INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2019 and 2018, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2019 and 2018 by series are as follows:

	2019		2018
Series 15		-		9
Series 16		11		12
Series 17		2		4
Series 18		10		11
Series 19		-		3
		23		39

During the year ended March 31, 2019 the Fund disposed of sixteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2019 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain on
	Transferred		Partnership		Disposition *		Disposition
Series 15		8		1	$	107,000	$	107,000
Series 16		1		-		70,000		70,000
Series 17		2		-		43,000		50,893
Series 18		1		-		815,520		815,520
Series 19		3		-		13,000		13,000
Total		15		1	$	1,048,520	$	1,056,413

* Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17.

During the year ended March 31, 2018 the Fund disposed of fourteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2018 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain on
	Transferred		Partnership		Disposition		Disposition
Series 15		4		-	$	265,241	$	265,241
Series 16		5		-		262,894		262,894
Series 17		1		-		22,000		22,000
Series 18		-		1		508,704		508,704
Series 19		3		-		69,102		69,102
Total		13		1	$	1,127,941	$	1,127,941

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2019 and 2018 by series are as follows:

	2019		2018
Series 15	$	-	$	-
Series 16	-		-
Series 17		-		7,893
Series 18		18,554		18,554
Series 19		-		-
	$	18,554	$	26,447

The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows:

	Total			Series 15		Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	7,854,676		$	-	$	2,591,038
Acquisition costs of operating limited partnerships		1,030,206			-		265,787
Syndication costs from operating limited partnerships		-			-		-
Cumulative distributions from operating limited partnerships		(35,967	)		-		(8,599	)
Cumulative impairment loss in investment in operating limited partnerships		(1,279,314	)		-		(333,505	)
Cumulative losses from operating limited partnerships		(7,569,601	)		-		(2,514,721	)
Investments in operating limited partnerships per balance sheets		-			-		-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A)		(105,114	)		-		(43,920	)
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(155,881	)		-		(23,359	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		236,196			-		-

	Total			Series 15		Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(12,606,064	)		-		(4,883,010	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		51,842			-		33,845
Cumulative impairment loss in investment in operating limited partnerships		1,279,314			-		333,505
Other		(380,789	)		-		43,599
Equity per operating limited partnerships’ combined financial statements	$	(11,680,496	)	$	-	$	(4,539,340	)

The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	1,721,225		$	3,542,413		$	-
Acquisition costs of operating limited partnerships		250,280			514,139			-
Syndication costs from operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		-			(27,368	)		-
Cumulative impairment loss in investment in operating limited partnerships		(322,505	)		(623,304	)		-
Cumulative losses from operating limited partnerships		(1,649,000	)		(3,405,880	)		-
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A)		(55,606	)		(5,588	)		-
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(132,522	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		64,862			171,334			-

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(1,778,668	)		(5,944,386	)		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		6,706			11,291			-
Cumulative impairment loss in investment in operating limited partnerships		322,505			623,304			-
Other		(152,099	)		(272,289	)		-
Equity per operating limited partnerships’ combined financial statements	$	(1,724,822	)	$	(5,416,334	)	$	-

The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		13,020,543		$	1,467,118		$	2,786,192
Acquisition costs of operating limited partnerships		1,726,379			191,597			293,893
Syndication costs from operating limited partnerships		(31,623	)		-			-
Cumulative distributions from operating limited partnerships		(40,425	)		(252	)		(8,599	)
Cumulative impairment loss in investment in operating limited partnerships		(1,881,446	)		(34,041	)		(333,505	)
Cumulative losses from operating limited partnerships		(12,793,428	)		(1,624,422	)		(2,737,981	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A)		(138,624	)		(14,246	)		(43,920	)
The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(208,552	)		(52,671	)		(23,359	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		357,921			18,909			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(19,817,505	)		(3,285,519	)		(4,909,316	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		105,239			53,151			34,091
Cumulative impairment loss in investment in operating limited partnerships		1,881,446			34,041			333,505
Other		(241,035	)		(101,375	)		179,860
Equity per operating limited partnerships’ combined financial statements	$	(18,061,110	)	$	(3,347,710	)	$	(4,429,139	)

The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	2,120,191		$	5,178,705		$	1,468,337
Acquisition costs of operating limited partnerships		307,666			749,496			183,727
Syndication costs from operating limited partnerships		-			(31,623	)		-
Cumulative distributions from operating limited partnerships		(2,463	)		(27,368	)		(1,743	)
Cumulative impairment loss in investment in operating limited partnerships		(322,505	)		(963,351	)		(228,044	)
Cumulative losses from operating limited partnerships		(2,102,889	)		(4,905,859	)		(1,422,277	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A)		(55,606	)		(5,588	)		(19,264	)
The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(132,522	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		99,965			232,601			6,446

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(2,872,436	)		(6,077,395	)		(2,672,839	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		6,706			11,291			-
Cumulative impairment loss in investment in operating limited partnerships		322,505			963,351			228,044
Other		(50,946	)		(248,150	)		(20,424	)
Equity per operating limited partnerships’ combined financial statements	$	(2,682,334	)	$	(5,123,890	)	$	(2,478,037	)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15		Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	8,358,500		$	-	$	3,569,640
Land		1,489,108			-		599,380
Other assets		3,656,349			-		1,931,974
	$	13,503,957		$	-	$	6,100,994
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	23,426,123		$	-	$	9,850,848
Accounts payable and accrued expenses		1,184,318			-		196,067
Other liabilities		1,288,223			-		571,979
		25,898,664			-		10,618,894
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(11,680,496	)		-		(4,539,340	)
Other partners		(714,211	)		-		21,440
		(12,394,707	)		-		(4,517,900	)
	$	13,503,957		$	-	$	6,100,994

The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows:

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	927,584		$	3,861,276		$	-
Land		175,000			714,728			-
Other assets		821,299			903,076			-
	$	1,923,883		$	5,479,080		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	2,880,883		$	10,694,392		$	-
Accounts payable and accrued expenses		545,464			442,787			-
Other liabilities		123,234			593,010			-
		3,549,581			11,730,189			-
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(1,724,822	)		(5,416,334	)		-
Other partners		99,124			(834,775	)		-
		(1,625,698	)		(6,251,109	)		-
	$	1,923,883		$	5,479,080		$	-

The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	12,594,247		$	1,336,447		$	4,469,768
Land		2,186,355			269,933			652,676
Other assets		5,189,673			1,240,791			2,003,378
	$	19,970,275		$	2,847,171		$	7,125,822
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	34,764,622		$	5,852,078		$	10,783,507
Accounts payable and accrued expenses		1,413,960			116,060			157,464
Other liabilities		2,184,814			109,334			589,241
		38,363,396			6,077,472			11,530,212
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(18,061,110	)		(3,347,710	)		(4,429,139	)
Other partners		(332,011	)		117,409			24,749
		(18,393,121	)		(3,230,301	)		(4,404,390	)
	$	19,970,275		$	2,847,171		$	7,125,822

The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows:

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,556,272		$	4,774,203		$	457,557
Land		266,600			835,966			161,180
Other assets		620,829			1,005,956			318,719
	$	2,443,701		$	6,616,125		$	937,456
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	4,211,695		$	11,175,137		$	2,742,205
Accounts payable and accrued expenses		567,386			412,199			160,851
Other liabilities		280,313			647,845			558,081
		5,059,394			12,235,181			3,461,137
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,682,334	)		(5,123,890	)		(2,478,037	)
Other partners		66,641			(495,166	)		(45,644	)
		(2,615,693	)		(5,619,056	)		(2,523,681	)
	$	2,443,701		$	6,616,125		$	937,456

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15		Series 16
Revenue
Rental	$	4,525,264		$	-	$	2,051,554
Interest and other		65,379			-		19,960
		4,590,643			-		2,071,514
Expenses
Interest		593,513			-		216,785
Depreciation and amortization		1,086,987			-		460,933
Taxes and insurance		576,112			-		199,870
Repairs and maintenance		1,119,763			-		524,096
Operating expenses		1,914,238			-		805,819
Other expenses		67,851			-		7,914
		5,358,464			-		2,215,417
NET LOSS	$	(767,821	)	$	-	$	(143,903	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(810,437	)	$	-	$	(166,527	)
Net income (loss) allocated to other partners	$	42,616		$	-	$	22,624

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows:

	Series 17			Series 18			Series 19
Revenue
Rental	$	842,135		$	1,631,575		$	-
Interest and other		15,306			30,113			-
		857,441			1,661,688			-
Expenses
Interest		127,006			249,722			-
Depreciation and amortization		238,976			387,078			-
Taxes and insurance		105,121			271,121			-
Repairs and maintenance		276,104			319,563			-
Operating expenses		347,561			760,858			-
Other expenses		4,000			55,937			-
		1,098,768			2,044,279			-
NET LOSS	$	(241,327	)	$	(382,591	)	$	-
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(238,912	)	$	(404,998	)	$	-
Net income (loss) allocated to other partners	$	(2,415	)	$	22,407		$	-

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	6,919,800		$	1,153,677		$	2,125,114
Interest and other		136,457			23,128			25,896
		7,056,257			1,176,805			2,151,010
Expenses
Interest		757,006			92,829			238,102
Depreciation and amortization		1,748,660			297,243			501,821
Taxes and insurance		847,681			131,008			212,583
Repairs and maintenance		1,731,967			300,959			510,900
Operating expenses		2,976,456			541,718			896,468
Other expenses		66,377			-			7,914
		8,128,147			1,363,757			2,367,788
NET LOSS	$	(1,071,890	)	$	(186,952	)	$	(216,778	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(1,090,861	)	$	(183,370	)	$	(249,603	)
Net income (loss) allocated to other partners	$	18,971		$	(3,582	)	$	32,825

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows:

	Series 17			Series 18			Series 19
Revenue
Rental	$	1,158,320		$	2,033,200		$	449,489
Interest and other		23,502			48,207			15,724
		1,181,822			2,081,407			465,213
Expenses
Interest		106,109			281,788			38,178
Depreciation and amortization		343,736			517,189			88,671
Taxes and insurance		154,864			300,593			48,633
Repairs and maintenance		217,152			585,277			117,679
Operating expenses		465,770			850,774			221,726
Other expenses		9,000			49,463			-
		1,296,631			2,585,084			514,887
NET LOSS	$	(114,809	)	$	(503,677	)	$	(49,674	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(113,659	)	$	(495,051	)	$	(49,178	)
Net income (loss) allocated to other partners	$	(1,150	)	$	(8,626	)	$	(496	)