1. Organization, Purpose and Summary of Significant Accounting Policies	12 Months Ended
Mar. 30, 2019
Notes
1. Organization, Purpose and Summary of Significant Accounting Policies	1. Organization, Purpose and Summary of Significant Accounting Policies American Tax Credit Properties III L.P. (the "Partnership") was formed on September 21, 1989 and the Certificate of Limited Partnership of the Partnership was filed under the Delaware Revised Uniform Limited Partnership Act. There was no operating activity until admission of the limited partners (the “Limited Partners”) on June 13, 1990. The Partnership was formed to invest primarily in leveraged low-income multifamily residential complexes (the “Property” or “Properties”) that qualified for the low-income housing tax credit (the “Low-income Housing Tax Credit”) in accordance with Section 42 of the Internal Revenue Code (the “IRC”), through the acquisition of limited partner equity interests (the "Local Partnership Interest” or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. Such interests were acquired from 1990 to 1992. Richman Tax Credit Properties III L.P. (the "General Partner") was formed on September 21, 1989 to act as the General Partner of the Partnership. Basis of Accounting and Fiscal Year The Partnership's records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Partnership's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Partnership and the Local Partnerships each have a calendar year for income tax purposes. Investment in Local Partnerships During the years ended March 30, 2019 and 2018, the Partnership owned a Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (“Fulton Street Houses”). The Partnership accounts for its investment in Fulton Street Houses in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of Fulton Street Houses’ results of operations and by cash distributions received. Equity in loss of investment in Fulton Street Houses allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in Fulton Street Houses. Equity in loss in excess of the Partnership’s investment balance is allocated to other partners’ capital in Fulton Street Houses. Previously unrecognized equity in loss of Fulton Street Houses is recognized in the fiscal year in which equity in income is earned by Fulton Street Houses or additional investment is made by the Partnership. Distributions received subsequent to the elimination of the investment balance are recorded as other income from local partnership. As a result of cumulative equity losses and distributions, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year. The Partnership does not consolidate the accounts and activities of Fulton Street Houses, which is considered a Variable Interest Entity as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnership represents the maximum exposure to loss in connection with such investment. The Partnership's exposure to loss on Fulton Street Houses is mitigated by the condition and financial performance of the underlying Property as well as the financial strength of the general partner of the Fulton Street Houses (the “Fulton Street Houses Local General Partner”). In addition, the Fulton Street Houses partnership agreement grants the Fulton Street Houses Local General Partner the power to direct the activities that most significantly impact Fulton Street Houses’ economic success. As described above herein Note 1, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year. Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing. Cash and Cash Equivalents The Partnership considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value. Fair Value Measurements ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy: · Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access; · Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and · Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions as there is little, if any, related market activity. For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. Investment in Pemberwick Fund The Partnership carries its investment in Pemberwick Fund (“Pemberwick”), an investment grade institutional short duration bond fund, at fair value. Realized and unrealized gains (losses) are included in (offset against) interest revenue (see discussion below herein Note 1 under Recent Accounting Pronouncements. Investment in Pemberwick is classified as available-for-sale. Income Taxes The Partnership is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its partners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no Partnership income tax returns are currently being examined by the IRS, tax years subsequent to 2014 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Partnership has included in Note 7 disclosures related to differences in the financial and tax bases of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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. Recent Accounting Pronouncements As of March 31, 2018, the Partnership adopted Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (the “Update”). In addition to other provisions, the Update requires that changes in the fair value of certain investments be recognized through net income (loss) in the statement of operations. Accordingly, the unrealized gain or loss on Registrant’s investment in Pemberwick is included in interest revenue in the accompanying statements of operations. Certain prior year balances have been reclassified to conform to the current year presentation.

1. Organization, Purpose and Summary of Significant Accounting Policies

12 Months Ended

Mar. 30, 2019

1. Organization, Purpose and Summary of Significant Accounting Policies

1. Organization, Purpose and Summary of Significant Accounting Policies

American Tax Credit Properties III L.P. (the "Partnership") was formed on September 21, 1989 and the Certificate of Limited Partnership of the Partnership was filed under the Delaware Revised Uniform Limited Partnership Act. There was no operating activity until admission of the limited partners (the “Limited Partners”) on June 13, 1990. The Partnership was formed to invest primarily in leveraged low-income multifamily residential complexes (the “Property” or “Properties”) that qualified for the low-income housing tax credit (the “Low-income Housing Tax Credit”) in accordance with Section 42 of the Internal Revenue Code (the “IRC”), through the acquisition of limited partner equity interests (the "Local Partnership Interest” or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. Such interests were acquired from 1990 to 1992. Richman Tax Credit Properties III L.P. (the "General Partner") was formed on September 21, 1989 to act as the General Partner of the Partnership.

Basis of Accounting and Fiscal Year

The Partnership's records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Partnership's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Partnership and the Local Partnerships each have a calendar year for income tax purposes.

Investment in Local Partnerships

During the years ended March 30, 2019 and 2018, the Partnership owned a Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (“Fulton Street Houses”). The Partnership accounts for its investment in Fulton Street Houses in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of Fulton Street Houses’ results of operations and by cash distributions received. Equity in loss of investment in Fulton Street Houses allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in Fulton Street Houses. Equity in loss in excess of the Partnership’s investment balance is allocated to other partners’ capital in Fulton Street Houses. Previously unrecognized equity in loss of Fulton Street Houses is recognized in the fiscal year in which equity in income is earned by Fulton Street Houses or additional investment is made by the Partnership. Distributions received subsequent to the elimination of the investment balance are recorded as other income from local partnership. As a result of cumulative equity losses and distributions, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year.

The Partnership does not consolidate the accounts and activities of Fulton Street Houses, which is considered a Variable Interest Entity as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnership represents the maximum exposure to loss in connection with such investment. The Partnership's exposure to loss on Fulton Street Houses is mitigated by the condition and financial performance of the underlying Property as well as the financial strength of the general partner of the Fulton Street Houses (the “Fulton Street Houses Local General Partner”). In addition, the Fulton Street Houses partnership agreement grants the Fulton Street Houses Local General Partner the power to direct the activities that most significantly impact Fulton Street Houses’ economic success. As described above herein Note 1, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year.

Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing.

Cash and Cash Equivalents

The Partnership considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value.

Fair Value Measurements

ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy:

· Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access;

· Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

· Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions as there is little, if any, related market activity.

For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.

Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick Fund (“Pemberwick”), an investment grade institutional short duration bond fund, at fair value. Realized and unrealized gains (losses) are included in (offset against) interest revenue (see discussion below herein Note 1 under Recent Accounting Pronouncements. Investment in Pemberwick is classified as available-for-sale.

Income Taxes

The Partnership is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its partners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no Partnership income tax returns are currently being examined by the IRS, tax years subsequent to 2014 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Partnership has included in Note 7 disclosures related to differences in the financial and tax bases of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.

Recent Accounting Pronouncements

As of March 31, 2018, the Partnership adopted Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (the “Update”). In addition to other provisions, the Update requires that changes in the fair value of certain investments be recognized through net income (loss) in the statement of operations. Accordingly, the unrealized gain or loss on Registrant’s investment in Pemberwick is included in interest revenue in the accompanying statements of operations. Certain prior year balances have been reclassified to conform to the current year presentation.