0001096906-17-000490.txt : 20170801 0001096906-17-000490.hdr.sgml : 20170801 20170801155058 ACCESSION NUMBER: 0001096906-17-000490 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20170629 FILED AS OF DATE: 20170801 DATE AS OF CHANGE: 20170801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN TAX CREDIT TRUST SERIES I CENTRAL INDEX KEY: 0000897315 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 066385350 STATE OF INCORPORATION: DE FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24600 FILM NUMBER: 17996654 BUSINESS ADDRESS: STREET 1: 599 W PUTNAM AVENUE STREET 2: C/O RICHMAN GROUP INC CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2038690900 MAIL ADDRESS: STREET 1: C/O THE RICHMAN GROUP INC STREET 2: 599 W PUTNAM AVE CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN NATIONAL TAX CREDIT TRUST SERIES I DATE OF NAME CHANGE: 19930428 10-Q 1 atct.htm 10Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 10-Q

(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 29, 2017

OR

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from                  to ____________

Commission File Number: 0-24600

American Tax Credit Trust, a Delaware statutory business trust Series I
 (Exact Name of Registrant as Specified in its Charter)

Delaware
06-6385350 
(State or Other Jurisdiction of Organization)
 (I.R.S. Employer Incorporation of Identification No.)
   
Richman American Credit Corp.
  
340 Pemberwick Road
  
Greenwich, Connecticut
06831
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s Telephone Number, Including Area Code:  (203) 869-0900

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.  Yes    X    No        

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes     X      No       

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer      
Accelerated Filer      
Non-Accelerated Filer ___
Smaller Reporting Company   X     

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes         No   X   

1
 
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I

PART I - FINANCIAL INFORMATION


Table of Contents 
  
   
Page
     
Item 1.
Financial Statements.
  
     
Balance Sheets 
3
     
Statements of Operations and Comprehensive Income (Loss) 
4
     
Statements of Cash Flows 
5
     
Notes to Financial Statements 
7
     
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
9
     
Item 3.
Quantitative and Qualitative Disclosure About Market Risk.
11
     
Item 4.
Controls and Procedures.
11

2
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
BALANCE SHEETS
(UNAUDITED)

 
   
June 29,
    
March 30,
  
   
2017
    
2017
  
ASSETS
            
             
Cash and cash equivalents
  
$
792,696
    
$
22,904
  
Investment in Pemberwick Fund, a short duration bond fund
    
1,318,889
      
1,314,600
  
                 
   
$
2,111,585
    
$
1,337,504
  
                 
LIABILITIES AND OWNERS’ EQUITY (DEFICIT)
                
                 
Liabilities
                
                 
Accounts payable and accrued expenses
  
$
13,918
    
$
24,615
  
Payable to manager and affiliates
    
369,156
      
456,082
  
                 
     
383,074
      
480,697
  
                 
Commitments and contingencies
                
                 
Owners’ equity (deficit)
                
                 
Manager
    
(148,554
)
    
(157,271
)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)
    
1,881,004
      
1,018,017
  
Accumulated other comprehensive loss
    
(3,939
)
    
(3,939
)
                 
     
1,728,511
      
856,807
  
                 
   
$
2,111,585
    
$
1,337,504
  

See Notes to Financial Statements.
3
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
THREE MONTHS ENDED JUNE 29, 2017 AND 2016
(UNAUDITED)

   
2017
    
2016
  
             
REVENUE
            
             
Interest
  
$
4,290
    
$
972
  
                 
TOTAL REVENUE
    
4,290
      
972
  
                 
EXPENSES
                
                 
Management fee
    
14,716
      
20,722
  
Professional fees
    
16,669
      
11,060
  
Printing, postage and other
    
1,201
      
2,102
  
                 
TOTAL EXPENSES
    
32,586
      
33,884
  
                 
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES
    
(28,296
)
    
(32,912
)
                 
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES
    
900,000
          
                 
NET INCOME (LOSS)
    
871,704
      
(32,912
)
                 
Other comprehensive income - Pemberwick Fund
            
855
  
                 
COMPREHENSIVE INCOME (LOSS)
  
$
871,704
    
$
(32,057
)
                 
                 
NET INCOME (LOSS) ATTRIBUTABLE TO
                
                 
Manager
  
$
8,717
    
$
(32,912
)
Beneficial owners
    
862,987
      
--
  
                 
   
$
871,704
    
$
(32,912
)
                 
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)
  
$
46.26
    
$
--
  
 
See Notes to Financial Statements.
4
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 29, 2017 AND 2016
(UNAUDITED)

   
2017
    
2016
  
             
CASH FLOWS FROM OPERATING ACTIVITIES
            
             
Interest received
  
$
4,290
    
$
818
  
Cash paid for
                
Management fees
    
(101,642
)
    
(1,228
)
Professional fees
    
(24,221
)
    
(29,268
)
Printing, postage and other expenses
    
(4,346
)
    
(2,102
)
                 
Net cash used in operating activities
    
(125,919
)
    
(31,780
)
                 
CASH FLOWS FROM INVESTING ACTIVITIES
                
                 
Proceeds in connection with sale of limited partner interests/local partnership properties
    
900,000
          
Investments in Pemberwick Fund
    
(4,289
)
    
(818
)
Redemptions from Pemberwick Fund
            
25,000
  
                 
Net cash provided by investing activities
    
895,711
      
24,182
  
                 
Net increase (decrease) in cash and cash equivalents
    
769,792
      
(7,598
)
                 
Cash and cash equivalents at beginning of period
    
22,904
      
9,514
  
                 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
  
$
792,696
    
$
1,916
  
                 
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
                
                 
Unrealized gain on investment in Pemberwick Fund
  
 
      
$
855
  

See reconciliation of net income (loss) to net cash used in operating activities on page 6.
 

See Notes to Financial Statements.
5
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
STATEMENTS OF CASH FLOWS - CONTINUED
THREE MONTHS ENDED JUNE 29, 2017 AND 2016
(UNAUDITED)

   
2017
    
2016
  
             
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES
            
             
Net income (loss)
  
$
871,704
    
$
(32,912
)
                 
Adjustments to reconcile net income (loss) to net cash used in operating activities
                
                 
   Gain on sale of limited partner interests/local partnership properties
    
(900,000
)
        
Gain on redemptions from Pemberwick Fund
            
(154
)
Decrease in accounts payable and accrued expenses
    
(10,697
)
    
(18,208
)
Increase (decrease) in payable to manager and affiliates
    
(86,926
)
    
19,494
  
                 
NET CASH USED IN OPERATING ACTIVITIES
  
$
(125,919
)
  
$
(31,780
)
 

See Notes to Financial Statements.
6

AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
NOTES TO FINANCIAL STATEMENTS
JUNE 29, 2017
(UNAUDITED)

1.
Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the “Trust”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the “Manager”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of June 29, 2017 and the results of operations and cash flows for the interim period presented. All adjustments are of a normal recurring nature. The results of operations for the three months ended June 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.

2.
Investment in Local Partnerships

The Trust initially acquired limited partner equity interests (the “Local Partnership Interest” or “Local Partnership Interests”) in ten Local Partnerships (the “Local Partnership” or “Local Partnerships”) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of June 29, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”).  The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision.

In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trust’s investment balance in Vision. Equity in loss in excess of the Trust’s investment balance in Vision is allocated to other partners’ capital in Vision. As a result of cumulative equity losses and distributions, the Trust’s investment in Vision reached a zero balance in a prior year.

During the three months ended June 29, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2017.

3.
Investment in Pemberwick Fund

The Trust carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.03 per share as of June 29, 2017. An unrealized loss of $3,939 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of June 29, 2017. The Trust has earned $73,243 of interest revenue from the date of its initial investment in Pemberwick through June 29, 2017.
7
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
NOTES TO FINANCIAL STATEMENTS - CONTINUED
JUNE 29, 2017
(UNAUDITED)

4.
Additional Information

Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust’s Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission.
8
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Material Changes in Financial Condition

As of June 29, 2017, American Tax Credit Trust, a Delaware statutory business trust Series I (the “Registrant”) has experienced a significant change in financial condition as compared to March 30, 2017 resulting primarily from the receipt of $900,000 in connection with the sale of its interest in Creative Choice Homes VII, Ltd. (“Creative Choice”) (see discussion below under Results of Operations and Local Partnership Matters). Principal changes in assets are comprised of periodic transactions and adjustments. Registrant had initially acquired a limited partner equity interest (the “Local Partnership Interest” or “Local Partnership Interests”) in ten partnerships (the “Local Partnership” or “Local Partnerships”), that own/owned low-income multifamily residential complexes (the “Property” or “Properties”) that qualified for the low-income housing tax credit (the “Low-income Housing Tax Credit”) in accordance with Section 42 of the Internal Revenue Code. As of August 1, 2017, Registrant holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”). During the three months ended June 29, 2017, Registrant received cash from interest revenue and proceeds in connection with Creative Choice (see discussion above), and utilized cash for operating expenses and investments in Pemberwick Fund, a short duration bond fund (“Pemberwick”). Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $774,000 during the three months ended June 29, 2017, primarily as the result of proceeds from the sale of Registrant’s Local Partnership Interest in Creative Choice of $900,000 (see discussion below under Local Partnership Matters), partially offset by the payment of previously deferred management fees of $100,000 and recurring operating expenses. Payable to manager and affiliates in the accompanying unaudited balance sheet as of June 29, 2017 represents deferred management fees.

Although it is not possible to ascertain the amount, if any, that Registrant will receive with respect to Vision, Registrant may be entitled to sales proceeds in the event of a sale of either the Vision Property or Registrant’s Local Partnership Interest in Vision. Registrant holds cash and liquid investments as of June 29, 2017, net of all liabilities as of such date, of approximately $1,729,000. After the receipt of sales proceeds, if any, and deducting future expenses and reserves, the balance is expected to be distributed to the owners in the future. There can be no assurance as to the amount and timing of such distributions, if any.

Results of Operations

Registrant’s operating results are dependent, in part, on the operating results of Vision and are impacted by Vision’s policies.  In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in Vision in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant’s share of Vision’s results of operations and by cash distributions received. In the event the operations of Vision result in a loss, equity in loss of Vision allocated to Registrant is recognized to the extent of Registrant’s investment balance in Vision.  Equity in loss in excess of Registrant’s investment balance in Vision is allocated to other partners’ capital in Vision. As a result of cumulative equity losses and distributions, Registrant’s investment in Vision reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of Registrant’s investment in Vision may result from a variety of circumstances, including Vision’s accounting policies, debt structure and operating deficits, among other things. Accordingly, cumulative losses and cash distributions in excess of the investment are not necessarily indicative of adverse operating results of Vision.

Registrant’s operations for the three months ended June 29, 2017 and 2016 resulted in net income (loss) of $871,704 and $(32,912), respectively. The increase in net income is primarily attributable to (i) gain on sale of limited partner interests/local partnership properties of $900,000 during the three months ended June 29, 2017 and (ii) an increase in interest revenue of approximately $3,000.
9
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Local Partnership Matters

Registrant’s primary objective, to provide Low-income Housing Tax Credits to its beneficial owners (the “Beneficial Owners”), has been completed. The relevant state tax credit agency allocated each of the Local Partnerships an amount of Low-income Housing Tax Credits, which are generally available for a ten year period from the year the Property is placed in service (the “Ten Year Credit Period”). The Ten Year Credit Period was fully exhausted with respect to all of the Properties as of December 31, 2006. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the “Compliance Period”). The Compliance Period of all of the Local Partnerships had expired as of December 31, 2010. In addition, certain of the Local Partnerships entered into agreements with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period (the “Extended Use Provisions”).  Although the Extended Use Provisions do not extend the Compliance Period of the respective Local Partnerships, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted.  Registrant is in the process of disposing of its Local Partnership Interest in Vision, which has a 30 year Extended Use Agreement.  In a prior year, Registrant served a demand on the general partners of the Local Partnerships (the “Local General Partners”) to commence a sale process to dispose of the Properties. In the event a sale of the Vision Property cannot be consummated, it is the Manager’s intention to sell or assign Registrant’s Local Partnership Interest in Vision. It is uncertain as to the amount, if any, that Registrant will receive in connection with such sale or assignment. Registrant intends to dissolve after the final disposition of its Local Partnership Interest in Vision; there can be no assurance as to when such final disposition will occur.

Vision owns a 97 unit subsidized and leveraged low-income multifamily residential complex located in Detroit, Michigan. Vision’s financing structure includes (i) required debt service payments and (ii) debt service payments which are payable only from available cash flow subject to the terms and conditions of the note. Registrant has no legal obligation to fund any operating deficits of Vision.

During the three months ended June 29, 2017, Registrant sold its Local Partnership Interest in Creative Choice to an unaffiliated third party; Registrant received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2017.

Critical Accounting Policies and Estimates

The accompanying unaudited financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires Registrant to make certain estimates and assumptions. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Registrant’s financial condition and results of operations. Registrant believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the accompanying unaudited financial statements.

·
Registrant accounts for its investment in Vision in accordance with the equity method of accounting.
10
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued).

·
Registrant does not consolidate the accounts and activities of Vision, which is considered a Variable Interest Entity as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10 because Registrant is not considered the primary beneficiary. Registrant’s investment balance in Vision represents the maximum exposure to loss in connection with such investment. Vision’s partnership agreement grants the Vision Local General Partner the power to direct the activities that most significantly impact Vision’s economic success. As a result of cumulative equity losses and distributions, Registrant’s investment in Vision reached a zero balance in a prior year.

Forward-Looking Information

As a cautionary note, with the exception of historical facts, the matters discussed in this quarterly report on Form 10-Q are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements may relate to, among other things, current expectations, forecasts of future events, future actions, future performance generally, business development activities, capital expenditures, strategies, the outcome of contingencies, future financial results, financing sources and availability and the effects of regulation and competition. Words such as “anticipate,” “expect,” “intend,” “plan,” “seek,” “estimate” and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements. Registrant may also provide written forward-looking statements in other materials released to the public. Such statements are made in good faith by Registrant pursuant to the “Safe Harbor” provisions of the Reform Act. Registrant undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements involve known risks, uncertainties and other factors that may cause Registrant’s actual results of operations or actions to be materially different from future results of operations or actions expressed or implied by the forward-looking statements.

Item 3. Quantitative and Qualitative Disclosure About Market Risk.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

Item 4. Controls and Procedures.

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed by Registrant in reports that Registrant files or submits under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms. Registrant periodically reviews the design and effectiveness of its disclosure controls and procedures, including compliance with various laws and regulations that apply to its operations. Registrant makes modifications to improve the design and effectiveness of its disclosure controls and procedures, and may take other corrective action, if its reviews identify a need for such modifications or actions. In designing and evaluating the disclosure controls and procedures, Registrant recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of the Manager, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the three months ended June 29, 2017. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the Manager concluded that Registrant’s disclosure controls and procedures were effective as of June 29, 2017.
 
There were no changes in Registrant’s internal control over financial reporting during the three months ended June 29, 2017 that have materially affected, or are reasonably likely to materially affect, Registrant’s internal control over financial reporting.
11
 
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Part II - OTHER INFORMATION

Item 1.
Legal Proceedings.
   
 
None.
   
Item 1A.
Risk Factors.
   
Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.
   
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
   
 
None.
   
Item 3.
Defaults Upon Senior Securities.
   
 
None.
   
Item 4.
Mine Safety Disclosures.
   
 
Not applicable.
   
Item 5.
Other Information.
   
 
None.
   
Item 6.
Exhibits.
   
 
Exhibit 31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
 
Exhibit 31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
 
Exhibit 32.1 Section 1350 Certification of Chief Executive Officer.
 
Exhibit 32.2 Section 1350 Certification of Chief Financial Officer.
 
Exhibit 101.ins - XBRL Instance.*
 
Exhibit 101.xsd - XBRL Schema.*
 
Exhibit 101.cal - XBRL Calculation.*
 
Exhibit 101.def - XBRL Definition.*
 
Exhibit 101.lab - XBRL Label.*
 
Exhibit 101.pre - XBRL Presentation.*
 
*Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

12
 
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

   
 
AMERICAN TAX CREDIT TRUST, A DELAWARE
 
STATUTORY BUSINESS TRUST SERIES I
   
 
By:  Richman American Credit Corp.
 
The Manager
   
   
Dated: August 1, 2017
/s/Brian Myers
 
By: Brian Myers
 
Chief Executive Officer
   
   
   
Dated: August 1, 2017
/s/James Hussey
 
By:  James Hussey
 
Chief Financial Officer
   
   
   
Dated: August 1, 2017
/s/Richard Paul Richman
 
By:  Richard Paul Richman
 
Sole Director

 
13
EX-31.1 2 exh31_1.htm EXHIBIT 31.1 RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER.

Exhibit 31.1

CERTIFICATIONS

I, Brian Myers, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of American Tax Credit Trust, a Delaware statutory business trust Series I (the "registrant");

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:  August 1, 2017
/s/Brian Myers
 
Brian Myers
 
Chief Executive Officer of Richman American Credit Corp.,
manager of the registrant
 
 
 EX-31.2 3 exh31_2.htm EXHIBIT 31.2 RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER.
Exhibit 31.2
CERTIFICATIONS

I, James Hussey, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of American Tax Credit Trust, a Delaware statutory business trust Series I (the "registrant");

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:  August 1, 2017
 /s/James Hussey
 
James Hussey
 
Chief Financial Officer of Richman American Credit Corp.,
manager of the registrant
 
 
 EX-32.1 4 exh32_1.htm EXHIBIT 32.1 SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER.
Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant") on Form 10-Q for the period ended June 29, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian Myers, Chief Executive Officer of Richman American Credit Corp., manager of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/Brian Myers 
Brian Myers
Chief Executive Officer of Richman American
Credit Corp., manager of the Registrant
August 1, 2017
 
 
 
 EX-32.2 5 exh32_2.htm EXHIBIT 32.2 SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER.
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant") on Form 10-Q for the period ended June 29, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Hussey, Chief Financial Officer of Richman American Credit Corp., manager of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/James Hussey 
James Hussey
Chief Financial Officer of Richman American
Credit Corp., manager of the Registrant
August 1, 2017
 
 




 EX-101.INS 6 atctix-20170629.xml XBRL INSTANCE DOCUMENT 1318889 1314600 2111585 1337504 13918 24615 369156 456082 383074 480697 -148554 -157271 1881004 1018017 -3939 -3939 1728511 856807 2111585 1337504 18654 18654 4290 972 4290 972 14716 20722 16669 11060 1201 2102 32586 33884 -28296 -32912 8717 -32912 862987 46.26 855 871704 -32057 4290 818 101642 1228 24221 29268 4346 2102 900000 4289 818 25000 895711 24182 769792 -7598 22904 9514 792696 1916 855 871704 -32912 900000 154 -10697 -18208 -86926 19494 -125919 -31780 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>Basis of Presentation</b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the &#147;Trust&#148;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the &#147;Manager&#148;), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of June 29, 2017 and the results of operations and cash flows for the interim period presented. All adjustments are of a normal recurring nature. The results of operations for the three months ended June 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>Investment in Local Partnerships</b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>The Trust initially acquired limited partner equity interests (the &#147;Local Partnership Interest&#148; or &#147;Local Partnership Interests&#148;) in ten Local Partnerships (the &#147;Local Partnership&#148; or &#147;Local Partnerships&#148;) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the &#147;Advances&#148;) made to certain Local Partnerships and all of which has been paid. As of June 29, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (&#147;Vision&#148;).&#160; The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trust&#146;s investment balance in Vision. Equity in loss in excess of the Trust&#146;s investment balance in Vision is allocated to other partners&#146; capital in Vision. As a result of cumulative equity losses and distributions, the Trust&#146;s investment in Vision reached a zero balance in a prior year.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>During the three months ended June 29, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2017.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>Investment in Pemberwick Fund</b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'> The Trust carries its investment in Pemberwick Fund, a short duration bond fund (&#147;Pemberwick&#148;) at estimated fair value. The fair value of the Trust&#146;s investment in Pemberwick is classified within Level&nbsp;1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (&#147;ASC&#148;) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick&#146;s net asset value (&#147;NAV&#148;) is $10.03 per share as of June 29, 2017. An unrealized loss of $3,939 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of June 29, 2017. The Trust has earned $73,243 of interest revenue from the date of its initial investment in Pemberwick through June 29, 2017.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'><b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>Additional Information</b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:0in;margin-right:.05in;margin-bottom:0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify'>Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission.</p> 14837956 900000 900000 10.03 3939 73243 10-Q 2017-06-29 false AMERICAN TAX CREDIT TRUST SERIES I 0000897315 atctix --03-30 0 Smaller Reporting Company Yes No No 2018 Q1 0000897315 2017-03-31 2017-06-29 0000897315 2017-06-29 0000897315 2017-03-30 0000897315 2016-03-31 2016-06-29 0000897315 2016-03-30 0000897315 2016-06-29 0000897315 fil:CreativeChoiceHomesViiLtdMember 2017-03-31 2017-06-29 0000897315 2017-08-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares EX-101.SCH 7 atctix-20170629.xsd XBRL TAXONOMY EXTENSION SCHEMA 000120 - Disclosure - 2. Investment in Local Partnerships: Capital Contributions (Details) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - 2. Investment in Local Partnerships link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - STATEMENTS OF COMPREHENSIVE INCOME (LOSS) link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - 4. Additional Information link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - 2. Investment in Local Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000070 - Statement - STATEMENTS OF CASH FLOWS - CONTINUED link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - 1. Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000140 - Disclosure - 3. Investment in Pemberwick Fund (Details) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - 3. Investment in Pemberwick Fund link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - BALANCE SHEETS PARENTHETICAL link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 atctix-20170629_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 atctix-20170629_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 atctix-20170629_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Unrealized gain on investment in Pemberwick Fund Represents the monetary amount of Unrealized loss on investment in Pemberwick Fund, during the indicated time period. Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents STATEMENTS OF COMPREHENSIVE INCOME (LOSS) TOTAL EXPENSES Printing, postage and other Owners' equity (deficit) COMPREHENSIVE INCOME (LOSS) LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES Represents the monetary amount of LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES, during the indicated time period. ASSETS Document Fiscal Period Focus Statement [Line Items] Creative Choice Homes VII, Ltd. TOTAL REVENUE TOTAL REVENUE Total equity (deficit) Total liabilities Total liabilities Payable to manager and affiliates Entity Voluntary Filers 4. Additional Information Beneficial owners income (loss) Professional fees Trading Symbol Document Type Interest STATEMENTS OF OPERATIONS Accounts payable and accrued expense LIABILITIES AND OWNERS' EQUITY (DEFICIT) 2. Investment in Local Partnerships STATEMENTS OF CASH FLOWS - CONTINUED Accumulated other comprehensive loss BALANCE SHEETS Decrease in accounts payable and accrued expenses NET CASH USED IN OPERATING ACTIVITIES Net cash used in operating activities NET INCOME (LOSS) ATTRIBUTABLE TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES Gain on sale of limited partner interests/local partnership properties Represents the monetary amount of GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES, during the indicated time period. BALANCE SHEETS PARENTHETICAL Entity Well-known Seasoned Issuer Entity Current Reporting Status Notes SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES Proceeds in connection with sale of limited partner interests/local partnership properties Represents the monetary amount of Proceeds in connection with sale of limited partner interests/local partnership properties, during the indicated time period. Cash paid for professional fees Cash paid for professional fees Represents the monetary amount of Cash paid for professional fees, during the indicated time period. NET INCOME (LOSS) Net income (loss) Investments in Pemberwick Fund Investments in Pemberwick Fund Management fee Represents the monetary amount of Management fee, during the indicated time period. REVENUE Total liabilities & equity (deficit) Total liabilities & equity (deficit) Statement [Table] Redemptions from Pemberwick Fund CASH FLOWS FROM OPERATING ACTIVITIES Liabilities {1} Liabilities Capital contributions in the aggregate Represents the monetary amount of CapitalContributionsInTheAggregate, as of the indicated date. Net cash provided by investing activities Net cash provided by investing activities NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) Units of beneficial ownership interest outstanding Cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD Document Period End Date Unrealized loss reflected as accumulated other comprehensive loss Represents the monetary amount of Unrealized loss reflected as accumulated other comprehensive loss, as of the indicated date. 1. Basis of Presentation Increase (decrease) in payable to manager and affiliates Entity Filer Category Pemberwick Net Asset Value Represents the per-share monetary value of PemberwickNetAssetValue, as of the indicated date. Investment Holding [Axis] Details Other comprehensive income - Pemberwick Fund Represents the monetary amount of Other comprehensive income - Pemberwick Fund, during the indicated time period. EXPENSES Entity Common Stock, Shares Outstanding Amendment Flag Adjustments to reconcile net income (loss) to net cash used in operating activities Aggregate interest revenue from investment in Pemberwick Represents the monetary amount of AggregateInterestRevenueFromInvestmentInPemberwick, as of the indicated date. Gain on redemptions from Pemberwick Fund Gain on redemptions from Pemberwick Fund Represents the monetary amount of Gain on redemptions from Pemberwick Fund, during the indicated time period. CASH FLOWS FROM INVESTING ACTIVITIES Cash paid for printing, postage and other expenses Cash paid for printing, postage and other expenses Interest Received Manager Investment in Pemberwick Fund, a short duration bond fund Current Fiscal Year End Date Entity Registrant Name Investment Holding 3. Investment in Pemberwick Fund Represents the textual narrative disclosure of 3. Investment in Pemberwick Fund, during the indicated time period. Cash paid for management fees Cash paid for management fees STATEMENTS OF CASH FLOWS Manager income (loss) Document Fiscal Year Focus Entity Central Index Key Beneficial owners (18,654 units of beneficial ownership interest outstanding) Commitments and contingencies Total assets Total assets Document and Entity Information: EX-101.PRE 11 atctix-20170629_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
 3 Months Ended
Jun. 29, 2017
Aug. 01, 2017
Document and Entity Information:    
Entity Registrant Name AMERICAN TAX CREDIT TRUST SERIES I  
Document Type 10-Q  
Document Period End Date Jun. 29, 2017  
Trading Symbol atctix  
Amendment Flag false  
Entity Central Index Key 0000897315  
Current Fiscal Year End Date --03-30  
Entity Common Stock, Shares Outstanding   0
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
BALANCE SHEETS - USD ($)
Jun. 29, 2017
Mar. 30, 2017
ASSETS    
Cash and cash equivalents $ 792,696 $ 22,904
Investment in Pemberwick Fund, a short duration bond fund 1,318,889 1,314,600
Total assets 2,111,585 1,337,504
Liabilities    
Accounts payable and accrued expense 13,918 24,615
Payable to manager and affiliates 369,156 456,082
Total liabilities 383,074 480,697
Commitments and contingencies
Owners' equity (deficit)    
Manager (148,554) (157,271)
Beneficial owners (18,654 units of beneficial ownership interest outstanding) 1,881,004 1,018,017
Accumulated other comprehensive loss (3,939) (3,939)
Total equity (deficit) 1,728,511 856,807
Total liabilities & equity (deficit) $ 2,111,585 $ 1,337,504
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
BALANCE SHEETS PARENTHETICAL - shares
Jun. 29, 2017
Mar. 30, 2017
BALANCE SHEETS PARENTHETICAL    
Units of beneficial ownership interest outstanding 18,654 18,654
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Jun. 29, 2017
Jun. 29, 2016
REVENUE    
Interest $ 4,290 $ 972
TOTAL REVENUE 4,290 972
EXPENSES    
Management fee 14,716 20,722
Professional fees 16,669 11,060
Printing, postage and other 1,201 2,102
TOTAL EXPENSES 32,586 33,884
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES (28,296) (32,912)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES 900,000  
NET INCOME (LOSS) 871,704 (32,912)
NET INCOME (LOSS) ATTRIBUTABLE TO    
Manager income (loss) 8,717 $ (32,912)
Beneficial owners income (loss) $ 862,987  
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) $ 46.26  
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
 3 Months Ended
Jun. 29, 2017
Jun. 29, 2016
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)    
NET INCOME (LOSS) $ 871,704 $ (32,912)
Other comprehensive income - Pemberwick Fund   855
COMPREHENSIVE INCOME (LOSS) $ 871,704 $ (32,057)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Jun. 29, 2017
Jun. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Interest Received $ 4,290 $ 818
Cash paid for management fees (101,642) (1,228)
Cash paid for professional fees (24,221) (29,268)
Cash paid for printing, postage and other expenses (4,346) (2,102)
Net cash used in operating activities (125,919) (31,780)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds in connection with sale of limited partner interests/local partnership properties 900,000  
Investments in Pemberwick Fund (4,289) (818)
Redemptions from Pemberwick Fund   25,000
Net cash provided by investing activities 895,711 24,182
Net increase (decrease) in cash and cash equivalents 769,792 (7,598)
Cash and cash equivalents at beginning of period 22,904 9,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 792,696 1,916
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES    
Unrealized gain on investment in Pemberwick Fund   $ 855
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)
 3 Months Ended
Jun. 29, 2017
Jun. 29, 2016
STATEMENTS OF CASH FLOWS - CONTINUED    
Net income (loss) $ 871,704 $ (32,912)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Gain on sale of limited partner interests/local partnership properties (900,000)  
Gain on redemptions from Pemberwick Fund   (154)
Decrease in accounts payable and accrued expenses (10,697) (18,208)
Increase (decrease) in payable to manager and affiliates (86,926) 19,494
NET CASH USED IN OPERATING ACTIVITIES $ (125,919) $ (31,780)
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
1. Basis of Presentation
 3 Months Ended
Jun. 29, 2017
Notes  
1. Basis of Presentation

1.       Basis of Presentation

 

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the “Trust”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the “Manager”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of June 29, 2017 and the results of operations and cash flows for the interim period presented. All adjustments are of a normal recurring nature. The results of operations for the three months ended June 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. Investment in Local Partnerships
 3 Months Ended
Jun. 29, 2017
Notes  
2. Investment in Local Partnerships

2.       Investment in Local Partnerships

 

The Trust initially acquired limited partner equity interests (the “Local Partnership Interest” or “Local Partnership Interests”) in ten Local Partnerships (the “Local Partnership” or “Local Partnerships”) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of June 29, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”).  The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision.

 

In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trust’s investment balance in Vision. Equity in loss in excess of the Trust’s investment balance in Vision is allocated to other partners’ capital in Vision. As a result of cumulative equity losses and distributions, the Trust’s investment in Vision reached a zero balance in a prior year.

 

During the three months ended June 29, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2017.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Investment in Pemberwick Fund
 3 Months Ended
Jun. 29, 2017
Notes  
3. Investment in Pemberwick Fund

3.       Investment in Pemberwick Fund

 

The Trust carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.03 per share as of June 29, 2017. An unrealized loss of $3,939 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of June 29, 2017. The Trust has earned $73,243 of interest revenue from the date of its initial investment in Pemberwick through June 29, 2017.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Additional Information
 3 Months Ended
Jun. 29, 2017
Notes  
4. Additional Information

4.       Additional Information

 

Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. Investment in Local Partnerships: Capital Contributions (Details)
Jun. 29, 2017
USD ($)
Details  
Capital contributions in the aggregate $ 14,837,956
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. Investment in Local Partnerships (Details)
 3 Months Ended
Jun. 29, 2017
USD ($)
Proceeds in connection with sale of limited partner interests/local partnership properties $ 900,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES 900,000
Creative Choice Homes VII, Ltd.  
Proceeds in connection with sale of limited partner interests/local partnership properties 900,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES $ 900,000
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Investment in Pemberwick Fund (Details)
Jun. 29, 2017
USD ($)
$ / shares
Details  
Pemberwick Net Asset Value | $ / shares $ 10.03
Unrealized loss reflected as accumulated other comprehensive loss $ 3,939
Aggregate interest revenue from investment in Pemberwick $ 73,243
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