RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2019

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2019 and 2018, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% 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 partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2019 and 2018, are as follows:

	2019
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	26,960	$	4,962	$	21,998
Series 16		80,085		12,210		67,875
Series 17		46,643		10,000		36,643
Series 18		65,895		26,050		39,845
Series 19		10,851		750		10,101
	$	230,434	$	53,972	$	176,462

	2018
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	58,744	$	29,362	$	29,382
Series 16		96,456		14,048		82,408
Series 17		53,052		55,097		(2,045	)
Series 18		89,577		33,750		55,827
Series 19		31,860		750		31,110
	$	329,689	$	133,007	$	196,682

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the years ended March 31, 2019 and 2018 was $2,789,397 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

The partnership management fees paid for the years ended March 31, 2019 and 2018 are as follows:

	2019		2018
Series 15	$	271,999	$	63,602
Series 16		155,683		231,826
Series 17		46,643		53,052
Series 18		915,520		508,704
Series 19		10,851		31,860
	$	1,400,696	$	889,044

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2019 and 2018, total partnership management fees accrued were $10,780,391 and $14,740,050, respectively.

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2019 and 2018 charged to each series’ operations are as follows:

	2019		2018
Series 15	$	54,781	$	16,661
Series 16		20,888		19,172
Series 17		18,132		16,854
Series 18		17,567		15,862
Series 19		46,668		15,689
	$	158,036	$	84,238

Accounts payable - affiliates at March 31, 2019 and 2018 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.