|
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Florida
|
59-3090386
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer No.)
|
|
880 Carillon Parkway
|
St. Petersburg, Florida 33716
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s Telephone Number, Including Area Code:
|
(727) 567-1000
|
Number of Record Holders
|
||
Title of Class
|
as of March 31, 2012
|
|
Limited Partnership Interest
|
2,041
|
|
General Partner Interest
|
2
|
YES [ ]
|
NO [X]
|
YES [ ]
|
NO [X]
|
YES [X]
|
NO [ ]
|
YES [X]
|
NO [ ]
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller Reporting Company [X]
|
Yes [ ]
|
No [X]
|
SERIES 7
|
|||||||||||||||||
PARTNERSHIP
|
LOCATION OF PROPERTY
|
# OF UNITS
|
DATE ACQUIRED
|
PROPERTY COST
|
OCCUPANCY RATE
|
||||||||||||
Washington
|
Bloomfield, NE
|
24 | 9/92 | $ | 999,871 | 79 | % | ||||||||||
BrookStone
|
McCaysville, GA
|
40 | 9/92 | 1,464,981 | 98 | % | |||||||||||
N. Irvine
|
Irvine, KY
|
24 | 9/92 | 1,049,192 | 88 | % | |||||||||||
Manchester
|
Manchester, GA
|
42 | 9/92 | 1,474,053 | 98 | % | |||||||||||
Waynesboro
|
Waynesboro, GA
|
24 | 9/92 | 819,270 | 100 | % | |||||||||||
Warm Springs
|
Warm Springs, GA
|
22 | 9/92 | 822,317 | 91 | % | |||||||||||
Dilley
|
Dilley, TX
|
28 | 9/92 | 892,426 | 100 | % | |||||||||||
Elsa
|
Elsa, TX
|
40 | 9/92 | 1,343,531 | 100 | % | |||||||||||
Leander
|
Leander, TX
|
36 | 9/92 | 1,188,198 | 100 | % | |||||||||||
Louisa Sr.
|
Louisa, KY
|
36 | 9/92 | 1,451,921 | 100 | % | |||||||||||
Orchard Commons
|
Crab Orchard, KY
|
12 | 9/92 | 450,887 | 100 | % | |||||||||||
Heritage Park
|
Paze, AZ
|
32 | 9/92 | 1,667,747 | 97 | % | |||||||||||
BrooksHollow
|
Jasper, GA
|
40 | 9/92 | 1,514,019 | 98 | % | |||||||||||
Carson City
|
Carson City, KS
|
24 | 11/92 | 984,740 | 79 | % | |||||||||||
Matteson
|
Capa, KS
|
24 | 11/92 | 978,455 | 83 | % | |||||||||||
Pembroke
|
Pembroke, KY
|
16 | 12/92 | 588,717 | 100 | % | |||||||||||
Robynwood
|
Cynthiana, KY
|
24 | 12/92 | 962,677 | 92 | % | |||||||||||
Hill Creek
|
West Blocton, AL
|
24 | 11/93 | 1,009,630 | 100 | % | |||||||||||
Total Series 7
|
512 | $ | 19,662,632 | ||||||||||||||
The average effective rental income per unit for the year ended December 31, 2011 is $4,639 per year ($387 per month).
|
SERIES 8
|
|||||||||||||||||
PARTNERSHIP
|
LOCATION OF PROPERTY
|
# OF UNITS
|
DATE ACQUIRED
|
PROPERTY COST
|
OCCUPANCY RATE
|
||||||||||||
Purdy
|
Purdy, MO
|
16 | 12/92 | $ | 683,150 | 94 | % | ||||||||||
Galena
|
Galena, KS
|
24 | 12/92 | 897,975 | 100 | % | |||||||||||
Antlers 2
|
Antlers, OK
|
24 | 1/93 | 787,859 | 100 | % | |||||||||||
Holdenville
|
Holdenville, OK
|
24 | 1/93 | 892,598 | 100 | % | |||||||||||
Wetumka
|
Wetumka, OK
|
24 | 1/93 | 812,853 | 96 | % | |||||||||||
Mariners Cove
|
Marine City, MI
|
32 | 1/93 | 1,348,497 | 81 | % | |||||||||||
Mariners Cove Sr.
|
Marine City, MI
|
24 | 1/93 | 1,046,112 | 83 | % | |||||||||||
Antlers
|
Antlers, OK
|
36 | 3/93 | 1,321,039 | 86 | % | |||||||||||
Bentonville
|
Bentonville, AR
|
24 | 3/93 | 758,489 | 92 | % | |||||||||||
Deerpoint
|
Elgin, AL
|
24 | 3/93 | 948,824 | 83 | % | |||||||||||
Aurora
|
Aurora, MO
|
28 | 3/93 | 998,053 | 100 | % | |||||||||||
Baxter
|
Baxter Springs, KS
|
16 | 4/93 | 636,656 | 100 | % | |||||||||||
Timber Ridge
|
Collinsville, AL
|
24 | 5/93 | 966,840 | 96 | % | |||||||||||
Concordia Sr.
|
Concordia, KS
|
24 | 5/93 | 826,389 | 88 | % | |||||||||||
Mountainburg
|
Mountainburg, AR
|
24 | 6/93 | 883,990 | 100 | % | |||||||||||
Fox Ridge
|
Russellville, AL
|
24 | 6/93 | 909,110 | 88 | % | |||||||||||
Meadow View
|
Bridgeport, NE
|
16 | 6/93 | 755,768 | 94 | % | |||||||||||
Sheridan
|
Auburn, NE
|
16 | 6/93 | 837,896 | 100 | % | |||||||||||
Grand Isle
|
Grand Isle, ME
|
16 | 6/93 | 1,156,825 | 94 | % | |||||||||||
Meadowview
|
Van Buren, AR
|
29 | 8/93 | 994,717 | 93 | % | |||||||||||
Taylor
|
Taylor, TX
|
44 | 9/93 | 1,530,463 | 100 | % | |||||||||||
Brookwood
|
Gainesboro, TN
|
44 | 9/93 | 1,881,170 | 95 | % | |||||||||||
Pleasant Valley
|
Lynchburg, TN
|
33 | 9/93 | 1,457,746 | 100 | % | |||||||||||
Reelfoot
|
Ridgely, TN
|
20 | 9/93 | 841,695 | 90 | % | |||||||||||
River Rest
|
Newport, TN
|
34 | 9/93 | 1,465,419 | 97 | % | |||||||||||
Kirksville
|
Kirksville, MO
|
24 | 9/93 | 831,492 | 96 | % | |||||||||||
Kenton
|
Kenton, OH
|
46 | 9/93 | 1,781,759 | 83 | % | |||||||||||
Lovingston
|
Lovingston, VA
|
64 | 9/93 | 2,841,268 | 100 | % | |||||||||||
Hustonville
|
Hustonville, KY
|
16 | 10/93 | 727,278 | 100 | % | |||||||||||
Northpoint
|
Jackson, KY
|
24 | 10/93 | 1,146,792 | 92 | % | |||||||||||
Brooks Field
|
Louisville, GA
|
32 | 10/93 | 1,245,045 | 100 | % | |||||||||||
Brooks Lane
|
Clayton, GA
|
36 | 10/93 | 1,377,885 | 100 | % | |||||||||||
Brooks Point
|
Dahlonega, GA
|
41 | 10/93 | 1,716,890 | 98 | % | |||||||||||
Brooks Run
|
Jasper, GA
|
24 | 10/93 | 962,937 | 100 | % | |||||||||||
Logan Heights
|
Russellville, KY
|
24 | 11/93 | 971,701 | 88 | % | |||||||||||
Lakeshore 2
|
Tuskegee, AL
|
36 | 12/93 | 1,506,489 | 94 | % | |||||||||||
Total Series 8
|
1,011 | $ | 40,749,669 | ||||||||||||||
The average effective rental income per unit for the year ended December 31, 2011 is $4,783 per year ($399 per month).
|
SERIES 9
|
|||||||||||||||||
PARTNERSHIP
|
LOCATION OF PROPERTY
|
# OF UNITS
|
DATE ACQUIRED
|
PROPERTY COST
|
OCCUPANCY RATE
|
||||||||||||
Jay
|
Jay, OK
|
24 | 9/93 | $ | 810,597 | 96 | % | ||||||||||
Boxwood
|
Lexington, TX
|
24 | 9/93 | 770,939 | 92 | % | |||||||||||
Omega
|
Omega, GA
|
36 | 11/93 | 1,407,304 | 86 | % | |||||||||||
Cornell 2
|
Watertown, SD
|
24 | 11/93 | 1,282,776 | 100 | % | |||||||||||
Elm Creek
|
Pierre, SD
|
24 | 11/93 | 1,360,972 | 88 | % | |||||||||||
Marionville
|
Marionville, MO
|
20 | 11/93 | 814,002 | 100 | % | |||||||||||
Lamar
|
Lamar, AR
|
24 | 12/93 | 904,325 | 83 | % | |||||||||||
Centreville
|
Centreville, AL
|
24 | 12/93 | 1,014,057 | 100 | % | |||||||||||
Skyview
|
Troy, AL
|
36 | 12/93 | 1,506,162 | 86 | % | |||||||||||
Bradford
|
Cumberland, KY
|
24 | 12/93 | 1,026,848 | 100 | % | |||||||||||
Cedar Lane
|
London, KY
|
24 | 12/93 | 963,841 | 100 | % | |||||||||||
Stanton
|
Stanton, KY
|
24 | 12/93 | 959,149 | 96 | % | |||||||||||
Abernathy
|
Abernathy, TX
|
24 | 1/94 | 781,898 | 100 | % | |||||||||||
Pembroke
|
Pembroke, KY
|
24 | 1/94 | 950,827 | 92 | % | |||||||||||
Meadowview
|
Greenville, AL
|
24 | 2/94 | 1,170,447 | 88 | % | |||||||||||
Town Branch
|
Mt. Vernon, KY
|
24 | 12/93 | 937,356 | 100 | % | |||||||||||
Fox Run
|
Ragland, AL
|
24 | 3/94 | 973,193 | 100 | % | |||||||||||
Maple Street
|
Emporium, PA
|
32 | 3/94 | 1,722,593 | 94 | % | |||||||||||
Manchester
|
Manchester, GA
|
18 | 5/94 | 735,558 | 89 | % | |||||||||||
Total Series 9
|
478 | $ | 20,092,844 | ||||||||||||||
The average effective rental income per unit for the year ended December 31, 2011 is $4,738 per year ($395 per month).
|
SERIES 10
|
|||||||||||||||||
PARTNERSHIP
|
LOCATION OF PROPERTY
|
# OF UNITS
|
DATE ACQUIRED
|
PROPERTY COST
|
OCCUPANCY RATE
|
||||||||||||
Albany
|
Albany, KY
|
24 | 1/94 | $ | 1,013,806 | 100 | % | ||||||||||
Oak Terrace
|
Bonifay, FL
|
18 | 1/94 | 663,362 | 100 | % | |||||||||||
Wellshill
|
West Liberty, KY
|
32 | 1/94 | 1,297,119 | 100 | % | |||||||||||
Applegate
|
Florence, AL
|
36 | 2/94 | 1,874,908 | 100 | % | |||||||||||
Heatherwood
|
Alexander, AL
|
36 | 2/94 | 1,661,886 | 94 | % | |||||||||||
Donna
|
Donna, TX
|
50 | 1/94 | 1,779,782 | 100 | % | |||||||||||
Wellsville
|
Wellsville, NY
|
24 | 2/94 | 1,490,796 | 96 | % | |||||||||||
Tecumseh
|
Tecumseh, NE
|
24 | 4/94 | 1,193,824 | 100 | % | |||||||||||
Clay City
|
Clay City, KY
|
24 | 5/94 | 1,118,501 | 96 | % | |||||||||||
Irvine West
|
Irvine, KY
|
24 | 5/94 | 1,157,971 | 96 | % | |||||||||||
New Castle
|
New Castle, KY
|
24 | 5/94 | 1,060,885 | 100 | % | |||||||||||
Stigler
|
Stigler, OK
|
20 | 7/94 | 754,056 | 100 | % | |||||||||||
Total Series 10
|
336 | $ | 15,066,896 | ||||||||||||||
The average effective rental income per unit for the year ended December 31, 2011 is $4,669 per year ($389 per month).
|
SERIES 11
|
|||||||||||||||||
PARTNERSHIP
|
LOCATION OF PROPERTY
|
# OF UNITS
|
DATE ACQUIRED
|
PROPERTY COST
|
OCCUPANCY RATE
|
||||||||||||
Homestead
|
Pinetop, AZ
|
32 | 9/94 | $ | 1,846,395 | 97 | % | ||||||||||
Eloy
|
Eloy, AZ
|
24 | 11/94 | 1,149,400 | 92 | % | |||||||||||
Gila Bend
|
Gila Bend, AZ
|
36 | 11/94 | 1,611,752 | 94 | % | |||||||||||
Creekstone
|
Dallas, GA
|
40 | 12/94 | 2,008,604 | 93 | % | |||||||||||
Tifton
|
Tifton, GA
|
36 | 12/94 | 1,706,886 | 92 | % | |||||||||||
Cass Towne
|
Cartersville, GA
|
10 | 12/94 | 360,040 | 80 | % | |||||||||||
Royston
|
Royston, GA
|
25 | 12/94 | 934,548 | 100 | % | |||||||||||
Red Bud
|
Mokane, MO
|
8 | 12/94 | 305,198 | 88 | % | |||||||||||
Total Series 11
|
211 | $ | 9,922,823 | ||||||||||||||
The average effective rental income per unit for the year ended December 31, 2011 is $5,658 per year ($472 per month).
|
12/31/2011
|
||||||||||||
SERIES 7
|
SERIES 8
|
SERIES 9
|
||||||||||
Land
|
$ | 875,709 | $ | 1,601,270 | $ | 839,059 | ||||||
Land Improvements
|
195,519 | 458,404 | 258,485 | |||||||||
Buildings
|
17,988,098 | 36,433,935 | 18,155,428 | |||||||||
Furniture and Fixtures
|
603,306 | 2,256,060 | 839,872 | |||||||||
Properties, at Cost
|
19,662,632 | 40,749,669 | 20,092,844 | |||||||||
Less: Accum Depr.
|
11,021,438 | 23,642,551 | 10,683,606 | |||||||||
Properties, Net
|
$ | 8,641,194 | $ | 17,107,118 | $ | 9,409,238 | ||||||
SERIES 10
|
SERIES 11
|
TOTAL
|
||||||||||
Land
|
$ | 604,025 | $ | 368,167 | $ | 4,288,230 | ||||||
Land Improvements
|
101,193 | 18,163 | 1,031,764 | |||||||||
Buildings
|
13,768,245 | 9,159,677 | 95,505,383 | |||||||||
Furniture and Fixtures
|
593,433 | 376,816 | 4,669,487 | |||||||||
Properties, at Cost
|
15,066,896 | 9,922,823 | 105,494,864 | |||||||||
Less: Accum Depr.
|
6,587,656 | 4,813,311 | 56,748,562 | |||||||||
Properties, Net
|
$ | 8,479,240 | $ | 5,109,512 | $ | 48,746,302 |
12/31/2010
|
||||||||||||
SERIES 7
|
SERIES 8
|
SERIES 9
|
||||||||||
Land
|
$ | 1,102,244 | $ | 1,841,988 | $ | 1,066,159 | ||||||
Land Improvements
|
185,259 | 506,661 | 267,829 | |||||||||
Buildings
|
26,107,509 | 40,441,082 | 22,319,500 | |||||||||
Furniture and Fixtures
|
856,957 | 2,397,785 | 1,006,280 | |||||||||
Properties, at Cost
|
28,251,969 | 45,187,516 | 24,659,768 | |||||||||
Less: Accum Depr.
|
15,080,769 | 24,615,247 | 12,235,111 | |||||||||
Properties, Net
|
$ | 13,171,200 | $ | 20,572,269 | $ | 12,424,657 | ||||||
SERIES 10
|
SERIES 11
|
TOTAL
|
||||||||||
Land
|
$ | 641,025 | $ | 583,404 | $ | 5,234,820 | ||||||
Land Improvements
|
169,702 | 22,242 | 1,151,693 | |||||||||
Buildings
|
15,608,336 | 14,402,902 | 118,879,329 | |||||||||
Furniture and Fixtures
|
652,002 | 751,440 | 5,664,464 | |||||||||
Properties, at Cost
|
17,071,065 | 15,759,988 | 130,930,306 | |||||||||
Less: Accum Depr.
|
7,062,374 | 7,441,864 | 66,435,365 | |||||||||
Properties, Net
|
$ | 10,008,691 | $ | 8,318,124 | $ | 64,494,941 |
12/31/2009
|
||||||||||||
SERIES 7
|
SERIES 8
|
SERIES 9
|
||||||||||
Land
|
$ | 1,331,869 | $ | 1,841,988 | $ | 1,076,159 | ||||||
Land Improvements
|
185,259 | 449,688 | 266,148 | |||||||||
Buildings
|
30,482,220 | 39,998,985 | 22,826,427 | |||||||||
Furniture and Fixtures
|
1,107,081 | 2,288,985 | 985,450 | |||||||||
Construction in Process
|
7,134 | - | - | |||||||||
Properties, at Cost
|
33,113,563 | 44,579,646 | 25,154,184 | |||||||||
Less: Accum Depr.
|
16,929,623 | 23,197,112 | 11,869,777 | |||||||||
Properties, Net
|
$ | 16,183,940 | $ | 21,382,534 | $ | 13,284,407 | ||||||
SERIES 10
|
SERIES 11
|
TOTAL
|
||||||||||
Land
|
$ | 641,025 | $ | 599,197 | $ | 5,490,238 | ||||||
Land Improvements
|
148,044 | 22,242 | 1,071,381 | |||||||||
Buildings
|
15,602,386 | 14,793,221 | 123,703,239 | |||||||||
Furniture and Fixtures
|
625,446 | 735,475 | 5,742,437 | |||||||||
Construction in Process
|
- | - | 7,134 | |||||||||
Properties, at Cost
|
17,016,901 | 16,150,135 | 136,014,429 | |||||||||
Less: Accum Depr.
|
6,629,121 | 7,119,194 | 65,744,827 | |||||||||
Properties, Net
|
$ | 10,387,780 | $ | 9,030,941 | $ | 70,269,602 |
Number of Record Holders
|
||||
Title of Class
|
as of March 31, 2012
|
|||
Limited Partnership Interest
|
2,041 | |||
General Partner Interest
|
2 |
SERIES 7
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 16,017 | $ | 23,473 | $ | 31,189 | $ | 26,416 | $ | 36,085 | ||||||||||
Net Income (Loss)
|
76,290 | 473,439 | 142,985 | (349,081 | ) | (345,647 | ) | |||||||||||||
Equity in Income (Loss) of Project Partnerships
|
- | - | - | 707 | (28,789 | ) | ||||||||||||||
Total Assets
|
831,096 | 770,297 | 293,719 | 335,175 | 650,076 | |||||||||||||||
Investments In Project Partnerships
|
- | - | 84,017 | 88,308 | 284,147 | |||||||||||||||
Per Weighted Average
|
||||||||||||||||||||
Limited Partnership Unit: (A)
|
||||||||||||||||||||
Tax Credits
|
.00 | .00 | .00 | .00 | .00 | |||||||||||||||
Portfolio Income
|
0.69 | 1.75 | 3.52 | 7.40 | 10.02 | |||||||||||||||
Passive Loss
|
(61.17 | ) | (73.86 | ) | (100.74 | ) | (104.98 | ) | (94.93 | ) | ||||||||||
Net Income (Loss)
|
7.27 | 45.09 | 8.32 | (37.38 | ) | (32.92 | ) | |||||||||||||
Distributions Paid
|
- | - | 28.43 | 4.17 | - |
SERIES 8
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 23,726 | $ | 24,662 | $ | 23,800 | $ | 18,335 | $ | 29,379 | ||||||||||
Net Loss
|
(31,397 | ) | (90,218 | ) | (91,802 | ) | (517,416 | ) | (251,652 | ) | ||||||||||
Equity in Loss of Project Partnerships
|
- | - | (2,631 | ) | (45,239 | ) | (54,012 | ) | ||||||||||||
Total Assets
|
134,550 | 231,397 | 238,988 | 200,925 | 625,123 | |||||||||||||||
Investments In Project Partnerships
|
- | - | - | 15,007 | 296,532 | |||||||||||||||
Per Weighted Average
|
||||||||||||||||||||
Limited Partnership Unit: (A)
|
||||||||||||||||||||
Tax Credits
|
.00 | .00 | .00 | .00 | .00 | |||||||||||||||
Portfolio Income
|
1.93 | 3.99 | 4.11 | 8.70 | 12.04 | |||||||||||||||
Passive Loss
|
(103.30 | ) | (96.76 | ) | (113.31 | ) | (131.63 | ) | (110.05 | ) | ||||||||||
Net Loss
|
(3.56 | ) | (9.35 | ) | (11.39 | ) | (51.36 | ) | (31.71 | ) | ||||||||||
Distributions Paid
|
- | - | - | 6.81 | - |
SERIES 9
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 15,517 | $ | 16,002 | $ | 15,862 | $ | 10,038 | $ | 8,514 | ||||||||||
Net Income (Loss)
|
6,445 | (9,637 | ) | (120,481 | ) | (416,956 | ) | (242,723 | ) | |||||||||||
Equity in Loss of Project Partnerships
|
- | - | (4,909 | ) | (87,688 | ) | (100,405 | ) | ||||||||||||
Total Assets
|
140,755 | 142,196 | 96,912 | 134,007 | 502,778 | |||||||||||||||
Investments In Project Partnerships
|
- | - | - | 9,681 | 292,761 | |||||||||||||||
Per Weighted Average
|
||||||||||||||||||||
Limited Partnership Unit: (A)
|
||||||||||||||||||||
Tax Credits
|
.00 | .00 | .00 | .00 | .00 | |||||||||||||||
Portfolio Income
|
1.27 | 2.72 | 1.84 | 6.02 | 8.73 | |||||||||||||||
Passive Loss
|
(84.36 | ) | (103.73 | ) | (131.15 | ) | (130.99 | ) | (112.02 | ) | ||||||||||
Net Loss
|
(0.07 | ) | (8.65 | ) | (20.65 | ) | (66.00 | ) | (38.42 | ) |
SERIES 10
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 11,814 | $ | 12,943 | $ | 8,658 | $ | 12,302 | $ | 2,129 | ||||||||||
Net Loss
|
(71,877 | ) | (60,829 | ) | (100,294 | ) | (609,675 | ) | (561,574 | ) | ||||||||||
Equity in (Loss) Income of Project Partnerships
|
(59,249 | ) | (25,669 | ) | (28,325 | ) | 796 | (75,336 | ) | |||||||||||
Total Assets
|
156,749 | 218,357 | 250,905 | 295,574 | 872,011 | |||||||||||||||
Investments In Project Partnerships
|
- | 64,697 | 97,267 | 136,408 | 672,563 | |||||||||||||||
Per Weighted Average
|
||||||||||||||||||||
Limited Partnership Unit: (A)
|
||||||||||||||||||||
Tax Credits
|
.00 | .00 | .00 | .00 | .00 | |||||||||||||||
Portfolio Income
|
1.37 | 1.57 | 2.97 | 6.24 | 9.28 | |||||||||||||||
Passive Loss
|
(87.99 | ) | (58.86 | ) | (98.97 | ) | (89.39 | ) | (79.58 | ) | ||||||||||
Net Loss
|
(19.24 | ) | (12.33 | ) | (21.65 | ) | (119.69 | ) | (110.24 | ) |
SERIES 11
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 7,589 | $ | 3,607 | $ | 4,207 | $ | 2,182 | $ | 2,782 | ||||||||||
Net Income (Loss)
|
11,150 | (45,060 | ) | (188,280 | ) | (468,075 | ) | (628,777 | ) | |||||||||||
Equity in Loss of Project Partnerships
|
(57,365 | ) | (107,077 | ) | (80,592 | ) | (115,651 | ) | (74,752 | ) | ||||||||||
Total Assets
|
578,758 | 602,148 | 621,840 | 782,534 | 1,220,597 | |||||||||||||||
Investments In Project Partnerships
|
185,696 | 245,863 | 411,872 | 536,485 | 935,152 | |||||||||||||||
Per Weighted Average
|
||||||||||||||||||||
Limited Partnership Unit: (A)
|
||||||||||||||||||||
Tax Credits
|
.00 | .00 | .00 | .00 | .00 | |||||||||||||||
Portfolio Income
|
0.38 | 1.03 | 2.49 | 5.61 | 7.55 | |||||||||||||||
Passive Loss
|
(63.25 | ) | (63.44 | ) | (69.47 | ) | (71.57 | ) | (67.19 | ) | ||||||||||
Net Income (Loss)
|
2.14 | (16.94 | ) | (36.36 | ) | (90.38 | ) | (121.41 | ) |
TOTAL SERIES 7 - 11
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Total Revenues
|
$ | 74,663 | $ | 80,687 | $ | 83,716 | $ | 69,273 | $ | 78,889 | ||||||||||
Net (Loss) Income
|
(9,389 | ) | 267,695 | (357,872 | ) | (2,361,203 | ) | (2,030,373 | ) | |||||||||||
Equity in Loss of Project Partnerships
|
(116,614 | ) | (132,746 | ) | (116,457 | ) | (247,075 | ) | (333,294 | ) | ||||||||||
Total Assets
|
1,841,908 | 1,964,395 | 1,502,364 | 1,748,215 | 3,870,585 | |||||||||||||||
Investments In Project Partnerships
|
185,696 | 310,560 | 593,156 | 785,889 | 2,481,155 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Blue Ridge Elderly Housing
|
$ | 32,675 | $ | 3.14 | $ | 32,675 | ||||||
April 2011
|
Lakeland II
|
23,875 | 2.30 | 23,875 | |||||||||
April 2011
|
Meadow Run Apartments
|
38,275 | 3.68 | 38,275 | |||||||||
April 2011
|
Mount Vernon Rental Housing
|
19,074 | 1.83 | 19,074 | |||||||||
August 2011
|
Cavalry Crossing Apartments
|
4,977 | 0.48 | 4,977 | |||||||||
December 2011
|
Nottingham Apartments
|
7,468 | 0.72 | 7,468 | |||||||||
December 2011
|
Vardaman Manor
|
9,417 | 0.91 | 9,417 | |||||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 137,761 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Cottondale Rental Housing
|
$ | 19,875 | $ | 1.99 | $ | 19,875 | ||||||
December 2011
|
Arbor Gate Apartments
|
10,018 | 1.00 | 10,018 | |||||||||
December 2011
|
Lincoln Apartments
|
15,955 | 1.60 | 15,955 | |||||||||
December 2011
|
Elderly Housing of Pontotoc
|
14,217 | 1.42 | 14,217 | |||||||||
$ | 60,065 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Arbor Trace Apartments Phase I
|
$ | 19,075 | $ | 3.05 | $ | 19,075 | ||||||
April 2011
|
Arbor Trace Apartments Phase II
|
33,474 | 5.35 | 33,474 | |||||||||
August 2011
|
Sycamore Landing
|
4,169 | 0.67 | 4,169 | |||||||||
$ | 56,718 |
Transaction
|
Net Proceeds
|
Gain on
|
Deferred Gain
|
||||||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
on Disposal
|
||||||||||||
September 2011
|
Peachtree Apartments
|
$ | 26,145 | $ | 5.18 | $ | 26,145 | $ | - | ||||||||
March 2012
|
Courtyard Apartments Phase II
|
15,743 | 3.13 | - | 15,743 | ||||||||||||
$ | 26,145 | $ | 15,743 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2011
|
Parsons Village
|
$ | 2,681 | $ | 0.52 | $ | 2,681 | ||||||
September 2011
|
Mountain Oak Apartments
|
5,324 | 1.04 | 5,324 | |||||||||
September 2011
|
Warsaw Manor Apartments
|
89,765 | 17.51 | 89,765 | |||||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 99,770 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2010
|
Pioneer Apartments, L.P.
|
$ | 157,949 | $ | 15.19 | $ | 157,949 | ||||||
December 2010
|
Lake Village Apartments
|
65,124 | 6.27 | 65,124 | |||||||||
December 2010
|
Savannah Park of Atoka
|
65,125 | 6.27 | 65,125 | |||||||||
December 2010
|
Savannah Park of Coalgate
|
65,125 | 6.27 | 65,125 | |||||||||
December 2010
|
Cardinal Apartments
|
272,071 | 26.17 | 187,362 | |||||||||
$ | 540,685 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
Other, net (see below)
|
$ | - | $ | - | $ | 4,000 | |||||||
$ | 4,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
September 2010
|
Stilwell Properties III
|
$ | 43,030 | $ | 6.88 | $ | 43,030 | ||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 45,030 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
Other, net (see below)
|
$ | - | $ | - | $ | 2,000 | |||||||
$ | 2,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
December 2010
|
Cardinal Apartments
|
$ | 175,667 | $ | 34.26 | $ | 125,774 | ||||||
$ | 125,774 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2009
|
Mountain City Manor
|
$ | 36,860 | $ | 3.54 | $ | 38,190 | ||||||
August 2009
|
Tazewell Village
|
41,290 | 3.97 | 42,620 | |||||||||
August 2009
|
Jamestown Village
|
36,450 | 3.51 | 37,864 | |||||||||
August 2009
|
Clinch View Manor
|
134,400 | 12.93 | 135,814 | |||||||||
May 2009
|
Spring Creek Apartments II LP
|
46,520 | 4.48 | 46,030 | |||||||||
$ | 300,518 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
South Brenchley
|
$ | 13,000 | $ | 1.30 | $ | 13,000 | ||||||
January 2010
|
Cimmaron Station
|
10,000 | 1.00 | 10,000 | |||||||||
$ | 23,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
Mountain Glen
|
$ | 10,000 | $ | 1.59 | $ | 10,000 | ||||||
$ | 10,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
Redstone
|
$ | 10,000 | $ | 1.98 | $ | 10,000 | ||||||
$ | 10,000 |
Lovingston Ridge Limited Partnership
|
Antlers Properties
|
Holdenville Properties
|
Antlers Properties II
|
Kirksville Senior Apartments, Limited Partnership
|
AAA Properties of Bentonville
|
Meadowview Properties Limited Partnership
|
Concordia Senior Housing, L.P
|
Mountainburg Properties
|
Deerpoint, Ltd.
|
Wetumka Properties
|
Fox Ridge II, Ltd.
|
Abernathy Properties
|
Jay Properties II
|
Boxwood Place Properties
|
Lamar Properties, L.P.
|
Stigler Properties
|
Payment due by period
|
|||||
Less than
|
More than
|
||||
Contractual Obligations
|
Total
|
1 year
|
1-3 years
|
3-5 years
|
5 years
|
Long-Term Debt Obligations
|
|||||
Capital Lease Obligations
|
|||||
Operating Lease Obligations
|
|||||
Purchase Obligations
|
|||||
Other Liabilities Reflected on the
|
|||||
Registrant’s Balance Sheet under GAAP
|
$3,429,410 (1)
|
3,429,410
|
-
|
-
|
-
|
SERIES 7
|
SERIES 8
|
SERIES 9
|
||||||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current Assets:
|
||||||||||||||||||||||||
Cash and Cash Equivalents
|
$ | 831,096 | $ | 770,297 | $ | 134,550 | $ | 231,397 | $ | 140,755 | $ | 142,196 | ||||||||||||
Total Current Assets
|
831,096 | 770,297 | 134,550 | 231,397 | 140,755 | 142,196 | ||||||||||||||||||
Total Assets
|
$ | 831,096 | $ | 770,297 | $ | 134,550 | $ | 231,397 | $ | 140,755 | $ | 142,196 | ||||||||||||
LIABILITIES AND PARTNERS' DEFICIT
|
||||||||||||||||||||||||
Current Liabilities:
|
||||||||||||||||||||||||
Payable to General Partners
|
$ | 1,056,272 | $ | 6,174 | $ | 1,267,906 | $ | 183,126 | $ | 737,636 | $ | 55,327 | ||||||||||||
Distribution Payable
|
683,512 | 545,751 | 87,450 | 27,385 | 111,748 | 55,030 | ||||||||||||||||||
Total Current Liabilities
|
1,739,784 | 551,925 | 1,355,356 | 210,511 | 849,384 | 110,357 | ||||||||||||||||||
Long-Term Liabilities:
|
||||||||||||||||||||||||
Payable to General Partners
|
- | 1,065,589 | - | 1,150,230 | - | 690,195 | ||||||||||||||||||
Partners' Equity (Deficit):
|
||||||||||||||||||||||||
Limited Partners - 10,395, 9,980, and 6,254
|
||||||||||||||||||||||||
units for Series 7, 8, and 9, respectively,
|
||||||||||||||||||||||||
at March 31, 2012 and 2011
|
(916,635 | ) | (854,401 | ) | (1,221,362 | ) | (1,125,775 | ) | (709,127 | ) | (651,966 | ) | ||||||||||||
General Partners
|
7,947 | 7,184 | 556 | (3,569 | ) | 498 | (6,390 | ) | ||||||||||||||||
Total Partners' Deficit
|
(908,688 | ) | (847,217 | ) | (1,220,806 | ) | (1,129,344 | ) | (708,629 | ) | (658,356 | ) | ||||||||||||
Total Liabilities and Partners' Deficit
|
$ | 831,096 | $ | 770,297 | $ | 134,550 | $ | 231,397 | $ | 140,755 | $ | 142,196 | ||||||||||||
SERIES 10
|
SERIES 11
|
TOTAL SERIES 7 - 11
|
||||||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current Assets:
|
||||||||||||||||||||||||
Cash and Cash Equivalents
|
$ | 141,006 | $ | 153,660 | $ | 393,062 | $ | 356,285 | $ | 1,640,469 | $ | 1,653,835 | ||||||||||||
Receivable - Other
|
15,743 | - | - | - | 15,743 | - | ||||||||||||||||||
Total Current Assets
|
156,749 | 153,660 | 393,062 | 356,285 | 1,656,212 | 1,653,835 | ||||||||||||||||||
Investments in Project Partnerships, net
|
- | 64,697 | 185,696 | 245,863 | 185,696 | 310,560 | ||||||||||||||||||
Total Assets
|
$ | 156,749 | $ | 218,357 | $ | 578,758 | $ | 602,148 | $ | 1,841,908 | $ | 1,964,395 | ||||||||||||
LIABILITIES AND PARTNERS' DEFICIT
|
||||||||||||||||||||||||
Current Liabilities:
|
||||||||||||||||||||||||
Payable to General Partners
|
$ | 257,093 | $ | 27,005 | $ | 110,503 | $ | 4,167 | $ | 3,429,410 | $ | 275,799 | ||||||||||||
Distribution Payable
|
38,145 | 12,000 | 225,544 | 125,774 | 1,146,399 | 765,940 | ||||||||||||||||||
Deferred Gain on Sale of Project Partnerships
|
15,743 | - | - | - | 15,743 | - | ||||||||||||||||||
Total Current Liabilities
|
310,981 | 39,005 | 336,047 | 129,941 | 4,591,552 | 1,041,739 | ||||||||||||||||||
Long-Term Liabilities:
|
||||||||||||||||||||||||
Payable to General Partners
|
- | 235,562 | - | 140,876 | - | 3,282,452 | ||||||||||||||||||
Partners' Equity (Deficit):
|
||||||||||||||||||||||||
Limited Partners - 5,043 and 5,127 units
|
||||||||||||||||||||||||
for Series 10 and 11, respectively, at
|
||||||||||||||||||||||||
March 31, 2012 and 2011
|
(146,655 | ) | (23,468 | ) | 241,714 | 330,500 | (2,752,065 | ) | (2,325,110 | ) | ||||||||||||||
General Partners
|
(7,577 | ) | (32,742 | ) | 997 | 831 | 2,421 | (34,686 | ) | |||||||||||||||
Total Partners' Equity (Deficit)
|
(154,232 | ) | (56,210 | ) | 242,711 | 331,331 | (2,749,644 | ) | (2,359,796 | ) | ||||||||||||||
Total Liabilities and Partners' Equity (Deficit)
|
$ | 156,749 | $ | 218,357 | $ | 578,758 | $ | 602,148 | $ | 1,841,908 | $ | 1,964,395 | ||||||||||||
SERIES 7
|
SERIES 8
|
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
Distribution Income
|
$ | 16,017 | $ | 23,473 | $ | 31,189 | $ | 23,726 | $ | 24,662 | $ | 23,800 | ||||||||||||
Total Revenues
|
16,017 | 23,473 | 31,189 | 23,726 | 24,662 | 23,800 | ||||||||||||||||||
Expenses:
|
||||||||||||||||||||||||
Asset Management Fee - General Partner
|
36,057 | 57,429 | 67,188 | 72,492 | 80,466 | 85,780 | ||||||||||||||||||
General and Administrative:
|
||||||||||||||||||||||||
General Partner
|
- | - | 82,933 | - | - | - | ||||||||||||||||||
Other
|
41,562 | 33,183 | 38,336 | 42,722 | 38,442 | 40,376 | ||||||||||||||||||
Amortization
|
- | 146 | 291 | - | - | 1,156 | ||||||||||||||||||
Impairment Loss on Investment in Project Partnerships
|
- | - | - | - | - | 8,681 | ||||||||||||||||||
Total Expenses
|
77,619 | 90,758 | 188,748 | 115,214 | 118,908 | 135,993 | ||||||||||||||||||
Loss Before Equity in Loss of Project Partnerships
|
||||||||||||||||||||||||
and Other Income
|
(61,602 | ) | (67,285 | ) | (157,559 | ) | (91,488 | ) | (94,246 | ) | (112,193 | ) | ||||||||||||
Equity in Loss of Project Partnerships
|
- | - | - | - | - | (2,631 | ) | |||||||||||||||||
Gain on Sale of Project Partnerships
|
137,761 | 540,685 | 300,518 | 60,065 | 4,000 | 23,000 | ||||||||||||||||||
Interest Income
|
131 | 39 | 26 | 26 | 28 | 22 | ||||||||||||||||||
Net Income (Loss)
|
$ | 76,290 | $ | 473,439 | $ | 142,985 | $ | (31,397 | ) | $ | (90,218 | ) | $ | (91,802 | ) | |||||||||
Allocation of Net Income (Loss):
|
||||||||||||||||||||||||
Limited Partners
|
$ | 75,527 | $ | 468,704 | $ | 86,459 | $ | (35,522 | ) | $ | (93,276 | ) | $ | (113,654 | ) | |||||||||
General Partners
|
763 | 4,735 | 56,526 | 4,125 | 3,058 | 21,852 | ||||||||||||||||||
$ | 76,290 | $ | 473,439 | $ | 142,985 | $ | (31,397 | ) | $ | (90,218 | ) | $ | (91,802 | ) | ||||||||||
Net Income (Loss) Per Limited Partnership Unit
|
$ | 7.27 | $ | 45.09 | $ | 8.32 | $ | (3.56 | ) | $ | (9.35 | ) | $ | (11.39 | ) | |||||||||
Number of Limited Partnership Units Outstanding
|
10,395 | 10,395 | 10,395 | 9,980 | 9,980 | 9,980 | ||||||||||||||||||
SERIES 9
|
SERIES 10
|
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
Distribution Income
|
$ | 15,517 | $ | 16,002 | $ | 15,862 | $ | 11,814 | $ | 12,943 | $ | 8,658 | ||||||||||||
Total Revenues
|
15,517 | 16,002 | 15,862 | 11,814 | 12,943 | 8,658 | ||||||||||||||||||
Expenses:
|
||||||||||||||||||||||||
Asset Management Fee - General Partner
|
36,829 | 45,797 | 48,589 | 28,851 | 31,251 | 33,424 | ||||||||||||||||||
General and Administrative:
|
||||||||||||||||||||||||
General Partner
|
- | - | 62,259 | - | - | 38,620 | ||||||||||||||||||
Other
|
28,987 | 24,886 | 27,603 | 21,759 | 18,870 | 19,824 | ||||||||||||||||||
Amortization
|
- | - | 2,993 | - | - | 667 | ||||||||||||||||||
Total Expenses
|
65,816 | 70,683 | 141,444 | 50,610 | 50,121 | 92,535 | ||||||||||||||||||
Loss Before Equity in Loss of Project Partnerships
|
||||||||||||||||||||||||
and Other Income
|
(50,299 | ) | (54,681 | ) | (125,582 | ) | (38,796 | ) | (37,178 | ) | (83,877 | ) | ||||||||||||
Equity in Loss of Project Partnerships
|
- | - | (4,909 | ) | (59,249 | ) | (25,669 | ) | (28,325 | ) | ||||||||||||||
Gain on Sale of Project Partnerships
|
56,718 | 45,030 | 10,000 | 26,145 | 2,000 | 10,000 | ||||||||||||||||||
Interest Income
|
26 | 14 | 10 | 23 | 18 | 1,908 | ||||||||||||||||||
Net Income (Loss)
|
$ | 6,445 | $ | (9,637 | ) | $ | (120,481 | ) | $ | (71,877 | ) | $ | (60,829 | ) | $ | (100,294 | ) | |||||||
Allocation of Net Income (Loss):
|
||||||||||||||||||||||||
Limited Partners
|
$ | (443 | ) | $ | (54,120 | ) | $ | (129,176 | ) | $ | (97,042 | ) | $ | (62,200 | ) | $ | (109,191 | ) | ||||||
General Partners
|
6,888 | 44,483 | 8,695 | 25,165 | 1,371 | 8,897 | ||||||||||||||||||
$ | 6,445 | $ | (9,637 | ) | $ | (120,481 | ) | $ | (71,877 | ) | $ | (60,829 | ) | $ | (100,294 | ) | ||||||||
Net Loss Per Limited Partnership Unit
|
$ | (0.07 | ) | $ | (8.65 | ) | $ | (20.65 | ) | $ | (19.24 | ) | $ | (12.33 | ) | $ | (21.65 | ) | ||||||
Number of Limited Partnership Units Outstanding
|
6,254 | 6,254 | 6,254 | 5,043 | 5,043 | 5,043 | ||||||||||||||||||
SERIES 11
|
TOTAL SERIES 7 - 11
|
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
Distribution Income
|
$ | 7,589 | $ | 3,607 | $ | 4,207 | $ | 74,663 | $ | 80,687 | $ | 83,716 | ||||||||||||
Total Revenues
|
7,589 | 3,607 | 4,207 | 74,663 | 80,687 | 83,716 | ||||||||||||||||||
Expenses:
|
||||||||||||||||||||||||
Asset Management Fee - General Partner
|
16,916 | 27,711 | 28,124 | 191,145 | 242,654 | 263,105 | ||||||||||||||||||
General and Administrative:
|
||||||||||||||||||||||||
General Partner
|
- | 20,774 | 34,766 | - | 20,774 | 218,578 | ||||||||||||||||||
Other
|
21,989 | 18,904 | 19,855 | 157,019 | 134,285 | 145,994 | ||||||||||||||||||
Amortization
|
- | - | 12,518 | - | 146 | 17,625 | ||||||||||||||||||
Impairment Loss on Investment in Project Partnerships
|
- | - | 19,418 | - | - | 28,099 | ||||||||||||||||||
Total Expenses
|
38,905 | 67,389 | 114,681 | 348,164 | 397,859 | 673,401 | ||||||||||||||||||
Loss Before Equity in Loss of Project Partnerships
|
||||||||||||||||||||||||
and Other Income
|
(31,316 | ) | (63,782 | ) | (110,474 | ) | (273,501 | ) | (317,172 | ) | (589,685 | ) | ||||||||||||
Equity in Loss of Project Partnerships
|
(57,365 | ) | (107,077 | ) | (80,592 | ) | (116,614 | ) | (132,746 | ) | (116,457 | ) | ||||||||||||
Gain on Sale of Project Partnerships
|
99,770 | 125,774 | - | 380,459 | 717,489 | 343,518 | ||||||||||||||||||
Interest Income
|
61 | 25 | 2,786 | 267 | 124 | 4,752 | ||||||||||||||||||
Net Income (Loss)
|
$ | 11,150 | $ | (45,060 | ) | $ | (188,280 | ) | $ | (9,389 | ) | $ | 267,695 | $ | (357,872 | ) | ||||||||
Allocation of Net Income (Loss):
|
||||||||||||||||||||||||
Limited Partners
|
$ | 10,984 | $ | (86,860 | ) | $ | (186,397 | ) | $ | (46,496 | ) | $ | 172,248 | $ | (451,959 | ) | ||||||||
General Partners
|
166 | 41,800 | (1,883 | ) | 37,107 | 95,447 | 94,087 | |||||||||||||||||
$ | 11,150 | $ | (45,060 | ) | $ | (188,280 | ) | $ | (9,389 | ) | $ | 267,695 | $ | (357,872 | ) | |||||||||
Net Income (Loss) Per Limited Partnership Unit
|
$ | 2.14 | $ | (16.94 | ) | $ | (36.36 | ) | ||||||||||||||||
Number of Limited Partnership Units Outstanding
|
5,127 | 5,127 | 5,127 | |||||||||||||||||||||
SERIES 7
|
SERIES 8
|
|||||||||||||||||||||||
Limited
|
General
|
Limited
|
General
|
|||||||||||||||||||||
Partners
|
Partners
|
Total
|
Partners
|
Partners
|
Total
|
|||||||||||||||||||
Balance at March 31, 2009
|
$ | (568,361 | ) | $ | (54,077 | ) | $ | (622,438 | ) | $ | (891,845 | ) | $ | (28,479 | ) | $ | (920,324 | ) | ||||||
Net Income (Loss)
|
86,459 | 56,526 | 142,985 | (113,654 | ) | 21,852 | (91,802 | ) | ||||||||||||||||
Distributions
|
(300,518 | ) | - | (300,518 | ) | (23,000 | ) | - | (23,000 | ) | ||||||||||||||
Balance at March 31, 2010
|
(782,420 | ) | 2,449 | (779,971 | ) | (1,028,499 | ) | (6,627 | ) | (1,035,126 | ) | |||||||||||||
Net Income (Loss)
|
468,704 | 4,735 | 473,439 | (93,276 | ) | 3,058 | (90,218 | ) | ||||||||||||||||
Distributions
|
(540,685 | ) | - | (540,685 | ) | (4,000 | ) | - | (4,000 | ) | ||||||||||||||
Balance at March 31, 2011
|
(854,401 | ) | 7,184 | (847,217 | ) | (1,125,775 | ) | (3,569 | ) | (1,129,344 | ) | |||||||||||||
Net Income (Loss)
|
75,527 | 763 | 76,290 | (35,522 | ) | 4,125 | (31,397 | ) | ||||||||||||||||
Distributions
|
(137,761 | ) | - | (137,761 | ) | (60,065 | ) | - | (60,065 | ) | ||||||||||||||
Balance at March 31, 2012
|
$ | (916,635 | ) | $ | 7,947 | $ | (908,688 | ) | $ | (1,221,362 | ) | $ | 556 | $ | (1,220,806 | ) | ||||||||
SERIES 9
|
SERIES 10
|
|||||||||||||||||||||||
Limited
|
General
|
Limited
|
General
|
|||||||||||||||||||||
Partners
|
Partners
|
Total
|
Partners
|
Partners
|
Total
|
|||||||||||||||||||
Balance at March 31, 2009
|
$ | (413,640 | ) | $ | (59,568 | ) | $ | (473,208 | ) | $ | 159,923 | $ | (43,010 | ) | $ | 116,913 | ||||||||
Net (Loss) Income
|
(129,176 | ) | 8,695 | (120,481 | ) | (109,191 | ) | 8,897 | (100,294 | ) | ||||||||||||||
Distributions
|
(10,000 | ) | - | (10,000 | ) | (10,000 | ) | - | (10,000 | ) | ||||||||||||||
Balance at March 31, 2010
|
(552,816 | ) | (50,873 | ) | (603,689 | ) | 40,732 | (34,113 | ) | 6,619 | ||||||||||||||
Net (Loss) Income
|
(54,120 | ) | 44,483 | (9,637 | ) | (62,200 | ) | 1,371 | (60,829 | ) | ||||||||||||||
Distributions
|
(45,030 | ) | - | (45,030 | ) | (2,000 | ) | - | (2,000 | ) | ||||||||||||||
Balance at March 31, 2011
|
(651,966 | ) | (6,390 | ) | (658,356 | ) | (23,468 | ) | (32,742 | ) | (56,210 | ) | ||||||||||||
Net (Loss) Income
|
(443 | ) | 6,888 | 6,445 | (97,042 | ) | 25,165 | (71,877 | ) | |||||||||||||||
Distributions
|
(56,718 | ) | - | (56,718 | ) | (26,145 | ) | - | (26,145 | ) | ||||||||||||||
Balance at March 31, 2012
|
$ | (709,127 | ) | $ | 498 | $ | (708,629 | ) | $ | (146,655 | ) | $ | (7,577 | ) | $ | (154,232 | ) | |||||||
SERIES 11
|
TOTAL SERIES 7 - 11
|
|||||||||||||||||||||||
Limited
|
General
|
Limited
|
General
|
|||||||||||||||||||||
Partners
|
Partners
|
Total
|
Partners
|
Partners
|
Total
|
|||||||||||||||||||
Balance at March 31, 2009
|
$ | 729,531 | $ | (39,086 | ) | $ | 690,445 | $ | (984,392 | ) | $ | (224,220 | ) | $ | (1,208,612 | ) | ||||||||
Net (Loss) Income
|
(186,397 | ) | (1,883 | ) | (188,280 | ) | (451,959 | ) | 94,087 | (357,872 | ) | |||||||||||||
Distributions
|
- | - | - | (343,518 | ) | - | (343,518 | ) | ||||||||||||||||
Balance at March 31, 2010
|
543,134 | (40,969 | ) | 502,165 | (1,779,869 | ) | (130,133 | ) | (1,910,002 | ) | ||||||||||||||
Net (Loss) Income
|
(86,860 | ) | 41,800 | (45,060 | ) | 172,248 | 95,447 | 267,695 | ||||||||||||||||
Distributions
|
(125,774 | ) | - | (125,774 | ) | (717,489 | ) | - | (717,489 | ) | ||||||||||||||
Balance at March 31, 2011
|
330,500 | 831 | 331,331 | (2,325,110 | ) | (34,686 | ) | (2,359,796 | ) | |||||||||||||||
Net Income (Loss)
|
10,984 | 166 | 11,150 | (46,496 | ) | 37,107 | (9,389 | ) | ||||||||||||||||
Distributions
|
(99,770 | ) | - | (99,770 | ) | (380,459 | ) | - | (380,459 | ) | ||||||||||||||
Balance at March 31, 2012
|
$ | 241,714 | $ | 997 | $ | 242,711 | $ | (2,752,065 | ) | $ | 2,421 | $ | (2,749,644 | ) | ||||||||||
SERIES 7
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Income
|
$ | 76,290 | $ | 473,439 | $ | 142,985 | ||||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
|
||||||||||||
Amortization
|
- | 146 | 291 | |||||||||
Gain on Sale of Project Partnerships
|
(137,761 | ) | (540,685 | ) | (300,518 | ) | ||||||
Distribution Income
|
(16,017 | ) | (23,473 | ) | (31,189 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(15,491 | ) | 3,139 | 111,089 | ||||||||
Net Cash Used in Operating Activities
|
(92,979 | ) | (87,434 | ) | (77,342 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
16,017 | 22,635 | 35,189 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
137,761 | 625,394 | 300,518 | |||||||||
Net Cash Provided by Investing Activities
|
153,778 | 648,029 | 335,707 | |||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Distributions
|
- | - | (295,530 | ) | ||||||||
Net Cash Used in Financing Activities
|
- | - | (295,530 | ) | ||||||||
Increase (Decrease) in Cash and Cash Equivalents
|
60,799 | 560,595 | (37,165 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year
|
770,297 | 209,702 | 246,867 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 831,096 | $ | 770,297 | $ | 209,702 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 137,761 | $ | 540,685 | $ | - | ||||||
Distribution to Limited Partners
|
(137,761 | ) | (540,685 | ) | - | |||||||
$ | - | $ | - | $ | - | |||||||
SERIES 8
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Loss
|
$ | (31,397 | ) | $ | (90,218 | ) | $ | (91,802 | ) | |||
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:
|
||||||||||||
Amortization
|
- | - | 1,156 | |||||||||
Impairment Loss on Investment in Project Partnerships
|
- | - | 8,681 | |||||||||
Equity in Loss of Project Partnerships
|
- | - | 2,631 | |||||||||
Gain on Sale of Project Partnerships
|
(60,065 | ) | (4,000 | ) | (23,000 | ) | ||||||
Distribution Income
|
(23,726 | ) | (24,662 | ) | (23,800 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(65,450 | ) | 82,627 | 129,865 | ||||||||
Net Cash (Used in) Provided by Operating Activities
|
(180,638 | ) | (36,253 | ) | 3,731 | |||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
23,726 | 24,662 | 26,339 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
60,065 | 4,000 | 23,000 | |||||||||
Net Cash Provided by Investing Activities
|
83,791 | 28,662 | 49,339 | |||||||||
(Decrease) Increase in Cash and Cash Equivalents
|
(96,847 | ) | (7,591 | ) | 53,070 | |||||||
Cash and Cash Equivalents at Beginning of Year
|
231,397 | 238,988 | 185,918 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 134,550 | $ | 231,397 | $ | 238,988 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 60,065 | $ | 4,000 | $ | 23,000 | ||||||
Distribution to Limited Partners
|
(60,065 | ) | (4,000 | ) | (23,000 | ) | ||||||
$ | - | $ | - | $ | - | |||||||
SERIES 9
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Income (Loss)
|
$ | 6,445 | $ | (9,637 | ) | $ | (120,481 | ) | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
|
||||||||||||
Amortization
|
- | - | 2,993 | |||||||||
Equity in Loss of Project Partnerships
|
- | - | 4,909 | |||||||||
Gain on Sale of Project Partnerships
|
(56,718 | ) | (45,030 | ) | (10,000 | ) | ||||||
Distribution Income
|
(15,517 | ) | (16,002 | ) | (15,862 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(7,886 | ) | 54,921 | 83,386 | ||||||||
Net Cash Used in Operating Activities
|
(73,676 | ) | (15,748 | ) | (55,055 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
15,517 | 16,002 | 17,641 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
56,718 | 45,030 | 10,000 | |||||||||
Net Cash Provided by Investing Activities
|
72,235 | 61,032 | 27,641 | |||||||||
(Decrease) Increase in Cash and Cash Equivalents
|
(1,441 | ) | 45,284 | (27,414 | ) | |||||||
Cash and Cash Equivalents at Beginning of Year
|
142,196 | 96,912 | 124,326 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 140,755 | $ | 142,196 | $ | 96,912 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 56,718 | $ | 45,030 | $ | 10,000 | ||||||
Distribution to Limited Partners
|
(56,718 | ) | (45,030 | ) | (10,000 | ) | ||||||
$ | - | $ | - | $ | - | |||||||
SERIES 10
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Loss
|
$ | (71,877 | ) | $ | (60,829 | ) | $ | (100,294 | ) | |||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
|
||||||||||||
Amortization
|
- | - | 667 | |||||||||
Accreted Interest Income on Investment in Securities
|
- | - | (1,896 | ) | ||||||||
Equity in Loss of Project Partnerships
|
59,249 | 25,669 | 28,325 | |||||||||
Gain on Sale of Project Partnerships
|
(26,145 | ) | (2,000 | ) | (10,000 | ) | ||||||
Distribution Income
|
(11,814 | ) | (12,943 | ) | (8,658 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(5,474 | ) | 28,281 | 55,625 | ||||||||
Net Cash Used in Operating Activities
|
(56,061 | ) | (21,822 | ) | (36,231 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
17,262 | 19,844 | 18,807 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
26,145 | 2,000 | 10,000 | |||||||||
Redemption of Investment Securities
|
- | - | 40,000 | |||||||||
Net Cash Provided by Investing Activities
|
43,407 | 21,844 | 68,807 | |||||||||
(Decrease) Increase in Cash and Cash Equivalents
|
(12,654 | ) | 22 | 32,576 | ||||||||
Cash and Cash Equivalents at Beginning of Year
|
153,660 | 153,638 | 121,062 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 141,006 | $ | 153,660 | $ | 153,638 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 26,145 | $ | 2,000 | $ | 10,000 | ||||||
Distribution to Limited Partners
|
(26,145 | ) | (2,000 | ) | (10,000 | ) | ||||||
Increase in Receivable - Other
|
(15,743 | ) | - | - | ||||||||
Increase in Deferred Gain on Sale of Project Partnerships
|
15,743 | - | - | |||||||||
$ | - | $ | - | $ | - | |||||||
SERIES 11
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Income (Loss)
|
$ | 11,150 | $ | (45,060 | ) | $ | (188,280 | ) | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
|
||||||||||||
Amortization
|
- | - | 12,518 | |||||||||
Impairment Loss on Investment in Project Partnerships
|
- | - | 19,418 | |||||||||
Accreted Interest Income on Investment in Securities
|
- | - | (2,767 | ) | ||||||||
Equity in Loss of Project Partnerships
|
57,365 | 107,077 | 80,592 | |||||||||
Gain on Sale of Project Partnerships
|
(99,770 | ) | (125,774 | ) | - | |||||||
Distribution Income
|
(7,589 | ) | (3,607 | ) | (4,207 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(34,540 | ) | 25,368 | 27,586 | ||||||||
Net Cash Used in Operating Activities
|
(73,384 | ) | (41,996 | ) | (55,140 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
10,391 | 12,646 | 16,292 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
99,770 | 175,667 | - | |||||||||
Redemption of Investment Securities
|
- | - | 44,000 | |||||||||
Net Cash Provided by Investing Activities
|
110,161 | 188,313 | 60,292 | |||||||||
Increase in Cash and Cash Equivalents
|
36,777 | 146,317 | 5,152 | |||||||||
Cash and Cash Equivalents at Beginning of Year
|
356,285 | 209,968 | 204,816 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 393,062 | $ | 356,285 | $ | 209,968 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 99,770 | $ | 125,774 | $ | - | ||||||
Distribution to Limited Partners
|
(99,770 | ) | (125,774 | ) | - | |||||||
$ | - | $ | - | $ | - | |||||||
TOTAL SERIES 7 - 11
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net (Loss) Income
|
$ | (9,389 | ) | $ | 267,695 | $ | (357,872 | ) | ||||
Adjustments to Reconcile Net (Loss) Income to Net Cash Used in Operating Activities:
|
||||||||||||
Amortization
|
- | 146 | 17,625 | |||||||||
Impairment Loss on Investment in Project Partnerships
|
- | - | 28,099 | |||||||||
Accreted Interest Income on Investment in Securities
|
- | - | (4,663 | ) | ||||||||
Equity in Loss of Project Partnerships
|
116,614 | 132,746 | 116,457 | |||||||||
Gain on Sale of Project Partnerships
|
(380,459 | ) | (717,489 | ) | (343,518 | ) | ||||||
Distribution Income
|
(74,663 | ) | (80,687 | ) | (83,716 | ) | ||||||
Changes in Operating Assets and Liabilities:
|
||||||||||||
(Decrease) Increase in Payable to General Partners
|
(128,841 | ) | 194,336 | 407,551 | ||||||||
Net Cash Used in Operating Activities
|
(476,738 | ) | (203,253 | ) | (220,037 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Distributions Received from Project Partnerships
|
82,913 | 95,789 | 114,268 | |||||||||
Net Proceeds from Sale of Project Partnerships
|
380,459 | 852,091 | 343,518 | |||||||||
Redemption of Investment Securities
|
- | - | 84,000 | |||||||||
Net Cash Provided by Investing Activities
|
463,372 | 947,880 | 541,786 | |||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Distributions
|
- | - | (295,530 | ) | ||||||||
Net Cash Used in Financing Activities
|
- | - | (295,530 | ) | ||||||||
(Decrease) Increase in Cash and Cash Equivalents
|
(13,366 | ) | 744,627 | 26,219 | ||||||||
Cash and Cash Equivalents at Beginning of Year
|
1,653,835 | 909,208 | 882,989 | |||||||||
Cash and Cash Equivalents at End of Year
|
$ | 1,640,469 | $ | 1,653,835 | $ | 909,208 | ||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||
Increase in Distribution Payable
|
$ | 380,459 | $ | 717,489 | $ | 43,000 | ||||||
Distribution to Limited Partners
|
(380,459 | ) | (717,489 | ) | (43,000 | ) | ||||||
Increase in Receivable - Other
|
15,743 | - | - | |||||||||
Increase in Deferred Gain on Sale of Project Partnerships
|
(15,743 | ) | - | - | ||||||||
$ | - | $ | - | $ | - | |||||||
1)
|
Gateway's capital contribution,
|
2)
|
Acquisition fees paid to the General Partner for services rendered in selecting properties for acquisition,
|
3)
|
Acquisition expenses including legal fees, travel and other miscellaneous costs relating to acquiring properties.
|
1)
|
Increased for equity in income or decreased for equity in loss of the Project Partnerships,
|
2)
|
Decreased for cash distributions received from the Project Partnerships,
|
3)
|
Decreased for the amortization of the acquisition fees and expenses,
|
4)
|
Increased for loans or advances made to the Project Partnerships by Gateway,
|
5)
|
Decreased, where appropriate, for impairment.
|
2012
|
2011
|
2010
|
||||||||||
Series 7
|
$ | 36,057 | $ | 57,429 | $ | 67,188 | ||||||
Series 8
|
72,492 | 80,466 | 85,780 | |||||||||
Series 9
|
36,829 | 45,797 | 48,589 | |||||||||
Series 10
|
28,851 | 31,251 | 33,424 | |||||||||
Series 11
|
16,916 | 27,711 | 28,124 | |||||||||
Total
|
$ | 191,145 | $ | 242,654 | $ | 263,105 |
2012
|
2011
|
2010
|
||||||||||
Series 7
|
$ | - | $ | - | $ | 82,933 | ||||||
Series 8
|
- | - | - | |||||||||
Series 9
|
- | - | 62,259 | |||||||||
Series 10
|
- | - | 38,620 | |||||||||
Series 11
|
- | 20,774 | 34,766 | |||||||||
Total
|
$ | - | $ | 20,774 | $ | 218,578 |
March 31, 2012
|
March 31, 2011
|
|||||||
Series 7
|
$ | 1,056,272 | $ | 1,071,763 | ||||
Series 8
|
1,267,906 | 1,333,356 | ||||||
Series 9
|
737,636 | 745,522 | ||||||
Series 10
|
257,093 | 262,567 | ||||||
Series 11
|
110,503 | 145,043 | ||||||
Total
|
$ | 3,429,410 | $ | 3,558,251 |
As of March 31, 2012, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 7 - 18, Series 8 - 36, and Series 9 - 19) which own and operate government assisted multi-family housing complexes. Cash flows from operations are allocated according to each Project Partnership agreement. Upon dissolution, proceeds will be distributed according to each Project Partnership agreement.
|
|||||||||||
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 7
|
SERIES 8
|
SERIES 9
|
||||||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Capital Contributions to Project Partnerships
|
||||||||||||||||||||||||
and purchase price paid for limited partner
|
||||||||||||||||||||||||
interests in Project Partnerships
|
$ | 3,308,861 | $ | 4,648,444 | $ | 6,293,277 | $ | 6,965,669 | $ | 3,824,212 | $ | 4,599,313 | ||||||||||||
Cumulative equity in losses of Project
|
||||||||||||||||||||||||
Partnerships (1)
|
(3,186,081 | ) | (4,533,144 | ) | (6,271,505 | ) | (6,877,633 | ) | (3,489,505 | ) | (4,242,472 | ) | ||||||||||||
Cumulative distributions received from
|
||||||||||||||||||||||||
Project Partnerships
|
(132,157 | ) | (177,214 | ) | (144,158 | ) | (179,115 | ) | (124,614 | ) | (164,111 | ) | ||||||||||||
Investment in Project Partnerships before
|
||||||||||||||||||||||||
Adjustment
|
(9,377 | ) | (61,914 | ) | (122,386 | ) | (91,079 | ) | 210,093 | 192,730 | ||||||||||||||
Excess of investment cost over the underlying
|
||||||||||||||||||||||||
assets acquired:
|
||||||||||||||||||||||||
Acquisition fees and expenses
|
347,475 | 496,983 | 476,293 | 513,903 | 174,172 | 218,681 | ||||||||||||||||||
Accumulated amortization of acquisition
|
||||||||||||||||||||||||
fees and expenses
|
(161,198 | ) | (229,600 | ) | (139,623 | ) | (161,554 | ) | (76,333 | ) | (103,479 | ) | ||||||||||||
Reserve for Impairment of Investment in
|
||||||||||||||||||||||||
Project Partnerships
|
(176,900 | ) | (205,469 | ) | (214,284 | ) | (261,270 | ) | (307,932 | ) | (307,932 | ) | ||||||||||||
Investments in Project Partnerships
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $3,992,509 in Series 7, $9,039,390 in Series 8, and $3,344,387 in Series 9 for the year ended March 31, 2012; and cumulative suspended losses of $5,196,366 in Series 7, $8,784,792 in Series 8, and $3,506,137 in Series 9 for the year ended March 31, 2011 are not included.
|
|||||||||||
As of March 31, 2011, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 10 - 12 and Series 11 - 8) which own and operate government assisted multi-family housing complexes. Cash flows from operations are allocated according to each Project Partnership agreement. Upon dissolution, proceeds will be distributed according to each Project Partnership agreement.
|
|||||||||||
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 10
|
SERIES 11
|
TOTAL SERIES 7 - 11
|
||||||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Capital Contributions to Project Partnerships
|
||||||||||||||||||||||||
and purchase price paid for limited partner
|
||||||||||||||||||||||||
interests in Project Partnerships
|
$ | 3,453,240 | $ | 3,716,106 | $ | 2,894,482 | $ | 3,832,294 | $ | 19,774,072 | $ | 23,761,826 | ||||||||||||
Cumulative equity in losses of Project
|
||||||||||||||||||||||||
Partnerships (1)
|
(2,156,421 | ) | (2,350,831 | ) | (1,140,133 | ) | (2,013,680 | ) | (16,243,645 | ) | (20,017,761 | ) | ||||||||||||
Cumulative distributions received from
|
||||||||||||||||||||||||
Project Partnerships
|
(231,425 | ) | (241,641 | ) | (176,566 | ) | (203,283 | ) | (808,920 | ) | (965,363 | ) | ||||||||||||
Investment in Project Partnerships before
|
||||||||||||||||||||||||
Adjustment
|
1,065,394 | 1,123,634 | 1,577,783 | 1,615,331 | 2,721,507 | 2,778,702 | ||||||||||||||||||
Excess of investment cost over the underlying
|
||||||||||||||||||||||||
assets acquired:
|
||||||||||||||||||||||||
Acquisition fees and expenses
|
163,745 | 174,878 | 201,455 | 267,568 | 1,363,140 | 1,672,013 | ||||||||||||||||||
Accumulated amortization of acquisition
|
||||||||||||||||||||||||
fees and expenses
|
(143,213 | ) | (147,889 | ) | (170,316 | ) | (200,224 | ) | (690,683 | ) | (842,746 | ) | ||||||||||||
Reserve for Impairment of Investment in
|
||||||||||||||||||||||||
Project Partnerships
|
(1,085,926 | ) | (1,085,926 | ) | (1,423,226 | ) | (1,436,812 | ) | (3,208,268 | ) | (3,297,409 | ) | ||||||||||||
Investments in Project Partnerships
|
$ | - | $ | 64,697 | $ | 185,696 | $ | 245,863 | $ | 185,696 | $ | 310,560 |
(1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $889,567 in Series 10 and $942,927 in Series 11 for the year ended March 31, 2012; and cumulative suspended losses of $856,925 in Series 10 and $1,579,776 in Series 11 for the year ended March 31, 2011 are not included.
|
SERIES 7
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 2,064,391 | $ | 2,824,891 | $ | 3,440,082 | ||||||
Investment properties, net
|
8,641,194 | 13,171,200 | 16,183,940 | |||||||||
Other assets
|
22,751 | 23,284 | 38,062 | |||||||||
Total assets
|
$ | 10,728,336 | $ | 16,019,375 | $ | 19,662,084 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 554,622 | $ | 684,298 | $ | 786,978 | ||||||
Long-term debt
|
14,475,871 | 21,032,703 | 24,463,674 | |||||||||
Total liabilities
|
15,030,493 | 21,717,001 | 25,250,652 | |||||||||
Partners' deficit
|
||||||||||||
Limited Partner
|
(4,090,292 | ) | (5,368,845 | ) | (5,270,577 | ) | ||||||
General Partners
|
(211,865 | ) | (328,781 | ) | (317,991 | ) | ||||||
Total partners' deficit
|
(4,302,157 | ) | (5,697,626 | ) | (5,588,568 | ) | ||||||
Total liabilities and partners' deficit
|
$ | 10,728,336 | $ | 16,019,375 | $ | 19,662,084 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 3,160,983 | $ | 4,434,943 | $ | 5,284,523 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
1,918,877 | 2,703,870 | 3,172,014 | |||||||||
Interest expense
|
1,009,538 | 1,431,954 | 1,799,295 | |||||||||
Depreciation and amortization
|
579,826 | 847,923 | 1,008,239 | |||||||||
Total expenses
|
3,508,241 | 4,983,747 | 5,979,548 | |||||||||
Net loss
|
$ | (347,258 | ) | $ | (548,804 | ) | $ | (695,025 | ) | |||
Other partners' share of net income
|
$ | 20,051 | $ | 24,472 | $ | 6,076 | ||||||
Gateway's share of net loss
|
$ | (367,309 | ) | $ | (573,276 | ) | $ | (701,101 | ) | |||
Suspended losses
|
367,309 | 573,276 | 701,101 | |||||||||
Equity in Income of Project Partnerships
|
$ | - | $ | - | $ | - | ||||||
SERIES 8 (1)
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 3,682,782 | $ | 4,220,739 | $ | 4,271,715 | ||||||
Investment properties, net
|
17,107,118 | 20,572,269 | 21,382,534 | |||||||||
Other assets
|
170,439 | 126,899 | 341,101 | |||||||||
Total assets
|
$ | 20,960,339 | $ | 24,919,907 | $ | 25,995,350 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 1,458,933 | $ | 1,549,539 | $ | 1,527,103 | ||||||
Long-term debt
|
29,413,947 | 33,041,891 | 33,354,386 | |||||||||
Total liabilities
|
30,872,880 | 34,591,430 | 34,881,489 | |||||||||
Partners' deficit
|
||||||||||||
Limited Partner
|
(9,107,794 | ) | (8,833,568 | ) | (8,199,433 | ) | ||||||
General Partners
|
(804,747 | ) | (837,955 | ) | (686,706 | ) | ||||||
Total partners' deficit
|
(9,912,541 | ) | (9,671,523 | ) | (8,886,139 | ) | ||||||
Total liabilities and partners' deficit
|
$ | 20,960,339 | $ | 24,919,907 | $ | 25,995,350 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 6,112,701 | $ | 6,793,755 | $ | 6,930,389 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
3,783,320 | 4,044,264 | 3,922,755 | |||||||||
Interest expense
|
1,822,071 | 2,052,741 | 2,392,106 | |||||||||
Depreciation and amortization
|
1,281,664 | 1,420,237 | 1,397,733 | |||||||||
Total expenses
|
6,887,055 | 7,517,242 | 7,712,594 | |||||||||
Net loss
|
$ | (774,354 | ) | $ | (723,487 | ) | $ | (782,205 | ) | |||
Other partners' share of net income (loss)
|
$ | 11,494 | $ | (5,520 | ) | $ | (4,368 | ) | ||||
Gateway's share of net loss
|
$ | (785,848 | ) | $ | (717,967 | ) | $ | (777,837 | ) | |||
Suspended losses
|
785,848 | 717,967 | 775,206 | |||||||||
Equity in Loss of Project Partnerships
|
$ | - | $ | - | $ | (2,631 | ) | |||||
December 2011
|
December 2010
|
|||||||
Total Assets
|
$ | 441,045 | $ | 439,620 | ||||
Total Liabilities
|
788,109 | 794,593 | ||||||
Gateway Deficit
|
(319,729 | ) | (327,559 | ) | ||||
Other Partner's Deficit
|
(27,335 | ) | (27,414 | ) | ||||
Total Revenue
|
140,720 | 141,186 | ||||||
Net Income
|
$ | 7,909 | $ | 13,224 | ||||
SERIES 9
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 1,719,959 | $ | 2,143,673 | $ | 2,118,394 | ||||||
Investment properties, net
|
9,409,238 | 12,424,657 | 13,284,407 | |||||||||
Other assets
|
48,863 | 35,561 | 30,637 | |||||||||
Total assets
|
$ | 11,178,060 | $ | 14,603,891 | $ | 15,433,438 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 437,845 | $ | 532,780 | $ | 488,554 | ||||||
Long-term debt
|
14,385,401 | 17,941,049 | 18,523,562 | |||||||||
Total liabilities
|
14,823,246 | 18,473,829 | 19,012,116 | |||||||||
Partners' deficit
|
||||||||||||
Limited Partner
|
(3,239,827 | ) | (3,408,830 | ) | (3,139,742 | ) | ||||||
General Partners
|
(405,359 | ) | (461,108 | ) | (438,936 | ) | ||||||
Total partners' deficit
|
(3,645,186 | ) | (3,869,938 | ) | (3,578,678 | ) | ||||||
Total liabilities and partners' deficit
|
$ | 11,178,060 | $ | 14,603,891 | $ | 15,433,438 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 3,031,020 | $ | 3,690,119 | $ | 3,633,336 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
1,766,274 | 2,159,846 | 2,173,411 | |||||||||
Interest expense
|
991,720 | 1,249,218 | 1,265,381 | |||||||||
Depreciation and amortization
|
603,449 | 733,144 | 747,222 | |||||||||
Total expenses
|
3,361,443 | 4,142,208 | 4,186,014 | |||||||||
Net loss
|
$ | (330,423 | ) | $ | (452,089 | ) | $ | (552,678 | ) | |||
Other partners' share of net loss
|
$ | (3,304 | ) | $ | (4,521 | ) | $ | (5,527 | ) | |||
Gateway's share of net loss
|
$ | (327,119 | ) | $ | (447,568 | ) | $ | (547,151 | ) | |||
Suspended losses
|
327,119 | 447,568 | 542,242 | |||||||||
Equity in Loss of Project Partnerships
|
$ | - | $ | - | $ | (4,909 | ) | |||||
SERIES 10
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 1,731,489 | $ | 2,022,394 | $ | 1,953,105 | ||||||
Investment properties, net
|
8,479,240 | 10,008,691 | 10,387,780 | |||||||||
Other assets
|
85,569 | 62,419 | 44,068 | |||||||||
Total assets
|
$ | 10,296,298 | $ | 12,093,504 | $ | 12,384,953 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 495,978 | $ | 492,932 | $ | 499,015 | ||||||
Long-term debt
|
10,124,287 | 11,859,858 | 11,952,788 | |||||||||
Total liabilities
|
10,620,265 | 12,352,790 | 12,451,803 | |||||||||
Partners' equity (deficit)
|
||||||||||||
Limited Partner
|
190,472 | 267,256 | 425,714 | |||||||||
General Partners
|
(514,439 | ) | (526,542 | ) | (492,564 | ) | ||||||
Total partners' deficit
|
(323,967 | ) | (259,286 | ) | (66,850 | ) | ||||||
Total liabilities and partners' deficit
|
$ | 10,296,298 | $ | 12,093,504 | $ | 12,384,953 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 1,958,453 | $ | 2,307,400 | $ | 2,239,370 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
1,284,717 | 1,394,094 | 1,358,362 | |||||||||
Interest expense
|
504,286 | 618,203 | 642,742 | |||||||||
Depreciation and amortization
|
390,665 | 439,674 | 439,815 | |||||||||
Total expenses
|
2,179,668 | 2,451,971 | 2,440,919 | |||||||||
Net loss
|
$ | (221,215 | ) | $ | (144,571 | ) | $ | (201,549 | ) | |||
Other partners' share of net income
|
$ | 14,769 | $ | 18,920 | $ | 9,623 | ||||||
Gateway's share of net loss
|
$ | (235,984 | ) | $ | (163,491 | ) | $ | (211,172 | ) | |||
Suspended losses
|
176,735 | 137,822 | 182,847 | |||||||||
Equity in Loss of Project Partnerships
|
$ | (59,249 | ) | $ | (25,669 | ) | $ | (28,325 | ) | |||
SERIES 11
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 699,006 | $ | 1,096,882 | $ | 1,184,662 | ||||||
Investment properties, net
|
5,109,512 | 8,318,124 | 9,030,941 | |||||||||
Other assets
|
221,609 | 232,653 | 284,542 | |||||||||
Total assets
|
$ | 6,030,127 | $ | 9,647,659 | $ | 10,500,145 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 372,825 | $ | 470,370 | $ | 470,712 | ||||||
Long-term debt
|
5,315,240 | 9,604,676 | 9,799,866 | |||||||||
Total liabilities
|
5,688,065 | 10,075,046 | 10,270,578 | |||||||||
Partners' equity (deficit)
|
||||||||||||
Limited Partner
|
661,601 | 43,347 | 646,030 | |||||||||
General Partners
|
(319,539 | ) | (470,734 | ) | (416,463 | ) | ||||||
Total partners' equity (deficit)
|
342,062 | (427,387 | ) | 229,567 | ||||||||
Total liabilities and partners' deficit
|
$ | 6,030,127 | $ | 9,647,659 | $ | 10,500,145 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 1,422,551 | $ | 2,263,577 | $ | 2,231,664 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
940,763 | 1,449,775 | 1,349,500 | |||||||||
Interest expense
|
300,045 | 596,315 | 603,738 | |||||||||
Depreciation and amortization
|
326,847 | 525,157 | 525,030 | |||||||||
Total expenses
|
1,567,655 | 2,571,247 | 2,478,268 | |||||||||
Net loss
|
$ | (145,104 | ) | $ | (307,670 | ) | $ | (246,604 | ) | |||
Other partners' share of net loss
|
$ | (1,451 | ) | $ | (12,943 | ) | $ | (5,551 | ) | |||
Gateway's share of net loss
|
$ | (143,653 | ) | $ | (294,727 | ) | $ | (241,053 | ) | |||
Suspended losses
|
86,288 | 187,650 | 160,461 | |||||||||
Equity in Loss of Project Partnerships
|
$ | (57,365 | ) | $ | (107,077 | ) | $ | (80,592 | ) | |||
TOTAL SERIES 7 - 11
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
SUMMARIZED BALANCE SHEETS
|
||||||||||||
Assets:
|
||||||||||||
Current assets
|
$ | 9,897,627 | $ | 12,308,579 | $ | 12,967,958 | ||||||
Investment properties, net
|
48,746,302 | 64,494,941 | 70,269,602 | |||||||||
Other assets
|
549,231 | 480,816 | 738,410 | |||||||||
Total assets
|
$ | 59,193,160 | $ | 77,284,336 | $ | 83,975,970 | ||||||
Liabilities and Partners' Deficit:
|
||||||||||||
Current liabilities
|
$ | 3,320,203 | $ | 3,729,919 | $ | 3,772,362 | ||||||
Long-term debt
|
73,714,746 | 93,480,177 | 98,094,276 | |||||||||
Total liabilities
|
77,034,949 | 97,210,096 | 101,866,638 | |||||||||
Partners' deficit
|
||||||||||||
Limited Partner
|
(15,585,840 | ) | (17,300,640 | ) | (15,538,008 | ) | ||||||
General Partners
|
(2,255,949 | ) | (2,625,120 | ) | (2,352,660 | ) | ||||||
Total partners' deficit
|
(17,841,789 | ) | (19,925,760 | ) | (17,890,668 | ) | ||||||
Total liabilities and partners' deficit
|
$ | 59,193,160 | $ | 77,284,336 | $ | 83,975,970 | ||||||
SUMMARIZED STATEMENTS OF OPERATIONS
|
||||||||||||
Rental and other income
|
$ | 15,685,708 | $ | 19,489,794 | $ | 20,319,282 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
9,693,951 | 11,751,849 | 11,976,042 | |||||||||
Interest expense
|
4,627,660 | 5,948,431 | 6,703,262 | |||||||||
Depreciation and amortization
|
3,182,451 | 3,966,135 | 4,118,039 | |||||||||
Total expenses
|
17,504,062 | 21,666,415 | 22,797,343 | |||||||||
Net loss
|
$ | (1,818,354 | ) | $ | (2,176,621 | ) | $ | (2,478,061 | ) | |||
Other partners' share of net income
|
$ | 41,559 | $ | 20,408 | $ | 253 | ||||||
Gateway's share of net loss
|
$ | (1,859,913 | ) | $ | (2,197,029 | ) | $ | (2,478,314 | ) | |||
Suspended losses
|
1,743,299 | 2,064,283 | 2,361,857 | |||||||||
Equity in Loss of Project Partnerships
|
$ | (116,614 | ) | $ | (132,746 | ) | $ | (116,457 | ) | |||
Equity Per Project Partnership
|
Equity Per Gateway
|
|||||||
Series 7
|
$ | (4,090,292 | ) | $ | (9,377 | ) | ||
Series 8
|
(9,107,794 | ) | (122,386 | ) | ||||
Series 9
|
(3,239,827 | ) | 210,093 | |||||
Series 10
|
190,472 | 1,065,394 | ||||||
Series 11
|
661,601 | 1,577,783 |
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||
Aggregate
Assets
|
Aggregate
Liabilities
|
Our Risk
Of Loss
|
Aggregate
Assets
|
Aggregate
Liabilities
|
Our Risk
Of Loss
|
|||||||||||||||||||
Series 7
|
$ | 10,728,336 | $ | 15,030,493 | $ | - | $ | 16,019,375 | $ | 21,717,001 | $ | - | ||||||||||||
Series 8
|
20,960,339 | 30,872,880 | - | 24,919,907 | 34,591,430 | - | ||||||||||||||||||
Series 9
|
11,178,060 | 14,823,246 | - | 14,603,891 | 18,473,829 | - | ||||||||||||||||||
Series 10
|
10,296,298 | 10,620,265 | - | 12,093,504 | 12,352,790 | 64,697 | ||||||||||||||||||
Series 11
|
6,030,127 | 5,688,065 | 185,696 | 9,647,659 | 10,075,046 | 245,863 | ||||||||||||||||||
Total
|
$ | 59,193,160 | $ | 77,034,949 | $ | 185,696 | $ | 77,284,336 | $ | 97,210,096 | $ | 310,560 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Blue Ridge Elderly Housing
|
$ | 32,675 | $ | 3.14 | $ | 32,675 | ||||||
April 2011
|
Lakeland II
|
23,875 | 2.30 | 23,875 | |||||||||
April 2011
|
Meadow Run Apartments
|
38,275 | 3.68 | 38,275 | |||||||||
April 2011
|
Mount Vernon Rental Housing
|
19,074 | 1.83 | 19,074 | |||||||||
August 2011
|
Cavalry Crossing Apartments
|
4,977 | 0.48 | 4,977 | |||||||||
December 2011
|
Nottingham Apartments
|
7,468 | 0.72 | 7,468 | |||||||||
December 2011
|
Vardaman Manor
|
9,417 | 0.91 | 9,417 | |||||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 137,761 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Cottondale Rental Housing
|
$ | 19,875 | $ | 1.99 | $ | 19,875 | ||||||
December 2011
|
Arbor Gate Apartments
|
10,018 | 1.00 | 10,018 | |||||||||
December 2011
|
Lincoln Apartments
|
15,955 | 1.60 | 15,955 | |||||||||
December 2011
|
Elderly Housing of Pontotoc
|
14,217 | 1.42 | 14,217 | |||||||||
$ | 60,065 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
April 2011
|
Arbor Trace Apartments Phase I
|
$ | 19,075 | $ | 3.05 | $ | 19,075 | ||||||
April 2011
|
Arbor Trace Apartments Phase II
|
33,474 | 5.35 | 33,474 | |||||||||
August 2011
|
Sycamore Landing
|
4,169 | 0.67 | 4,169 | |||||||||
$ | 56,718 |
Transaction
|
Net Proceeds
|
Gain on
|
Deferred Gain
|
||||||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
on Disposal
|
||||||||||||
September 2011
|
Peachtree Apartments
|
$ | 26,145 | $ | 5.18 | $ | 26,145 | $ | - | ||||||||
March 2012
|
Courtyard Apartments Phase II
|
15,743 | 3.13 | - | 15,743 | ||||||||||||
$ | 26,145 | $ | 15,743 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2011
|
Parsons Village
|
$ | 2,681 | $ | 0.52 | $ | 2,681 | ||||||
September 2011
|
Mountain Oak Apartments
|
5,324 | 1.04 | 5,324 | |||||||||
September 2011
|
Warsaw Manor Apartments
|
89,765 | 17.51 | 89,765 | |||||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 99,770 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2010
|
Pioneer Apartments, L.P.
|
$ | 157,949 | $ | 15.19 | $ | 157,949 | ||||||
December 2010
|
Lake Village Apartments
|
65,124 | 6.27 | 65,124 | |||||||||
December 2010
|
Savannah Park of Atoka
|
65,125 | 6.27 | 65,125 | |||||||||
December 2010
|
Savannah Park of Coalgate
|
65,125 | 6.27 | 65,125 | |||||||||
December 2010
|
Cardinal Apartments
|
272,071 | 26.17 | 187,362 | |||||||||
$ | 540,685 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
Other, net (see below)
|
$ | - | $ | - | $ | 4,000 | |||||||
$ | 4,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
September 2010
|
Stilwell Properties III
|
$ | 43,030 | $ | 6.88 | $ | 43,030 | ||||||
Other, net (see below)
|
- | - | 2,000 | ||||||||||
$ | 45,030 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
Other, net (see below)
|
$ | - | $ | - | $ | 2,000 | |||||||
$ | 2,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
December 2010
|
Cardinal Apartments
|
$ | 175,667 | $ | 34.26 | $ | 125,774 | ||||||
$ | 125,774 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
August 2009
|
Mountain City Manor
|
$ | 36,860 | $ | 3.54 | $ | 38,190 | ||||||
August 2009
|
Tazewell Village
|
41,290 | 3.97 | 42,620 | |||||||||
August 2009
|
Jamestown Village
|
36,450 | 3.51 | 37,864 | |||||||||
August 2009
|
Clinch View Manor
|
134,400 | 12.93 | 135,814 | |||||||||
May 2009
|
Spring Creek Apartments II LP
|
46,520 | 4.48 | 46,030 | |||||||||
$ | 300,518 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
South Brenchley
|
$ | 13,000 | $ | 1.30 | $ | 13,000 | ||||||
January 2010
|
Cimmaron Station
|
10,000 | 1.00 | 10,000 | |||||||||
$ | 23,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
Mountain Glen
|
$ | 10,000 | $ | 1.59 | $ | 10,000 | ||||||
$ | 10,000 |
Transaction
|
Net Proceeds
|
Gain on
|
|||||||||||
Month / Year
|
Project Partnership
|
Net Proceeds
|
Per LP Unit
|
Disposal
|
|||||||||
January 2010
|
Redstone
|
$ | 10,000 | $ | 1.98 | $ | 10,000 | ||||||
$ | 10,000 |
Series 11
|
||||
Creekstone Apartments, L.P.
|
||||
Rental and other income
|
$ | 217,349 | ||
Gross profit
|
52,201 | |||
Net loss
|
$ | (16,088 | ) | |
Magnolia Place Apartments, L.P.
|
||||
Rental and other income
|
$ | 177,690 | ||
Gross profit
|
360 | |||
Net loss
|
$ | (41,856 | ) |
SERIES 7
|
2012
|
2011
|
2010
|
|||||||||
Net Income per Financial Statements
|
$ | 76,290 | $ | 473,439 | $ | 142,985 | ||||||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(544,612 | ) | (701,367 | ) | (885,009 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
(6,016 | ) | (23,167 | ) | (9,544 | ) | ||||||
Additional Gain on Sale of Project Partnerships for tax purposes
|
2,268,168 | 786,102 | 1,084,221 | |||||||||
Items Expensed for Tax purposes not expensed
|
||||||||||||
for Financial Statement purposes:
|
||||||||||||
Administrative Expense
|
- | (6,092 | ) | (2,993 | ) | |||||||
Asset Management Fee
|
(3,833 | ) | - | - | ||||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
- | 59,680 | 70,755 | |||||||||
Amortization Expense
|
- | 218 | 1,472 | |||||||||
Impairment Expense
|
- | - | - | |||||||||
Other Adjustments
|
(19,114 | ) | (19,145 | ) | (37,873 | ) | ||||||
Gateway income for tax purposes as of December 31
|
$ | 1,770,883 | $ | 569,668 | $ | 364,014 | ||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2011 | 2010 | 2009 | ||||||||||
Federal Low Income Housing Tax Credits (Unaudited)
|
$ | - | $ | - | $ | - |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | - | $ | (5,414,055 | ) | $ | 5,414,055 | |||||
Other Assets
|
$ | 831,096 | $ | 2,032,235 | $ | (1,201,139 | ) | |||||
Liabilities
|
$ | 1,739,784 | $ | 5,335 | $ | 1,734,449 |
SERIES 8
|
2012
|
2011
|
2010
|
|||||||||
Net Loss per Financial Statements
|
$ | (31,397 | ) | $ | (90,218 | ) | $ | (91,802 | ) | |||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(974,871 | ) | (895,551 | ) | (1,027,610 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
(4,590 | ) | (5,837 | ) | (34,033 | ) | ||||||
Additional Gain (Loss) on Sale of Project Partnerships for tax purposes
|
951,816 | 360,732 | (23,000 | ) | ||||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
74,597 | 81,794 | 85,907 | |||||||||
Amortization Expense
|
- | 289 | 3,635 | |||||||||
Administrative Expense
|
- | - | 349 | |||||||||
Impairment Expense
|
- | - | 8,681 | |||||||||
Other Adjustments
|
(25,564 | ) | (21,683 | ) | (22,916 | ) | ||||||
Gateway loss for tax purposes as of December 31
|
$ | (10,009 | ) | $ | (570,474 | ) | $ | (1,100,789 | ) | |||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2011 | 2010 | 2009 | ||||||||||
Federal Low Income Housing Tax Credits (Unaudited)
|
$ | - | $ | - | $ | - |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | - | $ | (10,938,622 | ) | $ | 10,938,622 | |||||
Other Assets
|
$ | 134,550 | $ | 1,380,760 | $ | (1,246,210 | ) | |||||
Liabilities
|
$ | 1,355,356 | $ | 81,300 | $ | 1,274,056 |
SERIES 9
|
2012
|
2011
|
2010
|
|||||||||
Net Income (Loss) per Financial Statements
|
$ | 6,445 | $ | (9,637 | ) | $ | (120,481 | ) | ||||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(491,613 | ) | (600,323 | ) | (716,217 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
(2,633 | ) | (18,822 | ) | (3,270 | ) | ||||||
Additional Gain (Loss) on Sale of Project Partnerships for tax purposes
|
743,217 | 319,601 | (10,000 | ) | ||||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
36,867 | 46,631 | 48,651 | |||||||||
Amortization Expense
|
- | 749 | 4,756 | |||||||||
Impairment Expense
|
- | - | - | |||||||||
Other Adjustments
|
(17,250 | ) | (11,709 | ) | (20,305 | ) | ||||||
Gateway income (loss) for tax purposes as of December 31
|
$ | 275,033 | $ | (273,510 | ) | $ | (816,866 | ) | ||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2011 | 2010 | 2009 | ||||||||||
Federal Low Income Housing Tax Credits (Unaudited)
|
$ | - | $ | - | $ | - |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | - | $ | (5,109,465 | ) | $ | 5,109,465 | |||||
Other Assets
|
$ | 140,755 | $ | 920,219 | $ | (779,464 | ) | |||||
Liabilities
|
$ | 849,384 | $ | 42,739 | $ | 806,645 |
SERIES 10
|
2012
|
2011
|
2010
|
|||||||||
Net Loss per Financial Statements
|
$ | (71,877 | ) | $ | (60,829 | ) | $ | (100,294 | ) | |||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(350,796 | ) | (239,275 | ) | (400,541 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
55 | (10,378 | ) | (6,201 | ) | |||||||
Additional Gain (Loss) on Sale of Project Partnerships for tax purposes
|
294,210 | 137,602 | (10,000 | ) | ||||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
20,651 | 31,794 | 33,464 | |||||||||
Amortization Expense
|
- | 166 | 5,729 | |||||||||
Impairment Expense
|
- | - | - | |||||||||
Other Adjustments
|
(13,153 | ) | (11,299 | ) | (11,171 | ) | ||||||
Gateway loss for tax purposes as of December 31
|
$ | (120,910 | ) | $ | (152,219 | ) | $ | (489,014 | ) | |||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2011 | 2010 | 2009 | ||||||||||
Federal Low Income Housing Tax Credits (Unaudited)
|
$ | - | $ | - | $ | - |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | - | $ | (2,442,418 | ) | $ | 2,442,418 | |||||
Other Assets
|
$ | 141,006 | $ | 745,028 | $ | (604,022 | ) | |||||
Liabilities
|
$ | 310,981 | $ | 2,530 | $ | 308,451 |
SERIES 11
|
2012
|
2011
|
2010
|
|||||||||
Net Income (Loss) per Financial Statements
|
$ | 11,150 | $ | (45,060 | ) | $ | (188,280 | ) | ||||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(196,803 | ) | (166,849 | ) | (216,230 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
(10,175 | ) | (12,998 | ) | (3,915 | ) | ||||||
Additional Gain (Loss) on Sale of Project Partnerships for tax purposes
|
992,299 | (198,608 | ) | - | ||||||||
Items Expensed for Tax purposes not expensed
|
||||||||||||
for Financial Statement purposes:
|
||||||||||||
Asset Management Fee
|
(25,383 | ) | - | - | ||||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
- | 27,947 | 28,181 | |||||||||
Amortization Expense
|
- | 3,129 | 16,635 | |||||||||
Impairment Expense
|
- | - | 19,418 | |||||||||
Other Adjustments
|
(4,592 | ) | (3,607 | ) | (3,582 | ) | ||||||
Gateway income (loss) for tax purposes as of December 31
|
$ | 766,496 | $ | (396,046 | ) | $ | (347,773 | ) | ||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2011 | 2010 | 2009 | ||||||||||
Federal Low Income Housing Tax Credits (Unaudited)
|
$ | - | $ | - | $ | - |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | 185,696 | $ | 578,234 | $ | (392,538 | ) | |||||
Other Assets
|
$ | 393,062 | $ | 851,112 | $ | (458,050 | ) | |||||
Liabilities
|
$ | 336,047 | $ | 1,713 | $ | 334,334 |
TOTAL SERIES 7 - 11
|
2012
|
2011
|
2010
|
|||||||||
Net (Loss) Income per Financial Statements
|
$ | (9,389 | ) | $ | 267,695 | $ | (357,872 | ) | ||||
Equity in Loss of Project Partnerships for tax purposes
|
||||||||||||
in excess of losses for financial statement purposes
|
(2,558,695 | ) | (2,603,365 | ) | (3,245,607 | ) | ||||||
Adjustments to convert March 31, fiscal year end
|
||||||||||||
to December 31, taxable year end
|
(23,359 | ) | (71,202 | ) | (56,963 | ) | ||||||
Additional Gain on Sale of Project Partnerships for tax purposes
|
5,249,709 | 1,405,430 | 1,041,221 | |||||||||
Items Expensed for Tax purposes not expensed
|
||||||||||||
for Financial Statement purposes:
|
||||||||||||
Administrative Expense
|
- | (6,092 | ) | (2,993 | ) | |||||||
Items Expensed for Financial Statement purposes
|
||||||||||||
not expensed for Tax purposes:
|
||||||||||||
Asset Management Fee
|
102,899 | 247,846 | 266,958 | |||||||||
Amortization Expense
|
- | 4,551 | 32,227 | |||||||||
Administrative Expense
|
- | - | 349 | |||||||||
Impairment Expense
|
- | - | 28,099 | |||||||||
Other Adjustments
|
(79,673 | ) | (67,443 | ) | (95,847 | ) | ||||||
Gateway income (loss) for tax purposes as of December 31
|
$ | 2,681,492 | $ | (822,580 | ) | $ | (2,390,428 | ) |
Financial
|
Tax
|
|||||||||||
Reporting
|
Reporting
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Project
|
||||||||||||
Partnerships
|
$ | 185,696 | $ | (23,326,325 | ) | $ | 23,512,021 | |||||
Other Assets
|
$ | 1,640,469 | $ | 5,929,354 | $ | (4,288,885 | ) | |||||
Liabilities
|
$ | 4,591,552 | $ | 133,616 | $ | 4,457,936 |
Series 7
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 8,047 | $ | - | $ | 2,154 | $ | 5,816 | ||||||||
Net Income (Loss)
|
$ | 103,128 | $ | (27,196 | ) | $ | 3,416 | $ | (3,058 | ) | ||||||
Earnings (Loss) Per Weighted Average
|
||||||||||||||||
Limited Partnership Unit Outstanding
|
$ | 9.82 | $ | (2.59 | ) | $ | 0.33 | $ | (0.29 | ) |
Series 8
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 7,894 | $ | 868 | $ | 7,001 | $ | 7,963 | ||||||||
Net Income (Loss)
|
$ | 1,658 | $ | (43,280 | ) | $ | 21,151 | $ | (10,926 | ) | ||||||
(Loss) Earnings Per Weighted Average
|
||||||||||||||||
Limited Partnership Unit Outstanding
|
$ | (0.21 | ) | $ | (4.34 | ) | $ | 2.08 | $ | (1.09 | ) |
Series 9
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 3,382 | $ | 6,893 | $ | 1,632 | $ | 3,610 | ||||||||
Net Income (Loss)
|
$ | 40,398 | $ | (15,286 | ) | $ | (10,533 | ) | $ | (8,134 | ) | |||||
Earnings (Loss) Per Weighted Average
|
||||||||||||||||
Limited Partnership Unit Outstanding
|
$ | 5.36 | $ | (2.45 | ) | $ | (1.68 | ) | $ | (1.30 | ) |
Series 10
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 2,080 | $ | 2,569 | $ | 2,146 | $ | 5,019 | ||||||||
Net Loss
|
$ | (15,571 | ) | $ | (2,317 | ) | $ | (46,842 | ) | $ | (7,147 | ) | ||||
Loss Per Weighted Average Limited
|
||||||||||||||||
Partnership Unit Outstanding
|
$ | (3.06 | ) | $ | (5.59 | ) | $ | (9.20 | ) | $ | (1.39 | ) |
Series 11
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 800 | $ | 2,182 | $ | 985 | $ | 3,622 | ||||||||
Net (Loss) Income
|
$ | (33,708 | ) | $ | 59,329 | $ | (33,891 | ) | $ | 19,420 | ||||||
(Loss) Earnings Per Weighted Average
|
||||||||||||||||
Limited Partnership Unit Outstanding
|
$ | (6.51 | ) | $ | 11.46 | $ | (6.59 | ) | $ | 3.78 |
Series 7 - 11
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2012
|
6/30/2011
|
9/30/2011
|
12/31/2011
|
3/31/2012
|
||||||||||||
Total Revenues
|
$ | 22,203 | $ | 12,512 | $ | 13,918 | $ | 26,030 | ||||||||
Net Income (Loss)
|
$ | 95,905 | $ | (28,750 | ) | $ | (66,699 | ) | $ | (9,845 | ) |
Series 7
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 4,532 | $ | 1,957 | $ | 8,071 | $ | 8,913 | ||||||||
Net (Loss) Income
|
$ | (14,285 | ) | $ | 121,294 | $ | 189,777 | $ | 176,653 | |||||||
(Loss) Earnings Per Weighted Average
|
||||||||||||||||
Limited Partnership Unit Outstanding
|
$ | (1.36 | ) | $ | 11.55 | $ | 18.07 | $ | 16.83 |
Series 8
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 2,175 | $ | 5,271 | $ | 7,415 | $ | 9,801 | ||||||||
Net Loss
|
$ | (22,226 | ) | $ | (38,142 | ) | $ | (16,247 | ) | $ | (13,603 | ) | ||||
Loss Per Weighted Average Limited
|
||||||||||||||||
Partnership Unit Outstanding
|
$ | (2.20 | ) | $ | (3.76 | ) | $ | (1.61 | ) | $ | (1.78 | ) |
Series 9
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 2,808 | $ | 2,844 | $ | 5,007 | $ | 5,343 | ||||||||
Net (Loss) Income
|
$ | (11,500 | ) | $ | (23,747 | ) | $ | 34,377 | $ | (8,767 | ) | |||||
Loss Per Weighted Average Limited
|
||||||||||||||||
Partnership Unit Outstanding
|
$ | (1.82 | ) | $ | (3.76 | ) | $ | (1.37 | ) | $ | (1.70 | ) |
Series 10
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 3,739 | $ | 700 | $ | 2,146 | $ | 6,358 | ||||||||
Net Loss
|
$ | (5,920 | ) | $ | (37,041 | ) | $ | (8,986 | ) | $ | (8,882 | ) | ||||
Loss Per Weighted Average Limited
|
||||||||||||||||
Partnership Unit Outstanding
|
$ | (1.16 | ) | $ | (7.27 | ) | $ | (1.76 | ) | $ | (2.14 | ) |
Series 11
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 800 | $ | 2,182 | $ | - | $ | 625 | ||||||||
Net (Loss) Income
|
$ | (17,778 | ) | $ | (137,927 | ) | $ | (8,674 | ) | $ | 119,319 | |||||
Loss Per Weighted Average Limited
|
||||||||||||||||
Partnership Unit Outstanding
|
$ | (3.43 | ) | $ | (26.63 | ) | $ | (1.67 | ) | $ | 14.79 |
Series 7 - 11
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
||||||||||||
Year 2011
|
6/30/2010
|
9/30/2010
|
12/31/2010
|
3/31/2011
|
||||||||||||
Total Revenues
|
$ | 14,054 | $ | 12,954 | $ | 22,639 | $ | 31,040 | ||||||||
Net (Loss) Income
|
$ | (71,709 | ) | $ | (115,563 | ) | $ | 190,247 | $ | 264,720 |
Lovingston Ridge Limited Partnership
|
2012
|
2011
|
2010
|
||||||||||
Series 7
|
$ | 36,057 | $ | 57,429 | $ | 67,188 | ||||||
Series 8
|
72,492 | 80,466 | 85,780 | |||||||||
Series 9
|
36,829 | 45,797 | 48,589 | |||||||||
Series 10
|
28,851 | 31,251 | 33,424 | |||||||||
Series 11
|
16,916 | 27,711 | 28,124 | |||||||||
Total
|
$ | 191,145 | $ | 242,654 | $ | 263,105 |
2012
|
2011
|
2010
|
||||||||||
Series 7
|
$ | - | $ | - | $ | 82,933 | ||||||
Series 8
|
- | - | - | |||||||||
Series 9
|
- | - | 62,259 | |||||||||
Series 10
|
- | - | 38,620 | |||||||||
Series 11
|
- | 20,774 | 34,766 | |||||||||
Total
|
$ | - | $ | 20,774 | $ | 218,578 |
March 31, 2012
|
March 31, 2011
|
|||||||
Series 7
|
$ | 1,056,272 | $ | 1,071,763 | ||||
Series 8
|
1,267,906 | 1,333,356 | ||||||
Series 9
|
737,636 | 745,522 | ||||||
Series 10
|
257,093 | 262,567 | ||||||
Series 11
|
110,503 | 145,043 | ||||||
Total
|
$ | 3,429,410 | $ | 3,558,251 |
3.1
|
Amended Certificate of Limited Partnership of Gateway Tax Credit Fund III, Ltd. (Filed as an Exhibit to Registration Statement on Form S-11, File No. 33-44238, and incorporated herein by reference.)
|
4.1
|
The form of Partnership Agreement of the Partnership (included as Exhibit "A" to the Prospectus, File No. 33-44238, and incorporated herein by reference.)
|
31.1
|
Certification required by Rule 15d-14(a).(Filed herewith.)
|
31.2
|
Certification required by Rule 15d-14(a).(Filed herewith.)
|
32
|
Certification required by Rule 15d-14(b).(Filed herewith.)
|
SERIES 7
|
|||||||||
Apartment Properties
|
|||||||||
# of
|
Mortgage Loan
|
||||||||
Partnership
|
Location
|
Units
|
Balance
|
||||||
Washington
|
Bloomfield, NE
|
24 | $ | 758,934 | |||||
BrookStone
|
McCaysville, GA
|
40 | 1,119,127 | ||||||
N. Irvine
|
Irvine, KY
|
24 | 748,826 | ||||||
Manchester
|
Manchester, GA
|
42 | 1,127,037 | ||||||
Waynesboro
|
Waynesboro, GA
|
24 | 628,849 | ||||||
Warm Springs
|
Warm Springs, GA
|
22 | 637,099 | ||||||
Dilley
|
Dilley, TX
|
28 | 688,369 | ||||||
Elsa
|
Elsa, TX
|
40 | 979,660 | ||||||
Leander
|
Leander, TX
|
36 | 865,864 | ||||||
Louisa Sr.
|
Louisa, KY
|
36 | 1,117,316 | ||||||
Orchard Commons
|
Crab Orchard, KY
|
12 | 281,958 | ||||||
Heritage Park
|
Paze, AZ
|
32 | 1,177,069 | ||||||
BrooksHollow
|
Jasper, GA
|
40 | 1,105,420 | ||||||
Carson City
|
Carson City, KS
|
24 | 743,815 | ||||||
Matteson
|
Capa, KS
|
24 | 719,175 | ||||||
Pembroke
|
Pembroke, KY
|
16 | 475,621 | ||||||
Robynwood
|
Cynthiana, KY
|
24 | 715,474 | ||||||
Hill Creek
|
West Blocton, AL
|
24 | 726,663 | ||||||
Total Series 7
|
512 | $ | 14,616,276 | ||||||
SERIES 7
|
Cost at Acquisition Date
|
|||||
Apartment Properties
|
Net Improvements
|
|||||
Buildings
|
Capitalized
|
|||||
Improvements
|
Subsequent to
|
|||||
Partnership
|
Land
|
& Equipment
|
Acquisition
|
|||
Washington
|
$ 30,000
|
$ 401,435
|
$ 568,436
|
|||
BrookStone
|
45,000
|
176,183
|
1,243,798
|
|||
N. Irvine
|
27,600
|
696,407
|
325,185
|
|||
Manchester
|
40,000
|
243,179
|
1,190,874
|
|||
Waynesboro
|
45,310
|
107,860
|
666,100
|
|||
Warm Springs
|
45,000
|
196,691
|
580,626
|
|||
Dilley
|
30,000
|
847,755
|
14,671
|
|||
Elsa
|
40,000
|
1,286,910
|
16,621
|
|||
Leander
|
46,000
|
1,063,200
|
78,998
|
|||
Louisa Sr.
|
90,000
|
449,409
|
912,512
|
|||
Orchard Commons
|
28,789
|
452,556
|
(30,458)
|
|||
Heritage Park
|
199,000
|
1,243,700
|
225,047
|
|||
BrooksHollow
|
67,155
|
183,029
|
1,263,835
|
|||
Carson City
|
86,422
|
354,778
|
543,540
|
|||
Matteson
|
28,438
|
556,314
|
393,703
|
|||
Pembroke
|
22,000
|
190,283
|
376,434
|
|||
Robynwood
|
35,000
|
315,110
|
612,567
|
|||
Hill Creek
|
29,337
|
622,291
|
358,002
|
|||
Total Series 7
|
$ 935,051
|
$ 9,387,090
|
$ 9,340,491
|
|||
SERIES 7
|
||||||
Apartment Properties
|
Gross Amount At Which Carried At December 31, 2011
|
|||||
Buildings,
|
||||||
Improvements
|
||||||
Partnership
|
Land
|
& Equipment
|
Total
|
|||
Washington
|
$ 59,615
|
$ 940,256
|
$ 999,871
|
|||
BrookStone
|
49,540
|
1,415,441
|
1,464,981
|
|||
N. Irvine
|
29,750
|
1,019,442
|
1,049,192
|
|||
Manchester
|
49,455
|
1,424,598
|
1,474,053
|
|||
Waynesboro
|
37,500
|
781,770
|
819,270
|
|||
Warm Springs
|
20,000
|
802,317
|
822,317
|
|||
Dilley
|
30,000
|
862,426
|
892,426
|
|||
Elsa
|
40,000
|
1,303,531
|
1,343,531
|
|||
Leander
|
186,794
|
1,001,404
|
1,188,198
|
|||
Louisa Sr.
|
98,550
|
1,353,371
|
1,451,921
|
|||
Orchard Commons
|
28,789
|
422,098
|
450,887
|
|||
Heritage Park
|
199,000
|
1,468,747
|
1,667,747
|
|||
BrooksHollow
|
76,870
|
1,437,149
|
1,514,019
|
|||
Carson City
|
40,028
|
944,712
|
984,740
|
|||
Matteson
|
39,000
|
939,455
|
978,455
|
|||
Pembroke
|
22,000
|
566,717
|
588,717
|
|||
Robynwood
|
35,000
|
927,677
|
962,677
|
|||
Hill Creek
|
29,337
|
980,293
|
1,009,630
|
|||
Total Series 7
|
$ 1,071,228
|
$ 18,591,404
|
$ 19,662,632
|
|||
SERIES 7
|
||||||||
Apartment Properties
|
||||||||
Accumulated
|
Depreciable Life
|
|||||||
Partnership
|
Depreciation
|
|||||||
Washington
|
$ | 640,783 | 5.0-30.0 | |||||
BrookStone
|
934,249 | 5.0-27.5 | ||||||
N. Irvine
|
492,401 | 5.0-40.0 | ||||||
Manchester
|
878,826 | 5.0-25.0 | ||||||
Waynesboro
|
486,103 | 10.0-30.0 | ||||||
Warm Springs
|
511,073 | 5.0-40.0 | ||||||
Dilley
|
337,459 | 5.0-50.0 | ||||||
Elsa
|
574,503 | 7.0-50.0 | ||||||
Leander
|
766,255 | 7.0-30.0 | ||||||
Louisa Sr.
|
636,691 | 5.0-40.0 | ||||||
Orchard Commons
|
199,646 | 5.0-40.0 | ||||||
Heritage Park
|
1,034,469 | 7.0-27.5 | ||||||
BrooksHollow
|
898,220 | 5.0-27.5 | ||||||
Carson City
|
653,890 | 7.0-27.5 | ||||||
Matteson
|
660,977 | 7.0-27.5 | ||||||
Pembroke
|
262,107 | 5.0-40.0 | ||||||
Robynwood
|
427,119 | 5.0-40.0 | ||||||
Hill Creek
|
626,667 | 7.0-27.5 | ||||||
Total Series 7
|
$ | 11,021,438 | ||||||
SERIES 8
|
|||||||||
Apartment Properties
|
|||||||||
# of
|
Mortgage Loan
|
||||||||
Partnership
|
Location
|
Units
|
Balance
|
||||||
Purdy
|
Purdy, MO
|
16 | $ | 430,764 | |||||
Galena
|
Galena, KS
|
24 | 573,727 | ||||||
Antlers 2
|
Antlers, OK
|
24 | 584,627 | ||||||
Holdenville
|
Holdenville, OK
|
24 | 668,909 | ||||||
Wetumka
|
Wetumka, OK
|
24 | 603,589 | ||||||
Mariners Cove
|
Marine City, MI
|
32 | 978,765 | ||||||
Mariners Cove Sr.
|
Marine City, MI
|
24 | 758,048 | ||||||
Antlers
|
Antlers, OK
|
36 | 1,028,215 | ||||||
Bentonville
|
Bentonville, AR
|
24 | 375,863 | ||||||
Deerpoint
|
Elgin, AL
|
24 | 674,019 | ||||||
Aurora
|
Aurora, MO
|
28 | 686,788 | ||||||
Baxter
|
Baxter Springs, KS
|
16 | 396,338 | ||||||
Timber Ridge
|
Collinsville, AL
|
24 | 692,437 | ||||||
Concordia Sr.
|
Concordia, KS
|
24 | 639,727 | ||||||
Mountainburg
|
Mountainburg, AR
|
24 | 663,398 | ||||||
Fox Ridge
|
Russellville, AL
|
24 | 700,925 | ||||||
Meadow View
|
Bridgeport, NE
|
16 | 557,641 | ||||||
Sheridan
|
Auburn, NE
|
16 | 570,198 | ||||||
Grand Isle
|
Grand Isle, ME
|
16 | 942,707 | ||||||
Meadowview
|
Van Buren, AR
|
29 | 670,510 | ||||||
Taylor
|
Taylor, TX
|
44 | 1,166,890 | ||||||
Brookwood
|
Gainesboro, TN
|
44 | 1,370,826 | ||||||
Pleasant Valley
|
Lynchburg, TN
|
33 | 1,037,948 | ||||||
Reelfoot
|
Ridgely, TN
|
20 | 607,603 | ||||||
River Rest
|
Newport, TN
|
34 | 1,086,386 | ||||||
Kirskville
|
Kirksville, MO
|
24 | 648,009 | ||||||
Kenton
|
Kenton, OH
|
46 | 1,353,287 | ||||||
Lovingston
|
Lovingston, VA
|
64 | 2,086,695 | ||||||
Hustonville
|
Hustonville, KY
|
16 | 485,505 | ||||||
Northpoint
|
Jackson, KY
|
24 | 845,619 | ||||||
Brooks Field
|
Louisville, GA
|
32 | 905,399 | ||||||
Brooks Lane
|
Clayton, GA
|
36 | 1,048,768 | ||||||
Brooks Point
|
Dahlonega, GA
|
41 | 1,302,049 | ||||||
Brooks Run
|
Jasper, GA
|
24 | 721,421 | ||||||
Logan Heights
|
Russellville, KY
|
24 | 742,460 | ||||||
Lakeshore 2
|
Tuskegee, AL
|
36 | 1,098,987 | ||||||
Total Series 8
|
1,011 | $ | 29,705,047 | ||||||
SERIES 8
|
Cost at Acquisition Date
|
|||||
Apartment Properties
|
Net Improvements
|
|||||
Buildings
|
Capitalized
|
|||||
Improvements
|
Subsequent to
|
|||||
Partnership
|
Land
|
& Equipment
|
Acquisition
|
|||
Purdy
|
$ 64,823
|
$ 493,596
|
$ 124,731
|
|||
Galena
|
19,200
|
362,505
|
516,270
|
|||
Antlers 2
|
26,000
|
761,859
|
-
|
|||
Holdenville
|
15,000
|
877,598
|
-
|
|||
Wetumka
|
19,977
|
792,876
|
-
|
|||
Mariners Cove
|
117,192
|
1,134,974
|
96,331
|
|||
Mariners Cove Sr.
|
72,252
|
901,745
|
72,115
|
|||
Antlers
|
50,529
|
1,270,510
|
-
|
|||
Bentonville
|
15,220
|
743,269
|
-
|
|||
Deerpoint
|
33,250
|
912,974
|
2,600
|
|||
Aurora
|
164,350
|
716,471
|
117,232
|
|||
Baxter
|
13,800
|
418,296
|
204,560
|
|||
Timber Ridge
|
15,145
|
879,334
|
72,361
|
|||
Concordia Sr.
|
65,000
|
776,131
|
(14,742)
|
|||
Mountainburg
|
20,000
|
863,990
|
-
|
|||
Fox Ridge
|
35,000
|
867,785
|
6,325
|
|||
Meadow View
|
29,000
|
686,959
|
39,809
|
|||
Sheridan
|
20,100
|
373,018
|
444,778
|
|||
Grand Isle
|
20,000
|
1,180,210
|
(43,385)
|
|||
Meadowview
|
40,000
|
954,717
|
-
|
|||
Taylor
|
105,335
|
1,185,923
|
239,205
|
|||
Brookwood
|
28,148
|
1,780,090
|
72,932
|
|||
Pleasant Valley
|
56,269
|
1,288,452
|
113,025
|
|||
Reelfoot
|
13,000
|
118,127
|
710,568
|
|||
River Rest
|
50,750
|
431,259
|
983,410
|
|||
Kirskville
|
50,000
|
188,140
|
593,352
|
|||
Kenton
|
61,699
|
785,703
|
934,357
|
|||
Lovingston
|
178,985
|
2,215,782
|
446,501
|
|||
Hustonville
|
20,000
|
672,270
|
35,008
|
|||
Northpoint
|
140,000
|
942,599
|
64,193
|
|||
Brooks Field
|
45,762
|
113,295
|
1,085,988
|
|||
Brooks Lane
|
57,500
|
123,401
|
1,196,984
|
|||
Brooks Point
|
108,000
|
135,053
|
1,473,837
|
|||
Brooks Run
|
50,000
|
158,025
|
754,912
|
|||
Logan Heights
|
24,600
|
422,778
|
524,323
|
|||
Lakeshore 2
|
45,000
|
273,501
|
1,187,988
|
|||
Total Series 8
|
$ 1,890,886
|
$ 26,803,215
|
$ 12,055,568
|
|||
SERIES 8
|
||||||
Apartment Properties
|
Gross Amount At Which Carried At December 31, 2011
|
|||||
Buildings,
|
||||||
Improvements
|
||||||
Partnership
|
Land
|
& Equipment
|
Total
|
|||
Purdy
|
$ 78,966
|
$ 604,184
|
$ 683,150
|
|||
Galena
|
89,582
|
808,393
|
897,975
|
|||
Antlers 2
|
26,000
|
761,859
|
787,859
|
|||
Holdenville
|
15,000
|
877,598
|
892,598
|
|||
Wetumka
|
19,977
|
792,876
|
812,853
|
|||
Mariners Cove
|
64,000
|
1,284,497
|
1,348,497
|
|||
Mariners Cove Sr.
|
82,852
|
963,260
|
1,046,112
|
|||
Antlers
|
50,529
|
1,270,510
|
1,321,039
|
|||
Bentonville
|
15,220
|
743,269
|
758,489
|
|||
Deerpoint
|
19,500
|
929,324
|
948,824
|
|||
Aurora
|
177,690
|
820,363
|
998,053
|
|||
Baxter
|
53,218
|
583,438
|
636,656
|
|||
Timber Ridge
|
16,745
|
950,095
|
966,840
|
|||
Concordia Sr.
|
65,000
|
761,389
|
826,389
|
|||
Mountainburg
|
20,000
|
863,990
|
883,990
|
|||
Fox Ridge
|
35,000
|
874,110
|
909,110
|
|||
Meadow View
|
29,000
|
726,768
|
755,768
|
|||
Sheridan
|
36,276
|
801,620
|
837,896
|
|||
Grand Isle
|
20,000
|
1,136,825
|
1,156,825
|
|||
Meadowview
|
40,000
|
954,717
|
994,717
|
|||
Taylor
|
105,334
|
1,425,129
|
1,530,463
|
|||
Brookwood
|
28,148
|
1,853,022
|
1,881,170
|
|||
Pleasant Valley
|
56,269
|
1,401,477
|
1,457,746
|
|||
Reelfoot
|
13,827
|
827,868
|
841,695
|
|||
River Rest
|
52,062
|
1,413,357
|
1,465,419
|
|||
Kirskville
|
50,000
|
781,492
|
831,492
|
|||
Kenton
|
61,699
|
1,720,060
|
1,781,759
|
|||
Lovingston
|
171,772
|
2,669,496
|
2,841,268
|
|||
Hustonville
|
30,134
|
697,144
|
727,278
|
|||
Northpoint
|
143,545
|
1,003,247
|
1,146,792
|
|||
Brooks Field
|
45,761
|
1,199,284
|
1,245,045
|
|||
Brooks Lane
|
80,108
|
1,297,777
|
1,377,885
|
|||
Brooks Point
|
145,480
|
1,571,410
|
1,716,890
|
|||
Brooks Run
|
50,366
|
912,571
|
962,937
|
|||
Logan Heights
|
24,600
|
947,101
|
971,701
|
|||
Lakeshore 2
|
46,014
|
1,460,475
|
1,506,489
|
|||
Total Series 8
|
$ 2,059,674
|
$ 38,689,995
|
$ 40,749,669
|
|||
SERIES 8
|
||||||||
Apartment Properties
|
||||||||
Accumulated
|
Depreciable Life
|
|||||||
Partnership
|
Depreciation
|
|||||||
Purdy
|
$ | 480,251 | 7.0-27.5 | |||||
Galena
|
592,189 | 7.0-27.5 | ||||||
Antlers 2
|
570,716 | 5.0-25.0 | ||||||
Holdenville
|
643,463 | 5.0-25.0 | ||||||
Wetumka
|
583,640 | 5.0-25.0 | ||||||
Mariners Cove
|
883,913 | 7.0-27.5 | ||||||
Mariners Cove Sr.
|
690,307 | 7.0-27.5 | ||||||
Antlers
|
939,829 | 10.0-25.0 | ||||||
Bentonville
|
568,886 | 5.0-25.0 | ||||||
Deerpoint
|
371,866 | 5.0-50.0 | ||||||
Aurora
|
693,973 | 7.0-27.5 | ||||||
Baxter
|
421,009 | 7.0-27.5 | ||||||
Timber Ridge
|
456,161 | 5.0-40.0 | ||||||
Concordia Sr.
|
555,154 | 5.0-25.0 | ||||||
Mountainburg
|
633,161 | 5.0-25.0 | ||||||
Fox Ridge
|
336,753 | 5.0-50.0 | ||||||
Meadow View
|
411,319 | 5.0-30.0 | ||||||
Sheridan
|
405,562 | 5.0-50.0 | ||||||
Grand Isle
|
737,918 | 7.0-27.5 | ||||||
Meadowview
|
706,491 | 5.0-25.0 | ||||||
Taylor
|
528,790 | 5.0-50.0 | ||||||
Brookwood
|
1,067,224 | 5.0-50.0 | ||||||
Pleasant Valley
|
802,565 | 5.0-50.0 | ||||||
Reelfoot
|
475,503 | 7.0-27.5 | ||||||
River Rest
|
806,691 | 7.0-50.0 | ||||||
Kirskville
|
549,390 | 5.0-27.5 | ||||||
Kenton
|
946,979 | 5.0-33.0 | ||||||
Lovingston
|
1,755,488 | 7.0-27.5 | ||||||
Hustonville
|
326,942 | 5.0-40.0 | ||||||
Northpoint
|
466,997 | 5.0-40.0 | ||||||
Brooks Field
|
698,997 | 5.0-40.0 | ||||||
Brooks Lane
|
803,227 | 5.0-40.0 | ||||||
Brooks Point
|
952,453 | 5.0-40.0 | ||||||
Brooks Run
|
545,368 | 5.0-40.0 | ||||||
Logan Heights
|
613,401 | 5.0-40.0 | ||||||
Lakeshore 2
|
619,975 | 5.0-40.0 | ||||||
Total Series 8
|
$ | 23,642,551 | ||||||
SERIES 9
|
|||||||||
Apartment Properties
|
|||||||||
# of
|
Mortgage Loan
|
||||||||
Partnership
|
Location
|
Units
|
Balance
|
||||||
Jay
|
Jay, OK
|
24 | $ | 613,613 | |||||
Boxwood
|
Lexington, TX
|
24 | 569,911 | ||||||
Omega
|
Omega, GA
|
36 | 1,075,895 | ||||||
Cornell 2
|
Watertown, SD
|
24 | 871,240 | ||||||
Elm Creek
|
Pierre, SD
|
24 | 901,916 | ||||||
Marionville
|
Marionville, MO
|
20 | 528,904 | ||||||
Lamar
|
Lamar, AR
|
24 | 667,913 | ||||||
Centreville
|
Centreville, AL
|
24 | 748,229 | ||||||
Skyview
|
Troy, AL
|
36 | 1,076,054 | ||||||
Bradford
|
Cumberland, KY
|
24 | 750,310 | ||||||
Cedar Lane
|
London, KY
|
24 | 672,542 | ||||||
Stanton
|
Stanton, KY
|
24 | 755,291 | ||||||
Abernathy
|
Abernathy, TX
|
24 | 576,325 | ||||||
Pembroke
|
Pembroke, KY
|
24 | 755,378 | ||||||
Meadowview
|
Greenville, AL
|
24 | 636,889 | ||||||
Town Branch
|
Mt. Vernon, KY
|
24 | 719,957 | ||||||
Fox Run
|
Ragland, AL
|
24 | 729,940 | ||||||
Maple Street
|
Emporium, PA
|
32 | 1,297,250 | ||||||
Manchester
|
Manchester, GA
|
18 | 560,500 | ||||||
Total Series 9
|
478 | $ | 14,508,057 | ||||||
SERIES 9
|
Cost at Acquisition Date
|
|||||
Apartment Properties
|
Net Improvements
|
|||||
Buildings
|
Capitalized
|
|||||
Improvements
|
Subsequent to
|
|||||
Partnership
|
Land
|
& Equipment
|
Acquisition
|
|||
Jay
|
$ 30,000
|
$ 103,524
|
$ 677,073
|
|||
Boxwood
|
22,273
|
718,529
|
30,137
|
|||
Omega
|
35,000
|
188,863
|
1,183,441
|
|||
Cornell 2
|
29,155
|
576,296
|
677,325
|
|||
Elm Creek
|
71,360
|
233,390
|
1,056,222
|
|||
Marionville
|
24,900
|
409,497
|
379,605
|
|||
Lamar
|
18,000
|
202,240
|
684,085
|
|||
Centreville
|
36,000
|
220,952
|
757,105
|
|||
Skyview
|
120,000
|
220,161
|
1,166,001
|
|||
Bradford
|
66,000
|
285,025
|
675,823
|
|||
Cedar Lane
|
49,750
|
952,314
|
(38,223)
|
|||
Stanton
|
41,584
|
959,574
|
(42,009)
|
|||
Abernathy
|
30,000
|
751,898
|
-
|
|||
Pembroke
|
43,000
|
955,687
|
(47,860)
|
|||
Meadowview
|
46,270
|
1,086,351
|
37,826
|
|||
Town Branch
|
21,000
|
942,114
|
(25,758)
|
|||
Fox Run
|
47,467
|
919,296
|
6,430
|
|||
Maple Street
|
85,000
|
1,178,856
|
458,737
|
|||
Manchester
|
24,100
|
711,035
|
423
|
|||
Total Series 9
|
$ 840,859
|
$ 11,615,602
|
$ 7,636,383
|
|||
SERIES 9
|
||||||
Apartment Properties
|
Gross Amount At Which Carried At December 31, 2011
|
|||||
Buildings,
|
||||||
Improvements
|
||||||
Partnership
|
Land
|
& Equipment
|
Total
|
|||
Jay
|
$ 25,000
|
$ 785,597
|
$ 810,597
|
|||
Boxwood
|
22,273
|
748,666
|
770,939
|
|||
Omega
|
35,000
|
1,372,304
|
1,407,304
|
|||
Cornell 2
|
105,569
|
1,177,207
|
1,282,776
|
|||
Elm Creek
|
185,069
|
1,175,903
|
1,360,972
|
|||
Marionville
|
93,361
|
720,640
|
814,002
|
|||
Lamar
|
18,000
|
886,325
|
904,325
|
|||
Centreville
|
36,000
|
978,057
|
1,014,057
|
|||
Skyview
|
120,000
|
1,386,162
|
1,506,162
|
|||
Bradford
|
66,000
|
960,848
|
1,026,848
|
|||
Cedar Lane
|
49,750
|
914,091
|
963,841
|
|||
Stanton
|
41,584
|
917,565
|
959,149
|
|||
Abernathy
|
30,000
|
751,898
|
781,898
|
|||
Pembroke
|
43,000
|
907,827
|
950,827
|
|||
Meadowview
|
46,270
|
1,124,177
|
1,170,447
|
|||
Town Branch
|
21,000
|
916,356
|
937,356
|
|||
Fox Run
|
47,467
|
925,726
|
973,193
|
|||
Maple Street
|
85,000
|
1,637,593
|
1,722,593
|
|||
Manchester
|
27,200
|
708,358
|
735,558
|
|||
Total Series 9
|
$ 1,097,544
|
$ 18,995,300
|
$ 20,092,844
|
|||
SERIES 9
|
||||||||
Apartment Properties
|
||||||||
Accumulated
|
Depreciable Life
|
|||||||
Partnership
|
Depreciation
|
|||||||
Jay
|
$ | 555,997 | 5.0-25.0 | |||||
Boxwood
|
546,672 | 5.0-25.0 | ||||||
Omega
|
804,670 | 5.0-50.0 | ||||||
Cornell 2
|
782,689 | 5.0-30.0 | ||||||
Elm Creek
|
758,701 | 5.0-27.5 | ||||||
Marionville
|
534,960 | 7.0-27.5 | ||||||
Lamar
|
635,100 | 5.0-25.0 | ||||||
Centreville
|
681,635 | 5.0-40.0 | ||||||
Skyview
|
595,376 | 5.0-40.0 | ||||||
Bradford
|
406,427 | 5.0-40.0 | ||||||
Cedar Lane
|
423,661 | 5.0-40.0 | ||||||
Stanton
|
422,462 | 5.0-40.0 | ||||||
Abernathy
|
543,070 | 5.0-25.0 | ||||||
Pembroke
|
398,123 | 7.0-40.0 | ||||||
Meadowview
|
482,835 | 5.0-40.0 | ||||||
Town Branch
|
385,635 | 7.0-40.0 | ||||||
Fox Run
|
584,841 | 7.0-27.5 | ||||||
Maple Street
|
725,326 | 7.0-40.0 | ||||||
Manchester
|
415,426 | 5.0-27.5 | ||||||
Total Series 9
|
$ | 10,683,606 | ||||||
SERIES 10
|
|||||||||
Apartment Properties
|
|||||||||
# of
|
Mortgage Loan
|
||||||||
Partnership
|
Location
|
Units
|
Balance
|
||||||
Albany
|
Albany, KY
|
24 | $ | 718,824 | |||||
Oak Terrace
|
Bonifay, FL
|
18 | 508,815 | ||||||
Wellshill
|
West Liberty, KY
|
32 | 1,027,547 | ||||||
Applegate
|
Florence, AL
|
36 | 1,114,105 | ||||||
Heatherwood
|
Alexander City, AL
|
36 | 852,604 | ||||||
Donna
|
Donna, TX
|
50 | 1,335,132 | ||||||
Wellsville
|
Wellsville, NY
|
24 | 959,562 | ||||||
Tecumseh
|
Tecumseh, NE
|
24 | 832,714 | ||||||
Clay City
|
Clay City, KY
|
24 | 767,568 | ||||||
Irvine West
|
Irvine, KY
|
24 | 768,286 | ||||||
New Castle
|
New Castle, KY
|
24 | 759,179 | ||||||
Stigler
|
Stigler, OK
|
20 | 560,930 | ||||||
Total Series 10
|
336 | $ | 10,205,266 | ||||||
SERIES 10
|
Cost at Acquisition Date
|
|||||
Apartment Properties
|
Net Improvements
|
|||||
Buildings
|
Capitalized
|
|||||
Improvements
|
Subsequent to
|
|||||
Partnership
|
Land
|
& Equipment
|
Acquisition
|
|||
Albany
|
$ 39,500
|
$ 990,162
|
$ (15,856)
|
|||
Oak Terrace
|
27,200
|
633,284
|
2,878
|
|||
Wellshill
|
75,000
|
1,270,844
|
(48,725)
|
|||
Applegate
|
125,000
|
1,467,675
|
282,233
|
|||
Heatherwood
|
55,000
|
1,551,679
|
55,207
|
|||
Donna
|
112,000
|
1,661,889
|
5,893
|
|||
Wellsville
|
38,000
|
1,286,389
|
166,407
|
|||
Tecumseh
|
20,000
|
1,038,151
|
135,673
|
|||
Clay City
|
22,750
|
998,334
|
97,417
|
|||
Irvine West
|
25,000
|
1,060,585
|
72,386
|
|||
New Castle
|
40,575
|
971,520
|
48,790
|
|||
Stigler
|
24,000
|
730,056
|
-
|
|||
Total Series 10
|
$ 604,025
|
$ 13,660,568
|
$ 802,303
|
|||
SERIES 10
|
||||||
Apartment Properties
|
Gross Amount At Which Carried At December 31, 2011
|
|||||
Buildings,
|
||||||
Improvements
|
||||||
Partnership
|
Land
|
& Equipment
|
Total
|
|||
Albany
|
$ 39,500
|
$ 974,306
|
$ 1,013,806
|
|||
Oak Terrace
|
27,200
|
636,162
|
663,362
|
|||
Wellshill
|
75,000
|
1,222,119
|
1,297,119
|
|||
Applegate
|
126,385
|
1,748,523
|
1,874,908
|
|||
Heatherwood
|
55,000
|
1,606,886
|
1,661,886
|
|||
Donna
|
112,000
|
1,667,782
|
1,779,782
|
|||
Wellsville
|
38,000
|
1,452,796
|
1,490,796
|
|||
Tecumseh
|
50,741
|
1,140,583
|
1,193,824
|
|||
Clay City
|
52,009
|
1,066,492
|
1,118,501
|
|||
Irvine West
|
59,508
|
1,098,463
|
1,157,971
|
|||
New Castle
|
43,375
|
1,017,510
|
1,060,885
|
|||
Stigler
|
24,000
|
730,056
|
754,056
|
|||
Total Series 10
|
$ 705,218
|
$ 14,361,678
|
$ 15,066,896
|
|||
SERIES 10
|
||||||||
Apartment Properties
|
||||||||
Accumulated
|
Depreciable Life
|
|||||||
Partnership
|
Depreciation
|
|||||||
Albany
|
$ | 431,240 | 5.0-40.0 | |||||
Oak Terrace
|
408,923 | 5.0-27.5 | ||||||
Wellshill
|
519,494 | 5.0-40.0 | ||||||
Applegate
|
757,487 | 5.0-40.0 | ||||||
Heatherwood
|
697,623 | 5.0-40.0 | ||||||
Donna
|
595,132 | 7.0-50.0 | ||||||
Wellsville
|
946,191 | 7.0-27.5 | ||||||
Tecumseh
|
478,653 | 5.0-50.0 | ||||||
Clay City
|
479,925 | 5.0-40.0 | ||||||
Irvine West
|
497,528 | 5.0-40.0 | ||||||
New Castle
|
447,952 | 5.0-40.0 | ||||||
Stigler
|
327,508 | 5.0-25.0 | ||||||
Total Series 10
|
$ | 6,587,656 | ||||||
SERIES 11
|
|||||||||
Apartment Properties
|
|||||||||
# of
|
Mortgage Loan
|
||||||||
Partnership
|
Location
|
Units
|
Balance
|
||||||
Homestead
|
Pinetop, AZ
|
32 | $ | 1,204,126 | |||||
Eloy
|
Eloy, AZ
|
24 | 619,775 | ||||||
Gila Bend
|
Gila Bend, AZ
|
36 | 1,587,472 | ||||||
Creekstone
|
Dallas, GA
|
40 | 435,716 | ||||||
Tifton
|
Tifton, GA
|
36 | 655,195 | ||||||
Cass Towne
|
Cartersville, GA
|
10 | - | ||||||
Royston
|
Royston, GA
|
25 | 704,572 | ||||||
Red Bud
|
Mokane, MO
|
8 | 227,354 | ||||||
Total Series 11
|
211 | $ | 5,434,210 | ||||||
SERIES 11
|
Cost at Acquisition Date
|
|||||
Apartment Properties
|
Net Improvements
|
|||||
Buildings
|
Capitalized
|
|||||
Improvements
|
Subsequent to
|
|||||
Partnership
|
Land
|
& Equipment
|
Acquisition
|
|||
Homestead
|
$ 126,000
|
$ 1,628,502
|
$ 91,893
|
|||
Eloy
|
12,000
|
882,913
|
254,487
|
|||
Gila Bend
|
18,000
|
945,233
|
648,519
|
|||
Creekstone
|
130,625
|
170,655
|
1,707,324
|
|||
Tifton
|
17,600
|
192,853
|
1,496,433
|
|||
Cass Towne
|
22,690
|
301,458
|
35,892
|
|||
Royston
|
36,000
|
785,602
|
112,946
|
|||
Red Bud
|
5,500
|
295,617
|
4,081
|
|||
Total Series 11
|
$ 368,415
|
$ 5,202,833
|
$ 4,351,575
|
|||
SERIES 11
|
||||||
Apartment Properties
|
Gross Amount At Which Carried At December 31, 2011
|
|||||
Buildings,
|
||||||
Improvements
|
||||||
Partnership
|
Land
|
& Equipment
|
Total
|
|||
Homestead
|
$ 144,163
|
$ 1,702,232
|
$ 1,846,395
|
|||
Eloy
|
12,000
|
1,137,400
|
1,149,400
|
|||
Gila Bend
|
18,000
|
1,593,752
|
1,611,752
|
|||
Creekstone
|
130,650
|
1,877,954
|
2,008,604
|
|||
Tifton
|
17,327
|
1,689,559
|
1,706,886
|
|||
Cass Towne
|
22,690
|
337,350
|
360,040
|
|||
Royston
|
36,000
|
898,548
|
934,548
|
|||
Red Bud
|
5,500
|
299,698
|
305,198
|
|||
Total Series 11
|
$ 386,330
|
$ 9,536,493
|
$ 9,922,823
|
|||
SERIES 11
|
||||||||
Apartment Properties
|
||||||||
Accumulated
|
Depreciable Life
|
|||||||
Partnership
|
Depreciation
|
|||||||
Homestead
|
$ | 780,686 | 5.0-40.0 | |||||
Eloy
|
704,641 | 5.0-27.5 | ||||||
Gila Bend
|
776,689 | 5.0-40.0 | ||||||
Creekstone
|
1,106,849 | 7.0-27.5 | ||||||
Tifton
|
682,672 | 5.0-25.0 | ||||||
Cass Towne
|
146,856 | 7.0-27.5 | ||||||
Royston
|
491,189 | 7.0-40.0 | ||||||
Red Bud
|
123,729 | 7.0-40.0 | ||||||
Total Series 11
|
$ | 4,813,311 | ||||||
SERIES 7
|
||||||||
Reconciliation of Land, Building & Improvements current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 28,251,969 | ||||||
Additions during period:
|
||||||||
Acquisitions through foreclosure
|
- | |||||||
Other acquisitions
|
42,353 | |||||||
Improvements, etc.
|
- | |||||||
Other
|
- | |||||||
42,353 | ||||||||
Deductions during period:
|
||||||||
Cost of real estate sold
|
(8,628,481 | ) | ||||||
Other
|
(3,209 | ) | ||||||
(8,631,690 | ) | |||||||
Balance at end of period - December 31, 2011
|
$ | 19,662,632 | ||||||
Reconciliation of Accumulated Depreciation current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 15,080,769 | ||||||
Current year expense
|
579,826 | |||||||
Sale of assets
|
(4,635,948 | ) | ||||||
Prior year adjustments
|
(3,209 | ) | ||||||
Balance at end of period - December 31, 2011
|
$ | 11,021,438 | ||||||
SERIES 8
|
||||||||
Reconciliation of Land, Building & Improvements current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 45,187,516 | ||||||
Additions during period:
|
||||||||
Acquisitions through foreclosure
|
- | |||||||
Other acquisitions
|
198,671 | |||||||
Improvements, etc.
|
- | |||||||
Other
|
- | |||||||
198,671 | ||||||||
Deductions during period:
|
||||||||
Cost of real estate sold
|
(4,563,909 | ) | ||||||
Other
|
(72,609 | ) | ||||||
(4,636,518 | ) | |||||||
Balance at end of period - December 31, 2011
|
$ | 40,749,669 | ||||||
Reconciliation of Accumulated Depreciation current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 24,615,247 | ||||||
Current year expense
|
1,277,936 | |||||||
Sale of assets
|
(2,178,023 | ) | ||||||
Prior year adjustments
|
(72,609 | ) | ||||||
Balance at end of period - December 31, 2011
|
$ | 23,642,551 | ||||||
SERIES 9
|
||||||||
Reconciliation of Land, Building & Improvements current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 24,659,768 | ||||||
Additions during period:
|
||||||||
Acquisitions through foreclosure
|
- | |||||||
Other acquisitions
|
27,093 | |||||||
Improvements, etc.
|
- | |||||||
Other
|
- | |||||||
27,903 | ||||||||
Deductions during period:
|
||||||||
Cost of real estate sold
|
(4,589,016 | ) | ||||||
Other
|
(5,001 | ) | ||||||
(4,594,017 | ) | |||||||
Balance at end of period - December 31, 2011
|
$ | 20,092,844 | ||||||
Reconciliation of Accumulated Depreciation current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 12,235,111 | ||||||
Current year expense
|
603,449 | |||||||
Sale of assets
|
(2,149,953 | ) | ||||||
Prior year adjustments
|
(5,001 | ) | ||||||
Balance at end of period - December 31, 2011
|
$ | 10,683,606 | ||||||
SERIES 10
|
||||||||
Reconciliation of Land, Building & Improvements current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 17,071,065 | ||||||
Additions during period:
|
||||||||
Acquisitions through foreclosure
|
- | |||||||
Other acquisitions
|
39,522 | |||||||
Improvements, etc.
|
- | |||||||
Other
|
- | |||||||
39,522 | ||||||||
Deductions during period:
|
||||||||
Cost of real estate sold
|
(2,042,345 | ) | ||||||
Other
|
(1,346 | ) | ||||||
(2,043,691 | ) | |||||||
Balance at end of period - December 31, 2011
|
$ | 15,066,896 | ||||||
Reconciliation of Accumulated Depreciation current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 7,062,374 | ||||||
Current year expense
|
390,641 | |||||||
Sale of assets
|
(864,013 | ) | ||||||
Prior year adjustments
|
(1,346 | ) | ||||||
Balance at end of period - December 31, 2011
|
$ | 6,587,656 | ||||||
SERIES 11
|
||||||||
Reconciliation of Land, Building & Improvements current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 15,759,988 | ||||||
Additions during period:
|
||||||||
Acquisitions through foreclosure
|
- | |||||||
Other acquisitions
|
13,660 | |||||||
Improvements, etc.
|
- | |||||||
Other
|
- | |||||||
13,660 | ||||||||
Deductions during period:
|
||||||||
Cost of real estate sold
|
(5,850,824 | ) | ||||||
Other
|
(1 | ) | ||||||
(5,850,825 | ) | |||||||
Balance at end of period - December 31, 2011
|
$ | 9,922,823 | ||||||
Reconciliation of Accumulated Depreciation current year changes:
|
||||||||
Balance at beginning of period - December 31, 2010
|
$ | 7,441,864 | ||||||
Current year expense
|
326,802 | |||||||
Sale of assets
|
(2,955,354 | ) | ||||||
Prior year adjustments
|
(1 | ) | ||||||
Balance at end of period - December 31, 2011
|
$ | 4,813,311 | ||||||
SERIES 7
|
||||||||||||||||||||
PARTNERSHIP
|
# OF UNITS
|
BALANCE
|
INTEREST RATE
|
MONTHLY DEBT SERVICE
|
TERM (YEARS)
|
|||||||||||||||
Washington
|
24 | $ | 758,934 | 8.25 | % | 2,923 | 50 | |||||||||||||
BrookStone
|
40 | 1,119,127 | 6.50 | % | 6,491 | 50 | ||||||||||||||
N. Irvine
|
24 | 748,826 | 7.75 | % | 3,164 | 50 | ||||||||||||||
Manchester
|
42 | 1,127,037 | 6.50 | % | 6,417 | 50 | ||||||||||||||
Waynesboro
|
24 | 628,849 | 6.50 | % | 3,398 | 50 | ||||||||||||||
Warm Springs
|
22 | 637,099 | 7.25 | % | 2,775 | 50 | ||||||||||||||
Dilley
|
28 | 688,369 | 8.25 | % | 2,650 | 50 | ||||||||||||||
Elsa
|
40 | 979,660 | 7.75 | % | 4,347 | 50 | ||||||||||||||
Leander
|
36 | 865,864 | 7.75 | % | 3,506 | 50 | ||||||||||||||
Louisa Sr.
|
36 | 1,117,316 | 7.25 | % | 6,061 | 50 | ||||||||||||||
Orchard Commons
|
12 | 281,958 | 7.75 | % | 5,732 | 50 | ||||||||||||||
Heritage Park
|
32 | 1,177,069 | 7.75 | % | 5,077 | 50 | ||||||||||||||
BrooksHollow
|
40 | 1,105,420 | 6.50 | % | 6,294 | 50 | ||||||||||||||
Carson City
|
24 | 743,815 | 7.25 | % | 3,500 | 50 | ||||||||||||||
Matteson
|
24 | 719,175 | 7.25 | % | 3,500 | 50 | ||||||||||||||
Pembroke
|
16 | 475,621 | 7.25 | % | 2,951 | 50 | ||||||||||||||
Robynwood
|
24 | 715,474 | 7.25 | % | 5,251 | 50 | ||||||||||||||
Hill Creek
|
24 | 726,663 | 6.50 | % | 3,830 | 50 | ||||||||||||||
TOTAL SERIES 7
|
512 | $ | 14,616,276 | |||||||||||||||||
SERIES 8
|
||||||||||||||||||||
PARTNERSHIP
|
# OF UNITS
|
BALANCE
|
INTEREST RATE
|
MONTHLY DEBT SERVICE
|
TERM (YEARS)
|
|||||||||||||||
Purdy
|
16 | $ | 430,764 | 7.75 | % | 2,285 | 50 | |||||||||||||
Galena
|
24 | 573,727 | 7.25 | % | 2,776 | 50 | ||||||||||||||
Antlers 2
|
24 | 584,627 | 7.25 | % | 4,085 | 50 | ||||||||||||||
Holdenville
|
24 | 668,909 | 6.50 | % | 4,330 | 50 | ||||||||||||||
Wetumka
|
24 | 603,589 | 6.50 | % | 4,314 | 50 | ||||||||||||||
Mariners Cove
|
32 | 978,765 | 7.25 | % | 4,600 | 50 | ||||||||||||||
Mariners Cove Sr.
|
24 | 758,048 | 7.25 | % | 3,500 | 50 | ||||||||||||||
Antlers
|
36 | 1,028,215 | 7.25 | % | 4,619 | 50 | ||||||||||||||
Bentonville
|
24 | 375,863 | 7.75 | % | 14,430 | 45 | ||||||||||||||
Deerpoint
|
24 | 674,019 | 7.75 | % | 6,238 | 50 | ||||||||||||||
Aurora
|
28 | 686,788 | 7.25 | % | 3,236 | 50 | ||||||||||||||
Baxter
|
16 | 396,338 | 6.50 | % | 2,720 | 50 | ||||||||||||||
Timber Ridge
|
24 | 692,437 | 7.25 | % | 3,446 | 50 | ||||||||||||||
Concordia Sr.
|
24 | 639,727 | 6.50 | % | 3,350 | 50 | ||||||||||||||
Mountainburg
|
24 | 663,398 | 6.50 | % | 3,824 | 50 | ||||||||||||||
Fox Ridge
|
24 | 700,925 | 7.25 | % | 3,398 | 50 | ||||||||||||||
Meadow View
|
16 | 557,641 | 7.25 | % | 2,683 | 50 | ||||||||||||||
Sheridan
|
16 | 570,198 | 8.25 | % | 3,211 | 50 | ||||||||||||||
Grand Isle
|
16 | 942,707 | 8.25 | % | 8,875 | 50 | ||||||||||||||
Meadowview
|
29 | 670,510 | 7.25 | % | 7,575 | 39 | ||||||||||||||
Taylor
|
44 | 1,166,890 | 7.50 | % | 6,644 | 50 | ||||||||||||||
Brookwood
|
44 | 1,370,826 | 6.50 | % | 7,860 | 50 | ||||||||||||||
Pleasant Valley
|
33 | 1,037,948 | 7.25 | % | 4,893 | 50 | ||||||||||||||
Reelfoot
|
20 | 607,603 | 7.25 | % | 3,892 | 50 | ||||||||||||||
River Rest
|
34 | 1,086,386 | 7.25 | % | 4,791 | 50 | ||||||||||||||
Kirskville
|
24 | 648,009 | 7.25 | % | 2,591 | 50 | ||||||||||||||
Kenton
|
46 | 1,353,287 | 7.25 | % | 6,044 | 50 | ||||||||||||||
Lovingston
|
64 | 2,086,695 | 7.00 | % | 10,920 | 50 | ||||||||||||||
Hustonville
|
16 | 485,505 | 6.50 | % | 3,187 | 50 | ||||||||||||||
Northpoint
|
24 | 845,619 | 7.25 | % | 4,112 | 50 | ||||||||||||||
Brooks Field
|
32 | 905,399 | 7.25 | % | 4,004 | 50 | ||||||||||||||
Brooks Lane
|
36 | 1,048,768 | 7.25 | % | 4,297 | 50 | ||||||||||||||
Brooks Point
|
41 | 1,302,049 | 7.25 | % | 4,833 | 50 | ||||||||||||||
Brooks Run
|
24 | 721,421 | 7.25 | % | 2,975 | 50 | ||||||||||||||
Logan Heights
|
24 | 742,460 | 7.25 | % | 3,072 | 50 | ||||||||||||||
Lakeshore 2
|
36 | 1,098,987 | 7.75 | % | 4,147 | 50 | ||||||||||||||
TOTAL SERIES 8
|
1,011 | $ | 29,705,047 | |||||||||||||||||
SERIES 9
|
||||||||||||||||||||
PARTNERSHIP
|
# OF UNITS
|
BALANCE
|
INTEREST RATE
|
MONTHLY DEBT SERVICE
|
TERM (YEARS)
|
|||||||||||||||
Jay
|
24 | $ | 613,613 | 7.25 | % | 2,851 | 50 | |||||||||||||
Boxwood
|
24 | 569,911 | 6.50 | % | 3,894 | 50 | ||||||||||||||
Omega
|
36 | 1,075,895 | 7.25 | % | 4,679 | 50 | ||||||||||||||
Cornell 2
|
24 | 871,240 | 7.25 | % | 4,135 | 50 | ||||||||||||||
Elm Creek
|
24 | 901,916 | 7.25 | % | 4,223 | 50 | ||||||||||||||
Marionville
|
20 | 528,904 | 6.50 | % | 2,974 | 50 | ||||||||||||||
Lamar
|
24 | 667,913 | 7.25 | % | 11,480 | 50 | ||||||||||||||
Centreville
|
24 | 748,229 | 7.25 | % | 3,340 | 50 | ||||||||||||||
Skyview
|
36 | 1,076,054 | 7.25 | % | 4,771 | 50 | ||||||||||||||
Bradford
|
24 | 750,310 | 7.03 | % | 3,205 | 50 | ||||||||||||||
Cedar Lane
|
24 | 672,542 | 6.50 | % | 5,465 | 50 | ||||||||||||||
Stanton
|
24 | 755,291 | 7.25 | % | 3,892 | 50 | ||||||||||||||
Abernathy
|
24 | 576,325 | 6.50 | % | 3,737 | 50 | ||||||||||||||
Pembroke
|
24 | 755,378 | 7.25 | % | 3,495 | 50 | ||||||||||||||
Meadowview
|
24 | 636,889 | 0.50 | % | 2,162 | 20 | ||||||||||||||
Town Branch
|
24 | 719,957 | 7.25 | % | 4,347 | 50 | ||||||||||||||
Fox Run
|
24 | 729,940 | 6.50 | % | 3,685 | 50 | ||||||||||||||
Maple Street
|
32 | 1,297,250 | 7.25 | % | 5,421 | 50 | ||||||||||||||
Manchester
|
18 | 560,500 | 7.25 | % | 2,438 | 50 | ||||||||||||||
TOTAL SERIES 9
|
478 | $ | 14,508,057 | |||||||||||||||||
SERIES 10
|
||||||||||||||||||||
PARTNERSHIP
|
# OF UNITS
|
BALANCE
|
INTEREST RATE
|
MONTHLY DEBT SERVICE
|
TERM (YEARS)
|
|||||||||||||||
Albany
|
24 | $ | 718,824 | 6.50 | % | 4,992 | 50 | |||||||||||||
Oak Terrace
|
18 | 508,815 | 6.50 | % | 2,861 | 50 | ||||||||||||||
Wellshill
|
32 | 1,027,547 | 7.25 | % | 4,437 | 50 | ||||||||||||||
Applegate
|
36 | 1,114,105 | 0.50 | % | 0 | 20 | ||||||||||||||
Heatherwood
|
36 | 852,604 | 0.50 | % | 0 | 20 | ||||||||||||||
Donna
|
50 | 1,335,132 | 6.50 | % | 7,509 | 50 | ||||||||||||||
Wellsville
|
24 | 959,562 | 6.50 | % | 8,231 | 50 | ||||||||||||||
Tecumseh
|
24 | 832,714 | 7.25 | % | 3,531 | 50 | ||||||||||||||
Clay City
|
24 | 767,568 | 7.25 | % | 3,619 | 50 | ||||||||||||||
Irvine West
|
24 | 768,286 | 7.25 | % | 3,361 | 50 | ||||||||||||||
New Castle
|
24 | 759,179 | 7.25 | % | 5,131 | 50 | ||||||||||||||
Stigler
|
20 | 560,930 | 7.25 | % | 3,813 | 50 | ||||||||||||||
TOTAL SERIES 10
|
336 | $ | 10,205,266 | |||||||||||||||||
SERIES 11
|
||||||||||||||||||||
PARTNERSHIP
|
# OF UNITS
|
BALANCE
|
INTEREST RATE
|
MONTHLY DEBT SERVICE
|
TERM (YEARS)
|
|||||||||||||||
Homestead
|
32 | $ | 1,204,126 | 6.50 | % | 6,408 | 50 | |||||||||||||
Eloy
|
24 | 619,775 | 6.00 | % | 2,109 | 50 | ||||||||||||||
Gila Bend
|
36 | 1,587,472 | 8.00 | % | 3,070 | 50 | ||||||||||||||
Creekstone
|
40 | 435,716 | 11.00 | % | 56,427 | 30 | ||||||||||||||
Tifton
|
36 | 655,195 | 0.00 | % | 24,929 | 42 | ||||||||||||||
Cass Towne
|
10 | - | 3.00 | % | 17,000 | 10 | ||||||||||||||
Royston
|
25 | 704,572 | 6.75 | % | 3,009 | 50 | ||||||||||||||
Red Bud
|
8 | 227,354 | 7.25 | % | 863 | 50 | ||||||||||||||
TOTAL SERIES 11
|
211 | $ | 5,434,210 | |||||||||||||||||
GATEWAY TAX CREDIT FUND III, LTD.
|
(A Florida Limited Partnership)
|
By: Raymond James Tax Credit Funds, Inc.
|
(the Managing General Partner)
|
Date: June 25, 2012
|
By:/s/ Ronald M. Diner
|
|
Ronald M. Diner
|
||
President and Director
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Date: June 25, 2012
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By:/s/ J. Davenport Mosby III
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J. Davenport Mosby III
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Director
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Date: June 25, 2012
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By:/s/ Toni S. Matthews
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Toni S. Matthews
|
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Vice President and Chief Financial Officer
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Date: June 25, 2012
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By:/s/ Sandra C. Humphreys
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Sandra C. Humphreys
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Secretary and Treasurer
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1.
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I have reviewed this Report on Form 10-K of Gateway Tax Credit Fund III, Ltd.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
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(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: June 25, 2012
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By:/s/ Ronald M. Diner
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President
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Raymond James Tax Credit Funds, Inc.
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(the Managing General Partner)
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1.
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I have reviewed this Report on Form 10-K of Gateway Tax Credit Fund III, Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: June 25, 2012
|
By:/s/ Toni S. Matthews
|
Vice President and Chief Financial Officer
|
Raymond James Tax Credit Funds, Inc.
|
(the Managing General Partner)
|
/s/ Ronald M. Diner
Ronald M. Diner
President
Raymond James Tax Credit Funds, Inc.
(the Managing General Partner)
June 25, 2012
|
/s/ Toni S. Matthews
Toni S. Matthews
Vice President and Chief Financial Officer
Raymond James Tax Credit Funds, Inc.
(the Managing General Partner)
June 25, 2012
|
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