Properties (A California Limited Partnership), as of December 31, 1996 and 1995 and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluting the overall financial statement presentation. We believe that our audits provide a reasonable basis of our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1996 and 1995, on pages 13 and 14, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opionion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Burke & Rea Stockton, California April 4, 1997 P.O. Box 4632 Stcokton, CA 95204 Telephone 209/933-9113 Fax 209/933-9115 H M & R P.C. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS'REPORT To the Partners Montague Place Limited Partnership Lansing, Michigan We have audited the accompanying balance sheets of Montague Place Limited Partnership (a Michigan limited partnership), FMHA Project. No. 26-079-0382937919 as of December 31, 1996 and 1995, and the related to statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Montague Place Limited Partnership as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11 to 20 is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Henderson, Miller & Robbins, P.C. Lansing, Michigan February 4, 1997 HENDERSON, MILLER & ROBBINS, RC. 1375 S. WASHINGTON Ave. Lansing MI 48910 517) 372-6565 - FAX (517) 372-6571 LAURIE A. LEE Certified Public Accountant 5446 Birchbrook Court Las Vegas, Nevada 89120 Telephone:(702)456-2162 INDEPENDENT AUDITOR S REPORT To the Partners of Navapai Associates: I have audited the balance sheets of Navapai Associates, a Limited Partnership (the "Partnership") as of December 31, 1996 and 1995, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 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, I have also issued my reports dated February 14, 1997 on my consideration of the Partnership's internal control and on its compliance with laws and regulations. The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 14, 1997 Member: American Institute Of CPAs - Nevada Society Of CPAs FLOYD & COMPANY Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone:(912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Oakland Village Limited Partnership We have audited the accompanying balance sheets of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, financial statements referred to above present fairly, in all material respects, the financial position of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 FRIEDMAN & FULLER, PC Certified Public Accountants - Management Consultants 2400 Research Boulevard, Suite 250 Rockville, Maryland 20850-3243 921-8000 Fax (301) 921-4700 E-mail: info@ffgroup.com URL: http://www.ffgroup.com/ Profitable Ideas for Growing Businesses INDEPENDENT AUDITOR'S REPORT To the Partners Stanardsville Village Limited Partnership RHS No. 54-48-541523939 North Main Street Stanardsville, Virginia 22973 We have audited the accompanying balance sheets of Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 1996 and 1995, and the related statements of operations, partners' capital (deficiency) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards and the Audit Program require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 29, 1997 FLOYD & COMPANY, CPA Certified Public Accountant 306 Commercial Drive, Suite 202 Savannah, Georgia 31406 Phone: (912) 355-9969 Post Office Box 14251 Savannah, Georgia 31416 INDEPENDENT AUDITORS' REPORT To the General Partners of Summer Lane Limited Partnership We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statement information for the year ending December 31, 1995 was audited by another independent certified public accountant who expressed and unqualified opinion dated March 16, 1996. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Floyd & Company, CPA February 28, 1997 Graham, Carter & Jennings, PLC Certified Public Accountants Harold D. Carter (1931-1993) Jack G. Jennings Walter H. Graham Michael J. Carter INDEPENDENT AUDITOR'S REPORT To the Partners Victoria Limited Partnership We have audited the accompanying balance sheets of Victoria Limited Partnership (a Virginia limited partnership), FmHA Project No.: 54-067-541518059, as of December 31, 1996 and 1995, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits 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 Victoria Limited Partnership, FmHA Project No.: 54-067-541518059, as of December 31, 1996 and 1995, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 12 and 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 3, 1997 601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757) 873-0767 Fax (757) 873-6938 STANCIL &COMPANY INDEPENDENT AUDITORS' REPORT To the Partners of Village Terrace Limited Partnership Raleigh, North Carolina We have audited the balance sheet of Village Terrace Limited Partnership as of December 31, 1996 and the related statements of loss, partners' capital, and cash flow for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements of Village Terrace Limited Partnership as of December 31, 1995, were audited by other auditors whose report dated February 2, 1996 and March 1, 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 Village Terrace Limited Partnership as of December 31, 1996 and the result of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 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 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. Raleigh, North Carolina March 4, 1997 CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS 1055 Dresser Court, Raleigh, North Carolina 27609, Tel: 919/872- 1260 Fax: 919/872-6182 Jack M. Stancil - Reginald L. Dupree - Henry L. White STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY Certified Public Accountants INDEPENDENT AUDITOR'S REPORT To the Partners Woodfield Commons Limited Partnership We have audited the accompanying balance sheets of Woodfield Commons Limited Partnership as of December 31, 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 Woodfield Commons 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 paces 12 and 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 15, 1997 2411 N. Hillcrest Parkway, P.O. Box 810, Eau Claire, WI 54702-0810 Phone (715) 832-3425 Fax (715) 832-1665 SADLER & LEBOWITZ Certified Public Accountants 3000 Marcus Avenue Lake Success, N.Y. 11042 516-352-0400 Fax 516-352-0494 MEMBERS - ------- AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NEW YORK SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Robert B. Lebowitz, CPA Melvin R. Sadler, CPA INDEPENDENT AUDITORS' REPORT - ---------------------------- To the Partners Bridge Coalition Limited Partnership We have audited the balance sheet of Bridge Coalition Limited Partnership as of December 31, 1995 and 1994, 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 Bridge Coalition Limited Partnership as of December 31, 1995 and 1994 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Lake Success, New York May 1, 1996 LITTLE, SHANEYFELT & CO. Certified Public Accountants 1501 N. University, Suite 300 Little Rock, Arkansas 72207-5232 Telephone (501) 666-2879 INDEPENDENT AUDITOR'S REPORT To the Partners Beckwood Manor Six Limited Partnership We have audited the accompanying balance sheets of Beckwood Manor Six Limited Partnership, FMHA Project No. 03-048-0710677265 (the Partnership), as of December 31, 1995 and 1994, and the related statements of profit (loss), changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beckwood Manor Six Limited Partnership as of December 31, 1995 and 1994, 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 a report dated March 11, 1996, on our consideration of the Partnership's internal control structure and a report dated March 11, 1996 on its compliance with laws, regulations, contracts and grants. Little, Shaneyfelt & Co. March 11, 1996 GRAHAM, CARTER & JENNINGS, PLC CERTIFIED PUBLIC ACCOUNTANTS Harold D. Carter (1931-1993) Jack G. Jennings Walter H. Graham Michael J. Carter Independent Auditor's Report To the Partners Carriage Run Limited Partnership We have audited the accompanying balance sheets of Carriage Run Limited Partnership (a Virginia limited partnership), FMHA Project No.: 54-049-621449686 as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing, Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Carriage Run Limited Partnership, FMHA Project No.: 54- 049621449686, as of December 31, 1995 and 1994, and the results of its operations, the 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 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. February 26, 1996 601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757) 873-0767 Fax (757) 873-6938 LAURIE A. LEE CERTIFIED PUBLIC ACCOUNTANT 5446 BIRCHBROOK COURT LAS VECIAS, NEVADA 89120 TELEPHONE: (702) 456-2162 INDEPENDENT AUDITOR S REPORT To the Partners of Chaparral Associates: I have audited the balance sheets of Chaparral Associates, a limited Partnership (the "Partnership") as of December 31, 1995 and 1994, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. MY responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditor s Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, I have also issued a report dated February 14, 1996 on my consideration of the Partnership's internal control structure and a report dated February 14, 1996 on its compliance with laws and regulations. The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 14, 1996 MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CRISP HUGHES & CO., L.L.P. Independent Auditors' Report To The Partners Devenwood Apartments, A Limited Partnership We have audited the accompanying balance sheets of Devenwood Apartments, A Limited Partnership as of December 31, 1995 and 1994, and the, related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are -the responsibility of the Partnership's management. Our responsibility is to express an o pinion 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 als67 includes 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 Devenwood Apartments, A Limited Partnership as of December 31,, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 1, 1996 on our consideration of Devenwood Apartments, A Limited Partnership's internal control structure and a report dated March 1, 1996 on its compliance with laws and regulations. March 1, 1996 2 1 Creekview Court P.O. Box 25849 Greenville, South Carolina 29616 (864) 288-5544 FAX (864) 458-8519 Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC Member of the American Institute Certified Public Accountants, The Continental Association of CPA Firms, Inc. The Intercontinental Accounting Associates and The North Carolina and South Carolina Associates of CPA s. NOVOGRADAC & COMPANY LLP Certified Public Accountants Atlanta Los Angeles Portland San Francisco Michael J. Novogradac Richard B. Hutchins Jon E. Krabbenschmidt Harry Abram Walter C. McJGill, Jr Scott J. Hubbard Stephen B. Tracy REPORT OF INDEPENDENT AUDITORS To the General Partner Haven Park Partners II, A California Limited Partnership We have audited the accompanying balance sheet of Haven Park Partners II, A California Limited Partnership as of December 31, 1995, and the related statements of operations, changes in 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 Haven Park Partners II, A California 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. February 16, 1996 425 Market Street 7th Floor San Francisco California 94105 Telephone (415) 356-8000 Facsimile (415) 356-8001 NOVOGRADAC & COMPANY LLP Certified Public Accountants Atlanta Los Angeles Portland San Francisco Michael J. Novogradac Richard B. Hutchins Jon E. Krabbenschmidt Harry Abram Walter C. McJGill, Jr Scott J. Hubbard Stephen B. Tracy REPORT OF INDEPENDENT AUDITORS To the General Partner Haven Park Partners III, A California Limited Partnership We have audited the accompanying balance sheet of Haven Park Partners III, A California Limited Partnership as of December 31, 1995, and the related statements of operations, changes in 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 Haven Park Partners III, A California 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. To the General Partner Haven Park Partners III, A California Limited Partnership February 16, 1996 425 Market Street 7th Floor San Francisco California 94105 Telephone (415) 356-8000 Facsimile (415) 356-8001 NOVOGRADAC & COMPANY LLP Certified Public Accountants Atlanta Los Angeles Portland San Francisco Michael J. Novogradac Richard B. Hutchins Jon E. Krabbenschmidt Harry Abram Walter C. McJGill, Jr Scott J. Hubbard Stephen B. Tracy REPORT OF INDEPENDENT AUDITORS To the General Partner Haven Park Partners IV, A California Limited Partnership We have audited the accompanying balance sheet of Haven Park Partners IV, A California Limited Partnership as of December 31, 1995, and the related statements of operations, changes in 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 Haven Park Partners IV, A California 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. February 16, 1996 425 Market Street 7th Floor San Francisco California 94105 Telephone (415) 356-8000 Facsimile (415) 356-8001 GRAHAM CARTER & JENNINGS,PLC CERTIFIED PUBLIC ACCOUNTANTS Harold D. Carter (1931-1993) Jack G. Jennings Walter H. Graham Michael J. Carter Independent Auditor's Report To the Partners Jarratt Limited Partnership We have audited the accompanying balance sheets of Jarratt Limited Partnership (a Virginia limited partnership), FMHA Project No.: 55-014-541507373 as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jarratt Limited Partnership, FMHA Project No.: 55-014-541507373, as of December 31, 1995 and 1994, and the results of its operations, the 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 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. February 26, 1996 601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757) 873-0767 Fax (757) 873-6938 PLANTE MORAN, LLP Certified Public Accountants - Management Consultants 1111 Michigan Avenue P.O. Box 2500 East Lansing, Michigan 48826-2500 517-332-6200 FAX 517-332-8502 INDEPENDENT AUDITOR S REPORT To the Partners Lakeview Meadows Limited Dividend Housing Association Limited Partnership We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership), MSHDA Development No. 874, as of December 31, 1995 and 1994, and the related statements of profit and loss, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeview Meadows Limited Dividend Housing Association Limited Partnership as of December 31, 1995 and 1994, and its profit and loss, partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 15, 1996, on our consideration of the Partnership's internal control structure and a report dated January 15, 1996, on its compliance with laws and regulations. January 15, 1996 A member of Moores Rowland International A worldwide association of independent accounting firms Tate, Propp, Beggs & Sugimoto Certified Public Accountants and Consultants INDEPENDENT AUDITORS' REPORT To the Partners Montague Enterprises A California Limited Partnership We have audited the accompanying balance sheet of Montague Enterprises, a California Limited Partnership, as of December 31, 1995. 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 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 Montague Enterprises as of December 31, 1995, in conformity with generally accepted accounting principles. An Accountancy Corporation May 15, 1996 Sacramento, California A Professional Corporation 1545 River Park Drive, Suite 375 Sacramento, California 95815 916.929.1006 FAX 916.929.0879 LAURIE A. LEE Certified Public Accountant 5446 Birchbrook Court Las Vegas, Nevada 89120 Telephone: (702) 456-2162 INDEPENDENT AUDITORIS REPORT To the Partners of Navapai Associates: I have audited the balance sheets of Navapai Associates, a Limited Partnership (the Partnership ) as of December 31, 1995 and 1994, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, I have also issued a report dated February 14, 1996 on my consideration of the Partnership's internal control structure and a report dated February 14, 1996 on its compliance with laws and regulations. The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 14, 1996 Member: American Institute and Nevada Society of CPAs J. Marc Hill Certified Public Accountant 12700 Preston Road, Suite 185 Dallas, Texas 75230 April 8, 1996 To the Partners of One Northridge Limited Partnership INDEPENDENT AUDITOR S REPORT LETTER I have audited the accompanying balance sheets of One Northridge Limited Partnership as of December 31, 1995 and 1994, and the related statements of operations, Gash flows and partners' equity (deficit) 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 One Northridge Limited Partnership as of December 31, 1995and 1994 and the results of operations and its 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 the basic financial statements taken as a whole. The supplemental information included is for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. J. Marc Hill Public Accountant DIXON, ODOM & CO., L.L.P. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Pine Ridge Elderly Apartments Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Pine Ridge Elderly 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1996 and 1995 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 16, 1997 A member of Moores Rowland International An association of independent accounting firms throughout the world 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 910-889-5156 Fax 910-889-6168 TAMA AND BUDAJ, P.C. Certified Public Accountants 32783 Middlebelt Road Farmington Hills, Michigan 48334-1726 (810) 626-3800 Fax (810) 626-2276 ELY TAMA, CPA JEFFREY F. BUDAJ, CPA BARTON A. LOWEN, CPA EMIL A. RAAB, CPA DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA SEAN M. DONOVAN, CPA American, Michigan, Florida & South Carolina Institutes of CPAs To the Partners of Rosewood Manor, Ltd. We have audited the accompanying balance sheet of ROSEWOOD MANOR, LTD. as of December 31, 1995 and 1994, and the related statements of operations, changes in partners' equity (deficit) and cash flows - project operations for the years then ended. 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 ROSEWOOD MANOR, LTD. , 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data on pages 10 through 17 inclusive has been subjected to the auditing procedures applied in the examination 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. We have also reviewed internal accounting controls and compliance with laws and regulations and have rendered our reports thereon on pages 18 through 20. TAMA AND BUDAJ, P.C. Farmington Hills, Michigan February 9, 1996 Bob T. Robinson Certified Public Accountant 2084 Dunbarton Drive Jackson, Mississippi 39216 (601) 982-3875 To the Partners Scott Partners, A Louisiana Partnership in Commendam INDEPENDENT AUDITOR S REPORT I have audited the accompanying balance sheet of Scott Partners, A Louisiana Partnership in Commendam 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 Scott Partners, A Louisiana Partnership in Commendam 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. 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 DIXON, ODOM & CO. L.L.P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments Raleigh, North Carolina We have audited the accompanying balance sheet of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments 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 The financial statements of St. Barnabas Ridge Limited Partnership as of December 31, 1995 were audited by other auditors whose report dated February 11, 1996 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 1996 financial statements referred to above present fairly, in all material respects, the financial position of St. Barnabas Ridge Limited Partnership as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 7, 1997 on our consideration of St. Barnabas Ridge Limited Partnership's internal control structure and a report dated February 7, 1997 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary 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 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 7, 1997 A member of Moores Rowland International An association of independent accounting firms throughout the world 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 910-889-5156 Fax 910-889-6168 David C. Moja, C.P.A. P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Summer Lane Limited Partnership We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. David C. Moja, C.P.A., P. March 11, 1996 Savannah, Georgia GRAHAM, CARTER & Jennings, PLC CERTIFIED PUBLIC ACCOUNTANTS Harold D. Carter (1931-1993) Jack G. Jennings Walter H. Graham Michael J. Carter Independent Auditor's Report To the Partners Victoria Limited Partnership We have audited the accompanying balance sheets of Victoria Limited Partnership (a Virginia limited partnership), FMHA Project No.: 54-067-41518059 as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Victoria Limited Partnership, FMHA Project No.: 54-067-541518053, as of December 31, 1995 and 1994, and the results of its operations, the 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 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. February 26, 1996 601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757) 873-0767 Fax (757) 873-6938 MAHONEY ULBRICH CHRISTIANSEN RUSS P.A. Certified Public Accountants Suite 800 Capital Centre 386 North Wabasha Saint Paul, Minnesota 55102 Telephone 612-227-6695 Fax 612-227-9796 To the Partners Zinsmaster Limited Partnership Minneapolis, Minnesota INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheets of Zinsmaster Limited Partnership (MHFA Project No. 88-R-029) as of December 31, 1995 and 1994, and the related statements of operations, partners' capital and cash flows, for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Zinsmaster 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. 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 11 through 16 is presented for the 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. Saint Paul, Minnesota January 24, 1996 BEALL & COMPANY, PLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT Ada Village Apartments, Ltd. (A Limited Partnership) Inola, Oklahoma We have audited the accompanying balance sheets of Ada Village Apartments, Ltd. (A Limited Partnership), FMHA Project No: 42- 062731398133 as of December 31, 1994 and 1993, and the related statements of operations, partners, capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ada Village Apartments, Ltd., as of December 31, 1994 and 1993, and the results of its operations, changes in partners, capital and its cash flows for the years then ended in conformity with generally accepted accounting principles. our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 15 through 21 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information presented on pages 15 and 16 excludes fees allocated to property and equipment relating to partnership syndication amounts, and as such does not present financial position in conformity with generally accepted accounting principles. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and in our opinion, except for the effects of excluding the items described above, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. BEALL & COMPANY Certified Public Accountants Independent Auditor s Report Fort Smith, Arkansas January 11, 1995 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr., C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth, C.P.A. Steven R.Bayer, C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr, C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. To the Partners Blanchard Seniors Apartments, A Louisiana Partnership In Commendam Mansfield, Louisiana We have compiled the accompanying balance sheets of Blanchard Seniors Apartments, A Louisiana Partnership In Commendam at December 31, 1994 and December 31, 1993, and the related statements of income and partners' capital for the years then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omitted substantially all of the disclosures and the statements of cash flows required by generally accepted accounting principles. If the omitted disclosures and statements of cash flows were included with the financial statements, they might influence the user's conclusions about the partnership's financial position, results of operations and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. Cole, Evans & Peterson Oscar N. Harris & Associates, P.A. Certified Public Accountants OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A. KENNETH E. MILTON, C.P.A. CONNIE P. STANCIL, C.P.A. MEMBERS: American Institute of CPAs - North Carolina Association of CPAs INDEPENDENT AUDITOR'S REPORT To the Partners of Brantwood Lane Limited Partnership Charlotte, North Carolina We have audited the balance sheets of Brantwood Lane Limited Partnership as of December 31, 1994 and 1993, and the related statements of partners' capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. 'Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards (1988 Revision) issued by the Comptroller General of the United States, and the audit programs provided by the U.S. Department of Agriculture- Farmers Home Administration (December 1989 Revision) issued by the Office of Inspector General. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brantwood Lane Limited Partnership as of December 31, 1994 and 1993, 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. Schedules 11111 and 11211 on pages 12 and 13 are 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 February 26, 1995 CRISP, HUGHES & CO., L.L.P. Certified Public Accountants And Consultants Independent Auditors' Report To The Partners Breckenridge Apartments, Limited Partnership We have audited the accompanying balance sheets of Breckenridge Apartments, Limited Partnership as of December 31, 1994 and 1993, and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with' generally accepted auditing standards, and with Governmental 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 Breckenridge Apartments, Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash, flows for the years then ended in conformity, with generally accepted accounting principles. January 25, 1995 2 1 Creekview Court P.O. Box 25849 Greenville, South Carolina 29616 (864) 288-5544 FAX (864) 458-8519 Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC Member of The American Institute of Certified Public Accountants, The Continental Association of CPA Firms, The Intercontinental Accounting Associates and the North Carolina and South Carolina Associates of CPA s Edmund A. Restivo, Jr. Ltd. Certified Public Accountant INDEPENDENT AUDITOR'S REPORT To the Partners Carleton Court Limited Partnership Boston, MA I have audited the accompanying balance sheets of Carleton Court Limited Partnership as of December 31, 1994, 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 Carleton Court Limited Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Carleton Court Limited Partnership as of December 31, 1994, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included in the report (shown on pages 14 to 24) is presented for purposes of additional analysis and is not a required part of the basic financial statements of Carleton Court Limited Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated, in all material respects, in relation to the financial statements taken as a whole. February 8, 1995 The Wilcox Building Penthouse Suite 42 Weybosset Street Providence, Rhode Island 02903 Telephone 401-331-0210 Fax 401-421-6799 DIXON, ODOM & CO., L. L. P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Cedarwood Apartments Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Cedarwood Apartments Limited Partnership as of December 31, 1994 and 1993 and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cedarwood Apartments Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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 whole. January 24, 1995 Page 1 A member of Moores 1829 Eastchester Drive Rowland International P.O. Box 2646 An association of independent High Point, NC 27261-2646 accounting firms throughout the world 910-889-5156 Fax 910-889-6168 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners Colorado City Seniors, A Limited Partnership Mansfield, Louisiana We have audited the accompanying balance sheets of Colorado City Seniors, A Limited Partnership at December 31, 1994 and December 31, 1993, and the related statements of income, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Colorado City Seniors, A Limited Partnership at December 31, 1994 and December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Cole, Evans & Peterson Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. To the Partners Cottonwood Apartments A Louisiana Partnership In Commendam Mansfield, Louisiana We have compiled the accompanying balance sheets (income tax basis) of Cottonwood Apartments A Louisiana Partnership In Commendam at December 31, 1994 and December 31, 1993, and the related statements (income tax basis) of income, and partners' capital for the years then ended in accordance with Statements on Standards of Accounting and Review Services issued by the American Institute of Certified Public Accountants. The financial statements have been prepared on the accounting basis used by the Partnership for federal income tax purposes, which is a comprehensive basis of accounting other than generally accepted accounting principles. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the income tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Partnership's financial position and results of operations. Accordingly, these financial statements are not designed for those who are not informed about such matters. Cole, Evans & Peterson DONALD W. CAUSEY, CPA, P.C. Certified Public Accountant P.O. Box 775 - 516 Walnut Street Gadsden, Alabama 35902 Telephone (205) 543-3707 Fax (205) 543-9800 INDEPENDENT AUDITOR S REPORT To the Partners Crystal Springs Associates, Ltd. Crystal Springs, Mississippi I have audited die accompanying balance sheets of Crystal Springs Associates, Ltd., a limited partnership, FmHA Project No.: 28-015- 630806036 as of December 31, 1994 and 1993, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence, supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that the audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Crystal Springs Associates, Ltd., FMHA Project No.: 28-015- 630806036 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. 'Me audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 9 through 11 is presented for purposes 'of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Year End Report and Analysis (Form FmHA 1930-8) Parts I through II for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Gadsden, Alabama January 27, 1995 BEALL & COMPANY, PLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT Davis Village Apartments, Ltd. (A Limited Partnership) Inola, Oklahoma We have audited the accompanying balance sheets of Davis Village Apartments, Ltd. (A Limited Partnership), FMHA Project No: 42-050- 731398137 as of December 31, 1994 and 1993, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of 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 Davis Village Apartments, Ltd. at December 31, 1994 and 1993, and the results of its operations, changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles. our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 14 through 20 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information presented on pages 14 and 15 excludes fees allocated to property and equipment relating to partnership syndication amounts, and as such does not present financial position in conformity with generally accepted accounting principles. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and in our opinion, except for the effects of excluding the items described above, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. BEALL & COMPANY Certified Public Accountants Fort Smith, Arkansas January 17, 1995 BEALL & COMPANY, PLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS REPORT Duncan Village Apartments, Ltd. (A Limited Partnership) Inola, Oklahoma We have audited the accompanying balance sheets of Duncan Village Apartments, Ltd. (A Limited Partnership), FMHA Project No: 42-069- 731398138, as of December 31, 1994 and 1993 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 Genera ' 1 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 Duncan Village Apartments, Ltd. at December 31, 1994 and 1993, and the results of its operations, changes in partners' capital (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles. our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 13 through 19 is presented for purpose of additional analysis and is not a required part of the basic financial statements. The information presented on pages 13 and 14 excludes fees allocated to property and equipment relating to partnership syndication amounts, and as such, does not present financial position in conformity with generally accepted accounting principles. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, except for the effect of excluding the items described above, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. BEALL & Co. Certified Public Accountants Fort Smith, Arkansas January 17, 1995 David G. Pelliccione, C.P.A., P.C. Post Office Box 1 Savannah, Georgia 31402 Delivery Address 202 East Liberty Street Savannah, Georgia 31401 Telephone (912) 234-1999 Fax (912) 234-0139 Member of American Institute of CPAs/ Georgia Society of CPAs INDEPENDENT AUDITORS' REPORT To The Partners Edison Village Limited Partnership We have audited the accompanying balance sheets of EDISON VILLAGE LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the related statement 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 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 performance the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 EDISON VILLAGE LIMITED PARTNERSHIP as of December 31, 1994 and 1993, 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 and opinion on the basic financial statements of EDISON VILLAGE LIMITED PARTNERSHIP taken as a whole. The accompanying financial information listed as supplementary data in the table of contents is presented for purposes of additional analysis as required by Farmers Home Administration. The information in these schedules 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 of EDISON VILLAGE LIMITED PARTNERSHIP, taken as a whole. Savannah, Georgia February 24, 1995 HOWE AND ASSOCIATES, PC CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 20, 1995 INDEPENDENT AUDITOR'S REPORT Partners EXCELSIOR SPRINGS PROPERTIES, LP Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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. 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates David C. Moja, C.P.A. P.O. Box 14212 Savannah, Georgia 31416 (912) 354-4141 INDEPENDENT AUDITORS' REPORT To the General Partners of Four Oaks Limited Partnership We have audited the accompanying balance sheets of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the portion marked "unaudited", on which we express no opinion, has been subjected to the procedures applied in the audits of the basic financial statements and, in @our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. David C. Moja, C.P.A., P.C. March 11, 1996 Savannah, Georgia McGee & Associates P.C. Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Franklin Vista III, Ltd. and Farmers Home Administration We have audited the accompanying balance sheets of Franklin Vista III, Ltd. (a limited partnership) as of December 31, 1994 and 1993, and the related statements of operations, partners' equity and cash f lows f or the years ended December 31, 1994 and 1993. These 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 Franklin Vista III, Ltd. as of December 31, 1994 and 1993, and the results of its operations and the changes in partners' equity and cash flows for the years ended December 31, 1994 and 1993 in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for the purposes of additional analysis and is not a required part of the financial statements of Franklin Vista III, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 20, 1995 Farmington, New Mexico ROBBINS AND GAUTREAU Certified Public Accountants (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Hessmer Village Partnership We have audited the accompanying balance sheets of Hessmer Village Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Hessmer Village Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, INDIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 Cole, Evans & Peterson Fifth Floor Travis Place Post Office Drawer 1768 Shreveport, Louisiana 71166-1768 Telephone (318) 222-8367 Telecopier (318) 425-4101 M. Alton Evans, Jr, C.P.A. Partner Emeritus William Jefferson Cole, C.P.A. A. William Peterson, C.P.A. Carol T. Barnes, C.P.A. C. William Gerardy, Jr.,C.P.A. Barry S. Shipp, C.P.A. Steven W. Hedgepeth,C.P.A. Steven R.Bayer.C.P.A. Gwendolyn H. Harju, C.P.A. Timothy R. Durr,C.P.A. Bailey B. Baynham, C.P.A. Robert A. Busby, C.P.A. John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A. Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A. Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A. Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A. David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A. J. Amy Hemmings,C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners Hughes Springs Seniors Apartments, A Limited Partnership Mansfield, Louisiana We have audited the accompanying balance sheets of Hughes Springs Seniors Apartments, A Limited Partnership at December 31, 1994 and December 31, 1993, and the related statements of income, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hughes Springs Seniors Apartments, A Limited Partnership at December 31, 1994 and December 31, 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Cole, Evans & Peterson Malvin, Riggins & Company, P.C. CERTIFIED PUBLIC ACCOUNTANTS MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Page 4 INDEPENDENT AUDITOR S REPORT To the Partners Kilmarnock Limited Partnership We have audited the accompanying balance sheets of Kilmarnock Limited Partnership, (a Virginia limited partnership), FMHA Project No.: S4-063-541475121, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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 December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation- We believe that our 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 Kilmarnock Limited Partnership, FMHA Project No.:54-063-S41475121 as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. FREDEPICK B. MALVIN, CPA - JOYCE RGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO, CPA 12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - - Newport News, VA 23602 Telephone (804) 881-9600 - Facsimile (804) 881-9617 Page 5 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 17 through 26 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information presented in the Year End Report and Analysis (Form FMHA 1930-8) Part I for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Malvin, Riggins & Company, P.C. Certified-Public Accountants Newport News, Virginia February 3, 1995 ROBBINS AND GAUTREAU Certified Public Accountants (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' REPORT To the Partners of Marion Manor Partnership We have audited the accompanying balance sheets of Marion Manor Partnership (A Louisiana Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership,' s management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 Marion Manor Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 HM&R P.C. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners Montague Place Limited Partnership Lansing, Michigan We have audited the accompanying balance sheets of Montague Place Limited Partnership (a Michigan limited partnership), FMHA Project. No. 26-079-0382937919 as of December 31, 1994 and 1993, 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Montague Place Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11 to 20 is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Henderson, Miller & Robbins, P.C. Lansing, Michigan February 14, 1995 HENDERSON, MILLER & ROBBINS, RC. 1375 S. Washington Ave. LANSING, Ml 48910 (517) 372-6565 Fax (517) 372-6571 ROBBINS AND GAUTREAU Certified Public Accountants (A Professional Corporation) Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA INDEPENDENT AUDITORS' To the Partners of Newellton Place Partnership We have audited the accompanying balance sheets of Newellton Place Partnership (A Partnership in Commendam) as of December 31, 1994 and 1993, and the related statements of changes in partners' capital, operations, and cash f lows for the years then ended. These financial statements are the responsibility of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Newellton Place Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. As discussed in Note 10 to the financial statements, an error in the allocation of partners' capital between the general and limited partners in 1993 was discovered during 1994. Accordingly the 1994 Statement of Changes in Partners Capital has been restated to correct that error. Certified Public Accountants February 15, 1995 Baton Rouge, Louisiana 8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809 PHONE (504) 924-6744 FAX (504) 929-6916 BEALL & COMPANY, PLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT Okemah Village Apartments, Ltd. (A Limited Partnership) Inola, Oklahoma We have audited the accompanying balance sheets of Okemah Village Apartments, Ltd. (A Limited Partnership), FMHA Project No: 42-054- 731398143 as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility ,of the Partnership's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used, and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Okemah Village Apartments, Ltd. at December 31, 1994 and 1993, and the results of its operations, changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles. our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 13 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information presented on pages 13 and 14 excludes fees allocated to property and equipment relating to partnership syndication amounts, and as such does not present financial position in conformity with generally accepted accounting principles. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and in our opinion, except for the effects of excluding the items described above, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. BEALL & COMPANY Certified Public Accountants Fort Smith, Arkansas January 18, 1995 DIXON ODOM & CO., L. L. P Certified Public Accountants To the Partners Pine Ridge Elderly Apartments Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1994 and 1993, 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 Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on 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 whole. January 12, 1995 A member of Moores Rowland International 1829 Eastchester Drive An association of independent accounting P.O. Box 2646 firms throughout the world. High Point, NC 27261- 2646 910-889-5156 FECTEAU & COMPANY, P.C. Certified Public Accountants Advisors of Taxation INDEPENDENT AUDITORS' REPORT To the Partners Schroon Lake Housing Redevelopment Company Rochester, New York We have audited the accompanying balance sheets of Schroon Lake Housing Redevelopment Company, (a New York Limited Partnership) as of December 31, 1994 and 1993 and the related statements of operations, partners' equity, and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the 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 presentations. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Schroon Lake Housing Redevelopment Company as of December 31, 1994 and 1993, in conformity with generally accepted accounting principles. FECTEAU & COMPANY, P.C. January 20, 1995 Albany, New York Executive Woods, 4 Atrium Drive, Albany, NY 12205 (518) 438-7400 FAX (518) 438-7444 Member American Institute of Certified Public Accountants (Private Companies Practice Section & Tax Division) New York state Society of CPA's HOWE AND ASSOCIATES, PC CERTIFIED PUBLIC ACCOUNTANTS 104 EAST BROADWAY COLUMBIA, MO 65203 February 22, 1995 INDEPENDENT AUDITOR'S REPORT Partners SMITHVILLE PROPERTIES, LP Re: For the Years Ended December 31, 1993 and December 31, 1994 We have audited the accompanying balance sheet and the related statements of income, owners' 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 Governmental 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 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 and results of operations and cash flows for the years then ended in conformity with generally accepted accounting principles. Howe and Associates, PC FRIEDMAN & FULLER, PC Certified Public Accountants - Management Consultants 2400 Research Boulevard, Second Floor Rockville, Maryland 20850-3243 Telephone (301) 921-8000 Fax (301) 921-4700 Profitable Ideas for Growing Businesses INDEPENDENT AUDITOR'S REPORT To the Partners Stanardsville Village Limited Partnership FMHA No. 54-048-0541523939 North Main Street Stanardsville, Virginia 22973 We have audited the accompanying balance sheets of Stanardsville Village Limited Partnership, FMHA No. 54-048-0541523939 as of December 31, 1994 and 1993, and the related statements of loss, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stanardsville Village Limited Partnership, FmHA No. 54-048- 0541523939 as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 25, 1995 8300 Boone Boulevard Eighth Floor Vienna, Virginia 22182 (703) 790-5252 DIXON ODOM & CO.,, L.L.P Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge Apartments Raleigh, North Carolina a have audited the accompanying balance sheet of St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1994 and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1993 were audited by other auditors whose report dated January 18, 1994 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 1994 financial statements referred to above present fairly, in all material respects, the financial position of St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1994 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 supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the 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 24, 1995 A member of Moores Rowland International An association of independent accounting firms throughout the world. 1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261-2646 910-889-5156 Malvin, Riggins & Company. P.C. CERTIFIED PUBLIC ACCOUNTANTS MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & VRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Page 4 INDEPENDENT AUDITOR'S REPORT To the Partners Toano III Limited Partnership We have audited the accompanying balance sheets of Toano III Limited Partnership, (a Virginia limited partnership), FMHA Project No.: 54-058-541440874, as of December 31, 1994 and 1993, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our 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 December 1989. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Toano III Limited Partnership, FMHA Project No.:54-058-541440874 as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles- FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO, CPA 12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - - Newport News, VA 23602 Telephone (804) 881-9600 - Facsimile (804) 881-9617 Page 5 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 17 through 26 is presented for purposes of additional analysis and is not a required part of the basic financial statements- The supplementary information presented in the Year End Report and Analysis (For FMHA 1930-8) Part I for the years ended December 31, 1994 and 1993, is presented for purposes of complying with the requirements of the Farmers Home Administration and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a who Malvin, Riggins & Company, P. Certified Public Accountants Newport News, Virginia February 3, 1995 BERRY, DUNN, McNEIL & PARKER CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS INDEPENDENT AUDITOR'S REPORT The Partners Topsham Housing Associates We have audited the accompanying balance sheet of Topsham Housing Associates, a limited partnership, FMHA Case No. 23-012-016080193 as of December 31, 1994 and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1994. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements and additional information of Topsham Housing Associates Limited Partnership as of and for the year ended December 31, 1993, were audited by other auditors whose report dated January 25, 1994, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statement referred to above present fairly, in all material respects, the financial position of Topsham Housing Associates, a limited partnership, as of December 31, 1994, 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information on pages 12 and 13 is presented solely for the use of the Farmers Home Administration Multiple Family Housing Borrower Balance Sheet, form FmHa 1930-8, as of December 31, 1994, 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, Portland, Maine February 8, 1995 Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire Manchester, New Hampshire JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, PA. SUITE 230 3100 UNIVERSITY BOULEVARD SOUTH JACKSONVILLE, FLORIDA 32216 (904) 725-5832 FAX (904) 727-6835 James Knutzen. C.P.A. M.B.A. Christina E. Gibson, C.P.A. Raju Iyer, C.P.A. Gregory Korn, C.P.A. Todd Middelmas, C.P.A. Wilson Trammell, C.P.A. MEMBER OF AMERICAN AND FLORIDA INSTITUTES OF CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners of Wildwood Terrace, Ltd. We have audited the accompanying balance sheets of Wildwood Terrace, Ltd. (a Florida Limited Partnership), FMHA Project No.: 09-060-0593009334, as of December 31, 1994 and 1993 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wildwood Terrace, Ltd. (a Florida Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations, partners' capital, and cash flows for the years then ended, in conformity with generally accepted accounting principles. STIENESSEN - SCHLEGEL & CO. Limited Liability Company Certified Public Accountants INDEPENDENT AUDITOR S REPORT To the Partners Woodfield Commons Limited Partnership We have audited the accompanying balance sheets of Woodfield Commons Limited Partnership as of December 31, 1994 and 1993, 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. 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 Woodfield Commons Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 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 Acountants February 2, 1995 2411 N. Hillcrest Parkway, P.O. Box 810, Eau Claire, WI 54702- 0810 Phone (715) 832-3425 Fax (715) 832-1665 5 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS March 31, 1997 and 1996 Total ----------------------------------- 1997 1996 ---------------- --------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 69,472,764 $ 80,065,183 OTHER ASSETS Cash and cash equivalents (note E) 1,725,325 1,862,286 Notes receivable (note F) 603,920 1,168,584 Deferred acquisition costs, net of accumulated amortization (notes A and C) 1,238,321 1,286,884 Organization costs, net of accumulated amortization (note A) - 9,828 Other 342,545 1,093,447 ---------------- --------------- $ 73,382,875 $ 85,486,212 ================ =============== LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ 14,877 Accounts payable - affiliates (note B) 11,654,634 9,118,716 Capital contributions payable (note C) 387,098 1,920,536 ---------------- --------------- 12,041,732 11,054,129 ---------------- --------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 18,679,738 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 18,679,738 issued and outstanding at March 31, 1997 and 1996 62,344,445 75,304,476 General partner (1,003,302) (872,393) ---------------- --------------- 61,341,143 74,432,083 ---------------- --------------- $ 73,382,875 $ 85,486,212 ================ ===============
(continued) F-5 6 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 7 ----------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 1,771,367 $ 2,897,708 OTHER ASSETS Cash and cash equivalents (note E) 12,008 4,874 Notes receivable (note F) - - Deferred acquisition costs, net of accumulated amortization (notes A and C) - - Organization costs, net of accumulated amortization (note A) - - Other 16,450 16,450 ------------------------ ----------------------- $ 1,799,825 $ 2,919,032 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Accounts payable - affiliates (note B) 730,326 590,023 Capital contributions payable (note C) - - ------------------------ ----------------------- 730,326 590,023 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,036,100 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,036,100 issued and outstanding at March 31, 1997 and 1996 1,148,730 2,395,645 General partner (79,231) (66,636) ------------------------ ----------------------- 1,069,499 2,329,009 ------------------------ ----------------------- $ 1,799,825 $ 2,919,032 ======================== =======================
(continued) F-6 7 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 9 --------------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 12,528,610 $ 15,204,634 OTHER ASSETS Cash and cash equivalents (note E) 566,836 658,264 Notes receivable (note F) - - Deferred acquisition costs, net of accumulated amortization (notes A and C) 22,182 23,052 Organization costs, net of accumulated amortization (note A) - - Other 14,009 12,351 ------------------------ ----------------------- $ 13,131,637 $ 15,898,301 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Accounts payable - affiliates (note B) 2,881,376 2,306,757 Capital contributions payable (note C) 4,590 99,610 ------------------------ ----------------------- 2,885,966 2,406,367 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 4,178,029 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,178,029 issued and outstanding at March 31, 1997 and 1996 10,503,554 13,717,355 General partner (257,883) (225,421) ------------------------ ----------------------- 10,245,671 13,491,934 ------------------------ ----------------------- $ 13,131,637 $ 15,898,301 ======================== =======================
(continued) F-7 8 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 10 --------------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 9,224,595 $ 10,398,970 OTHER ASSETS Cash and cash equivalents (note E) 144,428 152,625 Notes receivable (note F) - - Deferred acquisition costs, net of accumulated amortization (notes A and C) 87,755 91,197 Organization costs, net of accumulated amortization (note A) - - Other 38,979 38,979 ------------------------ ----------------------- $ 9,495,757 $ 10,681,771 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Accounts payable - affiliates (note B) 1,983,960 1,628,452 Capital contributions payable (note C) - - ------------------------ ----------------------- 1,983,960 1,628,452 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,428,925 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,428,925 issued and outstanding at March 31, 1997 and 1996 7,647,492 9,173,599 General partner (135,695) (120,280) ------------------------ ----------------------- 7,511,797 9,053,319 ------------------------ ----------------------- $ 9,495,757 $ 10,681,771 ======================== =======================
(continued) F-8 9 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 11 --------------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 11,085,975 $ 10,593,335 OTHER ASSETS Cash and cash equivalents (note E) 307,351 233,619 Notes receivable (note F) - - Deferred acquisition costs, net of accumulated amortization (notes A and C) 44,479 46,224 Organization costs, net of accumulated amortization (note A) - - Other 41,567 35,844 ------------------------ ----------------------- $ 11,479,372 $ 10,909,022 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Accounts payable - affiliates (note B) 1,300,073 974,392 Capital contributions payable (note C) 27,528 27,528 ------------------------ ----------------------- 1,327,601 1,001,920 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,489,599 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,489,599 issued and outstanding at March 31, 1997 and 1996 10,264,938 10,022,716 General partner (113,167) (115,614) ------------------------ ----------------------- 10,151,771 9,907,102 ------------------------ ----------------------- $ 11,479,372 $ 10,909,022 ======================== =======================
(continued) F-9 10 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 12 --------------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 11,946,248 $ 13,899,593 OTHER ASSETS Cash and cash equivalents (note E) 8,532 167,568 Notes receivable (note F) 60,336 - Deferred acquisition costs, net of accumulated amortization (notes A and C) 339,579 352,896 Organization costs, net of accumulated amortization (note A) - - Other 55,986 52,141 ------------------------ ----------------------- $ 12,410,681 $ 14,472,198 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Accounts payable - affiliates (note B) 1,628,384 1,245,117 Capital contributions payable (note C) 11,405 87,835 ------------------------ ----------------------- 1,639,789 1,332,952 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,972,795 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,972,795 issued and outstanding at March 31, 1997 and 1996 10,920,442 13,265,112 General partner (149,550) (125,866) ------------------------ ----------------------- 10,770,892 13,139,246 ------------------------ ----------------------- $ 12,410,681 $ 14,472,198 ======================== =======================
(continued) F-10 11 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 BALANCE SHEETS - CONTINUED March 31, 1997 and 1996 Series 14 --------------------------------------------------- 1997 1996 ------------------------ ----------------------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $ 22,915,969 $ 27,070,943 OTHER ASSETS Cash and cash equivalents (note E) 686,170 645,336 Notes receivable (note F) 543,584 1,168,584 Deferred acquisition costs, net of accumulated amortization (notes A and C) 744,326 773,515 Organization costs, net of accumulated amortization (note A) - 9,828 Other 175,554 937,682 ------------------------ ----------------------- $ 25,065,603 $ 30,605,888 ======================== ======================= LIABILITIES AND PARTNERS CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ 14,877 Accounts payable - affiliates (note B) 3,130,515 2,373,975 Capital contributions payable (note C) 343,575 1,705,563 ------------------------ ----------------------- 3,474,090 4,094,415 ------------------------ ----------------------- PARTNERS CAPITAL (note A) Assignor limited partner Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 5,574,290 issued and outstanding to the assignees at March 31, 1997 and 1996 - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,574,290 issued and outstanding at March 31, 1997 and 1996 21,859,289 26,730,049 General partner (267,776) (218,576) ------------------------ ----------------------- 21,591,513 26,511,473 ------------------------ ----------------------- $ 25,065,603 $ 30,605,888 ======================== =======================
See notes to financial statements F-11 12 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS Years ended March 31, 1997, 1996 and 1995 Total ----------------------------------------------------------- 1997 1996 1995 ------------------ ----------------- ----------------- Income Interest income $ 155,501 $ 65,468 $ 72,623 Miscellaneous income - - 6,100 ------------------ ----------------- ----------------- 155,501 65,468 78,723 ------------------ ----------------- ----------------- Share of losses from operating limited partnerships (note A) (10,464,997) (12,992,069) (14,053,018) ------------------ ----------------- ----------------- Expenses Professional fees 315,326 221,999 216,816 Partnership management fee (note B) 2,273,826 2,356,546 2,296,779 Amortization (note A) 58,391 109,832 117,259 General and administrative expenses (note B) 133,901 163,958 245,194 ------------------ ----------------- ----------------- 2,781,444 2,852,335 2,876,048 ------------------ ----------------- ----------------- $ (13,090,940) $ (15,778,936) $ (16,850,343) ================== ================= ================= Net loss allocated to general partner $ (130,909) $ (157,789) $ (168,503) ================== ================= ================= Net loss allocated to assignees $ (12,960,031) $ (15,621,147) $ (16,681,840) ================== ================= ================= Net loss per BAC $ (0.69) $ (0.84) $ (0.89) ================== ================= =================
(continued) F-12 13 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 7 ----------------------------------------------------------- 1997 1996 1995 ------------------ ----------------- ----------------- Income Interest income $ 222 $ 216 $ 429 Miscellaneous income - - 650 ------------------ ----------------- ----------------- 222 216 1,079 ------------------ ----------------- ----------------- Share of losses from operating limited partnerships (note A) (1,126,341) (867,319) (839,141) ------------------ ----------------- ----------------- Expenses Professional fees 20,369 19,823 18,723 Partnership management fee (note B) 106,774 107,256 108,653 Amortization (note A) - - 3,133 General and administrative expenses (note B) 6,248 6,650 11,644 ------------------ ----------------- ----------------- 133,391 133,729 142,153 ------------------ ----------------- ----------------- $ (1,259,510) $ (1,000,832) $ (980,215) ================== ================= ================= Net loss allocated to general partner $ (12,595) $ (10,008) $ (9,802) ================== ================= ================= Net loss allocated to assignees $ (1,246,915) $ (990,824) $ (970,413) ================== ================= ================= Net loss per BAC $ (1.20) $ (0.96) $ (0.94) ================== ================= =================
(continued) F-13 14 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 9 ----------------------------------------------------------- 1997 1996 1995 ------------------ ----------------- ----------------- Income Interest income $ 17,468 $ 25,217 $ 12,715 Miscellaneous income - - 1,150 ------------------ ----------------- ----------------- 17,468 25,217 13,865 ------------------ ----------------- ----------------- Share of losses from operating limited partnerships (note A) (2,660,814) (2,777,350) (3,302,891) ------------------ ----------------- ----------------- Expenses Professional fees 36,729 35,155 37,350 Partnership management fee (note B) 539,985 560,971 544,340 Amortization (note A) 870 870 14,858 General and administrative expenses (note B) 25,333 31,497 49,687 ------------------ ----------------- ----------------- 602,917 628,493 646,235 ------------------ ----------------- ----------------- $ (3,246,263) $ (3,380,626) $ (3,935,261) ================== ================= ================= Net loss allocated to general partner $ (32,462) $ (33,806) $ (39,353) ================== ================= ================= Net loss allocated to assignees $ (3,213,801) $ (3,346,820) $ (3,895,908) ================== ================= ================= Net loss per BAC $ (0.77) $ (0.80) $ (0.93) ================== ================= =================
(continued) F-14 15 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 10 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Income Interest income $ 3,951 $ 4,445 $ 4,067 Miscellaneous income - - 950 ---------------- --------------- --------------- 3,951 4,445 5,017 ---------------- --------------- --------------- Share of losses from operating limited partnerships (note A) (1,166,928) (1,426,332) (1,631,850) ---------------- --------------- --------------- Expenses Professional fees 30,509 30,562 31,623 Partnership management fee (note B) 324,407 343,505 322,413 Amortization (note A) 3,442 10,407 16,717 General and administrative expenses (note B) 20,187 23,542 37,434 ---------------- --------------- --------------- 378,545 408,016 408,187 ---------------- --------------- --------------- $ (1,541,522) $ (1,829,903) $ (2,035,020) ================ =============== =============== Net loss allocated to general partner $ (15,415) $ (18,299) $ (20,350) ================ =============== =============== Net loss allocated to assignees $ (1,526,107) $ (1,811,604) $ (2,014,670) ================ =============== =============== Net loss per BAC $ (0.63) $ (0.75) $ (0.83) ================ =============== ===============
(continued) F-15 16 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 11 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Income Interest income $ 5,692 $ 4,570 $ 4,869 Miscellaneous income - - 450 ---------------- --------------- --------------- 5,692 4,570 5,319 ---------------- --------------- --------------- Share of income (losses) from operating limited partnerships (note A) 579,030 (1,621,193) (1,766,133) ---------------- --------------- --------------- Expenses Professional fees 30,044 29,212 30,864 Partnership management fee (note B) 291,053 284,604 298,436 Amortization (note A) 1,745 10,109 16,729 General and administrative expenses (note B) 17,211 20,329 29,243 ---------------- --------------- --------------- 340,053 344,254 375,272 ---------------- --------------- --------------- $ 244,669 $ (1,960,877) $ (2,136,086) ================ =============== =============== Net income (loss) allocated to general partner $ 2,447 $ (19,609) $ (21,361) ================ =============== =============== Net income (loss) allocated to assignees $ 242,222 $ (1,941,268) $ (2,114,725) ================ =============== =============== Net income (loss) per BAC $ (0.10) $ (0.78) $ (0.85) ================ =============== ===============
(continued) F-16 17 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 12 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Income Interest income $ 2,674 $ 4,804 $ 7,012 Miscellaneous income - - 1,025 ---------------- --------------- --------------- 2,674 4,804 8,037 ---------------- --------------- --------------- Share of losses from operating limited partnerships (note A) (1,939,765) (2,179,426) (2,227,692) ---------------- --------------- --------------- Expenses Professional fees 46,798 36,776 35,245 Partnership management fee (note B) 347,953 353,184 359,903 Amortization (note A) 13,317 19,944 26,509 General and administrative expenses (note B) 23,195 27,052 39,612 ---------------- --------------- --------------- 431,263 436,956 461,269 ---------------- --------------- --------------- $ (2,368,354) $ (2,611,578) $ (2,680,924) ================ =============== =============== Net loss allocated to general partner $ (23,684) $ (26,116) $ (26,809) ================ =============== =============== Net loss allocated to assignees $ (2,344,670) $ (2,585,462) $ (2,654,115) ================ =============== =============== Net loss per BAC $ (0.79) $ (0.87) $ (0.89) ================ =============== ===============
(continued) F-17 18 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF OPERATIONS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 14 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Income Interest income $ 125,494 $ 26,216 $ 43,531 Miscellaneous income - - 1,875 ---------------- --------------- --------------- 125,494 26,216 45,406 ---------------- --------------- --------------- Share of losses from operating limited partnerships (note A) (4,150,179) (4,120,449) (4,285,311) ---------------- --------------- --------------- Expenses Professional fees 150,877 70,471 63,011 Partnership management fee (note B) 663,654 707,026 663,034 Amortization (note A) 39,017 68,502 39,313 General and administrative expenses (note B) 41,727 54,888 77,574 ---------------- --------------- --------------- 895,275 900,887 842,932 ---------------- --------------- --------------- $ (4,919,960) $ (4,995,120) $ (5,082,837) ================ =============== =============== Net loss allocated to general partner $ (49,200) $ (49,951) $ (50,828) ================ =============== =============== Net loss allocated to assignees $ (4,870,760) $ (4,945,169) $ (5,032,009) ================ =============== =============== Net loss per BAC $ (0.87) $ (0.89) $ (0.90) ================ =============== ===============
See notes to financial statements F-18 19 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL Years ended March 31, 1997, 1996 and 1995 Total Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 107,607,463 $ (546,101) $ 107,061,362 Net loss (16,681,840) (168,503) (16,850,343) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 90,925,623 (714,604) 90,211,019 Net loss (15,621,147) (157,789) (15,778,936) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 75,304,476 (872,393) 74,432,083 Net loss (12,960,031) (130,909) (13,090,940) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 62,344,445 $ (1,003,302) $ 61,341,143 ================ =============== ===============
(continued) F-19 20 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 7 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 4,356,882 $ (46,826) $ 4,310,056 Net loss (970,413) (9,802) (980,215) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 3,386,469 (56,628) 3,329,841 Net loss (990,824) (10,008) (1,000,832) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 2,395,645 (66,636) 2,329,009 Net loss (1,246,915) (12,595) (1,259,510) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 1,148,730 $ (79,231) $ 1,069,499 ================ =============== ===============
Series 9 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 20,960,083 $ (152,262) $ 20,807,821 Net loss (3,895,908) (39,353) (3,935,261) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 17,064,175 (191,615) 16,872,560 Net loss (3,346,820) (33,806) (3,380,626) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 13,717,355 (225,421) 13,491,934 Net loss (3,213,801) (32,462) (3,246,263) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 10,503,554 $ (257,883) $ 10,245,671 ================ =============== ===============
(continued) F-20 21 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 10 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 12,999,873 $ (81,631) $ 12,918,242 Net loss (2,014,670) (20,350) (2,035,020) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 10,985,203 (101,981) 10,883,222 Net loss (1,811,604) (18,299) (1,829,903) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 9,173,599 (120,280) 9,053,319 Net loss (1,526,107) (15,415) (1,541,522) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 7,647,492 $ (135,695) $ 7,511,797 ================ =============== ===============
Series 11 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 14,078,709 $ (74,644) $ 14,004,065 Net loss (2,114,725) (21,361) (2,136,086) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 11,963,984 (96,005) 11,867,979 Net loss (1,941,268) (19,609) (1,960,877) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 10,022,716 (115,614) 9,907,102 Net income 242,222 2,447 244,669 ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 10,264,938 $ (118,167) $ 10,151,771 ================ =============== ===============
(continued) F-21 22 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 12 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 18,504,689 $ (72,941) $ 18,431,748 Net loss (2,654,115) (26,809) (2,680,924) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 15,850,574 (99,750) 15,750,824 Net loss (2,585,462) (26,116) (2,611,578) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 13,265,112 (125,866) 13,139,246 Net loss (2,344,670) (23,684) (2,368,354) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 10,920,442 $ (149,550) $ 10,770,892 ================ =============== ===============
Series 14 Assignees General partner Total - ------------------------------------------- ---------------- --------------- --------------- Partners capital (deficit), March 31, 1994 $ 36,707,227 $ (117,797) $ 36,589,430 Net loss (5,032,009) (50,828) (5,082,837) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1995 31,675,218 (168,625) 31,506,593 Net loss (4,945,169) (49,951) (4,995,120) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1996 26,730,049 (218,576) 26,511,473 Net loss (4,870,760) (49,200) (4,919,960) ---------------- --------------- --------------- Partners capital (deficit), March 31, 1997 $ 21,859,289 $ (267,776) $ 21,591,513 ================ =============== ===============
See notes to financial statements F-22 23 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS Years ended March 31, 1997, 1996 and 1995 Total ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Cash flows from operating activities Net loss $ (13,090,940) $ (15,778,936) $ (16,850,343) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships 106,453 101,256 55,360 Share of losses from operating limited partnerships 10,464,997 12,992,069 14,053,018 Amortization 58,391 109,832 117,259 Changes in assets and liabilities Accounts payable and accrued expenses 2,521,041 2,492,807 2,532,623 Prepaid expenses - - 11,084 Other assets 2,297 415,503 (11,793) ---------------- --------------- --------------- Net cash provided by (used in) operating activities 62,239 332,531 (92,792) ---------------- --------------- --------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - (9,216) Capital contributions paid to operating limited partnerships (620,884) (768,934) (1,839,134) Deposits for purchases of operating limited partnerships - - 242,205 Repayment from (advance to) operating limited partnerships 421,684 - 401,272 Decrease (increase) in investments - - 1,775,612 Proceeds from repurchase of operating limited partnership interest - - 190,001 ---------------- --------------- --------------- Net cash provided by (used in) investing activities (199,200) (768,934) 760,740 ---------------- --------------- --------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (136,961) (436,403) 667,948 Cash and cash equivalents, beginning 1,862,286 2,298,689 1,630,741 ---------------- --------------- --------------- Cash and cash equivalents, end $ 1,725,325 $ 1,862,286 $ 2,298,689 ================ =============== ===============
(continued) F-23 24 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Total ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ 787,615 ================ =============== =============== The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ 8,572 $ 60,116 $ 78,792 ================ =============== =============== The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ 20,969 $ 26,305 $ 51,995 ================ =============== =============== The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ 81,084 ================ =============== =============== The partnership has applied notes receivable and advances against installments of capital contributions $ 902,811 $ - $ - ================ =============== ===============
(continued) F-24 25 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 7 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Cash flows from operating activities Net loss $ (1,259,510) $ (1,000,832) $ (980,215) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships - 2,258 - Share of losses from operating limited partnerships 1,126,341 867,319 839,141 Amortization - - 3,133 Changes in assets and liabilities Accounts payable and accrued expenses 140,303 122,085 128,494 Prepaid expenses - - - Other assets - - - ---------------- --------------- --------------- Net cash provided by (used in) operating activities 7,134 (9,170) (9,447) ---------------- --------------- --------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - - Capital contributions paid to operating limited partnerships - - (1,378) Deposits for purchases of operating limited partnerships - - - Repayment from (advance to) operating limited partnerships - - - Decrease (increase) in investments - - - Proceeds from repurchase of operating limited partnership interest - - - ---------------- --------------- --------------- Net cash provided by (used in) investing activities - - (1,378) ---------------- --------------- --------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,134 (9,170) (10,825) Cash and cash equivalents, beginning 4,874 14,044 24,869 ---------------- --------------- --------------- Cash and cash equivalents, end $ 12,008 $ 4,874 $ 14,044 ================ =============== ===============
(continued) F-25 26 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 7 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- --------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ - ================ =============== =============== The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ - $ - $ 15,248 ================ =============== =============== The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ - $ - $ - ================ =============== =============== The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ - ================ =============== =============== The partnership has applied notes receivable and advances against installments of capital contributions $ - $ - $ - ================ =============== ===============
(continued) F-26 27 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 9 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Cash flows from operating activities Net loss $ (3,246,263) $ (3,380,626) $ (3,935,261) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships 4,980 4,554 5,845 Share of losses from operating limited partnerships 2,660,814 2,777,350 3,302,891 Amortization 870 870 14,858 Changes in assets and liabilities Accounts payable and accrued expenses 574,619 584,663 554,924 Prepaid expenses - - 3,200 Other assets - 82,981 86,522 ---------------- --------------- ---------------- Net cash provided by (used in) operating activities (4,980) 69,792 32,979 ---------------- --------------- ---------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - - Capital contributions paid to operating limited partnerships (86,448) (124,017) (500,371) Deposits for purchases of operating limited partnerships - - - Repayment from (advance to) operating limited partnerships - - - Decrease (increase) in investments - - 794,961 Proceeds from repurchase of operating limited partnership interest - - - ---------------- --------------- ---------------- Net cash provided by (used in) investing activities (86,448) (124,017) 294,590 ---------------- --------------- ---------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (91,428) (54,225) 327,569 Cash and cash equivalents, beginning 658,264 712,489 384,920 ---------------- --------------- ---------------- Cash and cash equivalents, end $ 566,836 $ 658,264 $ 712,489 ================ =============== ================
(continued) F-27 28 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 9 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ 14,566 ================ =============== ================ The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ 8,572 $ 32,046 $ 53,025 ================ =============== ================ The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ 10,230 $ - $ - ================ =============== ================ The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ - ================ =============== ================ The partnership has applied notes receivable and advances against installments of capital contributions $ - $ - $ - ================ =============== ================
(continued) F-28 29 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 10 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Cash flows from operating activities Net loss $ (1,541,522) $ (1,829,903) $ (2,035,020) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships 7,447 947 7,691 Share of losses from operating limited partnerships 1,166,928 1,426,332 1,631,850 Amortization 3,442 10,407 16,717 Changes in assets and liabilities Accounts payable and accrued expenses 355,508 371,404 355,512 Prepaid expenses - - 3,476 Other assets - 265 71,245 ---------------- --------------- ---------------- Net cash provided by (used in) operating activities (8,197) (20,548) 51,471 ---------------- --------------- ---------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - - Capital contributions paid to operating limited partnerships - (10,014) (134,401) Deposits for purchases of operating limited partnerships - - - Repayment from (advance to) operating limited partnerships - - - Decrease (increase) in investments - - 67,928 Proceeds from repurchase of operating limited partnership interest - - - ---------------- --------------- ---------------- Net cash provided by (used in) investing activities - (10,014) (66,473) ---------------- --------------- ---------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (8,197) (30,562) (15,002) Cash and cash equivalents, beginning 152,625 183,187 198,189 ---------------- --------------- ---------------- Cash and cash equivalents, end $ 144,428 $ 152,625 $ 183,187 ================ =============== ================
(continued) F-29 30 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 10 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ - ================ =============== ================ The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ - $ - $ - ================ =============== ================ The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ - $ - $ 17,540 ================ =============== ================ The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ - ================ =============== ================ The partnership has applied notes receivable and advances against installments of capital contributions $ - $ - $ - ================ =============== ================
(continued) F-30 31 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 11 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Cash flows from operating activities Net income (loss) $ 244,669 $ (1,960,877) $ (2,136,086) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Distribution from operating limited partnerships 80,667 90,443 7,854 Share of income (losses) from operating limited partnerships (579,030) 1,621,193 1,766,133 Amortization 1,745 10,109 16,729 Changes in assets and liabilities Accounts payable and accrued expenses 325,681 325,679 325,678 Prepaid expenses - - - Other assets - - 3,101 ---------------- --------------- ---------------- Net cash provided by (used in) operating activities 73,732 86,547 (16,591) ---------------- --------------- ---------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - - Capital contributions paid to operating limited partnerships - - (223,655) Deposits for purchases of operating limited partnerships - - - Repayment from (advance to) operating limited partnerships - - - Decrease (increase) in investments - - - Proceeds from repurchase of operating limited partnership interest - - 190,001 ---------------- --------------- ---------------- Net cash provided by (used in) investing activities - - (33,654) ---------------- --------------- ---------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 73,732 86,547 (50,245) Cash and cash equivalents, beginning 233,619 147,072 197,317 ---------------- --------------- ---------------- Cash and cash equivalents, end $ 307,351 $ 233,619 $ 147,072 ================ =============== ================
(continued) F-31 32 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 11 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ - ================ =============== ================ The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ - $ - $ - ================ =============== ================ The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ 5,723 $ 11,446 $ 14,606 ================ =============== ================ The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ - ================ =============== ================ The partnership has applied notes receivable and advances against installments of capital contributions $ - $ - $ - ================ =============== ================
(continued) F-32 33 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 12 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Cash flows from operating activities Net loss $ (2,368,354) $ (2,611,578) $ (2,680,924) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships 9,735 1,087 482 Share of losses from operating limited partnerships 1,939,765 2,179,426 2,227,692 Amortization 13,317 19,944 26,509 Changes in assets and liabilities Accounts payable and accrued expenses 383,267 383,268 383,268 Prepaid expenses - - - Other assets - - 34,083 ---------------- --------------- ---------------- Net cash provided by (used in) operating activities (22,270) (27,853) (8,890) ---------------- --------------- ---------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - (524) Capital contributions paid to operating limited partnerships (76,430) - (354,668) Deposits for purchases of operating limited partnerships - - 341,929 Repayment from (advance to) operating limited partnerships (60,336) - - Decrease (increase) in investments - - - Proceeds from repurchase of operating limited partnership interest - - - ---------------- --------------- ---------------- Net cash provided by (used in) investing activities (136,766) - (13,263) ---------------- --------------- ---------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (159,036) (27,853) (22,153) Cash and cash equivalents, beginning 167,568 195,421 217,574 ---------------- --------------- ---------------- Cash and cash equivalents, end $ 8,532 $ 167,568 $ 195,421 ================ =============== ================
(continued) F-33 34 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 12 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ - ================ =============== ================ The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ - $ - $ - ================ =============== ================ The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ 3,845 $ 7,689 $ 19,164 ================ =============== ================ The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ 81,084 ================ =============== ================ The partnership has applied notes receivable and advances against installments of capital contributions $ - $ - $ - ================ =============== ================
(continued) F-34 35 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 14 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Cash flows from operating activities Net loss $ (4,919,960) $ (4,995,120) $ (5,082,837) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Distribution from operating limited partnerships 3,624 1,967 33,488 Share of losses from operating limited partnerships 4,150,179 4,120,449 4,285,311 Amortization 39,017 68,502 39,313 Changes in assets and liabilities Accounts payable and accrued expenses 741,663 705,708 784,747 Prepaid expenses - - 4,408 Other assets 2,297 332,257 (207,744) ---------------- --------------- ---------------- Net cash provided by (used in) operating activities 16,820 233,763 (143,314) ---------------- --------------- ---------------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - (8,692) Capital contributions paid to operating limited partnerships (458,006) (634,903) (624,661) Deposits for purchases of operating limited partnerships - - (99,724) Repayment from (advance to) operating limited partnerships 482,020 - 401,272 Decrease (increase) in investments - - 913,723 Proceeds from repurchase of operating limited partnership interest - - - ---------------- --------------- ---------------- Net cash provided by (used in) investing activities 24,014 (634,903) 581,918 ---------------- --------------- ---------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 40,834 (401,140) 438,604 Cash and cash equivalents, beginning 645,336 1,046,476 607,872 ---------------- --------------- ---------------- Cash and cash equivalents, end $ 686,170 $ 645,336 $ 1,046,476 ================ =============== ================
(continued) F-35 36 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 STATEMENTS OF CASH FLOWS - CONTINUED Years ended March 31, 1997, 1996 and 1995 Series 14 ------------------------------------------------------ 1997 1996 1995 ---------------- --------------- ---------------- Supplemental schedule of noncash investing and financing activities The partnership has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ 773,049 ================ =============== ================ The partnership has decreased its capital contribution obligation to the operating limited partnerships for low income tax credits not generated $ - $ 28,070 $ 10,519 ================ =============== ================ The partnership has adjusted its investment in operating limited partnerships for low income tax credits not generated $ 1,171 $ 7,170 $ 685 ================ =============== ================ The partnership has applied deposits for purchases of operating limited partnerships against installments of capital contributions $ - $ - $ - ================ =============== ================ The partnership has applied notes receivable and advances against installments of capital contributions $ 902,811 $ - $ - ================ =============== ================
See notes to financial statements F-36 37 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS March 31, 1997, 1996 and 1995 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Boston Capital Tax Credit Fund II Limited Partnership (the "partner- ship") was formed under the laws of the State of Delaware on June 28, 1989, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure; accordingly, the apartment complexes are restricted as to rent charges and operating methods and are subject to the provisions of Section 42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the partnership is Boston Capital Associates II Limited Partnership and the limited partner is BCTC Assignor Corp. II (the assignor limited partner). Pursuant to the Securities Act of 1933, the partnership filed a Form S- 11 Registration Statement with the Securities and Exchange Commission, effective August 29, 1988, which covered the offering (the "Public Offering") of the partnership's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The partnership registered 20,000,000 BACs at $10 per BAC for sale to the public in six series. BACs sold in bulk over $100,000 were offered to investors at a reduced cost per BAC. The partnership is no longer selling any BACs related to any series. The final closing in Series 14 was January 27, 1993. The BACs issued and outstanding in each series at March 31, 1997 and 1996 are as follows: Series 7 1,036,100 Series 9 4,178,029 Series 10 2,428,925 Series 11 2,489,599 Series 12 2,972,795 Series 14 5,574,290 ------------ Total 18,679,738 ============
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. F-37 38 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Organization Costs Initial organization and offering expenses, common to all series, were allocated on a percentage of equity raised to each series. Organization costs were being amortized on the straight-line method over sixty months. Accumulated amortization for the years ended March 31, 1997 and 1996 is as follows: 1997 1996 ---------------- --------------- Series 7 $ 44,056 $ 44,056 Series 9 156,077 156,077 Series 10 90,168 90,168 Series 11 91,182 91,182 Series 12 104,791 104,791 Series 14 196,563 186,735 ---------------- --------------- $ 682,837 $ 673,009 ================ ===============
Deferred Acquisition Costs Deferred acquisition costs are being amortized on the straight-line method starting April 1, 1995 over 27.5 years (330 months). As of April 1, 1995, the partnership reclassified certain unallocated acquisition costs included in the investments in operating limited partnerships to deferred acquisition costs. The amounts include $23,920, $94,634, and $47,968 for Series 9, Series 10 and Series 11, respectively. F-38 39 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Deferred Acquisition Costs (Continued) Accumulated amortization for the years ended March 31, 1997 and 1996 is as follows: 1997 1996 ------------------ ----------------- Series 7 $ - $ - Series 9 1,740 870 Series 10 6,883 3,441 Series 11 3,489 1,744 Series 12 26,634 13,317 Series 14 58,379 29,190 ------------------ ----------------- $ 97,125 $ 48,562 ================== =================
Income Taxes No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually. Investments in Operating Limited Partnerships The partnership accounts for its investments in operating limited partnerships using the equity method of accounting. Under the equity method of accounting, the partnership adjusts its investment cost for its share of each operating limited partnership's results of operations and for any distributions received or accrued. However, the partnership recognizes individual operating partnership's losses only to the extent that the fund s share of losses of the operating partnerships exceeds the carrying amount of the investment. Unrecognized losses are suspended and offset against future individual operating partnership's income. No operating partnerships were acquired during 1996 or 1997. 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. F-39 40 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments in Operating Limited Partnerships (Continued) 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 investment in o p erating 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. Cash Equivalents Cash equivalents include tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying amounts approximates fair value because of the short maturity of these instruments. Fiscal Year For financial reporting, all the series use a March 31 year end, whereas for income tax reporting, each series uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. Net Loss per Beneficial Assignee Certificate Net loss per beneficial assignee certificate is calculated based upon the weighted average number of units outstanding. The weighted average number of units outstanding in each series at March 31, 1997, 1996 and 1995 is as follows: F-40 41 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Loss per Beneficial Assignee Certificate (Continued) ----------- Series 7 1,036,100 Series 9 4,178,029 Series 10 2,428,925 Series 11 2,489,599 Series 12 2,972,795 Series 14 5,574,290 ------------ Total 18,679,738 ============
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, 1996, the operating partnerships adopted Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting for Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of." This standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Implementation of this statement did not materially impact the partnership's financial statements. Recent Accounting Statements Not Yet Adopted In February 1997, the Financial Accounting Standards Board issued 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. SFAS No. 128 and SFAS No. 129 are effective for fiscal years ending after December 15, 1997 and earlier application is not permitted. The implementation of these standards is not expected to materially impact the partnership's financial statements because partnership's earnings per share would not be significantly affected and the disclosures regarding the capital structure in the financial statements would not be significantly changed. F-41 42 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 1997, 1996 and 1995, the partnership entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership) as follows: Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership) is entitled to an annual partnership management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnership and 99% of the permanent financing at The operating limited partnership level. The annual partnership management fees charged to each series' operations during the years ended March 31, 1997, 1996 and 1995 are as follows: 1997 1996 1995 ---------------- --------------- --------------- Series 7 $ 106,774 $ 107,256 $ 108,653 Series 9 539,985 560,971 544,340 Series 10 324,407 343,505 322,413 Series 11 291,053 284,604 298,436 Series 12 347,953 353,184 359,903 Series 14 663,654 707,026 663,034 ---------------- --------------- --------------- $ 2,273,826 $ 2,356,546 $ 2,296,779 ================ =============== ===============
General and administrative expenses incurred by Boston Capital Partners, Inc. and Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership) during the years ended March 31, 1997, 1996 and 1995 charged to each series' operations are as follows: 1997 1996 1995 ---------------- --------------- --------------- Series 7 $ 518 $ 742 $ 2,966 Series 9 15,827 17,895 8,278 Series 10 12,050 12,777 8,508 Series 11 10,562 12,577 7,834 Series 12 13,990 16,322 9,407 Series 14 25,277 24,618 16,239 ---------------- --------------- --------------- $ 78,224 $ 84,931 $ 53,232 ================ =============== ===============
F-42 43 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE B - RELATED PARTY TRANSACTIONS (Continued) Accounts payable - affiliates at March 31, 1997 and 1996 represents general and administrative expenses, partnership management fees, and may include advances which are payable to Boston Capital Partners, Inc., Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership. The carrying value of the accounts payable - affiliates approximates fair value. NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 1997 and 1996, the partnership has limited partnership interests in operating limited partnerships which own operating apartment complexes. The number of operating limited partnerships in which the partnership has limited partnership interests at March 31, 1997 and 1996 by series are as follows: 1997 and 1996 --------------- Series 7 15 Series 9 55 Series 10 46 Series 11 40 Series 12 53 Series 14 101 --------------- 310 ===============
Under the terms of the partnership's investment in each operating limited partnership, the partnership is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations. The contributions payable to operating limited partnerships at March 31, 1997 and 1996 by series are as follows: 1997 1996 ---------------- ---------------- Series 7 $ - $ - Series 9 4,590 99,610 Series 10 - - Series 11 27,528 27,528 Series 12 11,405 87,835 Series 14 343,575 1,705,563 ---------------- ---------------- $ 387,098 $ 1,920,536 ================ ================
F-43 44 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1997 are summarized as follows: Total ----------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 133,498,465 Acquisition costs of operating limited partnerships 22,387,381 Cumulative distributions from operating limited partnerships (389,770) Cumulative losses from operating limited partnerships (86,023,312) ----------------- Investment per balance sheet 69,472,764 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1997, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1996 (See note A) (2,468,695) The partnership has recorded acquisition costs at March 31, 1997, which have not been recorded in the net assets of the operating limited partnerships (see note A) (2,577,205) Cumulative losses from operating limited partnerships for the three months ended March 31, 1997, which the operating limited partnerships have not included in their capital as of December 31, 1996 due to different year ends (see note A) 5,109,374 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (6,085,976) The partnership has recorded low-income housing tax credit adjusters not recorded by operating partnerships (see note A) 1,488,703 Other 27,515 ----------------- Equity per operating limited partnerships combined financial statements $ 64,966,480 =================
F-44 45 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1997 are summarized as follows: Series 7 Series 9 Series 10 ---------------- --------------- --------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 7,486,177 $ 29,800,599 $ 17,581,651 Acquisition costs of operating limited partnerships 1,302,313 5,201,737 2,958,341 Cumulative distributions from operating limited partnerships (2,258) (39,615) (18,328) Cumulative losses from operating limited partnerships (7,014,865) (22,434,111) (11,297,069) ---------------- --------------- --------------- Investment per balance sheet 1,771,367 12,528,610 9,224,595 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1997, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1996 (see note A) 24,274 (345,499) (11,530) The partnership has recorded acquisition costs at March 31, 1997, which have not been recorded in the net assets of the operating limited partnerships (see note A) (461,143) (185,244) (9,836) Cumulative losses from operating limited partnerships for the three months ended March 31, 1997, which the operating limited partnerships have not included in their capital as of December 31, 1996 due to different year ends (see note A) 125,066 1,134,799 776,692 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (2,420,144) (2,029,532) (633,921) The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) (11,992) 227,982 93,713 Other (10,631) 38,661 (51,388) ---------------- --------------- --------------- Equity per operating limited partnerships combined financial statements $ (983,203) $ 11,369,777 $ 9,388,325 ================ =============== ===============
F-45 46 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1997 are summarized as follows: Series 11 Series 12 Series 14 ---------------- --------------- --------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 17,707,593 $ 21,398,244 $ 39,524,201 Acquisition costs of operating limited partnerships 3,069,084 3,398,377 6,457,529 Cumulative distributions from operating limited partnerships (229,296) (22,851) (77,422) Cumulative losses from operating limited partnerships (9,461,406) (12,827,522) (22,988,339) ---------------- --------------- --------------- Investment per balance sheet 11,085,975 11,946,248 22,915,969 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1997, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1996 (see note A) (163,881) (600,610) (1,371,449) The partnership has recorded acquisition costs at March 31, 1997, which have not been recorded in the net assets of the operating limited partnerships (see note A) (519,483) (315,858) (1,085,641) Cumulative losses from operating limited partnerships for the three months ended March 31, 1997, which the operating limited partnerships have not included in their capital as of December 31, 1996 due to different year ends (see note A) 721,702 613,706 1,737,409 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (488,932) (203,956) (309,491) The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 100,643 148,948 929,409 Other 199,264 15,446 (163,837) ---------------- --------------- --------------- Equity per operating limited partnerships combined financial statements $ 10,935,288 $ 11,603,924 $ 22,652,369 ================ =============== ===============
F-46 47 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1996 are summarized as follows: Total --------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 133,519,434 Acquisition costs of operating limited partnerships 22,387,381 Cumulative distributions from operating limited partnerships (283,317) Cumulative losses from operating limited partnerships (75,558,315) --------------- Investment per balance sheet 80,065,183 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1996, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1995 (see note A) (3,104,213) The partnership has recorded acquisition costs at March 31, 1996, which have not been recorded in the net assets of the operating limited partnerships (see note A) (2,577,205) Cumulative losses from operating limited partnerships for the three months ended March 31, 1996, which the operating limited partnerships have not included in their capital as of December 31, 1995 due to different year ends (see note A) 5,109,374 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (1,277,478) The partnership has just recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 1,478,953 Other 272,162 --------------- Equity per operating limited partnerships combined financial statements $ 79,966,776 ===============
F-47 48 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1996 are summarized as follows: Series 7 Series 9 Series 10 ---------------- --------------- --------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 7,486,177 $ 29,810,829 $ 17,581,651 Acquisition costs of operating limited partnerships 1,302,313 5,201,737 2,958,341 Cumulative distributions from operating limited partnerships (2,258) (34,635) (10,881) Cumulative losses from operating limited partnerships (5,888,524) (19,773,297) (10,130,141) ---------------- --------------- --------------- Investment per balance sheet 2,897,708 15,204,634 10,398,970 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1996, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1995 (see note A) 24,274 (436,115) (364) The partnership has recorded acquisition costs at March 31, 1996, which have not been recorded in the net assets of the operating limited partnerships (see note A) (461,143) (185,244) (9,836) Cumulative losses from operating limited partnerships for the three months ended March 31, 1996, which the operating limited partnerships have not included in their capital as of December 31, 1995 due to different year ends (see note A) 125,066 1,134,799 776,692 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (489,114) (315,829) (222,844) The partnership has just recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) (11,992) 231,130 93,713 Other (9,469) 38,153 (64,268) ---------------- --------------- --------------- Equity per operating limited partnerships combined financial statements $ 2,075,330 $ 15,671,528 $ 10,972,063 ================ =============== ===============
F-48 49 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The partnership's investments in operating limited partnerships at March 31, 1995 are summarized as follows: Series 11 Series 12 Series 14 ---------------- --------------- --------------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 17,713,316 $ 21,402,089 $ 39,525,372 Acquisition costs of operating limited partnerships 3,069,084 3,398,377 6,457,529 Cumulative distributions from operating limited partnerships (148,629) (13,116) (73,798) Cumulative losses from operating limited partnerships (10,040,436) (10,887,757) (18,838,160) ---------------- --------------- --------------- Investment per balance sheet 10,593,335 13,899,593 27,070,943 The partnership (has recorded) or has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 1996, which (have not) have been included in the partnerships capital accounts included in the operating limited partnerships financial statements as of December 31, 1995 (see note A) (199,820) (600,319) (1,891,869) The partnership has recorded acquisition costs at March 31, 1996, which have not been recorded in the net assets of the operating limited partnerships (see note A) (519,483) (315,858) (1,085,641) Cumulative losses from operating limited partnerships for the three months ended March 31, 1996, which the operating limited partnerships have not included in their capital as of December 31, 1995 due to different year ends (see note A) 721,702 613,706 1,737,409 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (89,390) (34,870) (125,431) The partnership has just recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 94,920 145,103 926,079 Other 158,658 (4,044) 153,132 ---------------- --------------- --------------- Equity per operating limited partnerships combined financial statements $ 10,759,922 $ 13,703,311 $ 26,784,622 ================ =============== ===============
F-49 50 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows COMBINED SUMMARIZED BALANCE SHEETS Total Series 7 Series 9 Series 10 -------------- -------------- --------------- --------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 510,675,769 $ 21,619,257 $ 99,459,012 $ 62,471,017 Land 31,448,023 1,871,570 6,043,933 4,072,051 Other assets 34,514,735 1,644,350 6,332,153 5,383,804 -------------- -------------- --------------- --------------- $ 576,638,527 $ 25,135,177 $ 111,835,098 $ 71,926,872 ============== ============== =============== =============== LIABILITIES AND PARTNERS CAPITAL Mortgage and construction loans payable $ 419,841,875 $ 19,725,342 $ 87,607,507 $ 56,111,510 Accounts payable and accrued expenses 11,357,882 2,127,882 3,136,395 861,747 Other liabilities 30,564,306 2,029,817 7,340,235 2,792,063 -------------- -------------- --------------- --------------- 461,764,063 23,883,041 98,084,137 59,765,320 -------------- -------------- --------------- --------------- PARTNERS CAPITAL Boston Capital Tax Credit Fund II Limited Partnership 64,966,480 (983,203) 11,369,777 9,388,325 Other partners 49,907,984 2,235,339 2,381,184 2,773,227 -------------- -------------- --------------- --------------- 114,874,464 1,252,136 13,750,961 12,161,552 -------------- -------------- --------------- --------------- $ 516,638,527 $ 25,135,177 $ 111,835,098 $ 71,926,872 ============== ============== =============== ===============
F-50 51 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows: COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED Series 11 Series 12 Series 14 -------------- --------------- --------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 62,414,776 $ 90,721,825 $ 173,989,882 Land 3,239,961 5,011,397 11,209,111 Other assets 5,433,275 5,149,548 10,571,605 -------------- --------------- --------------- $ 71,088,012 $ 100,882,770 $ 195,770,598 ============== =============== =============== LIABILITIES AND PARTNERS CAPITAL Mortgage and construction loans payable $ 52,099,557 $ 66,926,828 $ 137,371,131 Accounts payable and accrued expenses 1,669,503 1,582,294 1,980,061 Other liabilities 2,525,818 5,847,967 10,028,406 -------------- --------------- --------------- 56,294,878 74,357,089 149,379,598 -------------- --------------- --------------- PARTNERS CAPITAL Boston Capital Tax Credit Fund II Limited Partnership 10,935,288 11,603,924 22,652,369 Other partners 3,857,846 14,921,757 23,738,631 -------------- --------------- --------------- 14,793,134 26,525,681 46,391,000 -------------- --------------- --------------- $ 71,088,012 $ 100,882,770 $ 195,770,598 ============== =============== ===============
F-51 52 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1995 are as follows: COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED Total Series 7 Series 9 Series 10 -------------- -------------- --------------- --------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 553,145,475 $ 33,729,029 $ 106,094,488 $ 65,177,409 Land 32,023,649 1,908,570 6,043,933 3,975,745 Other assets 34,748,426 1,710,631 5,986,744 5,508,823 -------------- -------------- --------------- --------------- $ 619,917,550 $ 37,348,230 $ 118,125,165 $ 74,661,977 ============== ============== =============== =============== LIABILITIES AND PARTNERS CAPITAL Mortgage and construction loans payable $ 435,370,281 $ 26,407,226 $ 86,320,559 $ 56,711,910 Accounts payable and accrued expenses 10,254,034 1,885,514 2,654,114 842,715 Other liabilities 33,675,700 2,239,166 9,278,698 2,944,862 -------------- -------------- --------------- --------------- 479,300,015 30,531,906 98,253,371 60,499,487 -------------- -------------- --------------- --------------- PARTNERS CAPITAL Boston Capital Tax Credit Fund II Limited Partnership 79,966,776 2,075,330 15,671,528 10,972,063 Other partners 60,650,759 4,740,994 4,200,266 3,190,427 -------------- -------------- --------------- --------------- 140,617,535 6,816,324 19,871,794 14,162,490 -------------- -------------- --------------- --------------- $ 619,917,550 $ 37,348,230 $ 118,125,165 $ 74,661,977 ============== ============== =============== ===============
F-52 53 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1995 are as follows: COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED Series 11 Series 12 Series 14 -------------- --------------- --------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 65,178,232 $ 94,032,086 $ 188,934,231 Land 3,241,164 5,321,275 11,532,962 Other assets 5,122,566 5,414,178 11,005,484 -------------- --------------- --------------- $ 73,541,962 $ 104,767,539 $ 211,472,677 ============== =============== =============== LIABILITIES AND PARTNERS CAPITAL Mortgage and construction loans payable $ 54,307,045 $ 67,340,183 $ 144,283,358 Accounts payable and accrued expenses 1,030,227 1,218,726 2,622,738 Other liabilities 3,140,711 5,811,803 10,260,460 -------------- --------------- --------------- 58,477,983 74,370,712 157,166,556 -------------- --------------- --------------- PARTNERS CAPITAL Boston Capital Tax Credit Fund II Limited Partnership 10,759,922 13,703,311 26,784,622 Other partners 4,304,057 16,693,516 27,521,499 15,063,979 30,396,827 54,306,121 -------------- --------------- --------------- $ 73,541,962 $ 104,767,539 $ 211,472,677 ============== =============== ===============
F-53 54 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Year ended December 31, 1996 Total Series 7 Series 9 Series 10 -------------- -------------- --------------- --------------- Revenue Rental $ 58,961,658 $ 2,949,168 $ 11,010,403 $ 8,155,351 Interest and other 2,411,868 148,591 502,216 354,109 Gain on extinguishment of debt 16,082,731 7,086,275 - - -------------- ------------- -------------- -------------- 77,456,257 10,184,034 11,512,619 8,509,460 -------------- ------------- -------------- -------------- Expenses Interest 22,585,425 1,248,725 4,353,890 2,731,337 Depreciation and amortization 24,446,031 1,659,202 4,572,101 2,886,971 Taxes and insurance 7,813,912 394,466 1,694,007 1,133,757 Repairs and maintenance 8,456,129 497,519 1,546,652 1,108,104 Operating expenses 17,164,115 928,994 3,309,520 2,282,111 Impairment loss 21,537,150 10,768,575 2,344,000 - Other expenses 1,611,433 153,563 222,707 203,371 -------------- ------------- -------------- -------------- 103,614,195 15,651,044 18,042,877 10,345,651 -------------- ------------- -------------- -------------- NET LOSS $ (26,157,938) $ (5,467,010) $ (6,530,258) $ (1,836,191) ============== ============= ============== ============== Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* $ (15,273,526) $ (3,057,372) $ (4,374,517) $ (1,578,005) ============== ============= ============== ============== Net loss allocated to other partners $ (10,884,412) $ (2,409,638) $ (2,155,741) $ (258,186) ============== ============= ============== ==============
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572, $169,086 and $184,060 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in Note A. F-54 55 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1996 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED Year ended December 31, 1996 Series 11 Series 12 Series 14 -------------- --------------- --------------- Revenue Rental $ 7,651,444 $ 9,513,804 $ 19,681,488 Interest and other 323,198 381,167 702,587 Gain on extinguishment of debt 1,910,181 - 7,086,275 -------------- ------------- ------------- 9,884,823 9,894,971 27,470,350 -------------- ------------- ------------- Expenses Interest 2,824,169 3,670,176 7,757,128 Depreciation and amortization 2,979,535 4,341,452 8,006,770 Taxes and insurance 996,614 1,282,895 2,312,173 Repairs and maintenance 1,016,852 1,305,890 2,981,112 Operating expenses 2,041,473 2,817,436 5,784,581 Impairment loss - - 8,424,575 Other expenses 113,355 320,894 597,543 -------------- ------------- ------------- 9,971,998 13,738,743 35,863,882 -------------- ------------- ------------- NET LOSS $ (87,175) $ (3,843,772) $ (8,393,532) ============== ============= ============= Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* $ 179,458 $ (2,108,851) $ (4,334,289) ============== ============= ============= Net loss allocated to other partners $ (266,633) $ (1,734,921) $ (4,059,293) ============== ============= =============
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572, $169,086 and $184,060 for Series 7, Series 9, Series 10 Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in Note A. F-55 56 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 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, 1995 in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1995 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED Year ended December 31, 1995 Total Series 7 Series 9 Series 10 -------------- -------------- ------------- -------------- Revenue Rental $ 62,157,406 $ 3,268,111 $ 12,625,157 $ 8,025,279 Interest and other 2,816,226 123,779 661,026 400,160 -------------- -------------- ------------- -------------- 64,973,632 3,391,890 13,286,183 8,425,439 -------------- -------------- ------------- -------------- Expenses Interest 26,955,424 1,623,805 5,908,311 2,786,978 Depreciation and amortization 23,814,033 1,488,792 4,612,835 2,905,773 Taxes and insurance 7,610,524 392,701 1,580,274 1,106,818 Repairs and maintenance 7,483,900 499,446 1,534,736 950,358 Operating expenses 15,963,889 1,103,535 3,307,421 2,284,471 Other expenses 3,409,335 64,925 335,320 261,818 -------------- -------------- ------------- -------------- 85,237,105 5,173,204 17,278,897 10,296,216 -------------- -------------- ------------- -------------- NET LOSS $ (20,263,473) $ (1,781,314) $ (3,992,714) $ (1,870,777) ============== ============== ============= ============== Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* $ (13,903,301) $ (1,086,940) $ (3,067,436) $ (1,592,528) ============== ============== ============= ============== Net loss allocated to other partners $ (6,360,172) $ (694,374) $ (925,278) $ (278,249) ============== ============== ============= ==============
* Amounts include $219,621, $290,086, $166,196, $83,193, $34,870 and $117,266 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in Note A. F-56 57 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 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, 1995 in which series 7, 9 through 12, and 14 hold an interest as of December 31, 1995 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED Year ended December 31, 1995 Series 11 Series 12 Series 14 ------------- ------------- ------------- Revenue Rental $ 8,074,820 $ 10,092,062 $ 20,071,977 Interest and other 456,806 470,428 704,027 ------------- ------------- ------------- 8,531,626 10,562,490 20,776,004 ------------- ------------- ------------- Expenses Interest 3,499,466 4,226,651 8,910,213 Depreciation and amortization 3,009,594 4,254,968 7,542,071 Taxes and insurance 1,022,650 1,259,750 2,248,331 Repairs and maintenance 913,760 1,198,249 2,387,351 Operating expenses 1,094,604 2,279,003 5,894,855 Other expenses 1,038,220 1,103,664 605,388 ------------- ------------- ------------- 10,578,294 14,322,285 27,588,209 ------------- ------------- ------------- NET LOSS $ (2,046,668)$ (3,759,795)$ (6,812,205) ============= ============= ============= Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* $ (1,704,386)$ (2,214,296)$ (4,237,715) ============= ============= ============= Net loss allocated to other partners $ (342,282)$ (1,545,499)$ (2,574,490) ============= ============= =============
* Amounts include $219,621, $290,086, $166,196, $83,193, $34,870 and $117,266 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in Note A. F-57 58 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Total Series 7 Series 9 Series 10 ------------ ------------- ------------- ------------- Net income (loss) for financial reporting purposes, March 31, 1997 $(13,090,940) $ (1,259,510) $ (3,246,263) $ (1,541,522) Operating limited partnership rents received in advance (68,776) 174 (54,803) (2,360) Partnership management fees not recognized for tax purposes 2,538,800 113,700 589,293 371,400 Tax exempt interest income (105,477) - - - Other 3,285,917 3,040,622 - (66,003) Operating limited partnership loss not allowed for financial reporting under equity method of accounting (4,808,528) (1,931,030) (1,713,703) (411,077) Excess of tax depreciation over book depreciation on operating limited partnership assets (1,539,602) (42,774) (265,391) (141,482) Difference due to fiscal year for book purposes and calendar year for tax purposes 675,015 868 1,491,187 (21,904) Impairment loss not recognized for tax purposes 6,953,234 2,873,020 1,031,360 - ------------ ------------ ------------ ------------ Income (loss) for tax return purposes, December 31, 1996 $ (6,160,357) $ 2,795,070 $ (2,168,320) $ (1,812,948) ============ ============ ============ ============
F-58 59 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 11 Series 12 Series 14 ------------- ------------- ------------- Net income (loss) for financial reporting purposes, March 31, 1997 $ 244,669 $ (2,368,354) $ (4,919,960) Operating limited partnership rents received in advance - (9,471) (2,316) Partnership management fees not recognized for tax purposes 325,680 383,268 755,459 Tax exempt interest income - - (105,477) Other 144,689 11,193 155,416 Operating limited partnership loss not allowed for financial reporting under equity method of accounting (399,572) (169,086) (184,060) Excess of tax depreciation over book depreciation on operating limited partnership assets (128,565) (295,913) (665,477) Difference due to fiscal year for book purposes and calendar year for tax purposes 26,617 5,473 (827,226) Impairment loss not recognized for tax purposes - - 3,048,854 ------------- ------------- ------------- Income (loss) for tax return purposes, December 31, 1996 $ 213,518 $ (2,442,890) $ (2,744,787) ============= ============= =============
F-59 60 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1996 are reconciled as follows: Total Series 7 Series 9 Series 10 ------------ ------------- ------------- ------------- Net loss for financial reporting purposes, March 31, 1996 $ (15,778,936) $ (1,000,832)$ (3,380,626)$ (1,829,903) Operating limited partnership rents received in advance 4,661 513 4,102 (3,976) Partnership management fees not recognized for tax purposes 2,312,283 107,256 540,717 316,814 Tax exempt interest income - - - - Other 570,416 - (187,432) 3,814 Operating limited partnership loss not allowed for financial reporting under equity method of accounting (911,232) (219,621) (290,086) (166,196) Excess of tax depreciation over book depreciation on operating limited partnership assets (1,542,117) (1,944) (275,324) (149,140) Difference due to fiscal year for book purposes and calendar year for tax purposes (526,463) 267,998 (1,124,860) 66,095 ------------ ------------- ------------- ------------- Income (loss) for tax return purposes, December 31, 1995 $ (15,871,388) $ (846,630)$ (4,713,509)$ (1,762,492) ============ ============= ============= =============
F-60 61 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1996 are reconciled as follows: Series 11 Series 12 Series 14 -------------- --------------- --------------- Net loss for financial reporting purposes, March 31, 1996 $ (1,960,877)$ (2,611,578)$ (4,995,120) Operating limited partnership rents received in advance (1,745) (2,053) 7,820 Partnership management fees not recognized for tax purposes 293,577 351,469 707,026 Tax exempt interest income - - - Other 146,439 (44,593) 652,188 Operating limited partnership loss not allowed for financial reporting under equity method of accounting (83,193) (34,870) (117,266) Excess of tax depreciation over book depreciation on operating limited partnership assets (174,075) (191,560) (750,074) Difference due to fiscal year for book purposes and calendar year for tax purposes 97,950 40,806 120,972 -------------- --------------- --------------- Income (loss) for tax return purposes, December 31, 1995 $ (1,681,924)$ (2,492,379)$ (4,374,454) ============== =============== ===============
F-61 62 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1995 are reconciled as follows: Total Series 7 Series 9 Series 10 ------------ ------------ ------------- ------------- Net loss for financial reporting purposes, March 31, 1995 $ (16,850,343) $ (980,215)$ (3,935,261)$ (2,035,020) Operating limited partnership rents received in advance 1,512 - - - Partnership management fees not recognized for tax purposes 2,299,927 106,456 523,364 335,456 Other 858,679 135,106 58,038 32,703 Operating limited partnership loss not allowed for financial reporting under equity method of accounting (255,341) (168,040) (25,743) (47,196) Excess of tax depreciation over book depreciation on operating limited partnership assets (1,622,856) (48,597) (185,385) (188,627) Difference due to fiscal year for book purposes and calendar year for tax purposes 117,507 7,810 15,582 10,451 ------------ ------------ ------------- ------------- Income (loss) for tax return purposes, December 31, 1994 $ (15,450,915) $ (947,480)$ (3,549,405)$ (1,892,233) ============ ============ ============= =============
F-62 63 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the partnership reports using a December 31 year end. The partnership's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1995 are reconciled as follows: Series 11 Series 12 Series 14 -------------- --------------- --------------- Net loss for financial reporting purposes, March 31, 1995 $ (2,136,086)$ (2,680,924)$ (5,082,837) Operating limited partnership rents received in advance - 71 1,441 Partnership management fees not recognized for tax purposes 309,625 374,819 650,207 Other 61,170 260,261 311,401 Operating limited partnership loss not allowed for financial reporting under equity method of accounting (6,197) - (8,165) Excess of tax depreciation over book depreciation on operating limited partnership assets (178,964) (300,258) (721,025) Difference due to fiscal year for book purposes and calendar year for tax purposes (24,960) 10,984 97,640 -------------- --------------- --------------- Income (loss) for tax return purposes, December 31, 1994 $ (1,975,412)$ (2,335,047)$ (4,751,338) ============== =============== ===============
F-63 64 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1997, the differences are as follows: Total Series 7 Series 9 Series 10 ------------ ------------ ------------- ------------- Investment in operating limited partnerships - tax return December 31, 1996 $ 69,234,722 $ 4,494,526 $ 11,455,941 $ 8,620,851 Add back losses not recognized under the equity method 6,085,976 2,420,144 2,029,532 633,921 Historic tax credits 5,105,527 1,819,802 240,250 - Less share of loss - three months ended March 31, 1997 (5,109,374) (125,066) (1,134,799) (776,692) Impairment loss not recognized for tax purposes (6,953,234) (2,873,020) (1,031,360) - Other 2,276,072 (3,965,022) 969,046 1,913,443 ------------ ------------ ------------- ------------- Investment in operating limited partnerships - as reported, March 31, 1997 $ 70,639,689 $ 1,771,364 $ 12,528,610 $ 10,391,523 ============ ============ ============= =============
F-64 65 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1997, the differences are as follows: Series 11 Series 12 Series 14 ------------- -------------- -------------- Investment in operating limited partnerships - tax return December 31, 1996 $ 9,891,906 $ 11,264,295 $ 23,507,203 Add back losses not recognized under the equity method 488,932 203,956 309,491 Historic tax credits 1,281,688 - 1,763,787 Less share of loss - three months ended March 31, 1997 (721,702) (613,706) (1,737,409) Impairment loss not recognized for tax purposes - - (3,048,854) Other 145,151 1,091,703 2,121,751 ------------- -------------- -------------- Investment in operating limited partnerships - as reported, March 31, 1997 $ 11,085,975 $ 11,946,248 $ 22,915,969 ============= ============== ==============
F-65 66 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1996, the differences are as follows: Total Series 7 Series 9 Series 10 ------------ ------------ ------------- ------------- Investment in operating limited partnerships - tax return December 31, 1995 $ 78,397,066 $ 1,679,526 $ 13,631,595 $ 10,418,219 Add back losses not recognized under the equity method 1,277,478 489,114 315,829 222,844 Historic tax credits 5,105,527 1,819,802 240,250 - Less share of loss - three months ended March 31, 1996 (5,109,374) (125,066) (1,134,799) (776,692) Other 3,394,486 (965,668) 2,151,759 534,599 ------------ ------------ ------------- ------------- Investment in operating limited partnerships - as reported, March 31, 1996 $ 83,065,183 $ 2,897,708 $ 15,204,634 $ 10,398,970 ============ ============ ============= =============
F-66 67 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investments in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1996, the differences are as follows: Series 11 Series 12 Series 14 ------------- -------------- -------------- Investment in operating limited partnerships - tax return December 31, 1995 $ 9,795,177 $ 13,684,043 $ 26,188,506 Add back losses not recognized under the equity method 89,390 34,870 125,431 Historic tax credits 1,281,688 - 1,763,787 Less share of loss - three months ended March 31, 1996 (721,702) (613,706) (1,737,409) Other 148,782 794,386 730,628 ------------- -------------- -------------- Investment in operating limited partnerships - as reported, March 31, 1996 $ 10,593,335 $ 13,899,593 $ 27,070,943 ============= ============== ==============
F-67 68 Boston Capital Tax Credit Fund II Limited Partnership Series 7,9 through 12, and 14 NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1997, 1996 and 1995 NOTE E - CASH EQUIVALENTS Cash equivalents of $1,680,747 and $1,820,628 as of March 31, 1997 and 1996, respectively, include tax-exempt sweep accounts and money market accounts with interest at rates ranging 2.25% to 5.3% per annum. NOTE F - NOTES RECEIVABLE Notes receivable at March 31, 1997 and 1996, consist of advance installments of capital contributions and/or advances made to operating limited partnerships of $603,920 and $1,168,584, respectively. The Series 12 notes, $60,336 and $-0- at March 31, 1997 and 1996, respectively, are noninterest bearing and due on demand. The Series 14 notes, $583,584 and $1,168,584 at March 31, 1997 and 1996, respectively, are noninterest bearing and due on demand. The prime rate was 8.5% and 8.25% at March 31, 1997 and 1996, respectively. The carrying value of the notes receivable approximates fair value. F-68 Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Bowditch School 1,638,578 65,961 4,818,466 53,764 65,961 4,872,230 4,938,191 1,082,532 12/89 12/89 34 Briarwood Apts LP 625,922 44,500 747,246 24,268 44,500 771,514 816,014 234,812 12/89 12/89 5-27.5 Buckner Prop LP 620,649 27,500 771,030 14,916 27,500 785,946 813,446 257,129 3/89 12/89 5-27.5 Creekside 1,125,059 89,016 1,290,616 (5,440)a 89,016 1,285,176 1,374,192 158,158 9/89 6/89 5-27.5 Deer Hill II LP 1,481,751 103,000 1,424,556 337,809 103,000 1,762,365 1,865,365 517,574 5/89 2/90 5-27.5 Hillandale 3,324,477 601,653 4,198,973 1,816,091 601,653 6,015,064 6,616,717 1,691,806 1/90 12/89 5-27.5 King City Elderly 1,658,088 175,000 2,549,870 49,017 175,000 2,598,887 2,773,887 647,355 11/89 6/90 27.5 Lebanon Prop II LP 574,542 3,000 730,187 9,536 3,000 739,723 742,723 229,516 7/89 12/89 5-27.5 F-69 Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Metropole Apts Assoc 2,223,077 82,800 2,621,625 51,040 82,800 2,672,665 2,755,465 675,599 12/89 12/89 27.5 New Holland Apts 973,523 80,000 3,269,700 (2,288,395)b 80,000 981,305 1,061,305 795,525 8/90 5/90 35 Oak Grove Estates LP 486,452 15,200 597,465 11,344 15,200 608,809 624,009 190,252 9/89 12/89 27.5 Oakview LTD 1,128,782 35,280 1,375,820 78,642 35,280 1,454,462 1,489,742 318,571 10/89 12/89 40 Rosenberg Hotel 1,837,045 452,000 7,434,335 (5,259,335)b 415,000 2,175,000 2,590,000 0 1/92 2/90 27.5 Westwood 1,416,387 96,600 1,355,174 350,940 96,660 1,706,114 1,802,774 511,534 7/90 7/90 5-27.5 Winfield Prop II LP 611,010 37,000 735,086 6,487 37,000 741,573 778,573 241,213 5/89 12/89 5-27.5 ---------- --------- ---------- ---------- --------- ----------- ----------- ----------- 19,725,342 1,908,510 33,920,149 (4,749,316) 1,871,570 29,170,833 31,042,403 7,551,576 ========== ========= ========== ========== ========= =========== =========== =========== F-70 Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1996. a - Decrease due to a reallocation of acquisition costs. b - Decrease due to building impairment in year ended December 31, 1996. **There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
F-71 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$ 41,816,362 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,735,711 Other............................................. 0 ---------- $ 1,735,711 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$ 43,552,073 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 147,543 Other............................................. 0 ---------- $ 147,543 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$ 43,699,616 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 58,462 Other............................................. 0 ---------- $ 58,462 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. (261,992) ---------- $ (261,992) ----------- Balance at close of period - 03/31/95............................$ 43,496,086 F-72 Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Reconciliation of Land, Building & Improvements current year changes-Continued Balance at close of period - 03/31/95.........................$ 43,496,086 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 26,794 Other......................................... 0 ----------- $ 26,794 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96.........................$ 43,522,880 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (12,480,477) ----------- $(12,480,477) ----------- Balance at close of period - 03/31/97.........................$ 31,042,403 =========== F-73 Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 7 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92.......................$ 2,312,199 Current year expense................................$1,360,178 --------- Balance at close of period - 3/31/93............................$ 3,672,377 Current year expense................................$1,436,830 --------- Balance at close of period - 3/31/94............................$ 5,109,207 Current year expense................................$1,391,094 --------- Balance at close of period - 3/31/95............................$ 6,500,301 Current year expense................................$1,384,980 --------- Balance at close of period - 3/31/96............................$ 7,885,281 Current year expense................................$ (333,705) --------- Balance at close of period - 3/31/97............................$ 7,551,576 ========== F-74 S> Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- 438 Warren St. 721,934 45,972 1,177,081 31,084 45,972 1,208,165 1,254,137 312,555 5/90 3/90 28 Beaver Brook 1,187,746 135,070 1,395,155 3,197 135,070 1,398,352 1,533,422 417,196 5/90 4/90 27.5 Big Lake Seniors 562,201 27,804 732,961 0 27,804 732,961 760,765 28,516 6/95 4/94 5-27.5 Blakely 949,321 50,000 1,159,403 13,499 50,000 1,172,902 1,222,902 319,499 5/90 5/90 5-27.5 Blanco Sr 521,147 40,147 679,816 0 40,147 679,816 719,963 40,143 9/94 12/93 7-40 Blooming- dale 1,484,619 100,338 1,771,660 5,410 100,338 1,777,070 1,877,408 487,178 3/90 5/90 5-27.5 Breeze- wood 1,432,211 114,000 1,784,173 4,415 114,000 1,788,588 1,902,588 473,555 5/90 5/90 7-27.5 Brooklyn 1,110,469 9,000 1,416,895 37,565 9,000 1,454,460 1,463,460 292,983 5/90 5/90 5-27.5 F-75 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Calif. Inv.V 5,480,494 401,411 10,661,108 165,384 401,411 10,826,492 11,227,903 2,066,347 3/90 3/90 35 Cambridge 1,137,659 99,974 1,381,815 377 99,974 1,382,192 1,482,166 385,837 1/90 4/90 7-27.5 Cedar Rapids 4,421,315 294,600 7,692,319 161,008 294,600 7,853,327 8,147,927 1,999,945 6/90 4/90 7-27.5 Corinth 1,495,099 53,351 1,865,231 25,157 53,351 1,890,388 1,943,739 518,761 2/90 4/90 5-27.5 Cotton Mill Assoc. 1,487,068 75,000 1,730,384 13,741 75,000 1,744,125 1,819,125 190,176 7/93 10/92 5-27.5 Fawn River 3,708,188 77,000 4,396,993 315,071 77,000 4,712,064 4,789,064 1,074,441 10/90 10/90 27.5 Fountain Green 710,710 68,134 880,440 2,995 68,134 883,435 951,569 221,493 5/90 6/90 27.5 Glenwood Hotel 751,549 25,000 1,128,486 8,725 25,000 1,137,211 1,162,211 299,938 6/90 6/90 7-27.5 Greenwich 1,488,571 85,197 1,862,476 22,277 85,197 1,884,753 1,969,950 503,370 2/90 4/90 5-27.5 Grifton 1,264,023 35,393 1,170,847 367,089 35,393 1,537,936 1,573,329 125,961 2/94 9/93 7-27.5 F-76 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Hacienda Villa 3,947,514 233,165 7,304,446 121,467 233,165 7,425,913 7,659,078 1,320,077 1/90 4/90 40 Haines City 1,443,279 100,000 1,709,218 10,512 100,000 1,719,730 1,819,730 486,953 2/90 4/90 27.5 Hernando 1,489,702 70,000 1,975,766 8,818 70,000 1,984,584 2,054,584 532,733 7/90 6/90 27.5 Hobe Sound 2,808,946 261,000 3,482,634 29,920 261,000 3,512,554 3,773,554 940,792 4/90 4/90 27.5 Immokalee 2,198,547 160,000 2,732,134 9,069 160,000 2,741,203 2,901,203 544,138 5/90 5/90 7-27.5 Kristin Park 1,394,952 117,179 1,694,459 34,906 117,179 1,729,365 1,846,544 324,405 6/90 3/90 27.5 Le Grande Enterprise 1,746,464 13,090 2,232,493 0 67,500 2,232,493 2,299,993 166,330 10/93 11/92 5-50 Long- meadow 1,484,915 95,000 1,765,749 7,690 95,000 1,773,439 1,868,439 306,121 8/90 8/90 10-40 Maywood 1,505,534 53,000 1,961,139 3,569 53,000 1,964,708 2,017,708 504,623 7/90 3/90 5-27.5 Meadow run 641,812 44,400 784,163 5,165 44,400 789,328 833,728 214,485 5/90 5/90 27.5 F-77 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Meadow- crest 2,906,533 286,065 4,982,274 36,756 286,065 5,019,030 5,305,095 1,395,485 10/90 9/90 5-27.5 Newfane Senior 1,001,774 30,000 1,211,708 8,461 30,000 1,220,169 1,250,169 229,862 9/92 10/92 5-27.5 New Holland 973,523 80,000 3,269,700 (2,288,395)b 80,000 981,305 1,061,305 795,525 8/90 5/90 5-27.5 Old Stage 1,268,718 39,840 1,517,419 7,746 39,840 1,525,165 1,565,005 401,964 9/90 5/90 27.5 Pedcor Invest. 3,315,289 170,435 6,211,383 (14,090)a 170,435 6,197,293 6,367,728 1,112,340 4/90 3/90 27.5 Pleasanton Sr 625,705 40,000 813,308 0 40,000 813,308 853,308 82,826 7/93 12/93 40 Polkton Housing 660,264 25,038 754,785 0 25,038 754,785 779,823 146,739 12/93 1/94 5-27.5 Princess Manor 1,495,825 57,066 1,869,314 7,059 57,066 1,876,373 1,933,439 506,912 8/90 6/90 5-27.5 Princess Villas 1,494,827 63,104 1,786,927 8,009 63,104 1,794,936 1,858,040 475,166 8/90 6/90 5-27.5 F-78 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Putney First 1,424,723 128,800 1,804,424 (11,983) 128,800 1,792,441 1,921,241 181,110 5/93 12/92 5-27.5 Quail Hollow RRH 1,475,030 100,000 1,861,652 3,827 100,000 1,865,479 1,965,479 526,102 1/90 5/90 27.5 Quail Hollow Warsaw 1,405,922 33,500 1,747,578 7,844 33,500 1,755,422 1,788,922 296,774 9/90 7/90 7-40 Rainbow Gardens 1,221,901 70,000 1,450,989 803 70,000 1,451,792 1,521,792 211,213 6/93 12/92 7-27.5 Raitt St. Apts. 791,508 270,281 1,221,755 0 270,281 1,221,755 1,492,036 149,934 8/93 5/93 5-27.5 School St. II 819,094 37,622 1,585,434 3,793 37,622 1,589,227 1,626,849 231,331 6/93 6/93 7-27.5 South Paris Housing 1,494,993 65,000 1,853,831 (176,840) 242,301 1,676,991 1,919,292 275,985 10/92 11/92 5-27.5 South- western 1,430,225 30,000 1,766,094 12,497 30,000 1,778,591 1,808,591 486,776 5/90 5/90 7-27.5 F-79 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Spring- field 3,864,669 775,955 4,177,205 5,474,378 775,955 9,651,583 10,427,538 1,927,125 6/91 6/90 5-27.5 Sunshine 1,474,581 127,000 1,729,289 20,681 127,000 1,749,970 1,876,970 431,818 11/90 9/90 5-27.5 Surry Village II 777,798 60,000 938,244 1,982 50,718 940,226 990,944 267,590 1/90 5/90 5-27.5 Tappa- hannock Green 1,511,213 122,500 1,703,483 0 122,500 1,703,483 1,825,983 205,521 5/94 3/94 5-27.5 Twin Oaks 1,142,647 53,636 1,397,601 5,222 53,636 1,402,823 1,456,459 380,721 5/90 5/90 5-27.5 Village Oaks 735,288 42,140 884,614 4,022 42,140 888,636 930,776 232,019 2/90 6/90 5-27.5 Warrens- burg 795,235 32,000 991,475 9,571 32,000 1,001,046 1,033,046 310,419 4/90 4/90 5-27.5 Westside 2,452,438 25,000 4,022,240 (45,749)a 25,000 3,976,491 4,001,491 899,790 12/90 6/90 5-27.5 F-80 Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Westwood 1,416,387 96,660 1,690,074 16,040 96,660 1,706,114 1,802,774 511,534 7/90 7/90 27.5 Wilming- ton 1,055,408 75,637 1,293,362 (5,865)a 75,637 1,287,497 1,363,134 329,341 8/90 8/90 27.5 ---------- --------- ----------- --------- --------- ----------- ----------- ---------- 87,607,507 5,821,504 123,065,606 4,493,879 6,043,933 127,559,485 133,603,418 28,100,473 ========== ========= =========== ========= ========== =========== =========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1996. a - Decrease due to a reallocation of acquisition costs. b - Decrease due to building impairment in year ended December 31, 1996. **There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
F-81 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$122,231,856 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,447,429 Improvements, etc................................. 143,343 Other............................................. 0 ---------- $ 3,590,772 Deductions during period: Cost of real estate sold..........................$(7,395,934) Other............................................. (24,083) ---------- $ (7,420,017) ----------- Balance at close of period - 03/31/93............................$118,402,611 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,591,731 Improvements, etc................................. 9,011,423 Other............................................. 0 ---------- $ 12,603,154 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$131,005,765 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,630,397 Improvements, etc................................. 1,266,494 Other............................................. 0 ---------- $ 3,896,891 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$134,902,656 F-82 Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Land, Building & Improvements current year changes-Continued Balance at close of period - 03/31/95.........................$134,902,656 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 818,652 Other......................................... 0 ----------- $ 818,652 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96.........................$135,721,308 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (2,117,890) ----------- $ (2,117,890) ----------- Balance at close of period - 03/31/97.........................$133,603,418 =========== F-83 Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 9 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92......................$ 6,203,920 Current year expense...............................$4,059,735 --------- Balance at close of period - 3/31/93...........................$10,263,655 Current year expense...............................$4,195,190 --------- Balance at close of period - 3/31/94...........................$14,458,845 Current year expense...............................$4,588,398 --------- Balance at close of period - 3/31/95...........................$19,047,243 Current year expense...............................$4,535,644 --------- Balance at close of period - 3/31/96...........................$23,582,887 Current year expense...............................$4,517,586 --------- Balance at close of period - 3/31/97...........................$28,100,473 ========== F-84 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Ackerman 601,745 42,000 619,380 245,001 42,000 864,381 906,381 64,766 6/94 9/93 5-27.5 Athens II 1,340,154 75,000 1,642,281 13,502 75,000 1,655,783 1,730,783 390,406 6/90 8/90 5-27.5 Autumn Lane 736,196 34,094 891,072 382 34,094 891,454 925,548 222,644 11/90 8/89 5-27.5 Baytree 959,931 44,759 1,099,246 93,247 44,759 1,192,493 1,237,252 345,258 7/90 11/88 5-27.5 Benchmark 953,752 60,600 1,137,112 30,358 60,600 1,167,470 1,228,070 338,632 7/90 11/88 5-27.5 Brentwood 957,568 64,999 1,163,002 13,580 64,999 1,176,582 1,241,581 194,276 10/90 11/90 5-27.5 Briarwood 1,487,020 154,900 1,898,553 (438,637) 154,900 1,459,916 1,614,816 388,967 8/90 8/90 7-27.5 Butler Properties 505,202 37,500 376,730 223,430 37,500 600,160 637,660 87,563 2/91 12/90 5-27.5 Candlewick Place 1,263,000 70,800 1,500,289 59,041 70,800 1,559,330 1,630,130 191,942 10/92 12/92 5-27.5 F-85 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Cedarstone 775,767 66,000 955,695 5,794 66,000 961,489 1,027,489 111,300 5/93 5/93 5-40 Centre- ville Apts. 635,846 63,073 697,069 49,780 16,000 746,849 762,849 261,104 2/90 11/90 5-27.5 Charlton Court 1,206,076 56,144 1,449,050 802 56,144 1,449,852 1,505,996 244,036 1/93 12/92 7-27.5 Chuck- atuck 1,451,431 128,725 1,731,557 5,363 128,725 1,736,920 1,865,645 330,117 2/90 11/90 12-40 Clover- leaf I 858,572 54,740 969,048 19,819 54,740 988,867 1,043,607 268,641 4/90 11/90 5-27.5 Clover- leaf II 877,867 66,488 981,480 23,283 66,488 1,004,763 1,071,251 272,350 4/90 11/90 5-27.5 Connells- ville 1,373,424 55,440 1,591,799 11,143 55,440 1,602,942 1,658,382 301,620 3/90 11/90 5-27.5 Dallas 1,729,489 230,059 3,408,933 (195,432)* 230,059 3,213,501 3,443,560 857,520 10/90 12/91 5-27.5 Ellaville 790,144 45,000 977,293 413 45,000 977,706 1,022,706 274,047 2/90 7/90 5-27.5 Forsyth 1,462,028 55,000 1,894,917 5,321 55,000 1,900,238 1,955,238 478,469 9/90 7/90 7-27.5 F-86 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Freedom Apts. 1,053,315 144,065 1,219,436 20,062 144,065 1,239,498 1,383,563 219,082 9/90 11/90 5-27.5 Great Falls 876,877 38,292 1,053,154 6,064 38,292 1,059,218 1,097,510 270,243 10/90 11/90 5-27.5 Hartway Properties 916,402 49,000 1,116,507 0 49,000 1,116,507 1,165,507 241,496 6/90 7/90 5-27.5 Hilltop 1,492,592 105,000 1,916,734 8,803 105,000 1,925,537 2,030,537 512,324 7/90 8/90 7-27.5 Ironton Estates 627,904 29,500 794,461 914 29,500 795,375 824,875 148,234 1/93 5/93 5-27.5 Lambert Square 1,005,284 41,200 1,243,568 2,126 41,200 1,245,694 1,286,894 131,621 12/92 11/92 5-40 Lawton Apts. 1,492,908 54,400 1,848,603 18,842 54,400 1,867,445 1,921,845 626,017 6/90 11/90 5-27.5 Longview 874,151 25,000 1,071,946 45,342 25,000 1,117,288 1,142,288 324,773 8/90 11/88 5-27.5 Maidu 2,193,985 56,500 4,890,261 293,579 56,500 5,183,840 5,240,340 1,101,092 12/91 3/91 7-27.5 F-87 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Meadow- brook 1,483,679 75,141 1,789,549 765 75,141 1,790,314 1,865,455 493,847 3/90 9/90 5-27.5 Mercer Apts. 911,567 46,249 1,098,860 18,940 46,249 1,117,800 1,164,049 199,423 8/90 11/90 5-27.5 Morgan- town 772,016 36,000 930,187 7 36,000 930,194 966,194 148,129 12/90 8/90 5-27.5 Newnan 2,062,078 92,706 4,128,942 (248,251)* 92,706 3,880,691 3,973,397 1,044,519 10/90 12/90 5-27.5 Northern Conn 1,024,762 42,500 1,536,482 10,144 42,500 1,546,626 1,589,126 227,367 12/92 1/93 5-27.5 Parkwood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 3/91 5-27.5 Pedcor Invest- ments 3,068,810 200,000 4,714,711 272,995 200,000 4,987,706 5,187,706 781,598 10/90 7/90 5-27.5 Pinetree Manor 983,714 30,000 1,210,633 438 30,000 1,211,071 1,241,071 125,581 1/93 11/92 7-40 Pineview 964,539 125,000 1,178,400 4,541 125,000 1,182,941 1,307,941 301,579 12/90 9/90 7-27.5 F-88 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Rosewood Village 651,381 36,000 806,255 2,394 36,000 808,649 844,649 218,386 7/90 7/90 5-27.5 South Farm 2,432,946 254,636 3,486,308 7,644 254,636 3,493,952 3,748,588 572,592 7/93 4/93 7-40 Stockton Estates 517,551 17,500 647,699 1,371 17,500 649,070 666,570 126,920 1/93 2/93 5-27.5 Stratford Square 754,013 63,000 443,433 452,618 63,000 896,051 959,051 101,967 2/93 10/92 5-40 Summer Glen 1,490,158 147,225 1,669,056 1,078 147,225 1,670,134 1,817,359 214,160 3/93 11/92 5-40 Washington Heights 459,263 76,537 974,803 10,385 80,137 985,188 1,065,325 177,311 7/90 11/90 5-27.5 West Des Moines 2,394,690 437,568 4,154,100 279,443 437,568 4,433,543 4,871,111 1,068,979 7/90 7/90 7-27.5 Wichita West 1,759,000 110,377 2,920,599 37,851 110,377 2,958,450 3,068,827 723,644 7/90 7/90 7-27.5 F-89 Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Woodside Housing 1,485,711 60,140 1,926,294 12,302 60,140 1,938,596 1,998,736 381,971 11/90 12/90 5-27.5 ---------- --------- ---------- ---------- --------- ----------- ---------- ---------- 56,111,510 4,115,524 78,113,868 1,434,399 4,072,051 79,548,267 83,620,318 17,077,250 ========== ========= ========== ========== ========= =========== ========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1996. * Decrease due to reduction in development fee which reduced the property basis. **There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
F-90 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$ 73,561,151 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,204,866 Improvements, etc................................. 314,333 Other............................................. 0 ---------- $ 2,519,199 Deductions during period: Cost of real estate sold..........................$(7,395,934) Other............................................. 0 ---------- $(7,395,934) ----------- Balance at close of period - 03/31/93............................$ 68,684,416 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 8,492,161 Improvements, etc................................. 6,297,007 Other............................................. 0 ---------- $ 14,789,168 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$ 83,473,584 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 313,600 Other............................................. 0 ---------- $ 313,600 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 83,787,184 F-91 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Reconciliation of Land, Building & Improvements current year changes - continued Balance at close of period - 03/31/95.........................$ 83,787,184 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 86,855 ----------- $ 86,855 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... (440,637) ----------- $ (440,637) ----------- Balance at close of period - 03/31/96.........................$ 83,433,402 Additions during period: Acquisitions through foreclosure..............$ 0 Other acquisitions............................ 0 Improvements, etc............................. 0 Other......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold......................$ 0 Other......................................... 186,916 ----------- $ 186,916 ----------- Balance at close of period - 03/31/97.........................$ 83,620,318 =========== F-92 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 10 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92.......................$ 3,259,154 Current year expense................................$2,487,975 --------- Balance at close of period - 3/31/93............................$ 5,747,129 Current year expense................................$2,881,214 --------- Balance at close of period - 3/31/94............................$ 8,628,343 Current year expense................................$2,883,271 --------- Balance at close of period - 3/31/95............................$11,511,614 Current year expense................................$2,768,634 --------- Balance at close of period - 3/31/96............................$14,280,248 ========== Current year expense................................$2,797,002 --------- Balance at close of period - 3/31/97............................$17,077,250 ========== F-93 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Academy Hill 1,381,402 119,500 1,607,604 14,775 119,500 1,622,379 1,741,879 389,796 2/91 2/91 5-27.5 Aspen Square 1,839,613 150,413 2,118,648 98,321 150,703 2,216,969 2,367,672 357,884 11/90 11/90 5-27.5 Bridge- view 1,369,406 50,686 1,586,090 1,520 50,686 1,587,610 1,638,296 476,648 12/89 12/90 5-27.5 Buckeye 1,345,943 93,421 1,584,893 66,462 93,421 1,651,355 1,744,776 298,090 8/90 12/90 5-27.5 Church Hill 958,542 63,232 663,136 532,056 63,232 1,195,192 1,258,424 186,857 1/91 12/90 7-40 Copper Creek 1,178,490 77,750 1,410,989 48,812 77,750 1,459,801 1,537,551 239,160 9/90 11/90 5-27.5 Coronado 535,030 9,998 1,499,265 1,006 9,998 1,500,271 1,510,269 362,677 4/91 2/91 5-27.5 Crestwood 4,387,363 360,000 10,649,129 35,358 360,000 10,684,487 11,044,487 2,500,120 7/91 1/91 7-27.5 F-94 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Dallas Apts. 1,729,489 230,059 3,408,933 (195,432)* 230,059 3,213,501 3,443,560 857,520 10/90 12/90 7-27.5 Denmark I 772,741 54,000 915,172 4,332 54,000 919,504 973,504 248,982 6/90 11/90 27.5 Denmark II 820,728 36,000 1,003,547 727 36,000 1,004,274 1,040,274 267,560 6/90 11/90 5-27.5 El Dorado Springs 583,276 22,500 735,245 6,046 22,500 741,291 763,791 217,818 9/90 11/90 5-27.5 Eldon Estates II 583,417 30,000 690,453 30,506 30,000 720,959 750,959 204,676 11/90 12/90 5-27.5 Eldon Manor 561,459 7,500 787,399 14,811 7,500 802,210 809,710 226,499 11/90 12/90 5-27.5 Elderly Housing of Macon 1,631,123 50,000 1,992,329 9,153 50,000 2,001,482 2,051,482 190,547 4/93 5/93 5-27.5 Eutaw Elderly 1,629,855 24,000 1,972,439 6,720 24,000 1,979,159 2,003,159 147,599 12/93 5/93 5-50 Farmer- ville 970,163 57,015 1,195,142 3,546 57,015 1,198,688 1,255,703 173,356 4/91 1/91 N/A F-95 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Forest Glade 1,487,052 100,000 1,841,104 23,316 100,000 1,864,420 1,964,420 453,602 12/90 12/90 7-27.5 Franklin School 1,273,665 112,032 2,528,326 1,922,098 112,032 4,450,424 4,562,456 849,405 12/91 10/90 27.5 Harbor View 1,484,822 143,957 1,802,615 5,350 143,957 1,807,965 1,951,922 470,233 7/90 12/90 7-27.5 Hilltop Apts. 1,427,453 178,736 1,545,237 724 178,736 1,545,961 1,724,697 251,122 11/92 1/93 27.5 Holland Senior 901,648 27,500 1,096,333 17,438 27,500 1,113,771 1,141,271 296,147 6/90 11/90 27.5 Holly Senior 920,270 36,882 1,139,044 19,384 36,882 1,158,428 1,195,310 301,556 10/90 11/90 27.5 Ivan Woods 2,233,624 275,000 4,347,328 16,337 275,000 4,363,665 4,638,665 1,105,431 4/91 2/91 5-27.5 Kaplan Manor 928,706 66,000 1,106,192 42,027 66,000 1,148,219 1,214,219 184,960 12/90 12/90 7-40 F-96 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Lakewood 956,406 53,100 1,162,254 4,842 53,100 1,167,096 1,220,196 174,680 5/91 1/91 N/A Licking Associates 407,033 14,000 316,889 175,452 14,000 492,341 506,341 92,301 3/92 11/91 N/A London Arms 2,651,471 37,500 3,479,332 (22,804)* 37,500 3,456,528 3,494,028 759,525 12/90 12/90 5-27.5 Maidu 2,193,985 56,500 4,890,261 293,579 56,500 5,183,840 5,240,340 1,101,092 12/91 3/91 7-27.5 Manning Properties 842,777 44,125 1,015,703 7,152 44,125 1,022,855 1,066,980 262,657 11/90 11/90 5-27.5 Metter 1,478,198 44,500 1,770,511 4,205 45,141 1,774,716 1,819,857 272,958 5/93 12/92 5-27.5 Nevada Manor 650,235 50,000 782,543 10,670 50,000 793,213 843,213 230,270 10/90 11/90 5-27.5 Newnan Apts. 2,062,078 92,706 4,128,942 (248,251)* 92,706 3,880,691 3,973,397 1,044,519 10/90 12/90 5-27.5 Oatka Villige 921,850 35,000 1,151,205 5,695 35,000 1,156,900 1,191,900 311,155 6/90 11/90 5-27.5 RPI#18L.P. 1,235,928 100 1,776,840 116,895 100 1,893,735 1,893,835 433,224 12/90 12/90 5-27.5 F-97 Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - -------------------------------------------------------------------------------------------------------------------------- Sierra Springs 1,179,138 52,290 1,448,815 54,433 52,387 1,503,248 1,555,635 238,861 11/90 11/90 5-27.5 South Fork 1,433,198 100,000 1,782,527 3,726 100,000 1,786,253 1,886,253 294,070 2/91 2/91 5-27.5 Twin Oaks of Allendale 784,397 71,305 951,711 (170,609)* 71,305 781,102 852,407 201,913 9/90 12/90 5-27.5 Washington 960,545 55,050 1,150,878 6,304 55,050 1,157,182 1,212,232 175,378 3/91 1/91 7-40 Wildridge 1,407,038 156,576 1,617,243 4,187 156,576 1,621,430 1,778,006 357,491 4/91 1/91 7-27.5 ---------- --------- ---------- ---------- --------- ----------- ----------- ---------- $52,099,557 3,238,933 76,652,246 2,970,869 3,239,961 79,623,115 82,863,076 17,208,339 ========== ========= ========== ========== ========= =========== =========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1996. *Decrease due to reduction of development fee which reduced the property basis. **There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
F-98 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$ 75,467,308 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 44,500 Improvements, etc................................. 862,272 Other............................................. 0 ---------- $ 906,772 Deductions during period: Cost of real estate sold..........................$(1,343,477) Other............................................. (188,348) ---------- $ (1,531,825) ----------- Balance at close of period - 03/31/93............................$ 74,842,255 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,762,741 Improvements, etc................................. 1,962,905 Other............................................. 0 ---------- $ 7,725,646 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$ 82,567,901 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,297,882 Other............................................. 0 ---------- $ 1,297,822 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 83,865,783 F-99 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Reconciliation of Land, Building & Improvements current year changes - continued Balance at close of period - 03/31/95..........................$ 83,865,783 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 81,256 Other.......................................... 0 ----------- $ 81,256 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (1,209,041) ----------- $ (1,209,041) ----------- Balance at close of period - 03/31/96..........................$ 82,737,998 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 125,078 Other.......................................... 0 ----------- $ 125,078 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/97..........................$ 82,863,076 =========== F-100 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 11 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92.......................$ 2,602,158 Current year expense................................$2,916,577 --------- Balance at close of period - 3/31/93............................$ 5,518,735 Current year expense................................$2,946,686 --------- Balance at close of period - 3/31/94............................$ 8,465,421 Current year expense................................$4,159,331 --------- Balance at close of period - 3/31/95............................$12,624,752 Current year expense................................$1,693,850 --------- Balance at close of period - 3/31/96............................$14,318,602 Current year expense................................$2,889,737 --------- Balance at close of period - 3/31/97............................$17,208,339 ========== F-101 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Autumnwood Village 1,038,102 40,777 371,734 898,028 40,777 1,269,762 1,310,539 239,892 4/92 10/91 5-27.5 BB&L Enterprises 523,229 24,000 648,985 1,600 24,000 650,585 674,585 136,090 3/91 5/91 5-40 Bowman Village 667,435 17,000 848,107 2,520 17,000 850,627 867,627 181,199 10/91 6/91 5-27.5 Brandy- wood 1,752,028 86,029 3,313,958 (62,248)* 86,029 3,251,710 3,337,739 806,738 9/91 12/91 5-27.5 Briarwick 1,259,161 95,079 1,587,073 0 95,079 1,587,073 1,682,152 259,973 4/91 4/91 5-40 Bucksport 1,390,266 71,500 1,683,768 (155,543)* 271,318 1,528,225 1,799,543 346,614 8/91 6/91 7-27.5 Burkes- ville 736,637 40,000 897,118 0 40,000 897,118 937,118 120,998 9/91 6/91 5-27.5 F-102 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- California Investors VII 9,004,859 820,000 9,361,922 16,788,173 803,050 26,150,095 26,953,145 3,011,776 12/93 10/92 5-27.5 Cananche Creek 1,239,105 66,200 1,515,813 28,312 66,200 1,544,125 1,610,325 209,474 6/91 5/91 5-27.5 Carson Village 654,679 30,000 193,264 609,146 30,000 802,410 832,410 148,931 6/92 10/91 5-27.5 Clarkson Prop 752,147 36,000 932,918 0 36,000 932,918 968,918 126,823 7/91 6/91 7-27.5 Clymer House 1,085,671 20,000 1,387,091 (542)* 20,000 1,386,549 1,406,549 287,966 10/91 6/91 5-27.5 Corcoran Investment 1,529,122 75,000 1,976,455 0 75,000 1,976,455 2,051,455 297,827 11/90 2/91 5-50 Cornish Park 1,459,627 67,390 1,761,946 79,503 68,500 1,841,449 1,909,949 412,717 6/91 6/91 5-27.5 Crescent City 1,870,741 211,000 2,297,055 (14,590)* 211,000 2,282,465 2,493,465 381,171 3/91 3/91 5-50 Dallas II 1,729,489 230,059 3,194,199 19,302 230,059 3,213,501 3,443,560 857,520 10/90 3/91 7-27.5 F-99 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Earlimart 1,350,042 90,000 1,711,424 827 90,000 1,712,251 1,802,251 259,156 6/91 6/91 5-50 Evanwood 762,098 36,000 929,102 0 36,000 929,102 965,102 142,095 5/91 6/91 5-27.5 Fort Smith 1,107,190 87,500 2,089,062 0 87,500 2,089,062 2,176,562 238,366 8/94 9/93 7-27.5 Frank- lin II 1,491,552 50,000 1,864,100 2,199 50,000 1,866,299 1,916,299 470,612 11/90 4/91 7-27.5 Franklin House 309,602 1,000 812,706 2,742 1,000 815,448 816,448 194,090 1/88 5/93 5-27.5 Hamilton Village 571,592 18,943 368,532 344,202 18,943 712,734 731,677 140,848 3/92 10/91 5-27.5 Hunters Park 1,414,753 92,750 1,650,083 15,431 92,750 1,665,514 1,758,264 212,685 4/91 5/91 5-27.5 Ivan Woods 2,233,624 275,000 4,347,328 16,337 275,000 4,363,665 4,638,665 1,105,431 4/91 2/91 5-27.5 Jesup 637,753 19,375 427,265 382,416 19,375 809,681 829,056 161,247 7/92 12/91 5-27.5 F-103 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Lakeridge 919,603 34,832 1,103,517 7,461 34,832 1,110,978 1,145,810 242,898 4/91 3/91 5-50 Laurel Village 664,305 15,145 256,421 569,407 15,145 825,828 840,973 158,507 5/92 10/91 5-27.5 Los Caballos 779,138 53,886 1,006,731 1,700 26,943 1,008,431 1,035,374 148,395 8/91 7/91 5-27.5 Marlboro 838,836 26,176 1,032,404 14,417 26,176 1,046,821 1,072,997 268,353 2/91 3/91 5-27.5 Melvilles 896,198 18,500 1,103,074 26,798 18,500 1,129,872 1,148,372 151,555 10/91 7/91 5-27.5 Nanty Glo 1,480,281 35,000 1,869,757 5,117 35,000 1,874,874 1,909,874 393,678 7/91 6/91 7-40 Newnan II 2,062,078 92,706 3,868,800 11,891 92,706 3,880,691 3,973,397 1,044,519 10/90 3/91 7-27.5 Nye County 1,369,074 60,000 1,694,731 5,023 60,000 1,699,754 1,759,754 419,349 4/91 5/91 5-27.5 Oakleigh 917,201 57,500 553,121 556,122 57,500 1,109,243 1,166,743 140,157 3/92 8/91 7-40 Oakwood 914,168 52,000 782,736 341,812 52,000 1,124,548 1,176,548 144,045 1/92 8/91 7-40 Parkwood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 3/91 5-27.5 F-104 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Portales Estates 1,444,481 66,500 1,777,470 5,720 66,500 1,783,190 1,849,690 449,686 7/91 7/91 5-27.5 Prairie West 475,649 65,000 983,964 4,735 65,000 988,699 1,053,699 239,626 9/95 3/91 5-27.5 Ridgeway Court 895,994 48,500 1,039,377 6,645 50,450 1,046,022 1,096,472 234,689 1/91 4/91 5-27.5 River Reach 1,370,435 118,750 1,656,515 6,732 118,750 1,663,247 1,781,997 380,621 5/91 5/91 7-27.5 Rockmoor 439,169 30,000 521,541 17,017 30,000 538,558 568,558 70,772 3/91 5/91 5-27.5 RPI #22 576,874 0 1,177,719 10,944 0 1,188,663 1,188,663 241,323 7/91 6/91 7-27.5 Scott City 600,346 13,000 764,225 (285) 13,000 763,940 776,940 110,236 11/91 6/91 5-27.5 Shawnee Ridge 669,433 53,650 801,129 6,929 53,650 808,058 861,708 113,941 5/91 5/91 5-27.5 Spring- field 3,864,669 775,955 9,620,653 30,930 775,955 9,651,583 10,427,538 1,927,125 6/91 7/91 5-27.5 Stonegate Manor 1,012,820 76,000 1,265,168 6,097 76,000 1,271,265 1,347,265 307,926 12/90 5/91 7-27.5 F-105 Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provemnts Total ciation Date Date Life - ---------------------------------------------------------------------------------------------------------------------------- Turner Lane 723,743 31,530 882,974 0 31,530 882,974 914,504 199,820 7/91 5/91 7-27.5 Union Baptist 529,851 0 1,151,557 16,582 0 1,168,139 1,168,139 197,175 4/91 5/91 5-27.5 Villas of Lakeridge 533,728 47,952 605,356 809 47,952 606,165 654,117 133,291 3/91 3/91 5-27.5 Waynesboro 1,375,226 50,000 1,455,507 1,074 50,000 1,456,581 1,506,581 334,122 1/91 4/91 5-27.5 Windsor II 733,507 51,178 887,455 10,016 51,178 897,471 948,649 233,752 11/90 4/91 7-27.5 Woodcrest 713,305 42,000 883,702 1,891 42,000 885,593 927,593 120,263 11/91 6/91 7-40 Woodside 1,159,210 19,383 1,378,829 0 19,383 1,378,829 1,398,212 373,408 3/91 4/91 5-40 ---------- --------- ---------- ---------- ---------- ----------- ----------- --------- 66,926,828 4,852,412 90,653,822 20,631,211 5,011,397 111,285,033 116,296,430 20,563,208 ========== ========= ========== ========== ========= =========== =========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1996 *Decrease due to a reallocation of acquisition costs. **There were no carrying costs as of December 31, 1996 The column has been ommitted for presentation purposes.
F-106 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$ 79,690,665 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 9,428,122 Improvements, etc................................. 7,164,766 Other............................................. 0 ---------- $ 16,592,888 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$ 96,283,553 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 901,206 Improvements, etc................................. 16,586,367 Other............................................. 0 ---------- $ 17,487,573 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$113,771,126 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 2,226,528 Other............................................. 0 ---------- $ 2,226,528 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$115,997,654 F-107 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Reconciliation of Land, Building & Improvements current year changes - continued Balance at close of period - 03/31/95..........................$115,997,654 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 231,724 Other.......................................... 0 ----------- $ 231,724 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96..........................$116,229,378 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 67,052 Other.......................................... 0 ----------- $ 67,052 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... 0 ----------- $ 0 ----------- Balance at close of period - 03/31/97..........................$116,296,430 =========== F-108 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 12 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92.......................$ 2,036,741 Current year expense................................$3,141,623 --------- Balance at close of period - 3/31/93............................$ 5,178,364 Current year expense................................$3,409,630 --------- Balance at close of period - 3/31/94............................$ 8,587,994 Current year expense................................$4,171,394 --------- Balance at close of period - 3/31/95............................$12,759,388 Current year expense................................$4,116,629 --------- Balance at close of period - 3/31/96............................$16,876,017 Current year expense................................$3,687,191 --------- Balance at close of period - 3/31/97............................$20,563,208 ========== F-109 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Ada Vil 1,054,436 125,997 1,201,080 0 125,997 1,201,080 1,327,077 151,732 11/93 1/93 5-30 Amherst 1,607,320 60,000 1,920,734 0 60,000 1,920,734 1,980,734 385,411 1/92 1/92 7-27.5 Beckwood Manor 1,274,241 35,000 1,569,743 38,578 35,000 1,608,321 1,643,321 306,577 10/92 5/92 5-27.5 Belmont Vlg 931,273 64,312 1,073,695 6,676 64,312 1,080,371 1,144,683 154,237 12/91 1/92 7-27.5 Bethel Park 1,494,878 265,800 1,310,374 478,546 117,500 1,788,920 1,906,420 245,500 3/92 12/91 5-40 Blan- chard 219,071 42,000 727,225 (473,334) 23,726 253,891 277,617 37,470 9/91 10/91 7-40 F-110 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Blanchard Vlg 599,925 42,000 730,704 0 42,000 730,704 772,704 98,019 7/93 1/93 5-30 Brant- wood 1,146,451 55,500 1,382,381 977 55,500 1,383,358 1,438,858 310,057 9/91 7/91 7-27.5 Brecken- ridge 870,566 21,500 1,181,178 1,909 21,500 1,183,087 1,204,587 171,701 3/92 1/92 7-27.5 Briar- wood II 1,497,599 90,000 1,785,580 (297,553) 90,000 1,488,027 1,578,027 298,149 4/92 2/92 7-27.5 Bridge Coali- tion 0 0 695,990 0 0 695,990 695,990 125,179 12/91 1/92 27.5 Buchanan 727,618 63,275 833,561 33,758 63,275 867,319 930,594 226,967 10/90 7/91 7-27.5 California Inv. V 5,480,494 401,411 10,824,261 2,231 401,411 10,826,492 11,227,903 2,066,347 03/90 8/92 7-27.5 California Inv. VII 9,004,859 820,000 9,361,922 16,788,173 803,050 26,150,095 26,953,145 3,011,776 12/93 10/92 7-27.5 Capital Hsg 1,558,771 178,000 3,131,389 39,766 178,000 3,171,155 3,349,155 656,736 1/91 8/91 7-27.5 F-111 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------------------------------------ Capitol One 713,046 35,000 883,508 0 35,000 883,508 918,508 70,799 8/95 3/95 7-27.5 Carleton Court 2,632,853 94,360 3,954,231 219,892 94,360 4,174,123 4,268,483 643,676 12/91 12/91 7-34 Carriage Run 1,334,409 83,980 1,046,960 550,232 83,980 1,597,192 1,681,172 306,638 4/92 10/91 7-27.5 Cedar- wood 1,422,174 61,698 1,477,659 231,450 61,698 1,709,109 1,770,807 199,689 1/92 10/91 7-27.5 Central Valley 1,831,879 141,353 2,170,282 0 141,353 2,170,282 2,311,635 284,314 12/91 1/92 5-50 Chapar- ral 697,751 38,972 863,939 3,510 38,972 867,449 906,421 111,358 7/91 8/91 7-50 College Green 4,041,301 225,000 6,774,847 37,748 225,000 6,812,595 7,037,595 434,810 8/95 3/95 7-27.5 Colorado City 543,812 30,000 608,138 16,258 30,000 624,396 654,396 82,442 10/91 10/91 7-40 Cotton wood 656,329 40,000 775,242 3,710 40,000 778,952 818,952 104,637 7/91 10/91 7-40 F-112 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------------------------------------ Crystal Sprgs 1,307,850 60,000 1,574,032 6,642 60,000 1,580,674 1,640,674 263,217 1/92 1/92 7-27.5 Davis Vlg 1,181,354 55,000 1,456,778 0 55,000 1,456,778 1,511,778 192,623 9/93 1/93 5-30 Derby Hsg 1,876,305 165,000 3,451,914 (46,262) 165,000 3,405,652 3,570,652 715,254 9/91 6/91 7-27.5 Deven- wood 876,194 76,000 1,215,772 3,057 76,000 1,218,829 1,294,829 196,053 1/93 7/92 N/A Duncan Vlg 1,155,877 83,875 1,391,226 0 83,875 1,391,226 1,475,101 174,324 11/93 1/93 5-30 Edison Village 1,203,485 46,536 1,425,180 50,796 46,536 1,475,976 1,522,512 295,588 2/92 7/91 7-27.5 Excel- sior 625,408 70,000 704,252 8,633 70,000 712,885 782,885 191,533 4/91 2/92 7-27.5 Four Oaks Hsg 896,275 48,000 1,063,004 3,228 73,083 1,066,232 1,139,315 196,700 6/92 3/92 7-27.5 F-113 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------------------------------------ Franklin Vista 932,216 49,520 1,130,261 0 49,520 1,130,261 1,179,781 145,273 4/92 1/92 7-27.5 Friend- ship 1,442,972 195,314 1,639,123 124,570 213,230 1,763,693 1,976,923 520,595 6/91 1/92 7-27.5 Glenhaven Park 707,514 195,000 834,120 0 195,000 834,120 1,029,120 165,080 6/89 1/94 7-27.5 Harrison City 1,485,187 35,521 1,792,881 5,424 35,521 1,798,305 1,833,826 338,058 9/92 7/92 7-27.5 Haven Park Part- ners II 499,283 225,000 1,045,411 0 225,000 1,045,411 1,270,411 285,651 6/89 1/94 7-27.5 Haven Park Partners III 501,859 225,000 1,177,089 0 225,000 1,177,089 1,402,089 198,757 12/89 1/94 7-27.5 Haven Park Part- ners IV 403,505 180,000 874,413 0 180,000 874,413 1,054,413 139,282 6/90 1/94 7-27.5 Hessmer 913,495 35,000 380,289 777,463 35,000 1,157,752 1,192,752 142,300 4/92 12/91 7-40 F-114 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------------------------------------ Hillmont Village 887,931 38,000 911,697 160,272 38,000 1,071,969 1,109,969 218,321 1/92 9/91 7-27.5 Hughes Springs 790,069 35,000 947,230 0 35,000 947,230 982,230 126,109 8/91 10/91 7-40 Hunters Run 1,451,285 120,000 1,169,479 537,695 120,000 1,707,174 1,827,174 345,954 2/92 12/91 7-27.5 Indepen- dence 1,089,545 103,901 1,237,331 9,492 103,901 1,246,823 1,350,724 281,348 6/91 8/91 7-27.5 Jarratt 835,929 55,926 1,028,925 (67,608) 55,926 961,317 1,017,243 197,380 12/91 10/91 7-27.5 Kilmar- nock 767,003 44,000 969,309 0 44,000 969,309 1,013,309 227,854 4/91 7/91 7-27.5 King Fisher 171,876 21,000 198,768 0 21,000 198,768 219,768 26,819 12/93 1/93 5-30 La Gama Del Bario 670,088 110,000 1,020,084 46,465 110,000 1,066,549 1,176,549 165,761 8/92 6/92 7-27.5 F-115 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Lake Isa- bella 1,999,356 360,000 2,036,815 229,471 360,000 2,266,286 2,626,286 294,029 1/92 9/91 5-50 Lakeview Meadows 1,576,0000 99,580 2,665,491 7,868 99,580 2,673,359 2,772,939 573,136 6/92 1/92 12-40 Lakewood Terr 3,932,649 124,707 2,257,609 4,420,840 124,707 6,678,449 6,803,156 1,193,692 8/89 11/93 5-27.5 Lexington Park 4,860,326 500,000 7,754,757 0 500,000 7,754,757 8,254,757 890,623 12/93 11/91 7-27.5 Lexington Vlg 212,249 23,814 246,703 0 23,814 246,703 270,517 35,231 11/93 1/93 5-30 Lonacon- ing 1,493,502 113,305 181,203 1,588,889 113,305 1,740,092 1,853,397 217,412 9/92 12/91 5-27.5 Louis Assocs. 833,193 13,720 1,038,651 426 13,720 1,039,077 1,052,797 190,831 1/92 3/92 7-27.5 Maidu 2,193,985 56,500 5,108,838 75,002 56,500 5,183,840 5,240,340 1,101,092 12/91 1/92 7-27.5 Marion Mnr 1,009,781 50,000 1,237,671 8,394 50,000 1,246,065 1,296,065 141,776 6/92 2/92 7-27.5 F-116 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------------------------------------ Maysville Vlg 226,700 25,920 255,681 0 25,920 255,681 281,601 36,887 10/93 1/93 5-30 McComb Fam 1,007,467 30,000 1,226,748 3,297 30,000 1,230,045 1,260,045 233,111 10/91 10/91 7-27.5 Mon- tague 1,144,205 0 1,493,360 96,949 22,223 1,590,309 1,612,532 284,516 12/91 12/91 5-30 Navapai 885,717 53,480 1,073,287 25,572 53,480 1,098,859 1,152,339 163,270 4/91 6/91 7-50 Nevada City 3,557,533 492,000 3,954,179 130,975 492,000 4,085,154 4,577,154 501,493 10/91 1/91 5-27.5 New River 1,489,932 46,400 1,279,522 519,597 46,400 1,799,119 1,845,519 232,510 2/92 8/91 7-27.5 Newel- lton 950,799 57,600 1,161,263 2,430 57,600 1,163,693 1,221,293 143,531 4/92 2/92 7-40 Oakland Vlg 855,063 38,400 1,021,589 2,502 58,014 1,024,091 1,082,105 180,146 8/92 5/92 7-27.5 F-117 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Okemah Vlg 699,392 27,752 872,256 0 27,752 872,256 900,008 119,548 5/93 1/93 7-27.5 One North- ridge 1,723,362 190,000 3,051,424 59,364 190,000 3,110,788 3,300,788 473,077 2/92 1/92 7-27.5 Park- wood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 10/91 7-27.5 Pine- ridge 995,445 31,500 494,515 715,923 31,500 1,210,438 1,241,938 130,969 3/92 10/91 7-27.5 Pittsfield Park 1,049,950 204,900 781,557 541,973 58,000 1,323,530 1,381,530 207,623 6/92 12/91 5-30 Planta- tion IV 1,425,291 77,000 1,697,631 16,686 77,000 1,714,317 1,791,317 364,841 11/91 12/91 7-27.5 Portville Square 980,810 66,206 1,068,007 29,836 66,206 1,097,843 1,164,049 149,031 3/92 3/92 7-27.5 Prague Vlg 122,996 10,500 157,060 0 10,500 157,060 167,560 24,589 3/93 1/93 7-27.5 F-118 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Rainer Manor 3,712,816 521,000 5,852,852 0 521,000 5,852,852 6,373,852 667,360 1/93 3/92 7-27.5 Rosen- berg 1,837,045 452,000 10,701,246 (8,526,246) 415,000 2,175,000 2,590,000 0 1/92 12/91 7-27.5 Rosewood Manor 1,443,146 175,000 1,605,480 7,408 175,000 1,612,888 1,787,888 338,216 11/91 12/91 7-27.5 San Jacinto 2,379,264 288,000 2,694,130 105,463 288,000 2,799,593 3,087,593 407,098 10/91 1/92 5-50 Schroon Lake 1,096,402 78,000 1,318,831 (13,366) 78,000 1,305,465 1,383,465 247,269 1/92 11/91 5-50 Scott Part- ners 599,319 60,000 1,171,445 22,194 60,000 1,193,639 1,253,639 251,420 11/91 10/91 7-27.5 Sioux Falls 1,110,281 82,406 2,233,596 (15,816) 82,406 2,217,780 2,300,186 473,310 10/91 11/91 7-27.5 F-119 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Smith- ville 1,248,563 79,790 1,465,210 21,214 79,790 1,486,424 1,566,214 399,693 5/91 2/92 7-27.5 South Fulton 666,263 34,000 794,896 0 34,000 794,896 828,896 157,576 8/91 10/91 7-27.5 Standard- ville 588,010 29,500 691,006 0 29,500 691,006 720,506 112,183 11/91 4/92 5-40 St. Barnabas 1,217,322 43,335 1,520,445 2,648 43,335 1,523,093 1,566,428 174,986 12/91 10/91 7-27.5 Summerlane 863,418 48,700 1,010,651 3,038 48,700 1,013,689 1,062,389 213,402 11/91 7/91 7-27.5 Tionesta Manor 1,434,505 229,850 1,666,675 17,639 229,850 1,684,314 1,914,164 365,137 1/92 2/92 7-27.5 Titus- ville 1,245,008 85,280 1,235,975 226,530 85,280 1,462,505 1,547,785 298,774 1/92 12/91 7-27.5 Toano III 710,837 56,266 874,381 1,499 56,266 875,880 932,146 207,084 7/91 7/91 7-27.5 Topsham 1,132,054 135,552 1,458,644 1,522 135,552 1,460,166 1,595,718 182,060 8/92 11/91 10-40 F-120 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------------------------------------------------------------------- Townview 1,383,897 87,238 1,713,135 16,525 87,238 1,729,660 1,816,898 261,678 10/91 9/91 5-27.5 Tyrone Hsg 1,489,985 138,700 1,850,252 (60,949) 138,700 1,789,303 1,928,003 253,411 1/92 12/91 5-40 Vic- toria 1,409,195 12,500 1,733,581 0 12,500 1,733,581 1,746,081 323,249 6/92 1/92 5-27.5 Village Terrace 728,004 63,000 1,529,691 0 63,000 1,529,691 1,529,691 324,124 9/91 5/92 5-40 Washing- ton 1,194,915 72,396 1,494,696 2,410 72,396 1,497,106 1,569,502 318,063 8/91 7/91 7-27 Wesley Vlg 1,319,261 44,750 347,831 1,253,193 44,750 1,601,024 1,645,774 215,806 6/92 10/91 5-27.5 Wild- wood 1,267,980 94,949 1,498,290 7,245 94,949 1,505,535 1,600,484 245,935 10/91 10/91 5-40 Woodfield Commons 1,220,249 66,533 2,478,583 129,178 66,533 2,607,761 2,674,294 384,577 6/91 9/91 12-40 Wood- side 1,216,779 44,000 1,472,335 6,808 44,000 1,479,143 1,523,143 317,920 10/91 11/91 7-27.5 F-121 Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Schedule III - Real Estate and Accumulated Depreciation March 31, 1997 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- ----------------------------- Buildings Buildings Accum. Con- Acq- Depre- Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation tion brances Land provements ments Land provements Total ciation Date Date Life - --------------------------------------------------------------------------------------------------------------------------- Wynnewood Vlg 419,103 41,987 521,591 0 41,987 521,591 563,578 72,988 11/93 1/93 5-27.5 York- shire 926,910 29,265 1,079,451 29,983 29,265 1,109,434 1,138,699 244,603 9/91 8/91 5-27.5 Zin- master 1,874,424 100,000 3,307,709 1,363 100,000 3,309,072 3,409,072 1,117,120 1/88 1/95 7-27.5 ----------- ---------- ----------- ---------- ---------- ----------- ----------- ---------- 137,371,131 11,491,699 186,719,997 20,995,683 11,209,111 207,715,680 218,924,791 33,725,798 =========== ========== =========== ========== ========== =========== =========== ========== Since the Operating Partnerships maintain a calendar year end, the information on this schedule is as of December 31, 1996 * - Reduction due to reduced development fee, which reduced the property basis.
F-122 Notes to Schedule III Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/92..........................$ 81,648,074 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 80,920,213 Improvements, etc................................. 5,161,569 Other............................................. 0 ---------- $ 86,081,782 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/93............................$167,729,856 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,382,316 Improvements, etc................................. 38,261,558 Other............................................. 0 ---------- $ 40,643,874 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/94............................$208,373,730 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 4,756,033 Improvements, etc................................. 4,399,236 Other............................................. 0 ---------- $ 9,155,269 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$217,528,999 F-123 Notes to Schedule III-Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Reconciliation of Land, Building & Improvements current year changes-Continued Balance at close of period - 03/31/95..........................$217,528,999 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 11,627,996 Other.......................................... 0 ----------- $ 11,627,996 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (299,900) ----------- $ (299,900) ----------- Balance at close of period - 03/31/96..........................$228,857,095 Additions during period: Acquisitions through foreclosure...............$ 0 Other acquisitions............................. 0 Improvements, etc.............................. 0 Other.......................................... 0 ----------- $ 0 Deductions during period: Cost of real estate sold.......................$ 0 Other.......................................... (9,932,304) ----------- $ (9,932,304) ----------- Balance at close of period - 03/31/97..........................$218,924,791 =========== F-124 Notes to Schedule III - Continued Boston Capital Tax Credit Fund II Limited Partnership - Series 14 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/92.........................$ 659,075 Current year expense..................................$5,383,385 --------- Balance at close of period - 3/31/93..............................$ 6,042,460 Current year expense..................................$6,562,213 --------- Balance at close of period - 3/31/94..............................$12,604,673 Current year expense..................................$7,623,477 --------- Balance at close of period - 3/31/95..............................$20,228,150 Current year expense..................................$8,161,751 --------- Balance at close of period - 3/31/96..............................$28,389,901 ========== Current year expense..................................$4,502,253 --------- Balance at close of period - 3/31/97..............................$32,892,154 ========== F-125 EX-27 2
CT 0000853566 BOSTON CAPITAL TAX CREDIT FUND II, LP 12-MOS MAR-31-1997 APR-01-1996 MAR-31-1997 73382875 0 0 0 0 73382875 155501 0 (13246441) 0 0 0 (13090940) 0 0
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