INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2016

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2016 and 2015, the Fund had limited partnership interests in 57 and 62 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2016 and 2015 is as follows:

	2016	2015
Series 15	14	15
Series 16	17	20
Series 17	8	9
Series 18	12	12
Series 19	6	6
	57	62

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships.  These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.   The contributions payable at September 30, 2016 and 2015 are as follows:

	2016	2015
Series 15	$      -	$      -
Series 16	-	50,008
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 76,455

During the six months ended September 30, 2016 the Fund disposed of four Operating Partnerships. A summary of the dispositions by Series for September 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 15	-	-	$	-	$	-
Series 16	2	1		266,076		316,084
Series 17	1	-		2,500		2,500
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	3	1	$	268,576	$	318,584

* Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contribution payable in Series 16.

During the six months ended September 30, 2015 the Fund disposed of eight Operating Partnerships and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition
Series 15	2	1	$	335,091	$	335,091
Series 16	1	-		243,000		243,000
Series 17	3	1		5,692,104		5,692,104
Series 18	-	-		370,583		15,294
Series 19	-	-		-		-
Total	6	2	$	6,640,778	$	6,285,489

* Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year.  Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period.  Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2016.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

	2016	2015
Revenues
Rental	$ 5,211,464	$ 6,316,814
Interest and other	101,215	131,891
	5,312,679	6,448,705
Expenses
Interest	633,554	784,026
Depreciation and amortization	1,291,363	1,657,094
Operating expenses	4,190,981	4,750,149
	6,115,898	7,191,269
NET LOSS	$ (803,219)	$ (742,564)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (795,185)	$ (735,137)
Net loss allocated to other     Partners	$   (8,034)	$   (7,427)

   

* Amounts include $795,185 and $735,137 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Series 15

	2016	2015
Revenues
Rental	$  1,174,081	$  1,349,023
Interest and other	26,849	30,803
	1,200,930	1,379,826
Expenses
Interest	154,795	182,807
Depreciation and amortization	279,803	339,402
Operating expenses	885,807	1,038,780
	1,320,405	1,560,989
NET LOSS	$  (119,475)	$  (181,163)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (118,280)	$  (179,351)
Net loss allocated to other     Partners	$    (1,195)	$    (1,812)

* Amounts include $118,280 and $179,351 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 16

	2016	2015
Revenues
Rental	$  1,639,035	$  2,336,187
Interest and other	24,810	39,794
	1,663,845	2,375,981
Expenses
Interest	197,987	295,892
Depreciation and amortization	366,909	598,462
Operating expenses	1,318,902	1,631,545
	1,883,798	2,525,899
NET LOSS	$  (219,953)	$  (149,918)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (217,753)	$  (148,419)
Net loss allocated to other     Partners	$    (2,200)	$    (1,499)

* Amounts include $217,753 and $148,419 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

  Series 17

	2016	2015
Revenues
Rental	$  1,026,457	$  1,221,132
Interest and other	17,039	21,168
	1,043,496	1,242,300
Expenses
Interest	106,241	145,301
Depreciation and amortization	314,896	362,917
Operating expenses	800,813	915,707
	1,221,950	1,423,925
NET LOSS	$  (178,454)	$  (181,625)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (176,668)	$  (179,808)
Net loss allocated to other     Partners	$    (1,786)	$    (1,817)

* Amounts include $176,668 and $179,808 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Series 18

	2016	2015
Revenues
Rental	$     999,311	$   1,040,147
Interest and other	21,479	30,360
	1,020,790	1,070,507
Expenses
Interest	128,750	110,648
Depreciation and amortization	247,517	284,019
Operating expenses	861,838	840,923
	1,238,105	1,235,590
NET LOSS	$   (217,315)	$   (165,083)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (215,142)	$   (163,432)
Net loss allocated to other     Partners	$    (2,173)	$    (1,651)

* Amounts include $215,142 and $163,432 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Series 19

	2016	2015
Revenues
Rental	$    372,580	$    370,325
Interest and other	11,038	9,766
	383,618	380,091
Expenses
Interest	45,781	49,378
Depreciation and amortization	82,238	72,294
Operating expenses	323,621	323,194
	451,640	444,866
NET LOSS	$   (68,022)	$   (64,775)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (67,342)	$   (64,127)
Net loss allocated to other     Partners	$     (680)	$     (648)

* Amounts include $67,342 and $64,127 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.