Item 1. Business
Boston Financial Qualified Housing Tax Credits L.P. III (the "Partnership") is a limited partnership formed on August 9, 1988 under the Uniform Limited Partnership Act of the State of Delaware. The Certificate and Agreement of Limited Partnership ("Partnership Agreement") authorized the sale of up to 100,000 units of Limited Partnership Interest ("Units") at $1,000 per Unit, adjusted for certain discounts. The Partnership raised $99,610,000, ("Gross Proceeds") net of discounts of $390,000, through the sale of 100,000 Units. Such amounts exclude five unregistered Units previously acquired for $5,000 by the Initial Limited Partner, which is also one of the General Partners. The offering of Units terminated on May 30, 1989. No further sale of Units is expected.
As described more fully under Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, affiliates of the Managing General Partner assumed the Local General Partner interest in several Local Limited Partnerships in which the Partnership has invested: 1) BF Harbour View, Inc., assumed the Local General Partner interest in 241 Pine Street Associates L.P. ("241 Pine Street"); 2) BF Willow Lake, Inc., assumed the Local General Partner interest in Willow Lake Partners II, L.P. ("Willow Lake"); 3) BF Texas Limited Partnership was admitted as an additional Local General Partner to thirteen Local Limited Partnerships ("Texas Partnerships") and the Temple Kyle, L.P., Ltd. (the "Kyle"). As a result, the Partnership is deemed to have control over 241 Pine Street, Willow Lake, the Texas Partnerships and the Kyle (the "Combined Entities") and the accompanying financial statements are presented in combined form to conform with the required accounting treatment under generally accepted accounting principles. However, this change only affects the presentation of the Partnership's operating results, not the business of the Partnership. Accordingly, a presentation of information about industry segments is not applicable and would not be material to an understanding of the Partnership's business taken as a whole. As described more fully in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, the Managing General Partner has transferred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities.
The Partnership has invested as a limited partner in fifty-three other limited partnerships ("Local Limited Partnerships") which own and operate residential apartment complexes ("Properties"), some of which benefit from some form of federal, state or local assistance programs and all of which qualify for the low-income housing tax credits ("Tax Credits") that were added to the Internal Revenue Code by the Tax Reform Act of 1986 (the "Code"). The investment objectives of the Partnership include the following: (i) to provide current tax benefits in the form of Tax Credits which qualified limited partners may use to offset their federal income tax liability; (ii) to preserve and protect the Partnership's capital; (iii) to provide limited cash distributions from property operations which are not expected to constitute taxable income during the expected duration of the Partnership's operations; and (iv) to provide cash distributions from sale or refinancing transactions. There cannot be any assurance that the Partnership will attain any or all of these investment objectives.
A more detailed discussion of these investment objectives, along with the risks in achieving them is contained in the section of the prospectus entitled "Investment Objectives and Policies - Principal Investment Policies" which is herein incorporate by this reference.
Table A on the following pages lists the Properties owned by Local Limited Partnerships in which the Partnership has invested. Item 7 of this Report contains other significant information with respect to such Local Limited Partnerships. As required by applicable rules, the terms of the acquisition of Local Limited Partnership interests have been described in supplements to the Prospectus and collected in one post-effective amendment to the Registration Statement, in another supplement to the Prospectus and in a report on Form 8-K listed in Part IV of this Report (collectively, the "Acquisition Reports"); such descriptions are incorporated herein by this reference.
Properties Owned by Date Local Limited Interest Partnerships* Location Acquired
West Dade Miami, FL 12/31/88 West Dade II Miami, FL 12/31/88 Regency Square Dayton, OH 03/13/89 Westwood Manor Flint, MI 02/21/89 Rolling Hills Dayton, OH 03/13/89 Boulevard Commons II Chicago, IL 04/04/89 Boulevard Commons IIA Chicago, IL 04/04/89 Fox Run Housing Victoria, TX 04/07/89 Waterfront Buffalo, NY 04/28/89 Shoreline Buffalo, NY 04/28/89 Colony Apartments* Columbia, SC 05/19/89 Admiral Court Philadelphia, PA 06/07/89 Crestwood** Bridgeport, TX 06/05/89 Elmwood Aurora, CO 05/16/89 El Jardin Davie, FL 06/14/89 Ashley Place Orlando, FL 06/23/89 Willowick** Gainesville, TX 06/30/89 Kirkendall Heights Ellsworth, KS 07/19/89 Bentley Hill Syracuse, KS 06/30/89 Columbia Townhouses Burlington, IA 07/28/89 Quartermill Richmond, VA 08/02/89 Ponca Manor Satanta, KS 07/28/89 Pearl Place Rossville, KS 07/28/89 Crown Point** Venus, TX 08/22/89 Godley Arms** Godley, TX 08/25/89 Pilot Point** Pilot Point, TX 08/22/89 Sherwood Arms** Keene, TX 08/22/89 South Holyoke Holyoke, MA 08/29/89 Walker Woods Dover, DE 08/30/89 Lakeway Colony** Lake Dallas, TX 08/30/89 One Main Place** Little Elm, TX 08/22/89 Eaglewood Covington, TN 09/06/89 Harbour View* Staten Island, NY 09/29/89 Georgetown II Georgetown, DE 09/28/89 Granite* Boston, MA 09/29/89 Garden Plain Garden Plain, KS 08/09/89 Fulton Fulton, KY 10/05/89 Lone Oak** Graham, TX 10/06/89 Hallet West** Hallettsville, TX 11/20/89
Properties Owned by Date Local Limited Interest Partnerships* Location Acquired
Glenbrook** St. Jo, TX 10/06/89 Eagles Nest Decatur, TN 10/06/89 Billings Family Billings, MO 08/09/89 Brownsville Brownsville, TN 08/09/89 Sunnyhill Villa Wayne, NE 08/09/89 Longview Humboldt, KS 10/13/89 Horseshoe Bend Horseshoe Bend, AR 08/09/89 Briarwood II Lake Havasua, AZ 10/04/89 Quail Run** Iowa Park, TX 10/06/89 Smithville Smithville, MO 08/09/89 Aurora East Denver, CO 11/06/89 Elver Park II Madison, WI 11/09/89 Elver Park III Madison, WI 11/09/89 Tucson Trails I Madison, WI 11/22/89 Tucson Trails II Madison, WI 11/23/89 Pleasant Plaza Malden, MA 12/01/89 241 Pine Street Manchester, NH 12/04/89 Heather Oaks Oak Grove, MO 11/24/89 Riverfront Sunbury, PA 12/26/89 Susquehanna View Camp Hill, PA 12/26/89 Breckenridge Duluth, GA 12/19/89 Wood Creek Calcium, NY 12/15/89 Willow Lake* Kansas City, MO 12/20/89 Ashton Heights Bolivar, MO 12/15/89 Fouche Valley Perryville, AR 05/01/90 Altheimer Altheimer, AR 04/18/90 Kyle Hotel Temple, TX 06/12/90 Diversey Square Chicago, IL 12/01/90 Poplar Village Cumberland, KY 12/30/90 Lexington Lexington, TN 12/29/90
* The Partnership's interest in profits and losses of each Local Limited Partnership arising from normal operations is 99% with the exception of four Local Limited Partnerships in which the Partnership acquired a 98% interest (Willow Lake), 97% interest (Granite), 49% interest (Colony Apartments) and a 48.96% interest (Harbour View). Profits and losses arising from sale or refinancing transactions are allocated in accordance with the respective Local Limited Partnership Agreements.
** As of March 31, 1996, the Managing General Partner has transferred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities. Glenbrook Apartments' transfer was effective June 6, 1996. Five of the Texas Partnerships (Crown Point, Godley Arms, Sherwood Arms, Quail Run Apartments and Loan Oak Apartments) are being transferred to new owners effective after March 31, 1996. The Managing General Partner has executed an agreement to sell the general partner interests in the seven remaining Texas Partnerships (Crestwood Place, Eagle Nest Apartments, Hallet-West Apartments, One Main Place, Pilot Point Apartments, Shady Shore Apartments and Willowick Apartments) to an unaffiliated buyer. The Partnership will retain a limited partner interest in these seven Texas Partnerships.
Although the Partnership's investments in Local Limited Partnerships are not subject to seasonal fluctuations, the Partnership's equity in losses of Local Limited Partnerships and rental operating revenues and expenses, to the
extent they reflect the operations of individual Properties, may vary from quarter to quarter based upon changes in occupancy and operating expenses as a result of seasonal factors.
Under the terms of the Partnership Agreement, the Partnership initially designated 3% of the Gross Proceeds from the sale of Units as a reserve for working capital of the Partnership and contingencies related to ownership of Local Limited Partnership interests. The Managing General Partner may increase or decrease such reserves from time to time, as it deems appropriate. During the year ended March 31, 1993, the Managing General Partner decided to increase the reserve level to 3.75%. To date reserves have been used to pay legal and other costs related to the Section 8 Moderate Rehabilitation Program ("Mod Rehab Program") issue. Additionally, legal fees relating to various property issues and additional capital contributions to two Local Limited Partnerships have been paid from reserves. If reserves are not adequate to cover the Partnership's operations, the Partnership will seek other financing sources including, but not limited to, the deferral of Asset Management Fees paid to an affiliate of the Managing General Partner or working with Local Limited Partnerships to increase cash distributions. At March 31, 1996, the Managing General Partner has designated approximately $257,000 of cash, cash equivalents and marketable securities as such reserve.
With the exception of the Combined Entities, each Local Limited Partnership has, as its general partners ("Local General Partners"), one or more individuals or entities not affiliated with the Partnership or its General Partners. In accordance with the partnership agreements under which such entities are organized ("Local Limited Partnership Agreements"), the Partnership depends on the Local General Partners for the management of each Local Limited Partnership. As of March 31, 1996, the following Local Limited Partnerships have a common Local General Partner or affiliated group of Local General Partners accounting for the specified percentage of the original investment in Local Limited Partnerships: (i) Regency Square and Rolling Hills, representing 7.6%, have Folkers Associates as Local General Partner; (ii) Boulevard Commons II and Boulevard Commons IIA, representing 2.24%, have Carroll Properties, Inc. and Robert King as Local General Partners; (iii) Ellsworth, Syracuse, Satanta, Rossville, Humbolt, Smithville, Brownsville, Briarwood, Billings, Garden Plain, Wayne, Horseshoe Bend, Bolivar, Oak Grove, Westgate and Altheimer, representing 2.16%, have The Lockwood Group as Local General Partner; (iv) Elver Park II, Elver Park III, Tucson Trails I and Tucson Trails II, representing 5.9%, have Gorman Associates as Local General Partner; (v) Riverfront Apartments and Susquehanna View, representing 5.51%, at have NCHP as Local General Partner; (vi) West Dade and West Dade II, representing 6.01%, have Romat, Inc. and Arbor, Inc. respectively, both of which have Aristedes Martinez as principal, as Local General Partner; (vii) Elmwood and Fox Run, representing 3.57%, have Delwood Ventures, Inc. and R.S.F. Ventures, Inc. as Local General Partners respectively, both of which have Raymond Baker as principal; (viii) Eaglewood, Lexington, and Fulton, representing .70%, have Tommy Harper, Jerry Blurt, and Chris Turskey as Local General Partners; and (ix) Waterfront and Shoreline, representing 6.17%, have M.B. Associates as Local General Partner. The Local General Partners of the remaining Local Limited Partnerships are identified in the Acquisition Reports, which are incorporated herein by reference.
The Properties owned by Local Limited Partnerships in which the Partnership has invested are and will continue to be subject to competition from existing and future properties in the same areas. The continued success of the Partnership will depend on many factors, most of which are beyond the control of the Partnership and which cannot be predicted at this time. Such factors include general economic and real estate market conditions, both on a national basis and in those areas where the Properties are located, the availability and cost of borrowed funds, real estate tax rates, operating expenses, energy costs and government regulations. In addition, other risks inherent in real estate investment may influence the ultimate success of the Partnership, including; (i) possible reduction in rental income due to an inability to maintain high occupancy levels or adequate rental levels, (ii) possible adverse changes in general economic conditions and adverse local conditions, such as competitive overbuilding, or a decrease in employment rates or adverse changes in real estate laws, including building codes, and (iii) the possible future adoption of rent control legislation which would not permit increased costs to be passed on to the tenants in the form of rent increases, or which would suppress the ability of the Local Limited Partnership to generate operating cash flow. Since most of the Properties benefit from some form of government assistance, the Partnership is subject to the risks inherent in that area including decreased subsidies, difficulties in finding suitable tenants and obtaining permission for rent increases. In addition, any Tax Credits allocated to investors with respect to a
Property are subject to recapture to the extent that the Property or any portion thereof ceases to qualify for the Tax Credits. Other future changes in Federal and state income tax laws affecting real estate ownership or limited partnerships could have a material and adverse affect on the business of the Partnership.
The Partnership is managed by Arch Street III, Inc., the Managing General Partner of the Partnership. The other General Partner of the Partnership is Arch Street III Limited Partnership. To economize on direct and indirect payroll costs, the Partnership, which does not have any employees, reimburses The Boston Financial Group Limited Partnership ("Boston Financial"), an affiliate of the General Partners, for certain expenses and overhead costs. A complete discussion of the management of the Partnership is set forth in Item 10 of this Report.
Item 2.
Item 2. Properties
The Partnership owns limited partnership interests in sixty-nine Local Limited Partnerships which own and operate Properties, some of which benefit from some form of federal, state or local assistance programs and all of which qualify for the Tax Credits added to the Code by the Tax Reform Act of 1986. The Partnership's ownership interest in each Local Limited Partnership is generally 99%, except for Willow Lake, Granite, Colony Apartments and Harbour View, where the Partnership's ownership interest is 98%, 97%, 49% and 48.96%, respectively.
Each of the Local Limited Partnerships has received an allocation of Tax Credits by its relevant state tax credit agency. In general, the Tax Credit runs for ten years from the date the Property is placed in service. The required holding period (the "Compliance Period") of the Properties is fifteen years. During these fifteen years, the Properties must satisfy rent restrictions, tenant income limitations and other requirements, as promulgated by the Internal Revenue Code, in order to maintain eligibility for the Tax Credit at all times during the Compliance Period. Once a Local Limited Partnership has become eligible for the Tax Credits, it may lose such eligibility and suffer an event of recapture if its Property fails to remain in compliance with the requirements. To date, none of the Local Limited Partnerships have suffered an event of recapture of Tax Credits.
In addition, some of the Local Limited Partnerships have obtained one or a combination of different types of loans such as: i) below market rate interest loans; ii) loans provided by a redevelopment agency of the town or city in which the property is located at favorable terms; and iii) have repayment terms that are based on a percentage of cash flow.
The schedules on the following pages provide certain key information on the Local Limited Partnership interests acquired by the Partnership.
*FmHA This subsidy, which is authorized under Section 515 of the Housing Act of 1949, can be one or a combination of different types of financing. For instance, FmHA may provide; 1) direct below-market-rate mortgage loans for rural rental housing; 2) mortgage interest subsidies which effectively lower the interest rate of the loan to 1%; 3) a rental assistance subsidy to tenants which allows them to pay no more than 30% of their monthly income as rent with the balance paid by the federal government; or 4) a combination of any of the above.
Section 8 This subsidy, which is authorized under Section 8 of Title II of the Housing and Community Development Act of 1974, allows qualified low- income tenants to pay 30% of their monthly income as rent with the balance paid by the federal government.
(A) As of March 31, 1996, the Managing General Partner has transferred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities. The six Texas Partnerships had total capital contributions and mortgage payable amounts of $579,230 and $2,326,548, respectively, as of the above dates.
One Local Limited Partnership, Quarter Mill Associates L.P., invested in by the Partnership represents more than 10% of the total capital contributions to be made to Local Limited Partnerships by the Partnership. Quarter Mill is a 266-unit construction apartment complex located in Richmond, Virginia.
Quarter Mill is financed by a combination of private and public sources. The first mortgage is at 8.75% interest, a 40-year term, and is insured by HUD. The apartment project is pledged as collateral for the note. In addition to this, there is a subordinated nonrecourse note payable that is payable each year only to the extent of 15% of the property's net cash flow, as defined by the note agreement.
Additional information required under this item, as it pertains to the Partnership, is contained in Items 1, 7 and 8 of this report.
Item 3.
Item 3. Legal Proceedings
There are currently no legal proceedings pending or threatened against the Partnership, except as disclosed in Note 12 to the Financial Statements.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5.
Item 5. Market for the Registrant's Units and Related Security Holder Matters
There is no public market for the Units, and it is not expected that a public market will develop. If a Limited Partner desires to sell Units, the buyer of those Units will be required to comply with the minimum purchase and retention requirements and investor suitability standards imposed by applicable federal or state securities laws and the minimum purchase and retention requirements imposed by the Partnership. The price to be paid for the Units, as well as the commissions to be received by any participating broker-dealers, will be subject to negotiation by the Limited Partner seeking to sell his Units. Units will not be redeemed or repurchased by the Partnership.
The Partnership Agreement does not impose on the Partnership or its General Partners any obligation to obtain periodic appraisals of assets or to provide Limited Partners with any estimates of the current value of Units.
As of March 31, 1996, there were 6,284 record holders of Units of the Partnership.
Cash distributions, when made, are paid annually. No cash distribution was paid in the years ended March 31, 1996, 1995 and 1994.
Item 6.
Item 6. Selected Financial Data
The following table sets forth selected financial information regarding the Partnership's financial position and operating results. This information should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Financial Statements and Notes thereto, which are included in Items 7 and 8 of this Report.
(A) Total assets include the net investment Local Limited Partnerships.
(B) Income tax information is as of December 31, the year end of the Partnership for income tax purposes. The Low-Income Housing Tax Credit per Limited Partnership Unit for 1995, 1994, 1993, 1992 and 1991 represents the amount allocated to individual investors. Corporate investors were allocated $144.62, $144.95, $144.67, $143.57 and $140.28 per Unit in 1995, 1994, 1993, 1992 and 1991, respectively.
Item 6. Selected Financial Data (continued)
(C) Revenue for the years ended March 31, 1996, 1995, 1994 and 1993 includes $2,224,273, $1,792,997, $828,978 and $51,030, respectively of rental and other revenues from the Combined Entities that is included in the combined revenue on the Combined Statement of Operations. Equity in losses of Local Limited Partnerships in the years ended March 31, 1996, 1995, 1994 and 1993 does not include $608,681, ($857,248), ($549,275), and ($46,575), respectively, of income (losses) from the Combined Entities that have been combined with the Partnership's loss on the Combined Statement of Operations.
(D) Investment in Local Limited Partnerships includes capital contributions to Local Limited Partnerships that have been combined for financial reporting purposes.
(E) At March 31, 1996, the Managing General Partner has transferred or is in the process of transferring all of the assets of six the Texas Partnerships subject to their liabilities to unaffiliated entities.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Liquidity and Capital Resources
The Partnership (including the Combined Entities) had an increase in cash and cash equivalents of $112,584 for the year ended March 31, 1996. This increase is attributable to net proceeds received from sales and maturities of marketable securities and cash distributions received from Local Limited Partnerships. These are partially offset by the repayment of the Kyle's mortgage, purchases of marketable securities and cash used for operations.
The Managing General Partner initially designated 3% of the Gross Proceeds to reserves. The reserves were established to be used for working capital of the Partnership and contingencies related to the ownership of Local Limited Partnership interests. The Managing General Partner may increase or decrease such reserves from time to time, as it deems appropriate. During the year ended March 31, 1993, the Managing General Partner decided to increase the reserve level to 3.75%. Funds approximating $195,000 have been withdrawn from the reserves to pay legal and other costs related to the Mod Rehab Issue as previously discussed. Additionally, professional fees relating to various property issues totaling approximately $1,289,000 have been paid from reserves. This amount includes approximately $1,052,000 for the Texas Partnerships. To date, reserve funds in the amount of approximately $349,000 have also been used to make additional capital contributions to two Local Limited Partnerships and the Partnership has paid approximately $1,417,000 (net of paydowns) to purchase the mortgage of a Local Limited Partnership. To date, the Partnership has used approximately $457,000 of operating funds to replenish reserves. At March 31, 1996, approximately $257,000 of cash, cash equivalents and marketable securities have been designated as reserves. Reserves may be used to fund Partnership operating deficits, if the Managing General Partner deems funding appropriate. If reserves are not adequate to cover the Partnership's operations, the Partnership will seek other financing sources including, but not limited to, the deferral of Asset Management Fees paid to an affiliate of the Managing General Partner or working with Local Limited Partnerships to increase cash distributions.
In the event a Local Limited Partnership encounters operating difficulties requiring additional funds, the Partnership might deem it in its best interests to provide such funds, voluntarily, in order to protect its investment. To date, in addition to the $1,052,000 noted above, the Partnership has also advanced approximately $526,000 to the Texas Partnerships and $174,000 to one Local Limited Partnership to fund operating deficits.
Since the Partnership invests as a limited partner, the Partnership has no contractual duty to provide additional funds to Local Limited Partnerships beyond its specified investment. Thus, at March 31, 1996, the Partnership had no contractual or other obligation to any Local Limited Partnership which had not been paid or provided for.
Cash Distributions
No cash distributions were made in the three years ended March 31, 1996. As of March 31, 1996, all required capital contributions have been made to Local Limited Partnerships. Based on the results of 1995 operations, the Local Limited Partnerships are not expected to distribute significant amounts of cash to the Partnership because such amounts will be needed to fund Property operating costs. In addition, many of the Properties benefit from some type of federal or state subsidy, and as a consequence, are subject to restrictions on cash distributions. Therefore, it is expected that only a limited amount of cash will be distributed to investors from this source in the future.
Results of Operations
1996 versus 1995
For the year ended March 31, 1996, Partnership operations resulted in a net loss of $5,440,551 as compared to a net loss of $9,002,539 for the year ended 1995. The decrease in net loss is primarily attributable to a decrease in equity in losses, lower general and administrative expenses, and cancellation of indebtedness income. In addition, for the year ended March 31, 1996 there was no adjustment to the provision for valuation of investments.
The decrease in equity in losses of Local Limited Partnerships is a result of an increase in unrecognized losses relating to certain Local Limited Partnerships which cumulative equity in losses and distributions exceeded the Partnership's total investments in these Local Limited Partnerships during the comparable periods. In addition, three of the Combining Entities had forgiveness of indebtedness income as a result of refinancing and restructuring. The Partnership also liquidated its interests in six Local Limited Partnerships.
The decline in general and administrative expenses is primarily attributable to a reclassification of legal expenses paid out of reserves on behalf of a Combined Entity now deemed collectible. In addition, overall expenses are lower due to no provision for valuation of investments in Local Limited Partnerships.
1995 versus 1994
The Partnership's results of operations for the year ended March 31, 1995 resulted in a net loss of $9,002,359 as compared to a net loss of $7,684,561 for the same period in 1994. The increase in net loss is primarily attributable to an increase in the provision for valuation of investments in Local Limited Partnerships, a decline in investment income and an increase in general and administrative and operation expenses. Partially offsetting these increases to net loss is a decrease in equity in losses of Local Limited Partnerships and an increase in rental revenue. The increase in the provision for valuation is a result of the Partnership recognizing a non-temporary decline in the carrying value of its investments in certain Local Limited Partnerships. The decrease in investment income is due to a decrease in the average balance of funds held for investment which is partially due to losses realized by the Partnership on sales and maturities of marketable securities. In calendar year 1993, the losses of Local Limited Partnerships included the Texas Partnerships for a partial year while in calendar 1994 they were excluded, causing a decrease in losses of Local Limited Partnerships. The increase in rental revenue and rental operation expenses are due to a full year of operations recorded in the Combined Financial Statements for the Texas Partnerships for calendar 1994 as compared to a partial year in calendar 1993. The increase in general and administrative expenses is due to an increase in expenses paid on behalf of the Texas Partnerships.
Effect of recently issued Accounting Standard
The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, which is effective for fiscal years beginning after December 15, 1995. This standard requires that the carrying values of long-lived assets be reviewed for recoverability. Impairment losses are recognized when future cash flows or other benefits are less than the carrying amount of the asset. The Partnership plans to adopt the new standard for its year
ending March 31, 1997, however, it is not expected to have a significant effect on financial position or results of operations.
Low-Income Housing Tax Credits
The 1995, 1994 and 1993 Tax Credits per Unit for individuals were $138.47, $138.78 and $138.50, respectively. The 1995, 1994 and 1993 Tax Credits per Unit for corporations were $144.62, $144.95 and $144.67, respectively. The credits, which have stabilized, are expected to remain stable for the next five years and then they are expected to decrease as certain properties reach the end of the ten-year credit period. The transfer of ownership of the six Texas Partnerships will result in nominal recapture of tax credits since the Texas Partnerships represent only 2% of the Partnership's tax credits.
The Tax Credits per Unit for corporate investors will be slightly higher for the remaining years of the credit period than that for individual investors because certain of the Properties took advantage of 1990 federal legislation that allowed the acceleration of future tax credits to individuals in the tax year ended December 31, 1990. For those Properties that elected to accelerate the individual credit, the accelerated portion is being amortized over the remainder of the credit period, thereby causing a reduction of this and future year's tax credits passed through by those Properties. In total, both individual and corporate investors will be allocated equal amounts of Tax Credits.
Property Discussions
Prior to the transfer of six of the Texas Partnerships, Limited Partnership interests had been acquired in sixty-nine Local Limited Partnerships which own and operate rental properties located in twenty-four states. Forty-two of the properties, totaling 3,935 units, were rehabilitated and twenty-seven properties, consisting of 1,614 units, were newly constructed. All of the properties have completed construction or rehabilitation and initial rent-up. Most of the sixty-nine Local Limited Partnerships in which the Partnership has invested have stable operations. The majority of these properties are operating at break-even or above.
A few properties are experiencing operating difficulties and cash flow deficits due to a variety of reasons. The Local General Partners of those properties have funded operating deficits through project expense loans, subordinated loans or payments from operating escrows. In instances where the Local General Partners have stopped funding deficits because their obligation to do so has expired or otherwise, the Managing General Partner is working with the Local General Partner to increase operating income, reduce expenses or refinance the debt at lower interest rates in order to improve cash flow.
Willow Lake, located in Kansas City, Missouri, continues to improve operations despite a soft local market and a high mortgage interest rate. The new Local General Partner, an affiliate of the Partnership, executed final workout documents in February 1994. An amended workout agreement became effective May 31, 1996, which expires March 31, 1997 with an option for a twelve month extension.
The Temple-Kyle Limited Partnership located in Temple, Texas, experienced financial difficulties which resulted in a default on its mortgage. The lender placed the property into involuntary bankruptcy in May 1993, as a protective measure. In January 1994, a bankruptcy trustee was appointed to oversee the Local Limited Partnership's affairs during the bankruptcy proceedings. During 1995, affiliates of the Managing General Partner reached an agreement with the lender on a Joint Disclosure Statement and Plan of Reorganization. The plan called for the Partnership to purchase the mortgage from the current lender for $850,000 (paid from Partnership reserves) plus a non-recourse note of approximately $612,000. The note was collateralized by a letter of credit from the Partnership. The note was paid in full as of March 1996 with Partnership reserves. Affiliates of the Managing General Partner replaced the Local General Partner and the management agent. The Bankruptcy Court approved the Joint Disclosure Statement on July 12, 1995 and confirmed the Plan of Reorganization on September 13, 1995. The loan closing
was held on September 29, 1995. An affiliate of the Managing General Partner is currently working to refinance the mortgage, subject to approval by the local housing authority.
Since June 1993, affiliates of the Managing General Partner have been involved in intensive workout negotiations with the federal governmental lender to the Texas Partnerships, the Rural Economic and Community Development Services (RECDS) (formerly called the Farmers Home Administration of the U.S. Department of Agriculture, FmHA). Affiliates of the Managing General Partner reached an agreement with RECDS for a comprehensive workout of the Texas Partnerships. The workout provided for additional loans and rental assistance from RECDS, a debt service moratorium through July 1995, and additional equity from the Partnership.
Completion of the workout agreement proved to be difficult. As a result, the Managing General Partner has transferred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities. Glenbrook Apartments' transfer was effective June 6, 1996. Five of the properties (Crown Point, Godley Arms, Sherwood Arms, Quail Run Apartments, and Lone Oak Apartments) are being transferred to new owners effective after March 31, 1996.
The Managing General Partner of the Partnership has executed an agreement to sell the general partner interests in the seven remaining Texas Partnerships (Crestwood Place, Eagle Nest Apartments, Hallet-West Apartments, One Main Place, Pilot Point Apartments, Shady Shores Apartments and Willowick Apartments) to an unaffiliated buyer. These properties will be restructured into a new partnership in which the Partnership will retain a limited partner interest for a period of time expected to be about twelve months. During this period, investors will continue to receive tax credits from these properties.
For tax purposes, these events will result in both Section 1231 Gain and Cancellation of Indebtedness income. In addition, the transfer of ownership will result in nominal recapture of tax credits, since the Texas Partnerships represent only 2% of the Partnership's tax credits.
It was previously reported that Harbour View Associates, located in Staten Island, New York, had defaulted on its HUD-insured loan and the lender assigned the loan to HUD. A workout proposal was submitted in December 1992 and was initially approved by HUD on March 23, 1995. The Local General Partner is working with HUD on the final terms. HUD has a program to sell all performing and non-performing mortgages in a public auctions that are scheduled to take place on a region-to-region basis over the next few years. Harbour View's mortgage was not included in the auctions scheduled for April, 1996, but may be included in a future auction. If the property's mortgage were assigned to a new lender, the property's continued feasibility will depend on the ability of the Local General Partner or the Partnership or their respective affiliates to purchase the mortgages or to negotiate a satisfactory arrangement with the buyer.
As previously reported, Regency Square and Rolling Hills, both located in Dayton, Ohio, have experienced low levels of occupancy and rental rates due to the deterioration of the local economy and the neighborhoods in which they are located. The mortgages of both properties have been assigned to HUD and workout plans were submitted to the agency but were rejected. In 1993, the Local General Partner engaged a new management company and occupancy has been improving, although still below satisfactory levels. Operating deficits have been funded by accruing interest expense. In February 1995, HUD notified the Local General Partner of its intention to foreclose upon Rolling Hills and Regency Square. An affiliate of the Managing General Partner became actively involved in the discussions with HUD to achieve work outs for these properties. Recently, HUD issued a written approval on three-year workout proposals on these properties which include the termination of any foreclosure action in exchange for additional capital to fund capital improvements. The workout terms were agreed upon in November 1995, however, the agreements were not officially approved until late December 1995. The workout called for construction rehabilitation work. Occupancy levels were expected to increase significantly within six months. These results have not yet materialized and the properties are slated for inclusion in HUD's non-performing loan auction in August 1996.
The Massachusetts Housing Finance Agency ("MHFA") approved a restructuring plan for Pleasant Plaza, located in Malden, Massachusetts, in December 1995. The workout includes increased subsidy, the availability of $1.3 million from the Local General Partner's letter of credit to fund operating deficits, and the option to commit, at the maturity of the debt, 25% of the units towards low income use in perpetuity. The property has been operating at a deficit due to its debt structure; however, the deficits are covered by operating deficit escrows of the Local General Partner and by the workout plan. As previously reported, affiliates and a principal of the sole owner of the Local General Partner of Pleasant Plaza filed for reorganization under Chapter 11 of the Bankruptcy Code in 1992. A preliminary Plan of Reorganization was recently to be submitted to the court.
Breckenridge Creste, located in Duluth, GA, has been experiencing financial difficulties. Increased vacancies and a weak rental market and deferred maintenance are major factors. An agreement was reached to allow admission of an affiliate of the Partnership as General Partner under certain circumstances. The Managing General Partner is actively working with the Local General Partner to replace the management agent and to develop a plan to stabilize property operations. Any change in the management agent will be subject to the lender's approval.
Shoreline and Waterfront, Buffalo, New York properties which share a common Local General Partner, have been experiencing occupancy problems due to the soft rental market. The Local General Partner is increasing marketing efforts to improve occupancy. Both properties have received approval for state grants to improve security systems. The properties carry cash flow mortgages from the State.
The original General Partner of Admiral Court, located in Philadelphia, Pennsylvania, was recently replaced by a new Local General Partner, Friends Rehabilitation Program, Inc., a leading non-profit manager and developer of affordable housing in Philadelphia. The new Local General Partner refinanced the property's mortgage which resulted in lower debt service payments.
Inflation and Other Economic Factors
Inflation had no material impact on the Partnerships operations or financial condition for the years ended March 31, 1996, 1995 and 1994.
As some Properties benefit from some form of government assistance, the Partnership is subject to the risks inherent in that area including decreased subsidies, difficulties in finding suitable tenants and obtaining permission for rent increases. In addition, and Tax Credits allocated to investors with respect to a Property are subject to recapture to the extent that a Property or any portion thereof ceases to qualify for Tax Credits.
Some of the properties listed in this report are located in areas suffering from poor economic conditions. Such conditions could have an adverse effect on the rent or occupancy levels at such Properties. Nevertheless, the Managing General Partner believes that the generally high demand for below market rate housing will tend to negate such factors. However, no assurance can be given in this regard.
Item 8.
Item 8. Financial Statements and Supplementary Data
Information required under this Item is submitted as a separate section of this Report. See Index on page hereof.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
The Managing General Partner of the Partnership is Arch Street III, Inc., a Massachusetts corporation (the "Managing General Partner" or "Arch Street III, Inc."), an affiliate of The Boston Financial Group Limited Partnership ("Boston Financial"), a Massachusetts limited partnership. George Fantini, Jr., a Vice President of the Managing General Partner resigned his position effective June 30, 1995.
The Managing General Partner was incorporated in August 1988. William E. Haynsworth is the Chief Operating Officer of the Managing General Partner, and had the primary responsibility for evaluating, selecting and negotiating investments for the Partnership. The Investment Committee of the Managing General Partner approved all investments. The names and positions of the principal officers and the directors of the Managing General Partner are set forth below.
Name Position
Georgia Murray Managing Director, Treasurer and Chief Financial Officer Fred N. Pratt, Jr. Managing Director William E. Haynsworth Managing Director, Vice President and Chief Operating Officer Paul F. Coughlan Vice President Peter G. Fallon, Jr. Vice President Donna C. Gibson Vice President Randolph G. Hawthorne Vice President A. Harold Howell Vice President
The other General Partner of the Partnership is Arch Street III Limited Partnership, a Massachusetts Limited Partnership ("Arch Street III L.P.") that was organized in August 1988. The General Partners of Arch Street III L.P. are Messrs. Howell, Haynsworth, and Hawthorne.
The Managing General Partner provides day-to-day management of the Partnership. Compensation is discussed in Item 11
Item 11. Management Remuneration
Neither the directors or officers of Arch Street III, Inc., nor the partners of Arch Street III L.P., nor any other individual with significant involvement in the business of the Partnership receives any current or proposed remuneration from the Partnership.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
As of March 31, 1996, the following is the only entity known to the Partnership to be the beneficial owner of more than 5% of the total number of Units outstanding: Amount Title of Name and Address of Beneficially Percent Class Beneficial Owner Owned of Class
Limited AMP, Incorporated 10,000 Units 10% Partner P.O. Box 3608 Harrisburg, PA
The equity securities registered by the Partnership under Section 12(g) of the Act consist of 100,000 Units, all of which have been sold to the public as of March 31, 1996. Holders of Units are permitted to vote on matters affecting the Partnership only in certain unusual circumstances and do not generally have the right to vote on the operation or management of the Partnership.
As of March 31, 1996, Arch Street III L.P. owns five (unregistered) Units not included in the 100,000 units sold to the public.
Except as described in the preceding paragraph, neither Arch Street III, Inc., Arch Street III L.P., Boston Financial, nor any of their executive officers, directors, partners or affiliates is the beneficial owner of any Units. None of the foregoing persons possesses a right to acquire beneficial ownership of Units.
The Partnership does not know of any existing arrangement that might at a later date result in a change in control of the Partnership.
Item 13.
Item 13. Certain Relationships and Related Transactions
Information required under this Item is contained in Note 6 to the Combined Financial Statements presented in Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) (1) and (a) (2) Documents filed as a part of this Report.
In response to this portion of Item 14, the combined financial statements, financial statement schedules and the auditors' report relating thereto, are submitted as a separate section of this Report. See Index to the Combined Financial Statements and Schedules on page hereof.
The reports of auditors of the Local Limited Partnership relating to the audits of the financial statements of such Local Limited Partnerships appear in Exhibit (28)(1) of this report.
Other schedules have been omitted as they are either not required or the information required to be presented therein is available elsewhere in the combined financial statements or the accompanying notes and schedules.
(a)(3) See Exhibit Index contained herein.
(a)(3)(b) None.
(a)(3)(c) Exhibits
Page Number or Number and Description in Accordance with Incorporation Item 601 of Regulation S-K by Reference to - -------------------------- ---------------
28. Additional Exhibits
(a) 28.1 Reports of Other Independent Auditors
(b) Audited financial statements of Local Limited Partnerships
1. None
(a)(3)(d) None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
By: Arch Street III, Inc. its Managing General Partner
By: /s/ William E. Haynsworth Date: June 28, 1996 William E. Haynsworth, Managing Director, Vice President and Chief Operating Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Managing General Partner of the Partnership and in the capacities and on the dates indicated:
By: /s/ William E. Haynsworth Date: June 28, 1996 William E. Haynsworth, Managing Director, Vice President and Chief Operating Officer
By: /s/ Fred N. Pratt, Jr. Date: June 28, 1996 Fred N. Pratt, Jr., A Managing Director
Item 8. Financial Statements and Supplementary Data
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III (A Limited Partnership)
Annual Report on Form 10-K for the Year Ended March 31, 1996 Index
Page No. ------------ Report of Independent Accountants
Financial Statements
Combined Balance Sheets - March 31, 1996 and 1995
Combined Statements of Operations - For the Years Ended March 31, 1996, 1995 and 1994
Combined Statements of Changes in Partners' Equity (Deficiency) - For the Years Ended March 31, 1996, 1995 and 1994
Combined Statements of Cash Flows - For the Years Ended March 31, 1996, 1995 and 1994
Notes to Combined Financial Statements
Financial Statement Schedule:
Schedule III - Real Estate and Accumulated Depreciation
See also Index to Exhibits on Page K-31 for the financial statements of the Local Limited Partnerships included as a separate exhibit in this Annual Report on Form 10-K.
Other schedules have been omitted as they are either not required or the information required to be presented therein is available elsewhere in the financial statements and the accompanying notes and schedules.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of Boston Financial Qualified Housing Tax Credits L.P. III (A Limited Partnership)
We have audited the combined balance sheets of Boston Financial Qualified Housing Tax Credits L.P. III (A Limited Partnership) ("BFQHIII") as of March 31, 1996 and 1995 and the related combined statements of operations, changes in partners' equity, and cash flows and the financial statement schedule listed in Item 14(a) of this Report on Form 10-K for the each of the three years in the period ended March 31, 1996. These financial statements and financial statement schedules are the responsibility of BFQHIII's management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits. In 1996 and 1995, 84% and 60% of total assets, respectively, and in 1996, 1995 and 1994, 69%, 52% and 74% of net loss, respectively, reflected in the combined financial statements of BFQHIII, relate to investments in Local Limited Partnerships for which we did not audit the financial statements. The financial statements of those Local Limited Partnerships were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to those investments in Local Limited Partnerships, is based solely upon the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the combined financial statements referred to above present fairly, in all material respects, the financial position of BFQHIII at March 31, 1996 and 1995, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 1996 in conformity with generally accepted accounting principles. In addition, in our opinion the financial statement schedule referred to above, when considered in relation to the basic combined financial statements taken as a whole, present fairly, in all material respects, the information required to be included therein.
Coopers & Lybrand L.L.P. Boston, Massachusetts June 25, 1996
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
The accompanying notes are an integral part of these combined financial statements.
The accompanying notes are an integral part of these combined financial statements.
The accompanying notes are an integral part of these combined financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
The accompanying notes are an integral part of these combined financial statements.
Non-cash disclosure:
See Note 10 for discussion of the change in control of certain Texas Partnerships.
See Note 11 for discussion of cancellation of indebtedness income.
The accompanying notes are an integral part of these combined financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements
1. Organization
Boston Financial Qualified Housing Tax Credits L.P. III (the "Partnership") was formed on August 9, 1988 under the laws of the State of Delaware for the primary purpose of investing, as a limited partner, in other limited partnerships ("Local Limited Partnerships"), most of which own and operate apartment complexes, most of which benefit from some form of federal, state or local assistance program and each of which qualify for low-income housing tax credits. The Partnership's objectives are to (i) provide current tax benefits in the form of tax credits which qualified investors may use to offset their federal income tax liability, ii) preserve and protect the Partnership's capital, iii) provide limited cash distributions which are not expected to constitute taxable income during Partnership operations, and iv) provide cash distributions from sale or refinancing transactions. The General Partners of the Partnership are Arch Street III, Inc., which serves as the Managing General Partner, and Arch Street III L.P. which also serves as the Initial Limited Partner. Both of the General Partners are affiliates of The Boston Financial Group Limited Partnership ("Boston Financial"). The fiscal year of the Partnership ends on March 31.
The Certificate and Agreement of Limited Partnership ("Partnership Agreement") authorized the sale of up to 100,000 units of Limited Partnership Interest ("Units") at $1,000 per Unit, adjusted for certain discounts. The Partnership raised $99,610,000, ("Gross Proceeds") net of discounts of $390,000, through the sale of 100,000 Units. Such amounts exclude five unregistered Units previously acquired for $5,000 by the Initial Limited Partner, which is also one of the General Partners. The offering of Units terminated on May 30, 1989. No further sale of Units is expected.
Generally, profits, losses, tax credits, and cash flow from operations are allocated 99% to the Limited Partners and 1% to the General Partners. Net proceeds from a sale or refinancing will be allocated 95% to the Limited Partners and 5% to the General Partners, after certain priority payments.
Under the terms of the Partnership Agreement, the Partnership initially designated 3% of the Gross Proceeds from the sale of Units as a reserve for working capital of the Partnership and contingencies related to ownership of Local Limited Partnership interests. During the year ended March 31, 1993, the Managing General Partner decided to increase the reserve level to 3.75%. At March 31, 1996, the Managing General Partner has designated approximately $257,000 of cash, cash equivalents and marketable securities as such reserve.
2. Significant Accounting Policies
Basis of Presentation and Combination
The Partnership accounts for its investments in Local Limited Partnerships, with the exception of the Combined Entities, using the equity method of accounting. Under the equity method, the investment is carried at cost, adjusted for the Partnership's share of net income or loss and for cash distributions from the Local Limited Partnerships; equity in income or loss of the Local Limited Partnerships is included currently in the Partnership's operations. Under the equity method, a Local Limited Partnership investment will not be carried below zero. To the extent that equity losses are incurred or distributions received when the Partnership's carrying value of the Local Limited Partnership investment has been reduced to a zero balance, the losses will be suspended and offset against future income, and distributions received will be recorded as income. For the years ended March 31, 1996, 1995 and 1994, the Partnership did not recognize $5,122,569, $4,088,341 and $3,851,903, respectively, of equity losses relating to Local Limited Partnerships whose cumulative equity in losses and distributions exceeded their total investments.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
2. Significant Accounting Policies (continued)
The Partnership recognizes a decline in the carrying value of its investment in Local Limited Partnerships when there is evidence of a non-temporary decline in the recoverable amount of the investment.
The Partnership, as a limited partner in the Local Limited Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance of facilities and continued eligibility of tax credits. If the cost of operating a property exceeds the rental income earned thereon, the Partnership may deem it in its best interest to voluntarily provide funds in order to protect its investment. There is the possibility that the estimates relating to reserves for non-temporary declines in the carrying value of investments in Local Limited Partnerships may be subject to material near term adjustments.
The Managing General Partner has elected to report results of the Local Limited Partnerships on a 90-day lag basis. Accordingly, the financial information about the Local Limited Partnerships that is included in the accompanying combined financial statements is as of December 31, 1995, 1994 and 1993.
On August 26, 1992, an affiliate of the Partnership's Managing General Partner, BF Harbour View, Inc., became the Local General Partner of 241 Pine Street Associates, L.P. ("241 Pine Street"), a Local Limited Partnership in which the Partnership has invested. Since the Local General Partner of 241 Pine Street is now an affiliate of the Partnership, these combined financial statements include the detailed financial activity of 241 Pine Street for the years ended December 31, 1993, 1994, and 1995. All significant intercompany balances and transactions have been eliminated.
On April 2, 1993, an affiliate of the Managing General Partner, BF Willow Lake, Inc., became the Local General Partner of Willow Lake Partners II, L.P. ("Willow Lake"). BF Willow Lake, Inc. replaced the previous management agent with Boston Financial Property Management, an affiliate of the Managing General Partner. Since the Local General Partner of Willow Lake is now an affiliate of the Partnership, these combined financial statements include the financial activity of Willow Lake for the period from April 2, 1993 through December 31, 1993, and for the years ended December 31, 1994 and 1995. All significant intercompany balances and transactions have been eliminated.
On October 6, 1993, an affiliate of the Partnership's Managing General Partner, BF Texas Limited Partnership, became an additional Local General Partner responsible for all management decisions in thirteen Local Limited Partnerships (the "Texas Partnerships") in which the Partnership has invested. Since the Local General Partner of the Texas Partnerships is now an affiliate of the Partnership, these combined financial statements include the financial activity of the Texas Partnerships from November 1, 1993 through December 31, 1993 and for the years ended December 31, 1994 and 1995. All significant intercompany balances and transactions have been eliminated. However, prior to March 31, 1996, control of certain of these Texas Partnerships were transferred to unrelated parties, and as such, as of that date, these partnerships were accounted for on the equity method (see Note 10).
On September 29, 1995, an affiliate of the Managing General Partner, BF Texas Limited Partnership, became the local General Partner responsible for all management decisions in The Temple-Kyle L.P. ("The Kyle"). Since the Local General Partner of The Kyle is now an affiliate of the Partnership, these combined financial statements include the financial activity of The Kyle from October 1, 1995 through December 31, 1995. All significant intercompany balances and transactions have been eliminated.
The Partnership has elected to report the results of 241 Pine Street, Willow Lake, The Kyle and the Texas Partnerships on a 90-day lag basis, consistent with the presentation of the financial information of all Local Limited Partnerships. As used herein, the ("Combined Entities") refers to 241 Pine Street, Willow Lake, The Kyle and the Texas Partnerships prior to the transfer of control described above.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
2. Significant Accounting Policies (continued)
Excess investment costs over the underlying net assets acquired have arisen from acquisition fees paid and expenses reimbursed to an affiliate of the Partnership. These fees and costs, which are included in the Partnership's "Investment in Local Limited Partnerships", are being amortized on a straight-line basis over 35 years.
Cash Equivalents
Cash equivalents consist of short-term money market instruments with maturities when purchased of ninety days or less and approximate fair value.
Marketable Securities
Marketable securities consist primarily of U.S. Treasury instruments and various asset-backed investment vehicles. On March 31, 1994, the Partnership adopted Statement of Financial Accounting Standards Number 115 - Accounting for Certain Investments in Debt and Equity Securities. In accordance with this statement, prior period financial statements have not been restated to reflect the change in accounting principle. Under this statement, the Partnership's marketable securities are classified as "Available for Sale" securities and reported at fair value as reported by the brokerage firm at which the securities are held. All marketable securities have fixed maturities. Realized gains and losses from the sales of securities are based on the specific identification method. Unrealized gains and losses are excluded from earnings and reported as a separate component of partners' equity.
Effect of recently issued Accounting Standard
The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, which is effective for fiscal years beginning after December 15, 1995. This standard requires that the carrying values of long-lived assets be reviewed for recoverability. Impairment losses are recognized when future cash flows or other benefits are less than the carrying amount of the asset. The Partnership plans to adopt the new standard for its year ending March 31, 1997, however, it is not expected to have a significant effect on financial position or results of operations.
Rental Property
Real estate and personal property of the Combined Entities are recorded at the lower of depreciated cost or net realizable value. Valuation allowances are established when the carrying value of such assets exceeds their estimated recoverable amounts. The Combined Entities provide for depreciation using primarily the straight-line method over their estimated useful lives of 3 to 40 years.
Deferred Fees
Willow Lake's deferred financing fees are amortized over 180 months, the term of the related debt, using the straight-line method.
Rental Income
Rental income, principally from short-term leases on the Combined Entities' apartment units, is recognized as income under the accrual method as the rents become due.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
2. Significant Accounting Policies (continued)
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments
Statements of Financial Accounting Standards No. 107 ("SFAS No. 107"), Disclosures About Fair Value of Financial Instruments, requires disclosure for the fair value of most on- and off-balance sheet financial instruments for which it is practicable to estimate that value. The scope of SFAS No. 107 excludes certain financial instruments, such as trade receivables and payables when the carrying value approximates the fair value and investments accounted for under the equity method, and all nonfinancial assets, such as real property. Unless otherwise described, the fair values of the Partnership's assets and liabilities which qualify as financial instruments under SFAS No. 107 approximate their carrying amounts in the accompanying balance sheets.
Income Taxes
No provision for income taxes has been made as the liability for such taxes is the obligation of the partners of the Partnership.
Reclassifications
Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
3. Marketable Securities
A summary of marketable securities is as follows:
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
3. Marketable Securities (continued)
The contractual maturities at March 31, 1996 are as follows:
Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations. Proceeds from the sales and maturities were approximately $3,783,000 and $3,823,000 for the years ended March 31, 1996 and 1995, respectively. Included in investment income are gross gains of $24,504 and gross losses of $19,949 which were realized on the sales during the year ended March 31, 1996 and gross gains of $3,167 and gross losses of $69,780 which were realized on the sales during the year ended March 31, 1995.
4. Investments in Local Limited Partnerships
The Partnership uses the equity method to account for its limited partner interests in fifty-nine Local Limited Partnerships (excluding the Combined Entities) which own and operate multi-family housing complexes, most of which are government-assisted. The Partnership, as Investor Limited Partner pursuant to the various Local Limited Partnership Agreements which contain certain operating and distribution restrictions, has generally acquired a 99% interest in the profits, losses, tax credits and cash flows from operations of each of the Local Limited Partnerships, except for Granite Colony Apartments and Harbour View, where the Partnership's ownership interest is 97%, 49% and 48.96%, respectively. Upon dissolution, proceeds will be distributed according to each respective partnership agreement.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
4. Investments in Local Limited Partnerships (continued)
Summarized financial information from the financial statements of all Local Limited Partnerships accounted for on the equity method (excluding the Combined Entities beginning on the date of combination) in which the Partnership has invested is as follows:
Summarized Balance Sheets - December 31,
For the years ended March 31, 1996, 1995 and 1994, the Partnership has not recognized $5,122,569, $4,088,341, and $3,851,903, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and distributions exceeded its total investments in these Local Limited Partnerships.
The summarized financial information of the Local Limited Partnerships above does not include 241 Pine Street for the years ended December 31, 1995, 1994 and 1993. Willow Lake is excluded for the years ended December 31, 1995 and 1994 and for the period April 2, 1993 through December 31, 1993. The Texas Partnerships are excluded for the year ended December 31, 1995, 1994 and for the period November 1, 1993 through December 31,
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
4. Investments in Local Limited Partnerships (continued)
1993 and The Kyle is excluded for the period October 1, 1995 through December 31, 1995. The balance sheets and statements of operations of these Local Limited Partnerships are combined with the Partnership's financial statements through the date that these partnerships were controlled (see Note 10). As a result, this summarized information is not comparable from year to year.
The Partnership's equity as reflected by the Local Limited Partnerships of $8,820,206 differs from the Partnership's Investments in Local Limited Partnerships before adjustment of $25,902,519 principally because: the Partnership has not recognized $16,806,562 of equity losses relating to Local Limited Partnerships whose cumulative equity in losses exceeded their total investments; and purchase prices paid to original Limited Partners by the Partnership have not been reflected in the balance sheets of certain Local Limited Partnerships.
5. Transactions with Affiliates
In accordance with the Partnership Agreement, the Partnership was required to pay certain fees to and reimburse expenses of the Managing General Partner and others in connection with the organization of the Partnership and the offering of its Limited Partnership Units. As of March 31, 1996, selling commissions and other issuance expenses aggregating $11,832,395 have been charged directly to Limited Partners' equity. Total organizational and offering expenses exclusive of selling commissions did not exceed 5.5% of the Gross Proceeds, and organizational and offering expenses inclusive of selling commissions did not exceed 13% of the Gross Proceeds.
In accordance with the Partnership Agreement, the Partnership was required to pay acquisition fees to and reimburse acquisition expenses of the Managing General Partner or its affiliates for selecting, evaluating, structuring, negotiating and closing the Partnership's investments in Local Limited Partnerships. Acquisition fees total 7.5% of the Gross Proceeds, and acquisition expenses were estimated to total 2% of the Gross Proceeds. Acquisition fees totaling $7,500,000 have been paid to an affiliate of the Managing General Partner for the closing of the Partnership's Local Limited Partnership Investments. Approximately $1,934,000 of these fees are classified as capital contributions to Local Limited Partnerships in the summary of Investments in Local Limited Partnerships in Note 4 to the Combined Financial Statements. Acquisition expenses totaling $1,587,834 were incurred through March 31, 1996 and have been reimbursed to an affiliate of the Managing General Partner.
In accordance with the Partnership Agreement, 15% of the acquisition fees payable to an affiliate of the Managing General Partner is the "Deferred Acquisition Fees". The Deferred Acquisition Fees have been deposited in an interest bearing account and are paid annually, with interest, at the rate of 10% per year over 10 years. Installments began on the second anniversary of the Prospectus, November 23, 1990. As of March 31, 1996 and 1995, deferred acquisition fees payable amounted to $450,000 and $562,506, respectively.
An affiliate of the Managing General Partner currently receives $6,601 (as adjusted by the CPI factor) per Local Limited Partnership annually as the Asset Management Fee for administering the affairs of the Partnership. Included in the Combined Statements of Operations are Asset Management Fees of $447,110, $435,572 and $424,120, for the years ended March 31, 1996, 1995 and 1994, respectively. Payables to affiliates of the Managing General Partner relating to the aforementioned fees and expenses aggregate $690,845 and $243,735 at March 31, 1996 and 1995, respectively.
An affiliate of the Managing General Partner is reimbursed for the actual cost of the Partnership's operating expenses. Included in general and administrative expenses for the years ended March 31, 1996, 1995 and 1994, is $182,482, $155,236 and $145,946, respectively, that the Partnership has paid or will pay as reimbursement for salaries and benefits.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
5. Transactions with Affiliates (continued)
Boston Financial Property Management ("BFPM"), an affiliate of the Managing General Partner, currently manages Harbour View, a property in which the Partnership has invested. The property management fee charged is equal to 5% of properties' gross revenues. Included in operating expenses in the summarized income statements in Note 4 to the Combined Financial Statements is $46,915, $45,845 and $43,656 of fees earned by BFPM during 1995, 1994 and 1993, respectively.
On April 2, 1993, BFPM became the management agent of Willow Lake. In August of 1993, BFPM became the management agent for the Texas Partnerships. On September 29, 1995, BFPM became the management agent of The Kyle. The property management fee charged is equal to 5% of the properties' gross revenue. Included in the Combined Statements of Operations is $70,315, $177,185 and $47,448 of property management fees charged by BFPM during 1995, 1994 and 1993, respectively. Payables to affiliates includes $71,113 and $113,008 of property management fees at December 31, 1995 and 1994, respectively.
During 1995, an affiliate of the Managing General Partner advanced the Partnership $22,279 to cover operating deficits. A non-interest bearing note was executed.
6. Rental Property
Real estate and personal property belonging to the Combined Entities are recorded at cost, the components of which are as follows at December 31:
1995 1994 ----------- -----------
Land $ 492,599 $ 529,609 Building and improvements 14,816,483 14,117,676 Equipment 543,316 514,651 ----------- ----------- 15,852,398 15,161,936
Less accumulated depreciation 3,034,245 2,653,499 ----------- ----------- Total $12,818,153 $12,508,437 =========== ===========
7. Mortgage Notes Payable
Willow Lake
The original mortgage note payable consists of a 9.25% per annum note due in monthly principal and interest installments of $22,878, maturing on February 1, 2005. The original loan is collateralized by a first deed of trust covering all real and personal property. The loan was also collateralized by an operating deficit escrow of $58,387 provided by the Local General Partners as security for the lender in the event of certain defaults under the mortgage loan agreement.
At December 31, 1993 Willow Lake was in default of its principal and interest payments due under the mortgage agreement, however, the lender and Willow Lake executed a workout commitment letter in June of 1993 designed to address the default. On February 17, 1994, the parties closed the final workout agreement. The terms of the workout agreement which were effective June 1, 1993, include a reduction in the interest rates payable to 7.25% for the period from June 1, 1993 through May 1, 1995 and a reduction in the interest rates payable to 8.25% plus 95% of all net cash flows, as defined by the workout agreement, for the period from June 1, 1995 through May 1, 1996. Thereafter, Willow Lake will resume payments at the original contract rate of 9.25%. Under the terms of the workout agreement, the difference in the interest payments at the original contract rate of 9.25% and the
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
7. Mortgage Notes Payable (continued)
reduced payment rates, required over the term of the workout period shall be payable upon expiration of the workout period over the remaining term of the note.
All delinquent amounts under the original mortgage were paid by Willow Lake on February 17, 1994 upon closing of the final workout agreement. The delinquencies were paid out of funds released from an escrow deposit of $244,000, which have been held by an escrow agent pursuant to an operating reserve escrow agreement requiring deposits be made to fund certain of the obligations of the Local General Partners under Willow Lake's partnership agreement, including the payment of operating deficits.
Principal payments required under the above mortgage note which has a balance at December 31, 1996 and 1995 of $2,764,469 and $2,782,384, respectively, for each of the next five years are as follows:
Years Ending December 31,
1996 $19,644 1997 21,540 1998 23,619 1999 25,899 2000 28,399
The terms of the mortgage note and other contract documents require the establishment of restricted deposits and funded reserves to be held and invested by the mortgagee. These financial instruments potentially subject Willow Lake to a concentration of credit risk. Due to the unavailability of similar loans, it is not practicable to determine the fair value of this note at March 31, 1996.
Texas Partnerships
The Texas Partnerships and RECD, have entered into an Interest Credit and Rental Assistance Agreement that have stated interest rates ranging from 9.5% to 7.25% and provide for an effective interest rate on the notes payable to FmHA of 1 percent, plus all rental income over basic rents as determined by the government (overages) with maturities ranging from 2016 to 2030. All notes are collateralized by the respective properties. The principal balances of the Texas Partnerships' mortgages at December 31, 1995 and 1994 in the amount of $4,228,562 and $6,816,613, respectively, has been included in current liabilities due to the defaults. Due to the unavailability of similar loans, it is not practicable to determine the fair value of this note at March 31, 1996.
The Kyle
The original mortgage note payable provided for interest at the NationsBank cost of funds rate plus 2% through July 1, 1997, then prime plus 1% from July 1, 1997 to maturity in June 2005. Monthly principal and interest payments of $13,800 are due through July 1, 1997, then $17,600 until maturity in 2005. The original loan is secured by a Deed of Trust, Assignment, Security Agreement and Financing Statement covering certain real property. The Kyle experienced financial difficulties which resulted in a default on its mortgage. The lender placed the property into involuntary bankruptcy in May 1993, as a protective measure. In January 1994, a bankruptcy trustee was appointed to oversee the Kyle's affairs during the bankruptcy proceedings. Affiliates of the Managing General Partner reached an agreement with the lender on a Joint Disclosure Statement and Plan of Reorganization. The plan called for the Partnership to purchase the mortgage from the current lender for $850,000 plus a non-recourse note for $612,693, collateralized by a letter of credit from the Partnership. This note was repaid on March 8, 1996. The debt restructure resulted in a $846,088 gain on the cancellation of the old debt. The Bankruptcy Court approved the
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
7. Mortgage Notes Payable (continued)
Joint Disclosure Statement on July 12, 1995, and confirmed the Plan of Reorganization on September 13, 1995. The loan closing was held on September 29, 1995. An affiliate of the Managing General Partner is currently working to refinance the mortgage, subject to approval by the local housing authority. The current value of this note approximates its fair value.
8. Due to affiliate
Under the terms of 241 Pine Street's development agreement, the Developer agreed to advance to the property such funds as may be required to pay certain operating expenses. Any funds so advanced are to be repaid by 241 Pine Street only in certain circumstances. The amount due to affiliate at December 31, 1995 and 1994 represents the net amount advanced to 241 Pine Street under this agreement. In connection with these events the Original General Partner was replaced by an affiliated entity of the Partnership . Therefore, the amount previously reported as due to developer has been reclassified as a due to affiliate. Due to the unavailability of similar loans, it is not practicable to determine the fair value of this note at March 31, 1996.
9. Former general partner advances
Prior to 1995, Willow Lake incurred debt of $662,306 payable to the former general partners and their affiliates for developer fees, Partnership advances, and management fees. As a result of the settlement litigation in 1995, Willow Lake agreed to pay $173,500 and issued two promissory notes in the amount of $100,000 each. Both notes have an annual interest rate of 6%. Principal and interest on these notes are due and payable out of cash flow commencing June 1996. If, in the event Willow Lake is unable to make a cash flow payment, the Partnership has guaranteed one note. The guarantee of the Partnership is an interest payment of $500 per month. The remaining debt ($288,806) was forgiven.
10. Liquidation of Interests in Local Limited Partnerships
Since June 1993, affiliates of the Managing General Partner have been involved in intensive workout negotiations with the federal governmental lender to the Texas Partnerships, the Rural Economic and Community Development Services (RECDS) (formerly called the Farmers Home Administration of the U.S. Department of Agriculture, FmHA). Affiliates of the Managing General Partner reached an agreement with RECDS for a comprehensive workout of the Texas Partnerships. The workout provided for additional loans and rental assistance from RECDS, a debt service moratorium through July 1995, and additional equity from the Partnership.
Completion of the workout agreement proved to be difficult. As a result, the Managing General Partner has transferred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities. Glenbrook Apartments' transfer was effective June 6, 1996. Five of the properties (Crown Point, Godley Arms, Sherwood Arms, Quail Run Apartments, and Lone Oak Apartments) are being transferred to new owners effective after March 31, 1996. Since the new general partners had assumed the risks of ownership, including funding operating deficits prior to March 31, 1996, the Partnership's investment in these six partnerships has been changed to the equity method, effective on the date that control of these partnerships was assumed by the unaffiliated entities. There is no anticipated loss on the transfer.
The Managing General Partner of the Partnership has executed an agreement to sell the general partner interests in the seven remaining Texas Partnerships (Crestwood Place, Eagle Nest Apartments, Hallet-West Apartments, One Main Place, Pilot Point Apartments, Shady Shores Apartments and Willowick Apartments) to an unaffiliated buyer. These properties will be restructured into a new partnership in which the Partnership will retain a limited partner interest for a period of time expected to be about twelve months. During this period, investors will continue to receive tax credits from these properties.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
10. Liquidation of Interests in Local Limited Partnerships (continued)
For tax purposes, these events will result in both Section 1231 Gain and Cancellation of Indebtedness income. In addition, the transfer of ownership will result in nominal recapture of tax credits, since the Texas Partnerships represent only 2% of the Partnership's tax credits.
11. Extraordinary Item
For the year ended March 31, 1996, the Partnership recognized $1,297,618 of cancellation of indebtedness income. This is attributed to three combining entities. The gain on Willow Lake was the result of a settlement with the original general partner. The settlement involved a cash payment, assumption of two notes and relief of the remaining debt to the former general partner as discussed in Note 9. The gains on both The Kyle (Note 7) and Lakeway Colony were the result of debt restructuring.
12. Contingency
Lone Oak Housing Associates, Ltd. (one of the Texas Partnerships which is being transferred), is the defendant in a lawsuit in which the plaintiff has alleged negligence and deceptive Trade Act violations. The plaintiff's settlement demand is $500,000. In the opinion of management, this case will not have a material adverse effect on Lone Oak Housing Associates, Ltd. or the Partnership.
13. Federal Income Taxes
A reconciliation of the loss reported in the Combined Statements of Operations for the years ended March 31, 1996, 1995 and 1994 to the loss reported for federal income tax purposes is as follows:
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
13. Federal Income Taxes (continued)
The differences of the assets and liabilities of the Partnership for financial reporting purposes and tax reporting purposes for the year ended March 31, 1996 are as follows:
The differences in the assets and liabilities of the Partnership for financial reporting purposes are primarily attributable to i) for financial reporting purposes the Partnership combines the financial statements of sixteen Local Limited Partnerships with its financial statements; for tax purposes, these entities are carried on the equity method; ii) the cumulative equity in loss from Local Limited Partnerships, including the Combined Entities, for tax reporting purposes is approximately $20,334,000 greater than for financial reporting purposes, including approximately $16,807,000 of losses the Partnership has not recognized relating to seventeen Local Limited Partnerships whose cumulative equity in losses exceeded their total investments; iii) the Partnership has provided a provision for valuation of $1,635,000 against three of its investments in Local Limited Partnerships for financial reporting purposes; and iv) organizational and offering costs of approximately $11,832,000 that have been capitalized for tax reporting purposes, are charged to Limited Partners' equity for financial reporting purposes.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules (continued)
(A) As of March 31, 1996. (B) As of December 31, 1995. See Note 2
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules (continued)
(A) For the year ended March 31, 1996. (B) For the year ended December 31, 1995- see Note 2.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules (continued)
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules (continued)
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
14. Supplemental Combining Schedules (continued)
Boston Financial Qualified Housing Tax Credits L.P. III Schedule III - Real Estate and Accumulated Depreciation of Property owned by Local Limited Partnerships in which Registrant has invested at March 31, 1996
(1) The aggregate cost for Federal Income Tax purposes is approximately $265,135,727.
* Mortgage notes payable generally represent non-recourse financing of low-income housing projects payable with terms of up to 40 years with interest payable at rates ranging from 9.75% to 12%. The Partnership has not guaranteed any of these mortgage notes payable.
(a) As of March 31, 1996, the Partnership has transferrred or is in the process of transferring all of the assets of six of the Texas Partnerships subject to their liabilities to unaffiliated entities.
Annual Report on Form 10-K For The Year Ended March 31, 1996 Audited Financial Statements of Local Limited Partnerships
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III (A Limited Partnership)
Annual Report on form 10-K For The Year Ended March 31, 1996 Reports of Independent Auditors
[Letterhead]
FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINIOS 60646 (312) 777-4445 FAX (312) 777-6557
INDEPENDENT AUDITOR'S REPORT
To the Partners of HUD Field Office Director DIVERSEY SQUARE ASSOCIATES II Chicago, Illinois Chicago, Illinois
We have audited the accompanying balance sheets of DIVERSEY SQUARE ASSOCIATES II (An Illinois Limited Partnership), Project No. 071-35573, as of December 31, 1995 and 1994 and the related statements of profit and loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of DIVERSEY SQUARE ASSOCIATES II as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 1, 1996 on our consideration of DIVERSEY SQUARE ASSOCIATES II's internal control structure and a report dated February 1, 1996 on its compliance with laws and regulations.
The supporting data in this report shown on pages 19 through 24 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements, and in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/FRIDUSS, LUKEE, SCHIFF & CO., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C. 36-3087225 Certified Public Accountants Mr. Bruce C. Schiff (312) 777-4445 Chicago, Illinois February 1, 1996
[Letterhead]
FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINIOS 60646 (312) 777-4445 FAX (312) 777-6557
INDEPENDENT AUDITOR'S REPORT
To the Partners of HUD Field Office Director DIVERSEY SQUARE ASSOCIATES II Chicago, Illinois Chicago, Illinois
We have audited the accompanying balance sheets of DIVERSEY SQUARE ASSOCIATES II, Project No. 071-35573, (An Illinois Limited Partnership), as of December 31, 1994 and 1993 and the related statements of profit and loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and generally accepted Government Auditing, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of DIVERSEY SQUARE ASSOCIATES II as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. The supporting data included in this report shown on pages 18 through 23 have been subjected to the same auditing procedures applied in the audit of the basic financial statements, and in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/FRIDUSS, LUKEE, SCHIFF & CO., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C. 36-3087225 Certified Public Accountants Mr. Bruce C. Schiff (312) 777-4445 Chicago, Illinois January 31, 1995
[Letterhead] [LOGO] Habif, Arogeti & Wynne, P.C. Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners Breckenridge Creste Apartments, L.P.
We have audited the accompanying balance sheet of Breckenridge Creste Apartments, L.P., (a Georgia Limited Partnership), as of December 31, 1995 and the related statements of changes in partners' equity, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Breckenridge Creste Apartments, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C. Atlanta, Georgia
January 31, 1996
[Letterhead] [LOGO] Habif, Arogeti & Wynne, P.C. Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners Breckenridge Creste Apartments, L.P.
We have audited the accompanying balance sheet of Breckenridge Creste Apartments, L.P., (a Georgia Limited Partnership), as of December 31, 1994 and the related statements of changes in partners' equity, operations, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Breckenridge Creste Apartments, L.P. as of December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C. Atlanta, Georgia
January 31, 1995
[Letterhead] [LOGO] Habif, Arogeti & Wynne, P.C. Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners Breckenridge Creste Apartments, L.P.
We have audited the accompanying balance sheet of Breckenridge Creste Apartments, L.P., (a Georgia Limited Partnership), as of December 31, 1993 and the related statements of changes in partners' equity, operations, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Breckenridge Creste Apartments, L.P. as of December 31, 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. The Partnership has not obtained long-term financing and the construction note matures during the current year, which raises doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outsome of this uncertainty.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C. Atlanta, Georgia
February 1, 1994
[Letterhead] [LOGO] STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITOR'S REPORT
To the Partners of EDM Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of EDM Housing Associates, Ltd. (a limited partnership), HUD Project No. 101-94007, as of December 31, 1995 and the related statements of profit and loss, changes in partners' equity (deficiency) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of EDM Housing Associates, Ltd., HUD Project No. 101-94007, as of December 31, 1995, and the results of its operations and the changes in partners' equity (deficiency) and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/STARK TINTER & ASSOCIATES January 30, 1996
[Letterhead] [LOGO] STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITOR'S REPORT
To the Partners of EDM Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of EDM Housing Associates, Ltd. (a limited partnership), HUD Project No. 101-94007, as of December 31, 1994 and the related statements of profit and loss, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of EDM Housing Associates, Ltd., HUD Project No. 101-94007, as of December 31, 1994, and the results of its operations and the changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/STARK TINTER & ASSOCIATES February 5, 1995
[Letterhead] [LOGO] GELFOND HOCHSTADT PANGBURN STARK & CO.
INDEPENDENT AUDITOR'S REPORT
To the Partners of EDM Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of EDM Housing Associates, Ltd. (a limited partnership), HUD Project No. 101-94007, as of December 31, 1993, and the related statements of profit and loss, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of EDM Housing Associates, Ltd., HUD Project No. 101-94007, as of December 31, 1993, and the results of its operations and the changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/ GELFOND HOCHSTADT PANGBURN STARK & CO.
February 8, 1994
[Letterhead] [LOGO] STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITOR'S REPORT
To the Partners of Fox Run Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of Fox Run Housing Associates, Ltd. (a limited partnership), HUD Project No. 115-94018, as of December 31, 1995 and the related statements of profit and loss, changes in partners' equity (deficiency) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Fox Run Housing Associates, Ltd., HUD Project No. 115-94018, as of December 31, 1995, and the results of its operations and the changes in partners' equity (deficiency) and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/STARK TINTER & ASSOCIATES January 30, 1996
[Letterhead] [LOGO] STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITOR'S REPORT
To the Partners of Fox Run Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of Fox Run Housing Associates, Ltd. (a limited partnership), HUD Project No. 115-94018, as of December 31, 1994, and the related statements of profit and loss, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Fox Run Housing Associates, Ltd., HUD Project No. 115-94018, as of December 31, 1994, and the results of its operations and the changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/STARK TINTER & ASSOCIATES February 5, 1995
[Letterhead] [LOGO] GELFOND, HOCHSTADT PANGBURN STARK & CO.
INDEPENDENT AUDITOR'S REPORT
To the Partners of Fox Run Housing Associates, Ltd. Englewood, Colorado
We have audited the accompanying balance sheet of Fox Run Housing Associates, Ltd. (a limited partnership), HUD Project No. 115-94018, as of December 31, 1993, and the related statements of profit and loss, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Fox Run Housing Associates, Ltd., HUD Project No. 115-94018, as of December 31, 1993, and the results of its operations and the changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/ GELFOND, HOCHSTADT PANGBURN STARK & CO.
February 8, 1994
[Letterhead] [LOGO] Dauby O'Conner & Zaleski A Limited Liability Company Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners 241 Pine Street Associates, L.P. Manchester, New Hampshire
We have audited the accompanying balance sheet of 241 Pine Street Associates, L.P., (a New Hampshire Limited Partnership), as of December 31, 1995 and the related statements of income (loss), partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of 241 Pine Street Associates, L.P. as of December 31, 1995, and the results of its' operations for the year then ended in conformity with generally accepted accounting principles.
/s/Dauby O'Conner & Zaleski
January 4, 1996 Dauby O'Conner & Zaleski Indianapolis, Indiana Certified Public Accountants
[Letterhead] [LOGO] BRAYMAN, TEEL & COMPANY Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners 241 Pine Street Associates, L.P. Manchester, New Hampshire
We have audited the accompanying balance sheet of 241 Pine Street Associates Limited Partnership, (a New Hampshire Limited Partnership), as of December 31, 1994 and the related statements of (loss), partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 241 Pine Street Associates Limited Partnership as of December 31, 1994 and the results of its' operations for the year then ended in conformity with generally accepted accounting principles.
/s/Brayman, Teel & Company
February 10, 1995
[Letterhead] [LOGO] BRAYMAN, TEEL & COMPANY Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners 241 Pine Street Associates, L.P. Manchester, New Hampshire
We have audited the accompanying balance sheet of 241 Pine Street Associates Limited Partnership, (a New Hampshire Limited Partnership), as of December 31, 1993 and the related statements of revenue and expenses, and changes in partners' capital for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 241 Pine Street Associates Limited Partnership as of December 31, 1993 and the results of its operations for the year then ended in conformity with generally accepted accounting principles.
/s/Brayman, Teel & Company
April 4, 1994
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Brownsville Associates, L.P. Brownsville, Tennessee
We have audited the accompanying balance sheets of Brownsville Associates, L.P., (a Missouri limited partnership), RECD Case No.: 48-038-431399553, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Brownsville Associates, L.P. as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 2, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Brownsville Associates, L.P. Brownsville, Tennessee
We have audited the accompanying balance sheets of Brownsville Associates, L.P., (a Missouri limited partnership), FMHA Case No.: 48-038-431399553, as of December 31, 1994 and 1993 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Brownsville Associates, L.P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 27, 1995
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Briarwood Associates II, L.P.
We have audited the accompanying balance sheets of Briarwood Associates II, L.P., (a Missouri limited Partnership), RECD Case No.: 02-027-431303694, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Briarwood Associates II, L.P. as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary on pages 8-9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 13, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Briarwood Associates II, L.P.
We have audited the accompanying balance sheets of Briarwood Associates II, L.P., (a Missouri limited partnership), FMHA Case No.: 02-027-431303694, as of December 31, 1994 and 1993 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Briarwood Associates II, L.P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental on pages 10, 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 24, 1995
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Altheimer Associates I, L.P. Altheimer, Arkansas
We have audited the accompanying balance sheets of Altheimer Associates I, L.P., (a Missouri limited Partnership), FmHA Case No.: 03-035-431479737, as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year ended December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Altheimer Associates I, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 3, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Altheimer Associates I, L.P. Altheimer, Arkansas
We have audited the accompanying balance sheet of Altheimer Associates I, L.P., (a Missouri limited partnership), as of December 31, 1993 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Altheimer Associates I, L.P. as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS January 29, 1994
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Bolivar Senior Housing, L.P. Wayne, Nebraska
We have audited the accompanying balance sheet of Bolivar Senior Housing, L.P., (a Missouri limited Partnership), RECD Case No.: 29-084-481063570, as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year ended December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Bolivar Senior Housing, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS January 31, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Bolivar Senior Housing, L.P.
We have audited the accompanying balance sheet of Bolivar Senior Housing, L.P., (a Missouri limited partnership), as of December 31, 1993 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Bolivar Senior Housing, L.P. as of December 31, 1993 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard TOPEKA, KANSAS February 2, 1994
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Fulton Associates I LP (A Limited Partnership)
We have audited the accompanying balance sheets of Fulton Associates I LP (A Limited Partnership), a FmHA Project, as of December 31, 1995 and 1994 and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Fulton Associates I LP (A Limited Partnership) as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 3, 1996
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Fulton Associates I LP (A Limited Partnership)
We have audited the accompanying balance sheets of Fulton Associates I LP (A Limited Partnership), a FmHA Project, as of December 31, 1994 and 1993 and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fulton Associates I LP (A Limited Partnership) as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 10, 1995
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Eaglewood VIII LP (A Limited Partnership)
We have audited the accompanying balance sheets of Eaglewood VIII LP (A Limited Partnership), a FmHA Project, as of December 31, 1995 and 1994 and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Eaglewood VIII LP (A Limited Partnership) as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1996 on our consideration of the limited partnership's itnernal control structure and a report dated February 9, 1996 on its compliance with laws and regulations
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 9, 1996
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Eaglewood VIII LP (A Limited Partnership)
We have audited the accompanying balance sheets of Eaglewood VIII LP (A Limited Partnership), a FmHA Project, as of December 31, 1994 and 1993, and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Eaglewood VIII LP (A Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 11-16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 14, 1995
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Elver Park Limited Partnership III Madison, Wisconsin
We have audited the accompanying balance sheets of Elver Park Limited Partnership III, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Elver Park Limited Partnership III as of December 31, 1995 and 1994, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 15, 1996
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Elver Park Limited Partnership III Madison, Wisconsin
We have audited the accompanying balance sheets of Elver Park Limited Partnership III, as of December 31, 1994 and 1993 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Elver Park Limited Partnership III as of December 31, 1994 and 1993, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 25, 1995
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Elver Park Limited Partnership II Madison, Wisconsin
We have audited the accompanying balance sheets of Elver Park Limited Partnership II, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Elver Park Limited Partnership II as of December 31, 1995 and 1994, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 15, 1996
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Elver Park Limited Partnership II Madison, Wisconsin
We have audited the accompanying balance sheets of Elver Park Limited Partnership II, as of December 31, 1994 and 1993 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Elver Park Limited Partnership II as of December 31, 1994 and 1993, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 25, 1995
[Letterhead] [LOGO] Robert Ercolini & Company Certified Public Accountants Fifty-Five Summer Street Boston, Massachusetts 02110-1007 Telephone (617) 482-5511 Telecoper (617) 426-5252
INDEPENDENT AUDITOR'S REPORT
To the Partners of Blue Mountain Associates Limited Partnership HUD Area Office Boston, Massachusetts Boston, Massachusetts
We have audited the accompanying balance sheet of Blue Mountain Associates Limited Partnership., (A Massachusetts Limited Partnership), HUD Project No. 023-36609, as of December 31, 1995 and the related statements of profit and loss, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Blue Mountain Associates Limited Partnership as of December 31, 1995, and its results of operations, changes in partners' capital, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 1996 on our consideration of Blue Mountain Associates Limited Partnership's internal control structure, a reports dated January 26, 1996 on its compliance with laws and regulations, and reports dated January 26, 1996 on its compliance with specific requirements applicable to HUD Programs.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 14 through 18) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
Robert Ercolini & Company January 26, 1996
[Letterhead] [LOGO] Robert Ercolini & Company Certified Public Accountants Fifty-Five Summer Street Boston, Massachusetts 02110-1007 Telephone (617) 482-5511 Telecoper (617) 426-5252
INDEPENDENT AUDITOR'S REPORT
To the Partners of Blue Mountain Associates Limited Partnership HUD Area Office Boston, Massachusetts Boston, Massachusetts
We have audited the accompanying balance sheet of Blue Mountain Associates Limited Partnership., (A Massachusetts Limited Partnership), HUD Project No. 023-36609 as of December 31, 1994 and the related statements of profit and loss (on HUD Form No. 92410), partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Blue Mountain Associates Limited Partnership as of December 31, 1994, and the results of its operations, changes in partners' capital, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 13 through 17) is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Robert Ercolini & Company January 31, 1995
[Letterhead] [LOGO] Robert Ercolini & Company Certified Public Accountants Fifty-Five Summer Street Boston, Massachusetts 02110-1007 Telephone (617) 482-5511 Telecoper (617) 426-5252
INDEPENDENT AUDITOR'S REPORT
To the Partners of Blue Mountain Associates Limited Partnership HUD Area Office Boston, Massachusetts Boston, Massachusetts
We have audited the accompanying balance sheet of Blue Mountain Associates Limited Partnership., (A Massachusetts Limited Partnership), HUD Project No. 023-36609 as of December 31, 1993 and the related statements of profit and loss (on HUD Form No. 92410), partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Blue Mountain Associates Limited Partnership as of December 31, 1993, and the results of its operations, changes in partners' capital, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 13 through 17) is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Robert Ercolini & Company February 6, 1994
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Boulevard Commons Limited Partnership IIA Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of Boulevard Commons Limited Partnership IIA., (a Limited Partnership) as of December 31, 1995 and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and statement of cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accountants principles.
In our opinion the financial statements referred to above present fairly, in all material respects, the assets, liabilities and partners' equity of BOULEVARD COMMONS LIMITED Partnership IIA at December 31, 1995, and its operations, changes in partners' equity, and its cash flows for the year then ended on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates LTD HARAN & ASSOCIATES LTD. Certified Public Accountants Wimette, Illinois Illinois Certificate No. 060-002892
January 17, 1996
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners BOULEVARD COMMONS LIMITED PARTNERSHIP IIA Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of BOULEVARD COMMONS LIMITED PARTNERSHIP IIA., (a Limited Partnership) as of December 31, 1994 and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and statement of cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accountants principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and partners' equity of BOULEVARD COMMONS LIMITED PARTNERSHIP IIA at December 31, 1994, and its operations, changes in partners' equity, and its cash flows for the year then ended on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates LTD HARAN & ASSOCIATES LTD. Certified Public Accountants Wimette, Illinois Illinois Certificate No. 060-002892
January 25, 1995
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners BOULEVARD COMMONS LIMITED PARTNERSHIP IIA Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of BOULEVARD COMMONS LIMITED PARTNERSHIP IIA., (a Limited Partnership) as of December 31, 1993 and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and statement of cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accountants principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and partners' equity of BOULEVARD COMMONS LIMITED PARTNERSHIP IIA at December 31, 1993, and its operations, changes in partners' equity, and its cash flows for the year then ended on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates LTD HARAN & ASSOCIATES LTD. Certified Public Accountants Wimette, Illinois Illinois Certificate No. 060-002892
January 25, 1994
[Letterhead] [LOGO] Coopers & Lybrand
INDEPENDENT AUDITOR'S REPORT
To the Partners of El Jardin of Davie, Ltd.
We have audited the accompanying statement of assets, liabilities, and partners' capital of El Jardin of Davie, Ltd. (the "Partnership"), as of December 31, 1995 and the related statements of revenues and expenses, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of El Jardin of Davie, Ltd.as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in this report (shown on pages 11 through 18) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Coopers & Lybrand L.L.P
Miami, Florida February 23, 1996
[Letterhead] [LOGO] Coopers & Lybrand
INDEPENDENT AUDITOR'S REPORT
To the Partners of El Jardin of Davie, Ltd.
We have audited the accompanying statement of assets, liabilities, and partners' capital of El Jardin of Davie, Ltd. (the "Partnership"), as of December 31, 1994, and the related statements of revenues and expenses, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of El Jardin of Davie, Ltd.as of December 31, 1994, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in this report (shown on pages 11 through 18) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Coopers & Lybrand L.L.P.
Miami, Florida February 21, 1995
[Letterhead] [LOGO] Coopers & Lybrand
INDEPENDENT AUDITOR'S REPORT
To the Partners of El Jardin of Davie, Ltd.
We have audited the accompanying statement of assets, liabilities, and partners' capital of El Jardin of Davie, Ltd. (the "Partnership"), as of December 31, 1993, and the related statements of revenues and expenses, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of the Partnership as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in this report (shown on pages 11 through 18) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Coopers & Lybrand Miami, Florida February 21, 1994
[Letterhead] [LOGO] Deloitte & Certified Public Accountants Touche LLP Suite 1800 200 South Orange Avenue Orlando, Florida 32801 Telephone: (407) 246-8200 Fascimile: (407) 422-0936
INDEPENDENT AUDITOR'S REPORT
To the General Partner and Limited Partners of Ashley Place, Ltd.:
We have audited the accompanying balance sheet of Ashley Place, Ltd. (a Florida Limited Partnership), as of December 31, 1995 and the related statements operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of Ashley Place, Ltd. (a Florida Limited Partnership) as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Deloite & Touche LLP
February 2, 1996
[Letterhead] [LOGO] Deloitte & Certified Public Accountants Touche LLP Suite 1800 200 South Orange Avenue Orlando, Florida 32801 Telephone: (407) 246-8200 Fascimile: (407) 422-0936
INDEPENDENT AUDITOR'S REPORT
To the General Partner and Limited Partners of Ashley Place, Ltd.:
We have audited the accompanying balance sheet of Ashley Place, Ltd. (a Florida Limited Partnership), as of December 31, 1994 and the related statements operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Ashley Place, Ltd. (a Florida Limited Partnership) as of December 31, 1994, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Deloite & Touche LLP
February 10, 1995
[Letterhead] [LOGO] Deloitte & Certified Public Accountants Touche LLP Suite 1800 200 South Orange Avenue Orlando, Florida 32801 Telephone: (407) 246-8200 Fascimile: (407) 422-0936
INDEPENDENT AUDITOR'S REPORT
To the General Partner and Limited Partners of Ashley Place, Ltd.:
We have audited the accompanying balance sheet of Ashley Place, Ltd. (a Florida Limited Partnership), as of December 31, 1993 and the related statements operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Ashley Place, Ltd. (a Florida Limited Partnership) as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Deloite & Touche
February 24, 1994
[Letterhead] [LOGO] Purkey, Carter, Compton, Swann & Carter Certified Public Accountants 2335 W. Andrew Johnson Highway P.O. Box 727 Morriston, Tennessee 37815 Telephone (423) 586-4850 Fax (423) 581-8873
INDEPENDENT AUDITOR'S REPORT
General Partners Mr. Choice Edward, State Coordinator Partners U.S. Department of Housing and The Colony Apartments, L.P. Urban Development 1504 Riverview Tower Strom Thurmond Federal Building 900 S. Gay Street 1835-45 Assembly Street. 11th Floor Knoxville, Tennessee Columbia, South Carolina 29201
We have audited the accompanying balance sheet of The Colony Apartments, L.P., FHA Project No. 054-94002-OMC (a limited partnership), as of December 31, 1995 and the related statements income, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the July 1993 Consolidated Audit Guide for Audits of HUD Programs (the "Guide"), issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of The Colony Apartments, L.P as of December 31, 1995, and the results of its operations and the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
General Partners The Colony Apartments, L.P. Page 2
In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HUD Programs (the "Guide"), issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated January 22, 1996 on our consideration of The Colony Apartments, L.P.'s internal control structure and reports dated January 22, 1996 on its compliance with specific requirements applicable to major HUD Programs and specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in this report (shown on pages 26 to 35) is presented for purposes of additional analysis and is not a required part of the financial statements of The Colony Apartments, L.P. Such information has been subjected to the same auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
We attest that our firm, Purkey, Carter, Compton, Swann & Carter meets any legal requirements concerning registration by the State of South Carolina.
/s/Purkey, Carter, Compton, Swann & Carter Purkey, Carter, Compton, Swann & Carter January 22, 1996
[Letterhead] [LOGO] Purkey, Carter, Compton, Swann & Carter Certified Public Accountants 2335 W. Andrew Johnson Highway P.O. Box 727 Morriston, Tennessee 37815 Telephone (423) 586-4850 Fax (423) 581-8873
INDEPENDENT AUDITOR'S REPORT
General Partners Mr. Choice Edward, State Coordinator Partners U.S. Department of Housing and The Colony Apartments, L.P. Urban Development 1504 Riverview Tower Strom Thurmond Federal Building 900 S. Gay Street 1835-45 Assembly Street. 11th Floor Knoxville, Tennessee Columbia, South Carolina 29201
We have audited the accompanying balance sheet of The Colony Apartments, L.P., FHA Project No. 054-94002-OMC (a limited partnership), as of December 31, 1994 and the related statements income, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the July 1993 Consolidated Audit Guide for Audits of HUD Programs (the "Guide"), issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of The Colony Apartments, L.P as of December 31, 1993, and the results of its operations and the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
General Partners The Colony Apartments, L.P. Page 2
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in this report (shown on pages 26 to 34) is presented for purposes of additional analysis and is not a required part of the financial statements of The Colony Apartments, L.P. Such information has been subjected to the same auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
We attest that our firm, Purkey, Carter, Compton, Swann & Carter meets any legal requirements concerning registration by the State of South Carolina.
/s/Purkey, Carter, Compton, Swann & Carter Purkey, Carter, Compton, Swann & Carter January 21, 1995
[Letterhead] [LOGO] Purkey, Carter, Compton, Swann & Carter Certified Public Accountants 2335 W. Andrew Johnson Highway P.O. Box 727 Morriston, Tennessee 37815 Telephone (423) 586-4850 Fax (423) 581-8873
INDEPENDENT AUDITOR'S REPORT
General Partners Mr. Choice Edward, State Coordinator Partners U.S. Department of Housing and The Colony Apartments, L.P. Urban Development 1504 Riverview Tower Strom Thurmond Federal Building 900 S. Gay Street 1835-45 Assembly Street. 11th Floor Knoxville, Tennessee Columbia, South Carolina 29201
We have audited the accompanying balance sheet of The Colony Apartments, L.P., FHA Project No. 054-94002-OMC (a limited partnership), as of December 31, 1993 and the related statements income, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the July 1993 Consolidated Audit Guide for Audits of HUD Programs (the "Guide"), issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred above present fairly, in all material respects, the financial position of The Colony Apartments, L.P as of December 31, 1993, and the results of its operations and the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
General Partners The Colony Apartments, L.P. Page 2
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in this report (shown on pages 26 to 34) is presented for purposes of additional analysis and is not a required part of the financial statements of The Colony Apartments, L.P. Such information has been subjected to the same auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
We attest that our firm, Purkey, Carter, Compton, Swann & Carter meets any legal requirements concerning registration by the State of South Carolina.
/s/Purkey, Carter, Compton, Swann & Carter Purkey, Carter, Compton, Swann & Carter January 31, 1994
[Letterhead] [LOGO] LARRY O'DONNELL, CPA, P.C. Office 745-4545
Partners Aurora Properties, Ltd. d/b/a Aurora East Apartments Aurora, Colorado
INDEPENDENT AUDITOR'S REPORT
I have audited the accompanying balance sheets of Aurora Properties, Ltd., d/b/a Aurora East Apartments, Project No. 101-10522 (a Limited Partnership), as of December 31, 1995 and 1994 and the related statements of profit and loss, net worth, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States and the Consolidated Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General in July 1993. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for opinion.
In my opinion the financial statements referred to above present fairly, in all material respects, the financial position of Aurora Properties, Ltd., d/b/a Aurora East Apartments as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued a report dated February 7, 1996 on my consideration of Aurora Properties, Ltd., d/b/a Aurora East Apartments, internal control structure and reports dated February 7, 1996 on its compliance with laws and regulations applicable to the basic financial statements and the major HUD program.
Larry O'Donnell, CPA, PC February 7, 1996 Federal Identification Number 84-1075467
[Letterhead] [LOGO] LARRY O'DONNELL, CPA, P.C. Office 745-4545
Partners Aurora Properties, Ltd. d/b/a Aurora East Apartments Aurora, Colorado
INDEPENDENT AUDITOR'S REPORT
I have audited the accompanying balance sheets of Aurora Properties, Ltd., d/b/a Aurora East Apartments, Project No. 101-10522 (a Limited Partnership), as of December 31, 1994 and 1993, and the related statements of profit and loss, net worth, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States and the Consolidated Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General in July 1993. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for opinion.
In my opinion the financial statements referred to above present fairly, in all material respects, the financial position of Aurora Properties, Ltd., d/b/a Aurora East Apartments as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information shown on pages 8 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Larry O'Donnell, CPA, PC February 10, 1995
[Letterhead] [LOGO] VMCHC&S Vroman, McGowen, Hurst, Clark & Smith, P.C. Certified Public Accountants and Business Advisors
INDEPENDENT AUDITOR'S REPORT
To the Partners Columbia Townhouse Associates Limited Partnership Des Moines, Iowa
We have audited the accompanying balance sheets of Columbia Townhouse Associates Limited Partnership, HUD Project No. 074-35189, as of December 31, 1995 and 1994 and the related statements of profit and loss, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Columbia Townhouse Associates Limited Partnership as of December 31, 1995 and 1994, and the results of its operations, changes in partners' capital (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HUD Programs issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated January 31, 1996 on our consideration of Partnership's internal control structure and reports dated January 31, 1996 on its compliance with specific requirements applicable to major HUD Programs and specific requirements applicable to Affirmative Fair Housing.
As discussed in Note A, the accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As shown in the financial statements, the Partnership has incurred substantial losses before depreciation for each of the passed two years. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of classifications of liabilities that might be necessary in the event the Partnership cannot continue in existence.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information (shown in Section II) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Columbia Townhouse Associates Limited Partnership. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Vroman, McGowen, Hurst, Clark & Smith, P.C. Des Moines, Iowa January 31, 1996
Other auditor information: Lead Auditor - Michael W. McNichols Federal ID Number- 42-1104473
[Letterhead] [LOGO] VMCHC&S Vroman, McGowen, Hurst, Clark & Smith, P.C. Certified Public Accountants and Business Advisors
INDEPENDENT AUDITOR'S REPORT
To the Partners Columbia Townhouse Associates Limited Partnership Des Moines, Iowa
We have audited the accompanying balance sheets of Columbia Townhouse Associates Limited Partnership, HUD Project No. 074-35189, as of December 31, 1994 and 1993 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Columbia Townhouse Associates Limited Partnership as of December 31, 1994 and 1993, and the results of its operations, changes in partners' capital, and cash flows for the years then ended, in conformity with generally accepted accounting principles.
As discussed in Note A, the accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As shown in the financial statements, the Partnership has incurred substantial losses before depreciation for each of the passed two years. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of classifications of liabilities that might be necessary in the event the Partnership cannot continue in existence.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information (shown on pages 15-21) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Columbia Townhouse Associates Limited Partnership. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole.
/s/Vroman, McGowen, Hurst, Clark & Smith, P.C. Des Moines, Iowa February 17, 1995
Other auditor information: Lead Auditor - Michael W. McNichols Federal ID Number- 42-1104473
[Letterhead] [LOGO] FEGLEY & ASSOCIATES A PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 2250 Hickory Road, Suite 20 Plymouth Meeting, PA 19462 Phone (610) 825-7400 Fax (610) 825-1297
INDEPENDENT AUDITOR'S REPORT
To the Partners Admiral Housing Limited Partnership
We have audited the accompanying balance sheets of Admiral Housing Limited Partnership, as of December 31, 1995 and 1994 and the related statements operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Admiral Housing Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Fegley & Associates February 2, 1996
[Letterhead] [LOGO] FEGLEY & ASSOCIATES A PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 2250 Hickory Road, Suite 20 Plymouth Meeting, PA 19462 Phone (610) 825-7400 Fax (610) 825-1297
INDEPENDENT AUDITOR'S REPORT
To the Partners Admiral Housing Limited Partnership
We have audited the accompanying balance sheets of Admiral Housing Limited Partnership, as of December 31, 1994 and 1993 and the related statements operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Admiral Housing Limited Partnership as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the company will continueas a going concern. As discussed in Note 12 to the financial statements, existing circumstances raise substantial doubt as to the ability of Admiral Housing Limited Partnership to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from this uncertainty.
/s/Fegley & Associates February 27, 1995
[Letterhead] [LOGO] HALBERT, KATZ & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Georgetown Associates II, L.P. Wimington, Delaware
We have audited the accompanying balance sheets of Georgetown Associates II, L.P. as of December 31, 1995 and December 31, 1994 and the related statements of loss, partners' capital (capital deficiency) and cash flows for the years then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Georgetown Associates II, L.P. as of December 31, 1995 and December 31, 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 30, 1996 on our consideration of Georgetown Associates II, L.P.'s, internal control structure.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report (shown on pages 14 through 16) is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Halbert, Katz & Co., P.C. January 30, 1996
[Letterhead] [LOGO] HALBERT, KATZ & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Georgetown Associates II, L.P. Wimington, Delaware
We have audited the accompanying balance sheets of Georgetown Associates II, L.P. as of December 31, 1994 and December 31, 1993 and the related statements of loss, partners' capital (capital deficiency) and cash flows for the years then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Georgetown Associates II, L.P. as of December 31, 1994 and December 31, 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report (shown on pages 12 through 14) is presented for the purposes of additional analysis and is not a required part of the basic financial statements of Georgetown Associates II, L.P. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Halbert, Katz & Co., P.C. January 31, 1995
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Lexington Associates, I LP (A Limited Partnership)
We have audited the accompanying balance sheets of Lexington Associates, I LP (A Limited Partnership), a FmHA Project, as of December 31, 1995 and 1994 and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Lexington Associates, I LP (A Limited Partnership) as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 3, 1996 on our consideration of the limited partnership's internal control structure and a report dated February 3, 1996 on its compliance with laws and regulations
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 3, 1996
[Letterhead] [LOGO] CRAIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Lexington Associates, I LP (A Limited Partnership)
We have audited the accompanying balance sheets of Lexington Associates, I LP (A Limited Partnership), a FmHA Project, as of December 31, 1994 and 1993 and the related statements of operations, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Lexington Associates, I LP (A Limited Partnership) as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 11-16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Crain & Company CRAIN & COMPANY Certified Public Accountants
Jackson, Tennessee February 15, 1995
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Longview Apartments, L.P. Humboldt, Kansas
We have audited the accompanying balance sheet of Longview Apartments, L.P. (a Kansas limited partnership), RECD Case No.: 18-001-431454412, as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Longview Apartments, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS January 31, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Longview Apartments, L.P. Humboldt, Kansas
We have audited the accompanying balance sheet of Longview Apartments, L.P. (a Kansas limited partnership) as of December 31, 1993 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Longview Apartments, L.P. as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS January 29, 1994
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Missouri Rural Housing of Oak Grove, L.P. Oak Grove, Missouri
We have audited the accompanying balance sheet of Missouri Rural Housing of Oak Grove, L.P. (a Missouri limited partnership), as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Missouri Rural Housing of Oak Grove, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS February 9, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Missouri Rural Housing of Oak Grove, L.P. Oak Grove, Missouri
We have audited the accompanying balance sheet of Missouri Rural Housing of Oak Grove, L.P. (a Missouri limited partnership), as of December 31, 1993 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Missouri Rural Housing of Oak Grove, L.P. as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS February 11, 1994
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Smithville Rural Housing, A Limited Partnership Wayne, Nebraska
We have audited the accompanying balance sheet of Smithville Rural Housing, A Limited Partnership (a Missouri limited partnership), RECD Case No: 29-024-480975973 as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Smithville Rural Housing, A Limited Partnership as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS February 7, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Smithville Rural Housing, A Limited Partnership Wayne, Nebraska
We have audited the accompanying balance sheet of Smithville Rural Housing, A Limited Partnership (a Missouri limited partnership), as of December 31, 1993, and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Smithville Rural Housing, A Limited Partnership as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS February 12, 1994
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Westgate Associates I, L.P. Perryville, Arkansas
We have audited the accompanying balance sheet of Westgate Associates I, L.P. (a Missouri limited partnership), FmHA Case No: 03-053-431477863 as of December 31, 1995 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Westgate Associates I, L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS February 6, 1996
[Letterhead] [LOGO] BCC Braunsdorf, Carlson and Clinkinbeard CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL ASSOCIATION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Westgate Associates I, L.P. Perryville, Arkansas
We have audited the accompanying balance sheet of Westgate Associates I, L.P. (a Missouri limited partnership), as of December 31, 1993 and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Westgate Associates I, L.P. as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. TOPEKA, KANSAS January 29, 1994
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Tucson Trails Limited Partnership I Madison, Wisconsin
We have audited the accompanying balance sheets of Tucson Trails Limited Partnership I, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Tucson Trails Limited Partnership I as of December 31, 1995 and 1994, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 15, 1996
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Tucson Trails Limited Partnership I Madison, Wisconsin
We have audited the accompanying balance sheets of Tucson Trails Limited Partnership I, as of December 31, 1994 and 1993, and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Tucson Trails Limited Partnership I as of December 31, 1994 and 1993, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 25, 1995
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Tucson Trails Limited Partnership II Madison, Wisconsin
We have audited the accompanying balance sheets of Tucson Trails Limited Partnership II, as of December 31, 1995 and 1994 and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Tucson Trails Limited Partnership II as of December 31, 1995 and 1994, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 15, 1996
[Letterhead] [LOGO] Suby, Von Haden & Associates, S.C. CERTIFIED PUBLIC ACCOUNTANTS Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners Tucson Trails Limited Partnership II Madison, Wisconsin
We have audited the accompanying balance sheets of Tucson Trails Limited Partnership II, as of December 31, 1994 and 1993, and the related statements of loss, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Tucson Trails Limited Partnership II as of December 31, 1994 and 1993, and the results of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Suby, Von Haden & Associates, S.C.
January 25, 1995
[Letterhead] [LOGO] PATTERSON & WINNINGTON PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of Walker Woods Partners, L.P. Dover, Delware 19901
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheets of Walker Woods Partners, L.P. as of December 31, 1995 and 1994 and the statements of income, cash flows and owners' equity and for the years then ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Walker Woods Partners, L.P. as of December 31, 1995 and 1994, and the results of its operations and its cash flows and owners' equity for the years then ended in conformity with generally accepted accounting principles.
/s/Patterson & Winnington, P.A. Patterson & Winnington, P.A.
Dover, Delaware February 15, 1996
[Letterhead] [LOGO] PATTERSON & WINNINGTON PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of Walker Woods Partners, L.P. Dover, Delware 19901
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheets of Walker Woods Partners, L.P. as of December 31, 1994 and 1993 and the statements of income, cash flows and owners' equity and for the years then ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred above present fairly, in all material respects, the financial position of Walker Woods Partners, L.P. as of December 31, 1994 and 1993, and the results of its operations and its cash flows and owners' equity for the years then ended in conformity with generally accepted accounting principles.
/s/Patterson & Winnington, P.A. Patterson & Winnington, P.A.
Dover, Delaware February 24, 1995
[Letterhead] [LOGO] Coopers & Lybrand
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of Waterfront Limited Partnership:
We have audited the accompanying balance sheet (on DHCR Form No.: HAA-77.2) of Waterfront Limited Partnership, DHCR No.: UDC-13 as of December 31, 1995 and the related statements of income and expenses (on DHCR Form No. HAA-77-3a), partners' (deficiency) and cash flows as of December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Waterfront Limited Partnership, DHCR No.: UDC-13 as of December 31, 1994 were audited by other auditors whose report thereon dated January 31, 1995 expressed an unqualified opinion on those financial statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the 1995 financial statements referred to above present fairly, in all material respects, the financial position of Waterfront Limited Partnership, DHCR No.: UDC-13, as of December 31, 1995, and the results of its operations, changes in partners' (deficiency) and cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 7 to the financial statements, the Partnership has experienced recurring operating losses and working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. Management's plan in regard to these matters are also described in Note 7. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued a report dated February 6, 1996 on our consideration of Waterfront Limited Partnership's internal control structure and a report dated February 6, 1996 on its compliance with laws and regulations.
/s/Coopers & Lybrand L.L.P
Boston, Massachusetts February 6, 1996
[Letterhead] [LOGO] Reznick Fedder & Silverman Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of Waterfront Limited Partnership:
We have audited the accompanying balance sheets (on DHCR Form No.: HAA-77.2) of Waterfront Limited Partnership, as of December 31, 1994 and 1993 and the related statements of income and expenses (on DHCR Form No. HAA-77-3), partners' deficit and cash flows for the year ended December 31, 1994. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Waterfront Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations, changes in partners' deficit and cash flows for the year ended December 31, 1994, in conformity with generally accepted accounting principles.
Our 1994 audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 19 through 42 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Reznick Fedder & Silverman
Boston, Massachusetts Federal Employer February 6, 1996 Identification Number: 52-1088612
Audit Principal: Richard H. Chamberlain
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. (A Limited Partnership) (FHA Project No. 066-94021) as of December 31, 1995, and the related statements of profit and loss (HUD Form 92410), changes in partners' capital accounts, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. (FHA Project No. 066-94021) as of December 31, 1995, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting schedules and data shown on pages 15 through 29 are presented for the purposes of additional analysis and is not a required part of the basic financial statements of West Dade, Ltd. (FHA Project No. 066-94021). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida January 26, 1996
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. (A Limited Partnership) (FHA Project No. 066-94021) as of December 31, 1994, and the related statements of profit and loss (HUD Form 92410), changes in partners' capital accounts, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. (FHA Project No. 066-94021) as of December 31, 1994, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting schedules and data shown on pages 15 through 28 are presented for the purpose of additional analysis and is not a required part of the basic financial statements of West Dade, Ltd. (FHA Project No. 066-94021). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida February 13, 1995
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. (A Limited Partnership) (FHA Project No. 066-94021) as of December 31, 1993, and the related statements of profit and loss (HUD Form 92410), partnership capital, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. (FHA Project No. 066-94021) as of December 31, 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data included in this report (shown on pages 16 through 29) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of West Dade, Ltd. (FHA Project No. 066-94021). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida February 11, 1994
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. II (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. II (A Limited Partnership) (FHA Project No. 066-94022) as of December 31, 1995, and the related statements of profit and loss (HUD Form 92410), changes in partners' capital accounts, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. II (FHA Project No. 066-94022) as of December 31, 1995, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting schedules and data shown on pages 16 through 30 are presented for the purposes of additional analysis and is not a required part of the basic financial statements of West Dade, Ltd. II (FHA Project No. 066-94022). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida January 26, 1996
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. II (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. II (A Limited Partnership) (FHA Project No. 066-94022) as of December 31, 1994, and the related statements of profit and loss (HUD Form 92410), changes in partners' capital accounts, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. II (FHA Project No. 066-94022) as of December 31, 1994, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting schedules and data shown on pages 16 to 29 are presented for the purpose of additional analysis and are not a required part of the basic financial statements of West Dade, Ltd. II (FHA Project No. 066-94022). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida February 13, 1995
[Letterhead] [LOGO] BDO Seidman, LLP Accountants and Consultants
Independent Auditors' Report
West Dade, Ltd. II (A Limited Partnership) Miami, Florida
We have audited the accompanying balance sheet of West Dade, Ltd. II (A Limited Partnership) (FHA Project No. 066-94022) as of December 31, 1993, and the related statements of profit and loss (HUD Form 92410), changes in partners' capital accounts, and cash flows for the year then ended. These financial statements are the responsibility of the management of the partnership. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position West Dade, Ltd. II (FHA Project No. 066-94022) as of December 31, 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included in the report (shown on pages 16 to 29) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of West Dade, Ltd. II (FHA Project No. 066-94022). Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/BDO Seidman, LLP Certified Public Accountants Miami, Florida February 11, 1994
[Letterhead] [LOGO] CHAPMAN, COLLINS, AGOSTINELLI & SHAW, P.C. A Professional Corporation CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of Wood Creek Associates
We have audited the balance sheets of Wood Creek Associates (A New York Limited Partnership) as of December 31, 1995 and 1994, and the related statements of operations, changes in partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of Wood Creek Associates' management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Wood Creek Associates as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/CHAPMAN, COLLINS, AGOSTINELLI & SHAW, P.C.
January 11, 1996
[Letterhead] [LOGO] CHAPMAN, COLLINS, AGOSTINELLI & SHAW, P.C. A Professional Corporation CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of Wood Creek Associates
We have audited the balance sheets of Wood Creek Associates (A New York Limited Partnership) as of December 31, 1994 and 1993, and the related statements of operations, changes in partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of Wood Creek Associates' management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Wood Creek Associates as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/CHAPMAN, COLLINS, AGOSTINELLI & SHAW, P.C
January 14, 1995
[Letterhead] [LOGO] Reznick Fedder & Silverman Certified Public Accountants, Business Consultants A Professional Corporation
INDEPENDENT AUDITORS' REPORT
To the Partners Westwood Manor Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1995, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1995, and the results of its operations, the changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 19 though 24 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated February 2, 1996 on our consideration of Westwood Manor Limited Dividend Housing Association Limited Partnership's internal control structure and on its compliance with specific requirements applicable to major HUD Programs, affirmative fair housing, and laws and regulations applicable to the financial statements.
/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer February 2, 1996 Indentification Number: 52-1088612
Audit Principal: Renee G. Scruggs
[Letterhead] [LOGO] Reznick Fedder & Silverman Certified Public Accountants, Business Consultants A Professional Corporation
INDEPENDENT AUDITORS' REPORT
To the Partners Westwood Manor Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1994, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity and cash flows for the year then ended. These financial statements are the responsibility of partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1994, and the results of its operations, the changes in partners' equity and cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 18 though 23 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer February 13, 1995 Indentification Number: 52-1088612
Audit Principal: Renee G. Scruggs
[Letterhead] [LOGO] Reznick Fedder & Silverman Certified Public Accountants, Business Consultants A Professional Corporation
INDEPENDENT AUDITORS' REPORT
To the Partners Westwood Manor Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1993, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity and cash flows for the year then ended. These financial statements are the responsibility of partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Westwood Manor Limited Dividend Housing Association Limited Partnership as of December 31, 1993, and the results of its operations, the changes in partners' equity and cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 17 though 22 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer February 11, 1994 Indentification Number: 52-1088612
Audit Principal: Renee G. Scruggs
[Letterhead] [LOGO] Pannell Kerr Forster PC Certified Public Accountants
Independent Auditors' Report
To the Partners Pleasant Plaza Housing Limited Partnership
We have audited the accompanying balance sheet of Pleasant Plaza Housing Limited Partnership, MHFA Project No: 85-004-5, as of December 31, 1995, and the related statements of loss, changes in partners' equity (deficiency) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Pleasant Plaza Housing Limited Partnership at December 31, 1995, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated February 9, 1996 on our consideration of Pleasant Plaza Housing Limited Partnership's internal control structure, and a report dated February 9, 1996 on its compliance with laws and regulations.
/s/Pannell Kerr Forster PC
February 9, 1996
[Letterhead] [LOGO] Pannell Kerr Forster PC Certified Public Accountants
Independent Auditors' Report
To the Partners Pleasant Plaza Housing Limited Partnership
We have audited the accompanying balance sheet of Pleasant Plaza Housing Limited Partnership, MHFA Project No: 85-004-5, as of December 31, 1994, and the related statements of loss, changes in partners' equity (deficiency) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position Pleasant Plaza Housing Limited Partnership at December 31, 1994, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Pannell Kerr Forster PC
February 10, 1995
[Letterhead] [LOGO] Pannell Kerr Forster PC Certified Public Accountants
Independent Auditors' Report
To the Partners Pleasant Plaza Housing Limited Partnership
We have audited the accompanying balance sheet of Pleasant Plaza Housing Limited Partnership, MHFA Project No: 85-004-5, as of December 31, 1993 and the related statements of loss, changes in partners' equity (deficiency) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Pleasant Plaza Housing Limited Partnership at December 31, 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Pannell Kerr Forster PC
February 1, 1994
[Letterhead] [LOGO] Coopers & Lybrand
REPORT OF INDEPENDENT ACCOUNANTS
To the Partners of Shoreline Limited Partnership:
We have audited the accompanying balance sheet (on DHCR Form No.: HAA-77.2) of Shoreline Limited Partnership, DHCR No.: UDC-03 as of December 31, 1995 and the related statements of income and expenses (on DHCR Form No. HAA-77-3a), partners' capital deficit and cash flows for the year then ended December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Shoreline Limited Partnership, DHCR No.: UDC-03 as of December 31, 1994 were audited by other auditors whose report thereon dated January 28, 1995 expressed an unqualified opinion on those financial statements.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1995 financial statements referred to above present fairly, in all material respects, the financial position of Shoreline Limited Partnership, DHCR No.: UDC-03, as of December 31, 1995, and the results of its operations, changes in partners' capital deficit and cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 7 to the financial statements, the Partnership has experienced recurring operating losses and working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. Management's plan in regard to these matters are also described in Note 7. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued a report dated February 6, 1996 on our consideration of Shoreline Limited Partnership's internal control structure and a report dated February 6, 1996 on its compliance with laws and regulations.
/s/Coopers & Lybrand L.L.P
Boston, Massachusetts February 6, 1996
[LOGO] Reznick Fedder & Silverman Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of Shoreline Limited Partnership:
We have audited the accompanying balance sheets (on DHCR Form No.: HAA-77.2) of Shoreline Limited Partnership, as of December 31, 1994 and 1993 and the related statements of income and expenses (on DHCR Form No. HAA-77-3), partners' deficit and cash flows for the year ended December 31, 1994. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shoreline Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations, changes in partners' deficit, and its cash flows for the year ended December 31, 1994, in conformity with generally accepted accounting principles.
Our 1994 audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 18 through 41 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/Reznick Fedder & Silverman
Boston, Massachusetts Federal Employer January 31, 1995 Identification Number: 52-1088612
Audit Principal: Richard H. Chamberlain
[Letterhead] [LOGO] MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Farmers Home Administration Poplar Village, Ltd. London, Kentucky
We have audited the accompanying balance sheets of Poplar Village Ltd., (a limited partnership) Case No. 20-048-611170806, as of December 31, 1995 and 1994 and the related statements of operations, changes in partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Poplar Village Ltd. as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 1996 on our consideration of Poplar Village Ltd. 's internal control structure and compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental data included in this report is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Miller, Mayer, Sullivan, & Stevens
Lexington, Kentucky January 31, 1996
[Letterhead] [LOGO] MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Farmers Home Administration Poplar Village, Ltd. London, Kentucky
We have audited the accompanying balance sheet of Poplar Village Ltd., (a limited partnership) Case No. 20-048-611170806, as of December 31, 1994 and 1993 and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years ended December 31, 1994 and 1993. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Poplar Village Ltd. as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared in conformance with instructions issued by the U.S. Department of Agriculture, Farmers Home Administration, for borrowers and grantees.
/s/Miller, Mayer, Sullivan, & Stevens
Lexington, Kentucky February 1, 1995
[Letterhead] [LOGO] JOSEPH B. COHAN & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of South Holyoke Housing Limited Partnership
We have audited the accompanying balance sheet of South Holyoke Housing Limited Partnership as of December 31, 1995 and the related statements of income, changes in partners' equity (deficiency), and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Holyoke Housing Limited Partnership as of December 31, 1995, and the results of its operations, changes in partners equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated February 7, 1996 on our consideration of South Holyoke Housing Limited Partnership's internal control, and reports dated February 7, 1996 on its compliance with laws and regulations and specific requirements applicable to nonmajor HUD program transactions.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on pages 11 to 21 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Joseph B. Cohan & Assoc PC
Worcester, Massachusetts February 7, 1996
[Letterhead] [LOGO] JOSEPH B. COHAN & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of South Holyoke Housing Limited Partnership
We have audited the accompanying balance sheet of South Holyoke Housing Limited Partnership as of December 31, 1994 and the related statements of income, changes in partners' equity (deficiency), and cash flows for the year then ended (presented in a format required by the Massachusetts Housing Finance Agency). These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Holyoke Housing Limited Partnership as of December 31, 1994, and the results of its operations, changes in partners equity (deficiency) and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that South Holyoke Housing Limited Partnership will continue as a going concern. As discussed in Note 4 to the financial statements, the Partnership has had recurrent operating losses and has significant unmet liabilities. There is substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/Joseph B. Cohan & Assoc PC
Worcester, Massachusetts February 7, 1995
[Letterhead] [LOGO] JOSEPH B. COHAN & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of South Holyoke Housing Limited Partnership
We have audited the accompanying balance sheet of South Holyoke Housing Limited Partnership as of December 31, 1993 and the related statements of income, changes in partners' equity (deficiency), and cash flows for the year then ended (presented in a format required by the Massachusetts Housing Finance Agency). These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Holyoke Housing Limited Partnership as of December 31, 1993, and the results of its operations, changes in partners equity (deficiency) and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that South Holyoke Housing Limited Partnership will continue as a going concern. As discussed in Note 4 to the financial statements, the Partnership has had recurrent operating losses and has significant unmet liabilities. There is substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/Joseph B. Cohan & Assoc PC
Worcester, Massachusetts January 20, 1994
[Letterhead] [LOGO] SPAETH & BATTERBERRY, Ltd. CPAs and Advisors
Report of Independent Certified Public Accountants
To the Partners of Rolling Hills Associates Limited Partnership (A Limited Partnership)
We have audited the accompanying balance sheet of Rolling Hills Associates Limited Partnership (A Limited Partnership), HUD Project No. 046-94006-MNA, as of December 31, 1995 and the related statements of income,partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the Consolidated Audit Guide for Audits of HUD Programs ("the Guide"), issued by the U.S. Department of Housing and Urban Development, Office of Inspector General in July, 1993. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2 to the financial statements, management has not calculated a fair market value to support the carrying value of property and equipment. In our opinion, generally accepted accounting principals require management to maintain support for the carrying value of the property and equipment or to recognize a loss on impairment of long-lived assets if the fair value is less than the carrying value. Because of the lack of the calculation of fair market value by management, we were unable to form an opinion regarding the carrying value of property and equipment at December 31, 1995 (stated at $5,030,010).
In our opinion, except for the effect on the financial statements of the determination of any impairment of the carrying value of property and equipment as discussed in the preceeding paragraph, such financial statements referred to above present fairly, in all material respects, the financial position of Rolling Hills Associates Limited Partnership (A Limited Partnership) as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership has suffered recurring losses from operations and has a net Partnership deficit, that raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued reports dated January 26, 1996, on our consideration of the Partnership's internal control structure and on its compliance with laws and regulations.
/s/Spaeth & Batterberry, Ltd. Certified Public Accountants
January 26, 1996
[Letterhead] [LOGO] Deloitte & Touche LLP
Independent Auditors' Report
To the Partners of Rolling Hills Associates Limited Partnership
We have audited the accompanying financial statements of Rolling Hills Associates Limited Partnership, (HUD Project No. 046-94006-MNA) (the "Partnership"), listed in the accompanying Table of Contents, as of and for the year ended December 31, 1994. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2 to the financial statements, management has not obtained a current appraisal to support the recorded amount of property and equipment. In our opinion, generally accepted accounting principals require management to maintain support for the recorded amount of the property and equipment or to recognize a loss on impairment of long-lived assets if the fair value is less than the recorded amount. The information needed to quantify the effects of this item on the financial position and the results of operations of the Partnership is not reasonably determinable from the information provided by management.
In our opinion, except for the effect on the financial statements of the determination of any impairment of the recorded amount of property and equipment as discussed in the preceeding paragraph, such financial statements referred to above present fairly, in all material respects, the financial position of Rolling Hills Associates Limited Partnership (HUD Project No. 046-94006-MNA) as of December 31, 1994, and the results of its operations, its partners' equity and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership's recurring losses and mortgage default raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents, which are the responsibility of the Partnership's management, are presented for purposes of additional analysis and are not a required part of the basic financial statements of Rolling Hills Associates Limited Partnership (HUD Project No. 046-94006-MNA). Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, except for the effects on such schedules of not obtaining support for the recorded value of property and equipment as discussed in the third preceding paragraph, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 13, 1995
[Letterhead] [LOGO] Deloitte & Touche LLP
Independent Auditors' Report
To the Partners of Rolling Hills Associates Limited Partnership
We have audited the accompanying financial statements of Rolling Hills Associates Limited Partnership, (HUD Project No. 046-94006-MNA) (the "Partnership"), listed in the accompanying Table of Contents, as of and for the year ended December 31, 1993. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of Rolling Hills Associates Limited Partnership (HUD Project No. 046-94006-MNA) as of December 31, 1993, and the results of its operations, its partners' equity and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership's recurring losses and mortgage default raise substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents, which are the responsibility of the Partnership's management, are presented for purposes of additional analysis and are not a required part of the basic financial statements of Rolling Hills Associates Limited Partnership (HUD Project No. 046-94006-MNA). Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 14, 1994
[Letterhead] [LOGO] Coopers & Lybrand
Report of Independent Accountants
To the Partners of Quarter Mill Associates L.P.:
We have audited the accompanying balance sheet of Quarter Mill Associates L.P., a Virginia Limited Partnership (the "Partnership"), FHA Project No. 051-35404, as of December 31, 1995 and the related statements of changes in partners' capital accounts, profit and loss, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Quarter Mill Associates L.P. as of December 31, 1995, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in this report is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Quarter Mill Associates L.P. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated January 30, 1996, on our consideration of the Partnership's internal control structure, a report dated January 30, 1996 on its compliance with specific requirements applicable to its major Housing and Urban Development program and a report dated January 30, 1996 on compliance with specific requirements applicable to affirmative fair housing.
/s/Coopers & Lybrand L.L.P
Richmond, Virginia January 30, 1996
[Letterhead] [LOGO] Coopers & Lybrand
Report of Independent Accountants
To the Partners of Quarter Mill Associates L.P.:
We have audited the accompanying balance sheet of Quarter Mill Associates L.P., a Virginia Limited Partnership (the "Partnership"), FHA Project No. 051-35404, as of December 31, 1994, and the related statements of changes in partners' capital accounts, profit and loss, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Quarter Mill Associates L.P. as of December 31, 1994, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Coopers & Lybrand L.L.P
Richmond, Virginia January 30, 1995
[Letterhead] [LOGO] Coopers & Lybrand
Report of Independent Accountants
To the Partners of Quarter Mill Associates L.P.:
We have audited the accompanying balance sheet of Quarter Mill Associates L.P., a Virginia Limited Partnership (the "Partnership"), FHA Project No. 051-35404, as of December 31, 1993, and the related statements of changes in partners' capital accounts, profit and loss, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Quarter Mill Associates L.P. as of December 31, 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Coopers & Lybrand
Richmond, Virginia February 2, 1994
[Letterhead] [LOGO] MUELLER & WALLA, P.C. Certified Public Accountants
ACCOUNTANTS' COMPILATION REPORT
The Partners Horseshoe Bend Associates I, L.P. St. Louis, Missouri
We have compiled the accompanying balance sheet of Horseshoe Bend Associates I, L.P. (a limited partnership) as of December 31, 1995, and the related statements of operations, partners' capital, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements, and, accordingly, do not express an opinion or any other form of assurance on them.
The financial statements for the year ended December 31, 1994, were audited by us, and we expressed an unqualified opinion on them in our report dated February 6, 1995, but we have not performed any auditing procedures since that date.
/s/Mueller & Walla, P.C. Mueller & Walla, P.C. Certified Public Accountants February 6, 1996
[Letterhead] [LOGO] MUELLER & WALLA, P.C. Certified Public Accountants
ACCOUNTANTS' COMPILATION REPORT
The Partners Horseshoe Bend Associates I, L.P. St. Louis, Missouri
We have compiled the accompanying balance sheet of Horseshoe Bend Associates I, L.P. (a limited partnership) as of December 31, 1994, and the related statements of operations, partners' capital, and cash flows for the year then ended. These financial statements are the responsibility if the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1994 financial statements referred to above present fairly, in all material respects, the financial position of Horseshoe Bend Associates I, L.P. as of December 31, 1994, and the results of its operations, changes in partnerss capital and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
The 1993 financial statements were compiled by us and our report thereon, dated January 19, 1994, stated that we did not audit or review those financial statements and, accordingly, expressed no opinion or other form of assurance on them
/s/Mueller & Walla, P.C. Mueller & Walla, P.C. Certified Public Accountants February 6, 1995
[Letterhead] [LOGO] MUELLER & WALLA, P.C. Certified Public Accountants
ACCOUNTANTS' COMPILATION REPORT
The Partners Horseshoe Bend Associates I, L.P. St. Louis, Missouri
We have compiled the accompanying balance sheet of Horseshoe Bend Associates I, L.P. (a limited partnership) as of December 31, 1993, and the related statements of operations, partners' capital, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements, and, accordingly, do not express an opinion or any other form of assurance on them.
The financial statements for the year ended December 31, 1992, were audited by other accounants, and they expressed an unqualified opinion on them in our report dated January 21, 1993, but they have not performed any auditing procedures since that date.
/s/Mueller & Walla, P.C. Mueller & Walla, P.C. Certified Public Accountants January 19, 1994
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report BOULEVARD COMMONS LIMITED PARTNERSHIP II Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of BOULEVARD COMMONS LIMITED PARTNERSHIP II (a Limited Partnership), as of December 31, 1995, and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accounting principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and partners' equity of BOULEVARD COMMONS LIMITED PARTNERSHIP II at December 31, 1995, and its results of its operations, changes in partners' equity and its cash flows for the year then ended, on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates Ltd HARAN & ASSOCIATES LTD Certified Public Accountants Wilmette, Illinois Illinois Certificate No. 060-002892
January 17, 1996
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report BOULEVARD COMMONS LIMITED PARTNERSHIP II Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of BOULEVARD COMMONS LIMITED PARTNERSHIP II (a Limited Partnership), as of December 31, 1994, and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accounting principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and partners' equity of BOULEVARD COMMONS LIMITED PARTNERSHIP II at December 31, 1994, and its operations, changes in partners' equity and its cash flows for the year then ended, on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates Ltd HARAN & ASSOCIATES LTD Certified Public Accountants Wilmette, Illinois Illinois Certificate No. 060-002892
January 23, 1995
[Letterhead] [LOGO] Haran & Associates Ltd CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report BOULEVARD COMMONS LIMITED PARTNERSHIP II Chicago, Illinois
We have audited the accompanying statement of assets, liabilities, and partners' equity-income tax basis of BOULEVARD COMMONS LIMITED PARTNERSHIP II (a Limited Partnership), as of December 31, 1993, and the related statements of operations-income tax basis, changes in partners' equity-income tax basis and cash flows-income tax basis for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and generally accepted Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.
As described in the notes to the financial statements, the Partnership's policy is to prepare its financial statements on the basis of accounting used for income tax purposes and are not intended to be presented in conformity with generally accepted accounting principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and partners' equity of BOULEVARD COMMONS LIMITED PARTNERSHIP II at December 31, 1993, and its operations, changes in partners' equity and its cash flows for the year then ended, on the basis of accounting described in the notes to the financial statements.
/s/Haran & Associates Ltd HARAN & ASSOCIATES LTD Certified Public Accountants Wilmette, Illinois Illinois Certificate No. 060-002892
January 25, 1994
[Letterhead] [LOGO] SPAETH & BATTERBERRY, Ltd. CPAs and Advisors
Report of Independent Certified Public Accountants
To the Partners of Regency Square Limited Partnership (A Limited Partnership)
We have audited the accompanying balance sheet of Regency Square Limited Partnership (A Limited Partnership), HUD Project No. 046-94005-MNA, as of December 31, 1995 and the related statements of operations, partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the Consolidated Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and Urban Development, Office of Inspector General in July, 1993. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2 to the financial statements, management has not calculated a fair market value to support the carrying value of property and equipment. In our opinion, generally accepted accounting principals require management to maintain support for the carrying value of the property and equipment or to recognize a loss on impairment of long-lived assets if the fair value is less than the carrying value. Because of the lack of the calculation of fair market value by management, we were unable to form an opinion regarding the carrying value of property and equipment at December 31, 1995 (stated at $5,221,135).
In our opinion, except for the effect on the financial statements of the determination of any impairment of the carrying value of property and equipment as discussed in the preceding paragraph, such financial statements referred to above present fairly in all material respects, the financial position Regency Square Limited Partnership (A Limited Partnership), as of December 31, 1995, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership has suffered recurring losses from operations and has a net Partnership deficit, that raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued reports dated January 26, 1996, on our consideration of the Partnership's internal control structure and on its compliance with laws and regulations.
/s/Spaeth & Batterberry, Ltd. Certified Public Accountants
January 26, 1996
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Regency Square Limited Partnership:
We have audited the accompanying financial statements of Regency Square Limited Partnership, (HUD Project No. 046-94005-MNA) (the "Partnership"), listed in the Table of Contents, as of and for the year ended December 31, 1994. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2 to the financial statements, management has not obtained a current appraisal to support the recorded amount of property and equipment. In our opinion, generally accepted accounting principals require management to maintain support for the recorded amount of the property and equipment or to recognize a loss on impairment of long-lived assets if the fair value is less than the recorded amounts. The information needed to quantify the effects of this item on the financial position and results of operations of the Partnership is not reasonably determinable from the information provided by management.
In our opinion, except for the effect on the financial statements of the determination of any impairment of the recorded amount of property and equipment as discussed in the preceding paragraph, such financial statements referred to above present fairly in all material respects, the financial position Regency Square Limited Partnership(HUD Project No. 046-94005-MNA), as of December 31, 1994, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership's recurring losses and default on the mortgage raise substantial doubt about its ability to continue as a going concern. Management's plans concerning these matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary schedules listed in the Table of Contents, which are also the responsibility of the Partnership's management, are presented for the purpose of additional analysis and is not a required part of the basic financial statements of Regency Square Limited Partnership(HUD Project No. 046-94005-MNA). Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, except for the effects on such schedules of not obtaining support for the recorded value of property and equipment as discussed in the third preceding paragaph, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 13, 1995
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Regency Square Limited Partnership:
We have audited the accompanying financial statements of Regency Square Limited Partnership, (HUD Project No. 046-94005-MNA) (the "Partnership"), listed in the Table of Contents, as of and for the year ended December 31, 1993. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material respects, the financial position Regency Square Limited Partnership(HUD Project No. 046-94005-MNA), as of December 31, 1993, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership's recurring losses and default on the mortgage raise substantial doubt about its ability to continue as a going concern. Management's plans concerning these matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents, which are also the responsibility of the Partnership's management, are presented for the purpose of additional analysis and is not a required part of the basic financial statements of Regency Square Limited Partnership(HUD Project No. 046-94005-MNA). Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 14, 1994
[Letterhead] [LOGO] Reznick Fedder & Silverman Certified Public Accountants, Business Consultants A Professional Corporation
INDEPENDENT AUDITORS' REPORT
To the Partners Harbour View Associates (a Limited Partnership)
We have audited the accompanying balance sheet of Harbour View Associates (a Limited Partnership), HUD Project No.: 012-36601-PM, as of December 31, 1995, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Harbour View Associates (a Limited Partnership) HUD project No.: 101-36601-PM as of and for the year ended December 31, 1994 were audited by other auditors whose report thereon dated February 8, 1995 expressed a qualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As more fully described in Note C to the financial statements, the Partnership has not recorded certain accrued interest on the mortgage payable in the accompanying balance sheets, statements of profit and loss and partners' deficit, that, in our opinion, should be accrued in order to conform with generally accepted accounting principles. If this interest were recorded, accrued interest payable would be increased by $122,803 and partners' deficit would be increased by $122,803, as of December 31, 1995. Additionally, the Partnership's net loss for the year ended December 31, 1995 would be increased by $122,803.
In our opinion, except for the effects of not accruing certain interest on the mortgage as discussed in the preceding paragraph, the financial statements referred to above present fairly, in all material respects, the financial position Harbour View Associates (a Limited Partnership) as of December 31, 1995, and the results of its operations, partners' equity (deficit) and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the Partnership will continue as a going concern. As discussed in Note B to the financial statements, the Partnership is in default of its mortgage due to substantial losses from operations and the unauthorized withdrawal of funds by the former managing general partner and the former managing agent of the Partnership's property. These events raise substantial doubt about the Partnership's ability to continue as a going concern. The General Partners' plan regarding this matter is also described in Note B. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our audit was made for the purpose of forming an opinion on the basic financial statements for 1995 taken as a whole. The supplemental information on pages 22 though 28 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information for 1995 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. The supplemental information for 1994 was audited by other auditors whose report thereon dated February 8, 1995 express a qualified opinion.
In accordance with Government Auditing Standards, we have also issued reports dated January 30, 1996 on our consideration of Harbour View Associates' (a Limited Partnership) internal control structure and on its compliance with specific requirements applicable to major HUD Programs, affirmative fair housing, and laws and regulations applicable to the financial statements.
/s/Reznick Fedder & Silverman
Boston, Massachusetts Federal Employer January 30, 1996 Identification Number: 52-1088612
Audit Principal: Phillip A. Weitzel
[Letterhead] [LOGO] Coopers & Lybrand a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners Harbour View Associates (a Limited Partnership)
We have audited the accompanying balance sheets of Harbour View Associates (the "Partnership"), HUD Project No.: 012-36601-PM, as of December 31, 1994 and 1993, and the related statements of profit and loss, partners' equity (deficiency) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As more fully described in Note 2 to the financial statements, the Partnership has not recorded certain accrued interest on the mortgage note payable in the accompanying balance sheets, statements of profit and loss and partners' equity (deficiency), that, in our opinion, should be accrued in order to conform with generally accepted accounting principles. If this interest were recorded, accrued interest payable would be increased by $166,857 and partners' equity would be decreased by $166,857, as of December 31, 1994. Additionally, the Partnership's net loss for the year ended December 31, 1994 would be increased by $166,857.
In our opinion, except for the effects of not accruing certain interest on the mortgage note as discussed in the preceding paragraph, the financial statements referred to above present fairly, in all material respects, the financial position Harbour View Associates (a Limited Partnership), HUD Project No.: 012-36601-PM, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the Partnership will continue as a going concern. As discussed in Note 1 to the financial statements, the Partnership is in default of its mortgage due to substantial losses from operations and the unauthorized withdrawal of funds by the former managing general partner and the former managing agent of the Partnership's property. These events raise substantial doubt about the Partnership's ability to continue as a going concern. The General Partners' plan regarding this matter is also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/Coppers & Lybrand L.L.P.
Boston, Massachusetts February 8, 1995
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Bridgeport Housing Associates, Ltd. (d/b/a Crestewood Place Apartments)
We have audited the accompanying balance sheet of Bridgeport Housing Associates, Ltd. (a Texas Limited partnership) (d/b/a Crestwood Place Apartments), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Bridgeport Housing Associates, Ltd. (d/b/a Crestwood Place Apartments) as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Bridgeport Housing Associates, Ltd. (d/b/a Crestwood Place Apartments), as of December 31, 1993, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 12, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Crown Point Housing Associates, Ltd.
We have audited the accompanying balance sheet of Crown Point Housing Associates, Ltd. (a Texas Limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Crown Point Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Crown Point Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 18, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Glenbrook Housing Associates, Ltd.
We have audited the accompanying balance sheet of Glenbrook Housing Associates, Ltd. (a Texas Limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Glenbrook Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Glenbrook Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
February 4, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Godley Arms Housing Associates, Ltd.
We have audited the accompanying balance sheet of Godley Arms Housing Associates, Ltd. (a Texas Limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Godley Arms Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Godley Arms Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 14, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners North Quail Run Housing Associates, Ltd.
We have audited the accompanying balance sheet of North Quail Run Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of North Quail Run Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position North Quail Run Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 21, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Lake Dallas Housing Associates, Ltd. (d/b/a Shady Shores Apartments)
We have audited the accompanying balance sheet of Lake Dallas Housing Associates, Ltd. (a Texas limited partnership) (d/b/a Shady Shores Apartments), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Lake Dallas Housing Associates, Ltd. (d/b/a Shady Shores Apartments) as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Lake Dallas Housing Associates, Ltd. (d/b/a Shady Shores Apartments) at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 20, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Eagles Nest Housing Associates, Ltd.
We have audited the accompanying balance sheet of Eagles Nest Housing Associates, Ltd. (a Texas limited partnership), RECD Project No. 51-049-0752266596, as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Eagles Nest Housing Associates, Ltd. as of December 31, 1995, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As discussed in Note 4 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
As described in Note 3 to the financial statements, the Partnership is in noncompliance with RECD loan covenants and RECD regulations.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 1996 on our consideration of the Partnership's internal control structure and a report dated January 26, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
January 26, 1996
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Eagles Nest Housing Associates, Ltd.
We have audited the accompanying balance sheet of Eagles Nest Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Eagles Nest Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Eagles Nest Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 25, 1994
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners Loan Oak Housing Associates, Ltd.
We have audited the accompanying balance sheet of Loan Oak Housing Associates, Ltd. (a Texas Limited partnership), RECD Project No. 51-052-752266417, as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Loan Oak Housing Associates, Ltd. at December 31, 1995, and the results of its operations, changes in partners' equity (deficit), and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Subsequent to December 31, 1995, as discussed in Note 4 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
As described in Note 3 to the financial statements, the Partnership is in noncompliance with RECD loan covenants and RECD regulations.
In accordance with Government Auditing Standards, we have also issued a report dated January 30, 1996 on our consideration of the Partnership's internal control structure and a report dated January 30, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
January 30, 1996
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Lone Oak Housing Associates, Ltd.
We have audited the accompanying balance sheet of Lone Oak Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Lone Oak Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Lone Oak Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 26, 1994
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners Sherwood Arms Housing Associates, Ltd.
We have audited the accompanying balance sheet of Sherwood Arms Housing Associates, Ltd. (a Texas Limited partnership), RECD Project No. 50-026-752266412, as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Sherwood Arms Housing Associates, Ltd. at December 31, 1995, and the results of its operations, changes in partners' equity (deficit), and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Subsequent to December 31, 1995, as discussed in Note 4 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
As described in Note 3 to the financial statements, the Partnership is in noncompliance with RECD loan covenants and RECD regulations.
In accordance with Government Auditing Standards, we have also issued a report dated February 6, 1996 on our consideration of the Partnership's internal control structure and a report dated February 6, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
February 6, 1996
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners Pilot Point Housing Associates, Ltd.
We have audited the accompanying balance sheet of Pilot Point Housing Associates, Ltd. (a Texas Limited partnership), as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Pilot Point Housing Associates, Ltd. at December 31, 1995, and the results of its operations, changes in partners' equity (deficit), and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As discussed in Note 4 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
As described in Note 3 to the financial statements, the Partnership is in noncompliance with RECD loan covenants and RECD regulations.
In accordance with Government Auditing Standards, we have also issued a report dated January 30, 1996 on our consideration of the Partnership's internal control structure and a report dated January 30, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
January 30, 1996
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Pilot Point Housing Associates, Ltd.
We have audited the accompanying balance sheet of Pilot Point Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Pilot Point Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Pilot Point Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 18, 1994
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners Willowick Housing Associates, Ltd.
We have audited the accompanying balance sheet of Willowick Housing Associates, Ltd. (a Texas Limited partnership), RECD Project No. 49-049-75227086, as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Willowick Housing Associates, Ltd. at December 31, 1995, and the results of its operations, changes in partners' equity (deficit), and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As discussed in Note 5 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
As described in Note 4 to the financial statements, the Partnership is in noncompliance with RECD loan covenants and RECD regulations.
In accordance with Government Auditing Standards, we have also issued a report dated February 8, 1996 on our consideration of the Partnership's internal control structure and a report dated February 8, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
February 8, 1996
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Willowick Housing Associates, Ltd.
We have audited the accompanying balance sheet of Willowick Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Willowick Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Willowick Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 13, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners West Hallettsville Housing Associates, Ltd.
We have audited the accompanying balance sheet of West Hallettsville Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of West Hallettsville Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position West Hallettsville Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 28, 1994
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners One Main Place Housing Associates, Ltd.
We have audited the accompanying balance sheet of One Main Place Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of One Main Place Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position One Main Place Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 13, 1994
[Letterhead] [LOGO] PLANTE & MORAN
Independent Auditor's Report
To the Partners Sherwood Arms Housing Associates, Ltd.
We have audited the accompanying balance sheet of Sherwood Arms Housing Associates, Ltd. (a Texas limited partnership), as of December 31, 1993, and the related statements operations, partners' equity , and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Sherwood Arms Housing Associates, Ltd. as of December 31, 1992, were audited by other auditors whose report dated January 29, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly, in all material respects, the financial position Sherwood Arms Housing Associates, Ltd. at December 31, 1993, and the results of its operations, changes in partners' equity and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
As described in Note 6 to the financial statements, the Partnership is in noncompliance with FmHA loan covenants and FmHA regulations.
/s/Plante & Moran
January 15, 1994
[Letterhead] [LOGO] PLANTE & MORAN, LLP
Independent Auditor's Report
To the Partners Division of Boston Financial Texas Properties Limited Partnership III (d/b/a Lakeway Colony)
We have audited the accompanying balance sheet of Division of Boston Financial Texas Properties Limited Partnership III (a Massachusetts limited Partnership) (d/b/a Lakeway Colony), RECD Project No. 49-061-0043253081, as of December 31, 1995, and the related statements operations, partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Division of Boston Financial Texas Properties Limited Partnership III (a Massachusetts limited Partnership) (d/b/a Lakeway Colony) at December 31, 1995, and the results of its operations, changes in partners' equity, and cash flows for the year then ended, in conformity with generally accepted accounting principles.
As discussed in Note 5 to the financial statements, the Partnership has entered into an option with a prospective purchaser for the sale of assets and transfer of certain liabilities of the Partnership. It is presently not determinable whether the amounts realizable from the disposition of the assets or the amounts that RECD agrees to accept in settlement of the obligations due it will differ materially from the amounts shown in the accompanying financial statements.
In accordance with Government Auditing Standards, we have also issued a report dated March 14, 1996 on our consideration of the Partnership's internal control structure and a report dated March 14, 1996 on its compliance with laws and regulations.
/s/Plante & Moran LLP
March 14, 1996
[Letterhead] [LOGO] Braunsdorf, Carlson and Clinkinbeard Certified Public Accountants A Professional Association
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Wayne Senior Housing, A Limited Partnership Wayne, Nebraska
We have audited the accompanying balance sheet of Wayne Senior Housing, A Limited Partnership (a Kansas limited Partnership) FmHA Case No. 32-090-481008237, as of December 31, 1994, and the related statements of loss, partners' equity and cash flows for the year ended December 31, 1994. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Wayne Senior Housing, A Limited Partnership as of December 31, 1994, and the results of its operations, changes in partners' equity, and cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Braunsdorf, Carlson, and Clinkinbeard
Braunsdorf, Carlson, and Clinkinbeard, CPA's, P.A.
Topeka, Kansas February 13, 1995
[Letterhead] [LOGO] Coopers & Lybrand
Certified Public Accountants
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of Willow Lake Partners II, L.P. (a Limited Partnershhip)
We have audited the accompanying balance sheet of Willow Lake Partners II, L.P. (a Limited Partnershhip), as of December 31, 1993, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position Willow Lake Partners II, L.P. (a Limited Partnershhip) as of December 31, 1993, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
/s/Coopers & Lybrand
Boston, Massachusetts February 17, 1994
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Pennsylvania Housing Finance Agency River Front Apartments Limited 2101 North Front Street Partnership P.O. Box 8029 Washington, D.C. Harrisburg, PA
We have audited the accompanying statements of financial position of River Front Apartments Limited Partnership, A Limited Partnership, PHFA Project No. R458-8E as of December 31, 1995 and 1994, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of River Front Apartments Limited Partnership at December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Deloitte & Touche LLP
January 31, 1996
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Pennsylvania Housing Finance Agency River Front Apartments Limited 2101 North Front Street Partnership P.O. Box 8029 Washington, D.C. Harrisburg, PA
We have audited the accompanying statements of financial position of River Front Apartments Limited Partnership, A Limited Partnership, PHFA Project No. R458-8E as of December 31, 1994 and 1993, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material respects, the financial position River Front Apartments Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information, as referred to in the Table of Contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. This additional information is the responsibility of the Partnership's management. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, the additional information is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 11, 1995
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Pennsylvania Housing Finance Agency Susquehanna View Limited 2101 North Front Street Partnership P.O. Box 8029 Washington, D.C. Harrisburg, PA
We have audited the accompanying statements of financial position of Susquehanna View Limited Partnership, A Limited Partnership, PHFA Project No. R451-8E as of December 31, 1995 and 1994, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material respects, the financial position of Susquehanna View Limited Partnership, as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/Deloitte & Touche LLP
January 17, 1996
[Letterhead] [LOGO] Deloitte & Touche LLP
INDEPENDENT AUDITORS' REPORT
To the Partners of Pennsylvania Housing Finance Agency Susquehanna View Limited 2101 North Front Street Partnership P.O. Box 8029 Washington, D.C. Harrisburg, PA
We have audited the accompanying statements of financial position of Susquehanna View Limited Partnership, A Limited Partnership, PHFA Project No. R451-8E as of December 31, 1994 and 1993, and the related statements of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material respects, the financial Susquehanna View Limited Partnership, as of December 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information, as referred to in the Table of Contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. This additional information is the responsibility of the Partnership's management. Such information has been subjected to the
Susquehanna View Limited Partnership Page 2
auditing procedures applied in the audit of the basic financial statements and, in our opinion, the additional information is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/Deloitte & Touche LLP
January 16, 1995
[Letterhead] [LOGO] Braunsdorf, Carlson and Clinkinbeard Certified Public Accountants A Professional Association
INDEPENDENT ACCOUNTANTS' COMPILATION REPORT
We are enclosing the following compiled financial statements for the attached list of properties
1. Balance sheet as of December 31, 1995.
2. Statement of income for the current period ending December 31, 1995 and the twelve months ending December 31, 1995.
These statements have been compiled by us in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principals. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed of such matters.
Sincerely,
/s/Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Topeka, Kansas February 28, 1996
Billings Family Housing Ellsworth Senior Housing Garden Plain Senior Housing Rossville Senior Housing Prairieland of Satanta Prairieland of Syracuse Wayne Senior Housing
[Letterhead] [LOGO] Braunsdorf, Carlson and Clinkinbeard Certified Public Accountants A Professional Association
INDEPENDENT ACCOUNTANTS' COMPILATION REPORT
We are enclosing the following compiled financial statements for the attached list of properties
1. Balance sheet as of December 31, 1994.
2. Statement of income for the current period ending December 31, 1994 and the twelve months ending December 31, 1994.
These statements have been compiled by us in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principals. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed of such matters.
Sincerely,
/s/Braunsdorf, Carlson and Clinkinbeard
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A. Topeka, Kansas February 28, 1995
Altheimer Associates I, L.P Billings Family Housing Blair Senior Housing Bolivar Senior Housing, L.P. Ellsworth Senior Garden Plain Senior La Center Associates, L.P. Lamar Associates, L.P. Longview Apartments, L.P. Missouri Rural Housing of Oak Grove, L.P. Mulburry Associates I, L.P. Prairieland of Satanta Prairieland of Syracuse Rossville Senior Smithsville Senior Strafford II Rural Westgate Associates I, L.P. Winona Associates I, L.P.