Item 1. Business
Gateway Tax Credit Fund II Ltd. ("Gateway") is a Florida Limited Partnership. The general partners are Raymond James Tax Credit Funds, Inc., the Managing General Partner, and Raymond James Partners, Inc., both sponsors of Gateway Tax Credit Fund II Ltd. and wholly-owned subsidiaries of Raymond James Financial, Inc.
Pursuant to the Securities Act of 1933, Gateway filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 12, 1989, which covered the offering (the "Public Offering") of Gateway's Beneficial Assignee Certificates ("BACs") representing assignments of units for the beneficial interest of the limited partnership interest of the Assignor Limited Partner. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business.
Gateway is engaged in only one industry segment, to acquire limited partnership interests in unaffiliated limited partnerships ("Project Partnerships"), each of which owns and operates one or more apartment complexes eligible for Low-Income Housing Tax Credits under Section 42 of the Internal Revenue Code ("Tax Credits"), received over a ten year period. Subject to certain limitations, Tax Credits may be used by Gateway's investors to reduce their income tax liability generated from other income sources. Gateway will terminate on December 31, 2040, or sooner, in accordance with the terms of its Limited Partnership Agreement. As of March 31, 1998, Gateway had received capital contributions of $1,000 from the General Partners and $37,228,000 from Assignees.
Gateway offered BACs in five series. BACs in the amounts of $6,136,000, $5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5, and 6, respectively had been issued as of March 31, 1998. Each series is treated as a separate partnership, investing in a separate and distinct pool of Project Partnerships. Net proceeds from each series were used to acquire Project Partnerships which are specifically allocated to such series. Income or loss and all tax items from the Project Partnerships acquired by each series are specifically allocated among the Assignees of such series.
Operating profits and losses, cash distributions from operations and Tax Credits are allocated 99% to the Assignees and 1% to the General Partners. Profit or loss and cash distributions from sales of property will be allocated as described in the Limited Partnership Agreement.
As of March 31, 1998, Gateway had invested in 22 Project Partnerships for Series 2, 23 Project Partnerships for Series 3, 29 Project Partnerships for Series 4, 36 Project Partnerships for Series 5 and 38 Project Partnerships for Series 6. Gateway acquired its interests in these properties by becoming a limited partner in the Project Partnerships that own the properties. As of March 31, 1998 each series was fully invested in Project Partnerships and management plans no new investments in the future.
The primary source of funds from the inception of each series has been the capital contributions from Assignees. Gateway's operating costs are funded using the reserves, established for this purpose, the interest earned on these reserves and distributions received from Project Partnerships.
All but two of the Project Partnerships are government subsidized with mortgage loans from the Farmers Home Administration (now called Rural Economic and Community Development) ("RECD") under Section 515 of the Housing Act of 1949. These mortgage loans are made at low interest rates for multi-family housing in rural and suburban areas, with the requirement that the interest savings be passed on to low income tenants in the form of lower rents. A significant portion of the project partnerships also receive rental assistance from RECD to subsidize certain qualifying tenants.
The General Partners do not believe the Project Partnerships are subject to the risks generally associated with conventionally financed nonsubsidized apartment properties. Risks related to the operations of Gateway are described in detail on pages 23 through 34 of the Prospectus, as supplemented, under the Caption "Risk Factors" which is incorporated herein by reference. The investment objectives of Gateway are to:
1) Provide tax benefits to Assignees in the form of Tax Credits during the period in which each Project is eligible to claim tax credits;
2) Preserve and protect the capital contribution of Investors;
3) Participate in any capital appreciation in the value of the Projects; and
4) Provide passive losses to i) individual investors to offset passive income from other passive activities, and ii) corporate investors to offset business income.
The investment objectives and policies of Gateway are described in detail on pages 34 through 40 of the Prospectus, as supplemented, under the caption "Investment Objectives and Policies" which is incorporated herein by reference.
Gateway's goal was to invest in a diversified portfolio of Project Partnerships located in rural and suburban locations with a high demand for low income housing. As of March 31, 1998 the investor capital contributions were successfully invested in Project Partnerships which met the investment criteria. Management anticipates that competition for tenants will only be with other low income housing projects and not with conventionally financed housing. With significant number of rural American households living below the poverty level in substandard housing, management believes there will be a continuing demand for affordable low income housing for the foreseeable future.
Gateway has no direct employees. Services are performed by the Managing General Partner and its affiliates and by agents retained by it. The Managing General Partner has full and exclusive discretion in management and control of Gateway.
Item 2.
Item 2. Properties
Gateway owns a majority interest in properties through its limited partnership investments in Project Partnerships. The largest single investment in a Project Partnership in Series 2 is 12.9% of the Series' total assets, Series 3 is 11.3%, Series 4 is 6.9%, Series 5 is 11.7% and Series 6 is 11.6%. The following table provides certain summary information regarding the Project Partnerships in which Gateway had an interest as of December 31, 1997: SERIES 2 OCCU- LOCATION OF # OF DATE PROPERTY PANCY PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE - ----------- ----------- ----- ------- -------- -----
Claxton Elderly Claxton, GA 24 9/90 $ 799,538 100% Deerfield II Douglas, GA 24 9/90 854,562 83% Hartwell Family Hartwell, GA 24 9/90 859,698 96% Cherrytree Apts. Albion, PA 33 9/90 1,439,636 94% Springwood Apts. Westfield, NY 32 9/90 1,510,355 100% Lakeshore Apts. Tuskegee, AL 34 9/90 1,267,543 94% Lewiston Lewiston, NY 25 10/90 1,233,935 100% Charleston Charleston, AR 32 9/90 1,076,098 97% Sallisaw II Sallisaw, OK 47 9/90 1,517,589 96% Pocola Pocola, OK 36 10/90 1,245,870 89% Inverness Club Inverness, FL 72 9/90 3,496,824 90% Pearson Elderly Pearson, GA 25 9/90 781,460 92% Richland Elderly Richland, GA 33 9/90 1,057,871 91% Lake Park Lake Park, GA 48 9/90 1,794,542 96% Woodland Terrace Waynesboro, GA 30 9/90 1,080,083 93% Mt. Vernon Elderly Mt. Vernon, GA 21 9/90 700,935 95% Lakeland Elderly Lakeland, GA 29 9/90 955,815 100% Prairie Apartments Eagle Butte, SD 21 10/90 1,253,358 100% Sylacauga Heritage Sylacauga, AL 44 12/90 1,750,941 98% Manchester Housing Manchester, GA 49 1/91 1,779,793 90% Durango C.W.W. Durango, CO 24 1/91 1,287,618 100% Columbus Seniors Columbus, KS 16 5/92 509,315 94% ----------- 723 $28,253,379 ==== ===========
The aggregate average effective rental per unit is $3,258 per year ($272 per month).
Inverness Club Ltd.'s fixed asset total is 12.3% of the Series 2 total Project Partnership fixed assets. Inverness Club was placed in service in October 1991, is located on Florida's West Coast and operates as a low-income 72 unit apartment facility for the elderly. It also offers an optional congregate services package to all tenants. The property competes for tenants with six other apartment properties in the area. The market study estimated a demand for 100 elderly units.
Inverness Club's occupancy rate was 90% and its average effective annual rental per unit was $4,506 ($375 per month) on December 31, 1997. The land cost was $205,500 and the building cost was $3,291,324. The building is depreciated using the straight line method over 27.5 years. Management believes the property insurance coverage is adequate. For the year ended December 31, 1997 the real estate taxes were $69,705.
Item 2 - Properties (continued):
SERIES 3 OCCU- LOCATION OF # OF DATE PROPERTY PANCY PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE - ----------- ----------- ----- -------- -------- -----
Poteau II Poteau, OK 52 8/90 $ 1,789,148 98% Sallisaw Sallisaw, OK 52 8/90 1,744,103 98% Nowata Properties Oolagah, OK 32 8/90 1,148,484 94% Waldron Properties Waldron, AR 24 9/90 860,273 92% Roland II Roland, OK 52 10/90 1,804,010 96% Stilwell Stilwell, OK 48 10/90 1,597,701 96% Birchwood Apts. Pierre, SD 24 9/90 1,024,326 92% Hornellsville Arkport, NY 24 9/90 1,097,600 100% Sunchase II Watertown, SD 41 9/90 1,327,524 95% CE McKinley II Rising Sun, MD 16 9/90 792,528 94% Weston Apartments Weston, AL 10 11/90 339,949 90% Countrywood Apts. Centreville, AL 40 11/90 1,519,764 98% Wildwood Apts. Pineville, LA 28 11/90 1,084,325 89% Hancock Hawesville, KY 12 12/90 440,425 100% Hopkins Madisonville, KY 24 12/90 927,256 100% Elkhart Apts. Elkhart, TX 54 1/91 1,527,684 83% Bryan Senior Bryan, OH 40 1/91 1,185,879 97% Brubaker Square New Carlisle, OH 38 1/91 1,452,506 95% Southwood Savannah, TN 44 1/91 1,792,293 89% Villa Allegra Celina, OH 32 1/91 1,133,557 97% Belmont Senior Cynthiana, KY 24 1/91 935,143 96% Heritage Villas Helena, GA 25 3/91 823,974 92% Logansport Seniors Logansport, LA 32 3/91 1,086,394 100%
768 27,434,846 === ===========
The average effective rental per unit is $2,963 per year ($247 per month).
Item 2 - Properties (continued):
SERIES 4 OCCU- LOCATION OF # OF DATE PROPERTY PANCY PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE - ----------- ----------- ---- -------- -------- ------
Alsace Soda Springs, ID 24 12/90 $ 800,927 100% Seneca Apartments Seneca, MO 24 2/91 719,101 92% Eudora Senior Eudora, KS 36 3/91 1,257,482 97% Westville Westville, OK 36 3/91 1,101,686 100% Wellsville Senior Wellsville, KS 24 3/91 810,970 88% Stilwell II Stilwell, OK 52 3/91 1,657,974 98% Spring Hill Sr. Spring Hill, KS 24 3/91 1,036,369 96% Smithfield Smithfield, UT 40 4/91 1,841,135 100% Tarpon Heights Galliano, LA 48 4/91 1,493,434 100% Oaks Apartments Oakdale, LA 32 4/91 1,032,509 100% Wynnwood Common Fairchance, PA 34 4/91 1,665,785 100% Chestnut Howard, SD 24 5/91 1,052,385 42% Apts -St. George St. George, SC 24 6/91 940,861 100% Williston Williston, SC 24 6/91 1,002,600 100% Brackettville Sr. Brackettville, TX 32 6/91 991,966 100% Sonora Seniors Sonora, TX 32 6/91 1,013,315 100% Ozona Seniors Ozona, TX 24 6/91 759,843 100% Fredericksburg Sr. Fredericksburg, TX 48 6/91 1,402,563 100% St. Joseph St. Joseph, IL 24 6/91 976,046 96% Courtyard Huron, SD 21 6/91 845,366 100% Rural Development Ashland, ME 25 6/91 1,422,482 96% Jasper Villas Jasper, AR 25 6/91 1,101,517 96% Edmonton Senior Edmonton, KY 24 6/91 906,714 96% Jonesville Manor Jonesville, VA 40 6/91 1,717,313 100% Norton Green Norton, VA 40 6/91 1,694,371 100% Owingsville Senior Owingsville, KY 22 8/91 848,044 100% Timpson Seniors Timpson, TX 28 8/91 815,916 100% Piedmont Barnesville, GA 36 8/91 1,289,047 92% S.F. Arkansas City Arkansas City, KS 12 8/91 412,028 92%
879 32,609,749 ==== ==========
The average effective rental per unit is $3,158 per year ($263 per month).
Item 2 - Properties (continued):
SERIES 5 OCCU- LOCATION OF # OF DATE PROPERTY PANCY PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE - ----------- ----------- ---- -------- -------- -----
Seymour Seymour, IN 37 8/91 $ 1,517,995 95% Effingham Effingham, IL 24 8/91 980,617 100% S.F. Winfield Winfield, KS 12 8/91 400,920 100% S.F.Medicine Lodge Medicine Lodge,KS 16 8/91 564,559 88% S.F. Ottawa Ottawa, KS 24 8/91 707,449 100% S.F. Concordia Concordia, KS 20 8/91 686,962 100% Highland View Elgin, OR 24 9/91 877,808 100% Carrollton Club Carrollton, GA 78 9/91 3,217,901 96% Scarlett Oaks Lexington, SC 40 9/91 1,674,646 100% Brooks Hill Ellijay, GA 44 9/91 1,748,738 95% Greensboro Greensboro, GA 24 9/91 866,259 96% Greensboro II Greensboro, GA 33 9/91 1,093,149 100% Pine Terrace Wrightsville, GA 25 9/91 885,185 92% Shellman Shellman, GA 27 9/91 905,064 100% Blackshear Cordele, GA 46 9/91 1,592,318 98% Crisp Properties Cordele, GA 31 9/91 1,124,037 97% Crawford Crawford, GA 25 9/91 907,712 88% Yorkshire Wagoner, OK 60 9/91 2,540,966 98% Woodcrest South Boston, VA 40 9/91 1,574,776 93% Fox Ridge Russellville, AL 24 9/91 889,941 100% Redmont II Red Bay, AL 24 9/91 840,596 96% Clayton Clayton, OK 24 9/91 871,530 96% Alma Alma, AR 24 9/91 957,710 96% Pemberton Village Hiawatha, KS 24 9/91 766,979 100% Magic Circle Eureka, KS 24 9/91 776,127 100% Spring Hill Spring Hill, KS 36 9/91 1,449,378 83% Menard Retirement Menard, TX 24 9/91 761,873 96% Wallis Housing Wallis, TX 24 9/91 574,824 96% Zapata Housing Zapata, TX 40 9/91 1,238,405 93% Mill Creek Grove, OK 60 11/91 1,741,669 98% Portland II Portland, IN 20 11/91 721,098 100% Georgetown Georgetown, OH 24 11/91 895,370 100% Cloverdale Cloverdale, IN 24 1/92 939,030 96% So. Timber Ridge Chandler, TX 44 1/92 1,280,424 100% Pineville Pineville, MO 12 5/92 390,330 83% Ravenwood Americus, GA 24 1/94 887,896 100%
1106 39,850,241 === ===========
The average effective rental per unit is $3,093 per year ($258 per month).
Item 2 - Properties (continued):
SERIES 6 OCCU- LOCATION OF # OF DATE PROPERTY PANCY PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE - ----------- ----------- ----- -------- -------- ----
Spruce Pierre, SD 24 11/91 $ 1,104,499 96% Shannon O'Neill, NE 16 11/91 646,813 100% Carthage Carthage, MO 24 1/92 696,667 96% Mountain Crest Enterprise, OR 39 3/92 1,231,378 100% Coal City Coal City, IL 24 3/92 1,198,636 96% Blacksburg Terrace Blacksburg, SC 32 4/92 1,323,070 100% Frazer Place Smyrna, DE 30 4/92 1,673,104 97% Ehrhardt Ehrhardt, SC 16 4/92 685,776 100% Sinton Sinton, TX 32 4/92 1,039,306 100% Frankston Frankston, TX 24 4/92 674,981 100% Flagler Beach Flagler Beach, FL 43 5/92 1,653,116 96% Oak Ridge Williamsburg, KY 24 5/92 1,037,966 83% Monett Monett, MO 32 5/92 957,761 100% Arma Arma, KS 28 5/92 866,953 100% Southwest City Southwest City, MO 12 5/92 386,336 100% Meadowcrest Luverne, AL 32 6/92 1,203,738 100% Parsons Parsons, KS 48 7/92 1,532,968 100% Newport Village Newport, TN 40 7/92 1,613,724 100% Goodwater Falls Jenkins, KY 36 7/92 1,393,363 100% Northfield Station Corbin, KY 24 7/92 1,022,561 63% Pleasant Hill Somerset, KY 24 7/92 954,810 96% Winter Park Mitchell, SD 24 7/92 1,244,473 96% Cornell Watertown, SD 24 7/92 1,073,025 96% Heritage Drive So. Jacksonville, TX 40 1/92 1,198,589 100% Brodhead Brodhead, KY 24 7/92 954,068 88% Mt. Village Mt. Vernon, KY 24 7/92 939,596 100% Hazlehurst Hazlehurst, MS 32 8/92 1,181,404 100% Sunrise Yankton, SD 33 8/92 1,362,501 100% Stony Creek Hooversville, PA 32 8/92 1,650,995 91% Logan Place Logan, OH 40 9/92 1,518,626 98% Haines Haines, AK 32 8/92 3,030,343 88% Maple Wood Barbourville, KY 24 8/92 1,007,744 100% Summerhill Gassville, AR 28 9/92 841,241 100% Dorchester St. George, SC 12 9/92 562,272 100% Lancaster Mountain View, AR 33 9/92 1,381,329 100% Autumn Village Harrison, AR 16 7/92 615,604 100% Hardy Hardy, AR 24 7/92 931,560 96% Dawson Dawson, GA 40 11/93 1,474,973 95%
1086 43,865,869 ==== ===========
The average effective rental per unit is $3,333 per year ($278 per month).
Item 2 - Properties (continued): A summary of the cost of the properties at December 31, 1997, 1996 and 1995 is as follows: 12/31/97 SERIES 2 SERIES 3 SERIES 4 Land $ 1,012,180 $ 985,546 $ 1,188,112 Land Improvements 118,113 242,943 123,230 Buildings 26,235,180 25,126,561 29,953,004 Furniture and Fixtures 887,906 1,079,796 1,345,403 Construction in Progress 0 0 9,011 ----------- ----------- ----------- Properties, at Cost 28,253,379 27,434,846 32,618,760 Less: Accum.Depreciation 6,581,790 8,538,755 7,324,765 ----------- ----------- ----------- Properties, Net $21,671,589 $18,896,091 $25,293,995 =========== =========== ===========
SERIES 5 SERIES 6 TOTAL Land $ 1,461,156 $ 1,779,755 $ 6,426,749 Land Improvements 71,317 478,286 1,033,889 Buildings 36,827,233 39,721,640 157,863,618 Furniture and Fixtures 1,490,535 1,886,188 6,689,828 Construction in Progress 0 0 9,011 ----------- ----------- ----------- Properties, at Cost 39,850,241 43,865,869 172,023,095 Less: Accum.Depreciation 8,170,490 8,136,483 38,752,283 ----------- ----------- ------------ Properties, Net $31,679,751 $35,729,386 $133,270,812 =========== =========== ============
12/31/96 SERIES 2 SERIES 3 SERIES 4 Land $ 1,012,180 $ 985,546 $ 1,188,112 Land Improvements 110,157 370,083 120,607 Buildings 26,256,812 24,975,936 29,950,050 Furniture and Fixtures 819,983 1,084,398 1,305,988 Construction in Progress 0 0 0 ----------- ----------- ----------- Properties, at Cost 28,199,132 27,415,963 32,564,757 Less: Accum.Depreciation 5,649,101 7,624,569 6,264,280 ----------- ----------- ----------- Properties, Net $22,550,031 $19,791,394 $26,300,477 =========== =========== ===========
SERIES 5 SERIES 6 TOTAL Land $ 1,461,156 $ 1,779,755 $ 6,426,749 Land Improvements 71,068 449,010 1,120,925 Buildings 36,811,454 39,702,357 157,696,609 Furniture and Fixtures 1,468,845 1,821,854 6,501,068 Construction in Progress 0 0 0 ----------- ----------- ------------ Properties, at Cost 39,812,523 43,752,976 171,745,351 Less: Accum.Depreciation 6,839,405 6,668,399 33,045,754 ----------- ----------- ------------ Properties, Net $32,973,118 $37,084,577 $138,699,597 =========== =========== ===========
12/31/95 SERIES 2 SERIES 3 SERIES 4 Land $ 1,012,180 $ 985,546 $ 1,188,112 Land Improvements 110,157 368,152 119,812 Buildings 26,169,333 24,933,711 29,938,890 Furniture and Fixtures 860,825 1,077,495 1,257,453 Construction in Progress 0 0 0 ----------- ----------- ----------- Properties, at Cost 28,152,495 27,364,904 32,504,267 Less: Accum.Depreciation 4,712,310 6,707,453 5,226,315 ----------- ----------- ----------- Properties, Net $23,440,185 $20,657,451 $27,277,952 =========== =========== ===========
SERIES 5 SERIES 6 TOTAL Land $ 1,460,628 $ 1,779,755 $ 6,426,221 Land Improvements 71,068 443,074 1,112,263 Buildings 36,787,328 39,683,190 157,512,452 Furniture and Fixtures 1,458,530 1,774,248 6,428,551 Construction in Progress 0 0 0 ----------- ----------- ------------ Properties, at Cost 39,777,554 43,680,267 171,479,487 Less: Accum.Depreciation 5,473,574 5,205,351 27,325,003 ----------- ----------- ------------ Properties, Net $34,303,980 $38,474,916 $144,154,484 =========== =========== ============
Item 3.
Item 3. Legal Proceedings
Gateway is not a party to any material pending legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
As of March 31, 1998, no matters were submitted to a vote of security holders, through the solicitation of proxies or otherwise.
PART II
Item 5.
Item 5. Market for the Registrant's Securities and Related Security Holder Matters
(a) Gateway's Limited Partnership interests (BACs) are not publicly traded. There is no market for Gateway's Limited Partnership interests and it is unlikely that any will develop. No transfers of Limited Partnership Interest or BAC Units are permitted without the prior written consent of the Managing General Partner. There have been several transfers from inception to date with most being from individuals to their trusts or heirs. The Managing General Partner is not aware of the price at which the units are transferred. The conditions under which investors may transfer units is found under ARTICLE XII - "Issuance of BAC'S" on pages A-29 and A-30 of the Limited Partnership Agreement within the Prospectus, which is incorporated herein by reference.
There have been no distributions to Assignees from inception to date.
(b) Approximate Number of Equity Security Holders:
Title of Class Number of Holders as of March 31, 1998 Beneficial Assignee Certificates 2,256 General Partner Interest 2
Item 6.
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,: SERIES 2 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Total Revenues $ 41,272 $ 36,217 $ 36,532 $ 34,922 $ 34,150
Net Loss (337,693) (582,633) (591,355) (756,064) (742,342)
Equity in Losses of Project Partnerships (288,412) (527,175) (537,111) (699,847) (683,315)
Total Assets 1,045,569 1,345,931 1,893,838 2,449,615 3,164,145
Investments In Project Partnerships 510,805 814,883 1,350,923 1,901,609 2,623,688
Per BAC: (A) Tax Credits 166.40 166.40 166.30 166.30 166.30 Portfolio Income 13.10 12.10 11.20 9.70 8.40 Passive Loss (147.90) (141.90) (126.10) (131.30) (144.50)
Net Loss (54.48) (94.00) (95.41) (121.99) (119.77)
FOR THE YEARS ENDED MARCH 31,: SERIES 3 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Total Revenues $ 65,111 $ 31,128 $ 31,179 $ 29,718 $ 29,691
Net Loss (221,508) (341,282) (470,880) (640,203) (750,197)
Equity in Losses of Project Partnerships (198,168) (285,853) (421,996) (579,907) (687,550)
Total Assets 846,210 1,043,223 1,362,838 1,805,494 2,409,790
Investments In Project Partnerships 378,000 584,189 901,663 1,348,162 1,960,485
Per BAC: (A) Tax Credits 176.60 176.40 176.65 175.12 176.65 Portfolio Income 20.10 13.90 14.00 12.00 10.80 Passive Loss (154.10) (146.40) (143.30) (135.00) (139.60)
Net Loss (40.19) (61.93) (85.44) (116.17) (136.12)
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,: SERIES 4 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Total Revenues $ 44,309 $ 41,455 $ 42,246 $ 40,437 $ 39,361
Net Loss (485,415) (696,010) (705,639) (758,528) (705,387)
Equity in Losses of Project Partnerships (421,886) (635,178) (644,865) (694,726) (637,858)
Total Assets 1,600,054 2,048,377 2,711,102 3,379,586 4,094,719
Investments In Project Partnerships 981,823 1,423,319 2,073,510 2,737,516 3,455,906
Per BAC: (A) Tax Credits 168.60 168.60 168.60 168.30 168.70 Portfolio Income 13.70 13.20 12.90 10.30 8.80 Passive Loss (157.20) (149.30) (142.30) (134.60) (136.20)
Net Loss (69.50) (99.65) (101.02) (108.60) (100.99)
FOR THE YEARS ENDED MARCH 31,: SERIES 5 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Total Revenues $ 54,417 $ 52,985 $ 54,273 $ 57,635 $ 55,260
Net Loss (813,502) (997,362) (781,436) (817,018) (1,036,710)
Equity in Losses of Project Partnerships (728,729) (911,965) (700,127) (739,296) (953,919)
Total Assets 2,306,065 3,078,890 4,041,606 4,790,100 5,666,886
Investments In Project Partnerships 1,500,087 2,268,632 3,211,868 3,950,979 4,711,095
Per BAC: (A) Tax Credits 164.60 164.70 164.60 162.20 155.60 Portfolio Income 14.10 13.10 12.50 10.90 8.60 Passive Loss (141.60) (137.80) (124.30) (108.20) (145.10)
Net Loss (93.47) (114.60) (89.79) (93.88) (119.12)
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,: SERIES 6 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Total Revenues $ 49,707 $ 47,326 $ 48,446 $ 48,235 $ 52,737
Net Loss (870,137) (915,827) (821,024) (987,087) (1,190,078)
Equity in Losses of Project Partnerships (761,923) (805,310) (710,986) (875,023) (1,080,864)
Total Assets 3,930,665 4,748,789 5,612,685 6,375,252 7,287,730
Investments In Project Partnerships 3,102,793 3,912,526 4,769,625 5,525,062 6,470,949
Per BAC: (A) Tax Credits 165.50 165.40 165.40 161.70 150.20 Portfolio Income 12.90 11.30 10.70 7.70 8.50 Passive Loss (124.30) (122.10) (117.30) (119.80) (137.20)
Net Loss (85.25) (89.72) (80.44) (96.71) (116.59)
(A) The per BAC tax information is as of December 31, the year end for tax purposes.
The above selected financial data should be read in conjunction with the financial statements and related notes appearing elsewhere in this report. This statement is not covered by the auditor's opinion included elsewhere in this report.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations, Liquidity and Capital Resources
Operations commenced on September 14, 1990, with the first admission of Assignees in Series 2. The proceeds from Assignees' capital contributions available for investment were used to acquire interests in Project Partnerships.
As disclosed on the statement of operations for each Series, except as described below, interest income is comparable for the years ended March 31, 1998, March 31, 1997 and March 31, 1996. The General and Administrative expenses - General Partner and General and Administrative expenses - Other for the year ended March 31, 1998 are comparable to March 31, 1997 and March 31, 1996.
The capital resources of each Series are used to pay General and Administrative operating costs including personnel, supplies, data processing, travel and legal and accounting associated with the administration and monitoring of Gateway and the Project Partnerships. The capital resources are also used to pay the Asset Management Fee due the Managing General Partner, but only to the extent that Gateway's remaining resources are sufficient to fund Gateway's ongoing needs. (Payment of any Asset Management Fee unpaid at the time Gateway sells its interests in the Project Partnerships is subordinated to the return of the investors' original capital contributions).
The sources of funds to pay the operating costs of each Series are short term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries") which were purchased with funds set aside for this purpose, and cash distributed to the Series from the operations of the Project Partnerships.
From inception, no Series has paid distributions and management does not anticipate distributions in the future.
Series 2 - Gateway closed this series on September 14, 1990 after receiving $6,136,000 from 375 Assignees. As of March 31, 1998, the series had invested $4,524,678 in 22 Project Partnerships located in 10 states containing 723 apartment units. Average occupancy of the Project Partnerships was 96% at December 31, 1997.
Equity in Losses of Project Partnerships decreased from $527,175 for the year ended March 31, 1997 to $288,412 for the year ended March 31, 1998. This decrease was due to additional suspended losses of $420,416 as these losses would reduce the investment in certain Project Partnerships below zero. Equity in Losses of Project Partnerships of $527,175 for the year ended March 31, 1997 were comparable to the year ended March 31, 1996. In general, it is common in the real estate industry to experience losses for financial and tax reporting purposes because of the non-cash expenses of depreciation and amortization. (These Project Partnerships reported depreciation and amortization of $959,697, $939,525 and $935,616 for the years ended December 31, 1995, 1996, and 1997 respectively.) As a result, management expects that this Series, as well as those described below, will report its equity in Project Partnerships as a loss for tax and financial reporting purposes. Overall, management believes the Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 1998, the Series had $160,851 of short-term investments (Cash and Cash Equivalents). It also had $373,913 in Zero Coupon Treasuries with annual maturities providing $47,508 in fiscal year 1999 increasing to $66,285 in fiscal year 2007. Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of $337,693 for the year ending March 31, 1998. However, after adjusting for Equity in Losses of Project Partnerships of $288,412 and the changes in operating assets and liabilities, net cash used in operating activities was $26,268, of which $33,989 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $48,588, consisting of $16,493 in cash distributions from the Project Partnerships and $32,065 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
Series 3 - Gateway closed this series on December 13, 1990 after receiving $5,456,000 from 398 Assignees. As of March 31, 1998 the series had invested $3,888,713 in 23 Project Partnerships located in 12 states containing 768 apartment units. Average occupancy of the Project Partnerships was 95% as of December 31, 1997.
Equity in Losses of Project Partnerships decreased from $421,996 for the year ended March 31, 1996 to $285,853 for the year ended March 31, 1997 and to $198,168 for the year ended March 31, 1998. These decreases were due to suspended losses of $190,864, $343,378 and 463,688 for the years ended March 31, 1996, 1997, and 1998 respectively. These losses would reduce the investment in certain Project Partnerships below zero. (These Project Partnerships reported depreciation and amortization of $940,084, $925,984 and $923,055 for the years ended December 31, 1995, 1996 and 1997, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 1998, the Series had $135,622 of short-term investments (Cash and Cash Equivalents). It also had $332,588 in Zero Coupon Treasuries with annual maturities providing $42,244 in fiscal year 1999 increasing to $58,940 in fiscal year 2007. Management believes these sources of funds are sufficient to meet the Series' current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of $221,508 for the year ended March 31, 1998. However, after adjusting for Equity in Losses of Project Partnerships of $198,168 and the changes in operating assets and liabilities, net cash used in operating activities was $40,389, of which $41,807 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $66,086, consisting of $37,565, adjusted by $34,966 included in Other Income, in cash distributions received from the Project Partnerships and $28,521 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
Series 4 - Gateway closed this series on May 31, 1991 after receiving $6,915,000 from 465 Assignees. As of March 31, 1998, the series had invested $4,952,519 in 29 Project Partnerships located in 16 states containing 879 apartment units. Average occupancy of the Project Partnerships was 97% at December 31, 1997.
Equity in Losses of Project Partnerships decreased from $644,865 for the year ended March 31, 1996 to $635,178 for the year ended March 31, 1997 and to $421,886 for the year ended March 31, 1998. (These Project Partnerships reported depreciation and amortization of $1,047,484, $1,043,887 and $1,060,855 for the years ended December 31, 1995, 1996 and 1997, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 1998, the Series had $196,876 of short-term investments (Cash and Cash Equivalents). It also had $421,355 in Zero Coupon Treasuries with annual maturities providing $53,539 in fiscal year 1999 increasing to $74,700 in fiscal year 2007. Management believes these sources of funds are sufficient to meet the Series' current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of $485,415 for the year ended March 31, 1998. However, after adjusting for Equity in Losses of Project Partnerships of $421,886 and the changes in operating assets and liabilities, net cash used in operating activities was $40,429, of which $44,276 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $54,532, consisting of $18,400 in cash distributions from the Project Partnerships and $36,132 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
A Project Partnership located in Howard, S.D. experienced significant cash shortages from operations in 1997 due to low occupancy as a result of layoffs at a local major employer. The local general partner partially funded the deficit by lending $16,100 in 1997 and $6,030 to date in 1998. Occupancy improved to 75% at June 30, 1998. Management does not expect any materially adverse effect to Gateway from this Project Partnership.
Series 5 - Gateway closed this series on October 11, 1991 after receiving $8,616,000 from 535 Assignees. As of March 31, 1998, the series had invested $6,164,472 in 36 Project Partnerships located in 13 states containing 1,106 apartment units. Average occupancy of the Project Partnerships was 96% as of December 31, 1997.
Equity in Losses of Project Partnerships increased from $700,127 for the year ended March 31, 1996 to $911,965 for the year ended March 31, 1997 and decreased to $728,729 for the year ended March 31, 1998. (These Project Partnerships reported depreciation and amortization of $1,219,766, $1,380,487 and $1,331,686 for the years ended December 31, 1995, 1996 and 1997, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 1998, the Series had $280,813 of short-term investments (Cash and Cash Equivalents). It also had $525,165 in Zero Coupon Treasuries with annual maturities providing $66,709 in fiscal year 1999 increasing to $93,075 in fiscal year 2007. Management believes these sources of funds are sufficient to meet the Series' current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of $813,502 for the year ended March 31, 1998. However, after adjusting for Equity in Losses of Project Partnerships of $728,729 and the changes in operating assets and liabilities, net cash used in operating activities was $53,416, of which $59,826 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $75,223 consisting of $30,188 in cash distributions from the Project Partnerships and $45,035 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
Series 6 - Gateway closed this series on March 11, 1992 after receiving $10,105,000 from 625 Assignees. As of March 31, 1998, the series had invested $7,462,215 in 38 Project Partnerships located in 19 states containing 1,086 apartment units. Average occupancy of the Project Partnerships was 97% as of December 31, 1997.
Equity in Losses of Project Partnerships increased from $710,986 for the year ended March 31, 1996 to $805,310 for the year ended March 31, 1997 and decreased to $761,923 for the year ended March 31, 1998. (These Project Partnerships reported depreciation and amortization of $1,437,632, $1,477,003 and $1,474,599 for the years ended December 31, 1995, 1996 and 1997, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 1998, the Series had $406,255 of short-term investments (Cash and Cash Equivalents). It also had $421,617 in Zero Coupon Treasuries with annual maturities providing $51,000 in fiscal year 1999 increasing to $83,000 in fiscal year 2007. Management believes these sources of funds are sufficient to meet the Series' current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of $870,137 for the year ended March 31, 1998. However, after adjusting for Equity in Losses of Project Partnerships of $761,923 and the changes in operating assets and liabilities, net cash used in operating activities was $56,078, of which $58,983 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $65,597 of which $29,859 was received in cash distributions from the Project Partnerships and $35,738 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
A Project Partnership located in Corbin, KY experienced cash shortages from operations in 1997 due to low occupancy as a result of competition from other newly constructed multi-family housing properties. The deficit was funded with existing working capital earned in prior years. The management company believes occupancy will improve as the town is thriving. We expect the property to experience cash flow difficulties until occupancy improves. Management does not expect any materially adverse effect to Gateway from this Project Partnership.
Item 8.
Item 8. Financial Statements and Supplementary Data
INDEPENDENT AUDITOR'S REPORT
To the Partners of Gateway Tax Credit Fund II Ltd.
We have audited the accompanying balance sheets of each of the five Series (Series 2 through 6) constituting Gateway Tax Credit Fund II Ltd. (a Florida Limited Partnership) as of March 31, 1998 and 1997 and the related statements of operations, partners' equity, and cash flows of each of the five Series for each of the three years in the period ended March 31, 1998. 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 did not audit the financial statements of certain underlying Project Partnerships owned by Gateway Tax Credit Fund II Ltd. for each of the periods presented, the investments in which are recorded using the equity method of accounting. The investments in these partnerships represent the following percentages of the Partnership's assets as of March 31, 1998 and 1997 and the equity in their losses for each of the three years in the period ended March 31, 1998:
Assets Partnership Loss March 31, Year Ended March 31, -------- -------------------- 1998 1997 1998 1997 1996 ---- ---- ---- ---- ----
Series 2 32% 42% 79% 78% 80% Series 3 25% 35% 72% 81% 76% Series 4 44% 51% 76% 69% 64% Series 5 39% 44% 67% 69% 71% Series 6 39% 42% 66% 65% 52%
Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for such underlying partnerships, is based solely on 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 audit 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 audits and the reports of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of each of the five Series (Series 2 through 6) constituting Gateway Tax Credit Fund II Ltd. as of March 31, 1998 and 1997, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 1998, 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 schedules listed under Item 14(a)(2) in the index are presented for purposes of complying with the Securities and Exchange Commission's rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audits and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
/s/ Spence, Marston, Bunch, Morris & Co. SPENCE, MARSTON, BUNCH, MORRIS & CO. Certified Public Accountants Clearwater, Florida July 2, 1998
PART I - Financial Information Item 1. Financial Statements GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997
SERIES 2 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 160,851 $ 138,561 Investments in Securities 47,501 45,757 ---------- ---------- Total Current Assets 208,352 184,318
Investments in Securities 326,412 346,730 Investments in Project Partnerships, Net 510,805 814,883 ---------- ---------- Total Assets $1,045,569 $1,345,931 ========== ========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 46,190 43,644 ---------- ---------- Total Current Liabilities 46,190 43,644 ---------- ---------- Long-Term Liabilities: Payable to General Partners 296,195 261,410 ---------- ---------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 749,952 1,084,268 General Partners (46,768) (43,391) ---------- ---------- Total Partners' Equity 703,184 1,040,877 ---------- ---------- Total Liabilities and Partners' Equity $1,045,569 $1,345,931 ========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997 SERIES 3 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 135,622 $ 109,925 Investments in Securities 42,252 40,699 ---------- ----------- Total Current Assets 177,874 150,624
Investments in Securities 290,336 308,410 Investments in Project Partnerships, Net 378,000 584,189 ---------- ----------- Total Assets $846,210 $1,043,223 ========== =========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 50,773 48,117 ---------- ----------- Total Current Liabilities 50,773 48,117 ---------- ----------- Long-Term Liabilities: Payable to General Partners 234,783 212,944 ---------- ----------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 602,863 822,156 General Partners (42,209) (39,994) ----------- ----------- Total Partners' Equity 560,654 782,162 ----------- ----------- Total Liabilities and Partners' Equity $ 846,210 $1,043,223 =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997 SERIES 4 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 196,876 $ 182,773 Investments in Securities 53,529 51,562 ----------- ---------- Total Current Assets 250,405 234,335
Investments in Securities 367,826 390,723 Investments in Project Partnerships, Net 981,823 1,423,319 ----------- ---------- Total Assets $1,600,054 $2,048,377 =========== ========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 56,202 52,967 ---------- ---------- Total Current Liabilities 56,202 52,967 ---------- ---------- Long-Term Liabilities: Payable to General Partners 280,718 246,861 ---------- ---------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 1,311,156 1,791 717 General Partners (48,022) (43,168) Total Partners' Equity ----------- ---------- 1,263,134 1,748,549 ----------- ---------- Total Liabilities and Partners' Equity $ 1,600,054 $2,048,377 =========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997 SERIES 5 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 280,813 $ 259,006 Investments in Securities 66,717 64,266 ----------- ---------- Total Current Assets 347,530 323,272
Investments in Securities 458,448 486,986 Investments in Project Partnerships, Net 1,500,087 2,268,632 ------------ ---------- Total Assets $2,306,065 $3,078,890 ============ =========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 74,748 70,909 ----------- ---------- Total Current Liabilities 74,748 70,909 ----------- ---------- Long-Term Liabilities: Payable to General Partners 274,507 237,669 ----------- ---------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 2,012,865 2,818,232 General Partners (56,055) (47,920) ----------- ---------- Total Partners' Equity 1,956,810 2,770,312 ----------- ----------- Total Liabilities and Partners' Equity $2,306,065 $3,078,890 =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997 SERIES 6 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 406,255 $ 396,736 Investments in Securities 48,608 45,870 ----------- ---------- Total Current Assets 454,863 442,606
Investments in Securities 373,009 393,657 Investments in Project Partnerships, Net 3,102,793 3,912,526 ----------- ---------- Total Assets $3,930,665 $4,748,789 =========== =========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 70,482 66,605 ----------- ---------- Total Current Liabilities 70,482 66,605 ----------- ---------- Long-Term Liabilities: Payable to General Partners 341,554 293,418 ---------- ---------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 3,572,169 4,433,605 General Partners (53,540) (44,839) ----------- ---------- Total Partnes' Equity 3,518,629 4,388,766 ------------ ---------- Total Liabilities and Partnes' Equity $3,930,665 $4,748,789 =========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) BALANCE SHEETS MARCH 31, 1998 AND 1997 TOTAL SERIES 2 - 6 1998 1997 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $1,180,417 $ 1,087,001 Investments in Securities 258,607 248,154 ----------- ----------- Total Current Assets 1,439,024 1,335,155
Investments in Securities 1,816,031 1,926,506 Investments in Project Partnerships, Net 6,473,508 9,003,549 ----------- ----------- Total Assets $9,728,563 $12,265,210 =========== =========== LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners 298,395 282,242 ----------- ----------- Total Current Liabilities 298,395 282,242 ----------- ----------- Long-Term Liabilities: Payable to General Partners 1,427,757 1,252,302 ----------- ----------- Partners' Equity: Assignor Limited Partner Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at March 31, 1998 and 1997 have been issued to the assignees Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at March 31, 1998 and 1997, issued and outstanding 8,249,005 10,949,978 General Partners (246,594) (219,312) ----------- ----------- Total Partners' Equity 8,002,411 10,730,666 ----------- ----------- Total Liabilities and Partners' Equity $9,728,563 $12,265,210 ============ ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
SERIES 2 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 37,434 $ 36,217 $ 36,532 Other Income 3,838 0 0 ----------- ------------ ----------- Total Revenues 41,272 36,217 36,532 ----------- ------------ ----------- Expenses: Asset Management Fee-General Partner 68,773 68,889 68,998 General and Administrative: General Partner 8,267 6,792 6,812 Other 10,502 13,625 10,154 Amortization 3,011 2,369 4,812 ----------- ------------ ---------- Total Expenses 90,553 91,675 90,776 ----------- ------------ ---------- Loss Before Equity in Losses of Project Partnerships (49,281) (55,458) (54,244) Equity in Losses of Project Partnerships (288,412) (527,175) (537,111) ----------- ------------ ---------- Net Loss $ (337,693) $ (582,633) $ (591,355) =========== ============ =========== Allocation of Net Loss: Assignees (334,316) (576,807) (585,441) General Partners (3,377) (5,826) (5,914) ----------- ------------ ----------- $ (337,693) $ (582,633) $ (591,355) =========== ============ =========== Net Loss Per Beneficial Assignee Certificate $ (54.48) $ (94.00) $ (95.41) Number of Beneficial Assignee =========== ============ =========== Certificates Outstanding 6,136 6,136 6,136 =========== ============ ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
SERIES 3 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 30,145 $ 31,128 $ 31,179 Other Income 34,966 0 0 ---------- ---------- ---------- Total Revenues 65,111 31,128 31,179 ---------- ---------- ---------- Expenses: Asset Management Fee-General Partner 63,645 63,792 63,927 General and Administrative: General Partner 8,481 7,102 7,104 Other 10,903 17,278 11,001 Amortization 5,422 (1,615) (1,969) ---------- ---------- ---------- Total Expenses 88,451 86,557 80,063 ---------- ---------- ---------- Loss Before Equity in Losses of Project Partnerships (23,340) (55,429) (48,884) Equity in Losses of Project Partnerships (198,168) (285,853) (421,996) ----------- ----------- ----------- Net Loss $ (221,508) $ (341,282) $ (470,880) =========== =========== =========== Allocation of Net Loss: Assignees (219,293) (337,869) (466,171) General Partners (2,215) (3,413) (4,709) ----------- ----------- ----------- $ (221,508) $ (341,282) $ (470,880) =========== =========== =========== Net Loss Per Beneficial Assignee Certificate $ (40.19) $ (61.93) $ (85.44) Number of Beneficial Assignee =========== =========== =========== Certificates Outstanding 5,456 5,456 5,456 =========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
SERIES 4 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 39,924 $ 41,455 $ 42,246 Other Income 4,385 0 0 --------- --------- --------- Total Revenues 44,309 41,455 42,246 --------- --------- --------- Expenses: Asset Management Fee - General Partner 78,133 78,270 78,384 General and Administrative: General Partner 10,693 8,953 8,978 Other 13,417 17,019 12,268 Amortization 5,595 (1,955) 3,390 ---------- --------- ---------- Total Expenses 107,838 102,287 103,020 ---------- --------- ---------- Loss Before Equity in Losses of Project Partnerships (63,529) (60,832) (60,774) Equity in Losses of Project Partnerships (421,886) (635,178) (644,865) ---------- ---------- ---------- Net Loss $(485,415) $(696,010) $(705,639) ========== ========== ========== Allocation of Net Loss: Assignees (480,561) (689,050) (698,583) General Partners (4,854) (6,960) (7,056) ---------- ---------- ---------- $(485,415) $(696,010) $(705,639) ========== ========== ========== Net Loss Per Beneficial Assignee Certificate $ (69.50) $ (99.65) $ (101.02) Number of Beneficial Assignee ========== ========== ========== Certificates Outstanding 6,915 6,915 6,915 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
SERIES 5 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 51,284 $ 52,985 $ 54,273 Other Income 3,133 0 0 ---------- ---------- --------- Total Revenues 54,417 52,985 54,273 ---------- ---------- --------- Expenses: Asset Management Fee - General Partner 96,663 96,844 97,010 General and Administrative: General Partner 13,274 11,114 11,144 Other 16,492 19,418 14,676 Amortization 12,761 11,006 12,752 ---------- ---------- --------- Total Expenses 139,190 138,382 135,582 ---------- ---------- ---------- Loss Before Equity in Losses of Project Partnerships (84,773) (85,397) (81,309) Equity in Losses of Project Partnerships (728,729) (911,965) (700,127) ---------- ---------- ---------- Net Loss $(813,502) $(997,362) $(781,436) ========== ========== ========== Allocation of Net Loss: Assignees (805,367) (987,388) (773,622) General Partners (8,135) (9,974) (7,814) ---------- ---------- ---------- $(813,502) $(997,362) $(781,436) ========== ========== ========== Net Loss Per Beneficial Assignee Certificate $ (93.47) $ (114.60) $ (89.79) Number of Beneficial Assignee ========== ========== ========== Certificates Outstanding 8,616 8,616 8,616 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
SERIES 6 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 48,382 $ 47,326 $ 48,446 Other Income 1,325 0 0 ---------- ---------- --------- Total Revenues 49,707 47,326 48,446 ---------- ---------- --------- Expenses: Asset Management Fee - General Partner 107,120 107,403 107,665 General and Administrative: General Partner 14,012 11,732 11,765 Other 17,513 16,660 16,398 Amortization 19,276 22,048 22,656 ---------- ---------- ---------- Total Expenses 157,921 157,843 158,484 ---------- ---------- ---------- Loss Before Equity in Losses of Project Partnerships (108,214) (110,517) (110,038) Equity in Losses of Project Partnerships (761,923) (805,310) (710,986) ---------- ---------- ---------- Net Loss $(870,137) $(915,827) $(821,024) ========== ========== ========== Allocation of Net Loss: Assignees (861,436) (906,669) (812,814) General Partners (8,701) (9,158) (8,210) ---------- ---------- ---------- $(870,137) $(915,827) $(821,024) ========== ========== ========== Net Loss Per Beneficial Assignee Certificate $ (85.25) $ (89.72) $ (80.44) Number of Beneficial Assignee ========== ========== ========== Certificates Outstanding 10,105 10,105 10,105 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31,
TOTAL SERIES 2 - 6 1998 1997 1996 ---- ---- ---- Revenues: Interest Income $ 207,169 $ 209,111 $ 212,676 Other Income 47,647 0 0 ------------ ------------ ----------- Total Revenues 254,816 209,111 212,676 ------------ ------------ ----------- Expenses: Asset Management Fee-General Partner 414,334 415,198 415,984 General and Administrative: General Partner 54,727 45,693 45,803 Other 68,827 84,000 64,497 Amortization 46,065 31,853 41,641 ------------ ----------- ---------- Total Expenses 583,953 576,744 567,925 ------------ ----------- ---------- Loss Before Equity in Losses of Project Partnerships (329,137) (367,633) (355,249) Equity in Losses of Project Partnerships (2,399,118) (3,165,481) (3,015,085) ------------ ------------ ------------ Net Loss $(2,728,255) $(3,533,114) $(3,370,334) ============ ============ ============ Allocation of Net Loss: Assignees (2,700,973) (3,497,783) (3,336,631) General Partners (27,282) (35,331) (33,703) ------------ ------------ ------------ $(2,728,255) $(3,533,114) $(3,370,334) ============ ============ ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General SERIES 2 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 2,246,516 $ (31,651) $ 2,214,865
Net Loss (585,441) (5,914) (591,355) ------------ ---------- ------------
Balance at March 31, 1996 1,661,075 (37,565) 1,623,510
Net Loss (576,807) (5,826) (582,633) ------------ ---------- ------------
Balance at March 31, 1997 1,084,268 (43,391) 1,040,877
Net Loss (334,316) (3,377) (337,693) ------------ ---------- -----------
Balance at March 31, 1998 $ 749,952 $ (46,768) $ 703,184 ============= ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General SERIES 3 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 1,626,196 $ (31,872) $ 1,594,324
Net Loss (466,171) (4,709) (470,880) ------------ ----------- ------------
Balance at March 31, 1996 1,160,025 (36,581) 1,123,444
Net Loss (337,869) (3,413) (341,282) ------------ ----------- ------------
Balance at March 31, 1997 822,156 (39,994) 782,162
Net Loss (219,293) (2,215) (221,508) ------------ ----------- -----------
Balance at March 31, 1998 $ 602,863 $ (42,209) $ 560,654 ============ =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General SERIES 4 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 3,179,350 $ (29,152) $ 3,150,198
Net Loss (698,583) (7,056) (705,639) ------------ ---------- ------------
Balance at March 31, 1996 2,480,767 (36,208) 2,444,559
Net Loss (689,050) (6,960) (696,010) ------------ ---------- ------------
Balance at March 31, 1997 1,791,717 (43,168) 1,748,549
Net Loss (480,561) (4,854) (485,415) ------------ ---------- ------------
Balance at March 31, 1998 $ 1,311,156 $ (48,022) $ 1,263,134 ============ ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General SERIES 5 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 4,579,242 $ (30,132) $ 4,549,110
Net Loss (773,622) (7,814) (781,436) ------------ ---------- ------------
Balance at March 31, 1996 3,805,620 (37,946) 3,767,674
Net Loss (987,388) (9,974) (997,362) ------------ ---------- ------------
Balance at March 31, 1997 2,818,232 (47,920) 2,770,312
Net Loss (805,367) (8,135) (813,502) ------------ ---------- ------------
Balance at March 31, 1998 $ 2,012,865 $ (56,055) $ 1,956,810 ============ ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General SERIES 6 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 6,153,088 $ (27,471) $ 6,125,617
Net Loss (812,814) (8,210) (821,024) ------------ ---------- ------------
Balance at March 31, 1996 5,340,274 (35,681) 5,304,593
Net Loss (906,669) (9,158) (915,827) ------------ ---------- ------------ Balance at March 31, 1997 4,433,605 (44,839) 4,388,766
Net Loss (861,436) (8,701) (870,137) ------------ ---------- ------------
Balance at March 31, 1998 $ 3,572,169 $ (53,540) $ 3,518,629 ============ ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
General TOTAL SERIES 2 - 6 Assignees Partners Total --------- -------- -----
Balance at March 31, 1995 $ 17,784,392 $ (150,278) $ 17,634,114
Net Loss (3,336,631) (33,703) (3,370,334) ------------- ----------- -------------
Balance at March 31, 1996 14,447,761 (183,981) 14,263,780
Net Loss (3,497,783) (35,331) (3,533,114) ------------- ----------- -------------
Balance at March 31, 1997 10,949,978 (219,312) 10,730,666
Net Loss (2,700,973) (27,282) (2,728,255) ------------- ----------- -------------
Balance at March 31, 1998 $ 8,249,005 $ (246,594) $ 8,002,411 ============= =========== =============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
SERIES 2 1998 1997 1996 - -------- ---- ---- ---- Cash Flows from Operating Activities: Net Loss $ (337,693) $ (582,633) $ (591,355) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 3,011 2,369 4,812 Accreted Interest Income on Investments in Securities (27,118) (28,749) (29,127) Equity in Losses of Project Partnerships 288,412 527,175 537,111 Interest Income from Redemption of Securities 13,627 10,358 7,238 Distributions Included in Other Income (3,838) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 37,331 34,728 35,578 ---------- ---------- ---------- Net Cash Used in Operating Activities (26,268) (36,752) (35,743) ---------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 16,493 6,497 8,762 Redemption of Investment in Securities 32,065 33,297 34,610 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ---------- ---------- ---------- Net Cash Provided by Investing Activities 48,558 39,794 43,372 ---------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 22,290 3,042 7,629 Cash and Cash Equivalents at Beginning of Year 138,561 135,519 127,890 ---------- ---------- ---------- Cash and Cash Equivalents at End of Year $ 160,851 $ 138,561 $ 135,519 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996:
SERIES 3 1998 1997 1996 - - ------ ---- ---- ---- Cash Flows from Operating Activities: Net Loss $ (221,508) $ (341,282) $ (470,880) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 5,422 (1,615) (1,969) Accreted Interest Income on Investments in Securities (24,121) (25,571) (25,908) Equity in Losses of Project Partnerships 198,168 285,853 421,996 Interest Income from Redemption of Securities 12,121 9,212 6,437 Distributions Included In Other Income (34,966) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 24,495 22,486 27,408 ---------- ---------- ---------- Net Cash Used in Operating Activities (40,389) (50,917) (42,916) ---------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 37,565 33,237 26,471 Redemption of Investment in Securities 28,521 29,617 30,785 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ---------- ---------- ---------- Net Cash Provided by Investing Activities 66,086 62,854 57,256 ---------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 25,697 11,937 14,340 Cash and Cash Equivalents at Beginning of Year 109,925 97,988 83,648 ---------- ---------- ---------- Cash and Cash Equivalents at End of Year $ 135,622 $ 109,925 $ 97,988 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996: SERIES 4 1998 1997 1996 - -------- ---- ---- ---- Cash Flows from Operating Activities: Net Loss $ (485,415) $ (696,010) $ (705,639) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 5,595 (1,955) 3,390 Accreted Interest Income on Investments in Securities (30,559) (32,396) (32,822) Equity in Losses of Project Partnerships 421,886 635,178 644,865 Interest Income from Redemption of Securities 15,357 11,676 8,155 Distributions Included In Other Income (4,385) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 37,092 33,284 37,155 ---------- ---------- ---------- Net Cash Used in Operating Activities (40,429) (50,223) (44,896) ---------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 18,400 16,968 15,751 Redemption of Investment in Securities 36,132 37,522 39,000 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ---------- ---------- ---------- Net Cash Provided by Investing Activities 54,532 54,490 54,751 ---------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 14,103 4,267 9,855 Cash and Cash Equivalents at Beginning of Year 182,773 178,506 168,651 ---------- ---------- ---------- Cash and Cash Equivalents at End of Year $ 196,876 $ 182,773 $ 178,506 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996: SERIES 5 1998 1997 1996 - -------- ---- ---- ---- Cash Flows from Operating Activities: Net Loss $ (813,502) $ (997,362) $ (781,436) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 12,761 11,006 12,752 Accreted Interest Income on Investments in Securities (38,088) (40,378) (40,909) Equity in Losses of Project Partnerships 728,729 911,965 700,127 Interest Income from Redemption of Securities 19,140 14,552 10,166 Distributions Included In Other Income (3,133) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 40,677 34,644 32,942 ---------- ---------- ---------- Net Cash Used in Operating Activities (53,416) (65,573) (66,358) ---------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 30,188 20,264 26,233 Redemption of Investment in Securities 45,035 46,766 48,609 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ---------- ---------- ---------- Net Cash Provided by Investing Activities 75,223 67,030 74,842 ---------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 21,807 1,457 8,484 Cash and Cash Equivalents at Beginning of Year 259,006 257,549 249,065 ---------- ---------- ---------- Cash and Cash Equivalents at End of Year $ 280,813 $ 259,006 $ 257,549 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996: SERIES 6 1998 1997 1996 - -- ----- ---- ---- ---- Cash Flows from Operating Activities: Net Loss $ (870,137) $ (915,827) $ (821,024) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 19,276 22,048 22,656 Accreted Interest Income on Investments in Securities (30,091) (30,456) (30,458) Equity in Losses of Project Partnerships 761,923 805,310 710,986 Interest Income from Redemption of Securities 12,262 8,978 5,963 Distributions Included In Other Income (1,325) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 52,014 51,930 58,457 ---------- ---------- ---------- Net Cash Used in Operating Activities (56,078) (58,017) (53,420) ---------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 29,859 29,740 21,796 Redemption of Investment in Securities 35,738 36,022 36,037 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ---------- ---------- ---------- Net Cash Provided by Investing Activities 65,597 65,762 57,833 ---------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 9,519 7,745 4,413 Cash and Cash Equivalents at Beginning of Year 396,736 388,991 384,578 ---------- ---------- ---------- Cash and Cash Equivalents at End of Year $ 406,255 $ 396,736 $ 388,991 ========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996: TOTAL SERIES 2 - 6 1998 1997 1996 - ------------------ ---- ---- ---- Cash Flows from Operating Activities: Net Loss $(2,728,255) $(3,533,114) $(3,370,334) Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: Amortization 46,065 31,853 41,641 Accreted Interest Income on Investments in Securities (149,977) (157,550) (159,224) Equity in Losses of Project Partnerships 2,399,118 3,165,481 3,015,085 Interest Income from Redemption of Securities 72,507 54,776 37,959 Distributions Included In Other Income (47,647) 0 0 Changes in Operating Assets and Liabilities: Decrease (Increase) in Accounts Receivable 0 0 0 Increase in Payable to General Partners 191,609 177,072 191,540 ----------- ---------- ---------- Net Cash Used in Operating Activities (216,580) (261,482) (243,333) ----------- ---------- ---------- Cash Flows from Investing Activities: Investments in Project Partnerships 0 0 0 Acquisition Fees and Expenses 0 0 0 Distributions Received from Project Partnerships 132,505 106,706 99,013 Redemption of Investment in Securities 177,491 183,224 189,041 Increase (Decrease) in Payable to: Project Partnerships - Capital Contributions 0 0 0 ----------- ---------- ---------- Net Cash Provided by Investing Activities 309,996 289,930 288,054 ----------- ---------- ---------- Increase (Decrease) in Cash and Cash Equivalents 93,416 28,448 44,721 Cash and Cash Equivalents at Beginning of Year 1,087,001 1,058,553 1,013,832 ----------- ---------- ---------- Cash and Cash Equivalents at End of Year $1,180,417 $1,087,001 $1,058,553 =========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998, 1997 AND 1996
NOTE 1 - ORGANIZATION:
Gateway Tax Credit Fund II Ltd. ("Gateway"), a Florida Limited Partnership, was formed September 12, 1989, under the laws of Florida. Operations commenced on September 14, 1990 for Series 2, September 28, 1990 for Series 3, February 1, 1991 for Series 4, July 1, 1991 for Series 5 and January 1, 1992 for Series 6. Gateway has invested, as a limited partner, in other limited partnerships ("Project Partnerships") each of which owns and operates one or more apartment complexes expected to qualify for Low- Income Housing Tax Credits. Gateway will terminate on December 31, 2040, or sooner, in accordance with the terms of the Limited Partnership Agreement. As of March 31, 1998, Gateway had received capital contributions of $1,000 from the General Partners and $37,228,000 from Beneficial Assignee Certificate investors (the "Assignees"). The fiscal year of Gateway for reporting purposes ends on March 31.
Pursuant to the Securities Act of 1933, Gateway filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 12, 1989, which covered the offering (the "Public Offering") of Gateway's Beneficial Assignee Certificates ("BACs") representing assignments of units for the beneficial interest of the limited partnership interest of the Assignor Limited Partner. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business.
Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and the Managing General Partner, respectively. The Managing General Partner manages and controls the business of Gateway.
Gateway offered BACs in five series. BACs in the amounts of $6,136,000, $5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5 and 6, respectively had been issued as of March 31, 1998. Each Series is treated as a separate partnership, investing in a separate and distinct pool of Project Partnerships. Net proceeds from each Series are used to acquire Project Partnerships which are specifically allocated to such Series. Income or loss and all tax items from the Project Partnerships acquired by each Series are specifically allocated among the Assignees of such Series.
Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Assignees and 1% to the General Partners. Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.
Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships") using the equity method of accounting and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations. Under the equity method, the Investments in Project Partnerships initially include:
1)Gateway's capital contribution, 2)Acquisition fees paid to the General Partner for services rendered in selecting properties for acquisition, and 3)Acquisition expenses including legal fees, travel and other miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
1)Increased for equity in income or decreased for equity in losses of the Project Partnerships, 2)Decreased for cash distributions received from the Project Partnerships, and 3)Decreased for the amortization of the acquisition fees and expenses.
Amortization is calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets. The amortization expense is shown on the Statements of Operations.
Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships. In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero. The suspended losses will be used to offset future income from the individual Project Partnerships. Distributions received from Project Partnerships whose investment has been reduced to zero are included in Other Income.
Gateway recognizes a decline in the carrying value of its investment in the Project Partnerships when there is evidence of a non-temporary decline in the recoverable amount of the investment. There is a possibility that the estimates relating to reserves for non-temporary declines in carrying value of the investments in Project Partnerships may be subject to material near term adjustments.
Gateway, as a limited partner in the Project 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 and continued eligibility of tax credits. If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.
Cash and Cash Equivalents
It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents. Short-term investments are comprised of money market mutual funds.
Concentration of Credit Risk
Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates.
Investment in Securities
Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115"). Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities. Gateway's intent is to hold all of its debt securities (U. S. Government Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations. Interest income is recognized ratably on the U. S. Government Strips using the effective yield to maturity.
Offering and Commission Costs
Offering and commission costs were charged against Assignees' Equity upon the admission of Limited Partners.
Income Taxes
No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.
Reclassifications
For comparability, the 1997 and 1996 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 1998.
NOTE 3 - INVESTMENT IN SECURITIES:
The March 31, 1998 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $140,314 for Series 2, $124,807 for Series 3, $158,117 for Series 4, $197,073 for Series 5 and $132,287 for Series 6. For convenience, the Investment in Securities are commonly held in a brokerage account with Raymond James and Associates, Inc. A separate accounting is maintained for each series' share of the investments.
Gross Unrealized Estimated Market Cost Plus Gains and Value Accreted Interest (Losses) ----------------- ----------------- ---------------- Series 2 $ 401,485 $ 373,913 $ 27,572 Series 3 356,998 332,588 24,410 Series 4 452,457 421,355 31,102 Series 5 563,754 525,165 38,589 Series 6 448,497 421,617 26,880
As of March 31, 1998, the cost and accreted interest of debt securities by contractual maturities is as follows:
Series 2 Series 3 Series 4 -------- -------- -------- Due within 1 year $ 47,501 $ 42,252 $ 53,529 After 1 year through 5 years 175,493 156,097 197,758 After 5 years through 10 years 150,919 134,239 170,068 ----------- ----------- ----------- Total Amount Carried on Balance Sheet $ 373,913 $ 332,588 $ 421,355 =========== =========== ===========
Series 5 Series 6 Total -------- -------- -------- Due within 1 year $ 66,717 $ 48,608 $ 258,607 After 1 year through 5 years 246,482 192,861 968,691 After 5 years through 10 years 211,966 180,148 847,340 ----------- ----------- ------------ Total Amount Carried on Balance Sheet $ 525,165 $ 421,617 $ 2,074,638 =========== =========== ============
NOTE 4 - RELATED PARTY TRANSACTIONS:
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The Payable to Project Partnerships represents unpaid capital contributions to the Project Partnerships and will be paid after certain performance criteria are met. Such contributions are in turn payable to the general partner of the Project Partnerships.
For the years ended March 31, 1998, 1997 and 1996 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:
Asset Management Fee - The Managing General Partner is entitled to be paid an annual asset management fee equal to 0.25% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations.
1998 1997 1996 ---- ---- ---- Series 2 $ 68,773 $ 68,889 $ 68,998 Series 3 63,645 63,792 63,927 Series 4 78,133 78,270 78,384 Series 5 96,663 96,844 97,010 Series 6 107,120 107,403 107,665 ------------ ---------- ---------- Total $ 414,334 $ 415,198 $ 415,984 ============ ========== ==========
General and Administrative Expenses - The Managing General Partner is reim bursed for general and administrative expenses of Gateway on an accountable basis. This expense is included in the Statements of Operations.
1998 1997 1996 ---- ---- ---- Series 2 $ 8,267 $ 6,792 $ 6,812 Series 3 8,481 7,102 7,104 Series 4 10,693 8,953 8,978 Series 5 13,274 11,114 11,144 Series 6 14,012 11,732 11,765 --------- --------- --------- $ 54,727 $ 45,693 $ 45,803 Total ========= ========= =========
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:
SERIES 2
As of March 31, 1998, the Partnership had acquired an interest in 22 Project Partnerships for the Series which own and operate government assisted multi-family housing complexes. The Partnership, as the Investor Limited Partner pursuant to the Project Partnership Agreements has generally acquired an ownership interest of 99% in these Project Partnerships. The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 4,524,678 $ 4,524,678
Cumulative equity in losses of Project Partnerships (1) (4,310,783) (4,022,371)
Cumulative distributions received from Project Partnerships (64,276) (51,621) ------------ ------------ Investment in Project Partnerships before Adjustment 149,619 450,686
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 390,838 390,838 Accumulated amortization of acquisition fees and expenses (29,652) (26,641) ------------ ------------
Investments in Project Partnerships $ 510,805 $ 814,883 ============ ============
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $566,351 for the year ended March 31, 1998 and cumulative suspended losses of $145,935 for the year ended March 31, 1997 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 3
As of March 31, 1998, the Partnership had acquired an interest in 23 Project Partnerships for the Series which own and operate government assisted multi-family housing complexes. The Partnership, as the Investor Limited Partner pursuant to the Project Partnership Agreements has generally acquired an ownership interest of 99% in these Project Partnerships. The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 3,888,713 $ 3,888,713
Cumulative equity in losses of Project Partnerships (1) (3,821,781) (3,623,613)
Cumulative distributions received from Project Partnerships (146,576) (143,977) ------------ ------------ Investment in Project Partnerships before Adjustment (79,644) 121,123
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 491,746 491,746 Accumulated amortization of acquisition fees and expenses (34,102) (28,680) ------------- ------------
Investments in Project Partnerships $ 378,000 $ 584,189 ============ ============
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $1,033,078 for the year ended March 31, 1998 and cumulative suspended losses of $569,390 for the year ended March 31, 1997 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 4
As of March 31, 1998, the Partnership had acquired an interest in 29 Project Partnerships for the Series which own and operate government assisted multi-family housing complexes. The Partnership, as the Investor Limited Partner pursuant to the Project Partnership Agreements has generally acquired an ownership interest of 99% in these Project Partnerships. The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 4,952,519 $ 4,952,519
Cumulative equity in losses of Project Partnerships (1) (4,425,267) (4,003,381)
Cumulative distributions received from Project Partnerships (90,266) (76,251) ------------ ------------ Investment in Project Partnerships before Adjustment 436,986 872,887
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 562,967 562,967 Accumulated amortization of acquisition fees and expenses (18,130) (12,535) ----------- ------------
Investments in Project Partnerships $ 981,823 $ 1,423,319 ============ ============
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $496,384 for the year ended March 31, 1998 and cumulative suspended losses of $106,365 for the year ended March 31, 1997 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 5
As of March 31, 1998, the Partnership had acquired an interest in 36 Project Partnerships for the Series which own and operate government assisted multi-family housing complexes. The Partnership, as the Investor Limited Partner pursuant to the Project Partnership Agreements has generally acquired an ownership interest of 99% in these Project Partnerships. The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 6,164,472 $ 6,164,472
Cumulative equity in losses of Project Partnerships (1) (5,107,357) (4,378,628)
Cumulative distributions received from Project Partnerships (132,190) (105,135) ------------- ------------ Investment in Project Partnerships before Adjustment 924,925 1,680,709
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 650,837 650,837 Accumulated amortization of acquisition fees and expenses (75,675) (62,914) ----------- ------------
Investments in Project Partnerships $ 1,500,087 $ 2,268,632 ============ ============
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $248,554 for the year ended March 31, 1998 and cumulative suspended losses of $25,401 for the year ended March 31, 1997 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 6
As of March 31, 1998, the Partnership had acquired an interest in 38 Project Partnerships for the Series which own and operate government assisted multi-family housing complexes. The Partnership, as the Investor Limited Partner pursuant to the Project Partnership Agreements has generally acquired an ownership interest of 99% in these Project Partnerships. The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 7,462,215 $ 7,462,215
Cumulative equity in losses of Project Partnerships (1) (4,894,819) (4,132,896)
Cumulative distributions received from Project Partnerships (121,706) (93,172) ------------ ------------ Investment in Project Partnerships before Adjustment 2,445,690 3,236,147
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 785,179 785,179 Accumulated amortization of acquisition fees and expenses (128,076) (108,800) ------------ -------------
Investments in Project Partnerships $ 3,102,793 $ 3,912,526 ============ ============ (1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $218,323 for the year ended March 31, 1998 and cumulative suspended losses of $89,395 for the year ended March 31, 1997 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
TOTAL SERIES 2 - 6
The following is a summary of Investments in Project Partnerships:
MARCH 31, 1998 MARCH 31, 1997 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $26,992,597 $26,992,597
Cumulative equity in losses of Project Partnerships (1) (22,560,007) (20,160,889)
Cumulative distributions received from Project Partnerships (555,014) (470,156) ------------ ------------ Investment in Project Partnerships before Adjustment 3,877,576 6,361,552
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 2,881,567 2,881,567 Accumulated amortization of acquisition fees and expenses (285,635) (239,570) ------------- ------------
Investments in Project Partnerships $ 6,473,508 $ 9,003,549 ============= =============
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 SERIES 2 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 1,664,759 $ 1,604,887 $ 1,422,846 Investment properties, net 21,671,589 22,550,031 23,440,185 Other assets 2,370 770 2,731 ----------- ------------ ------------ Total assets $23,338,718 $24,155,688 $24,865,762 =========== ============ ============ Liabilities and Partners' Equity: Current liabilities 455,868 475,053 467,189 Long-term debt 23,216,826 23,263,436 23,307,700 ----------- ------------ ------------ Total liabilities 23,672,694 23,738,489 23,774,889 ----------- ------------ ------------ Partners' equity Limited Partner (387,627) 340,514 997,378 General Partners 53,651 76,685 93,495 ----------- ------------ ------------ Total Partners' equity (333,976) 417,199 1,090,873 ----------- ------------ ------------ Total liabilities and partners' equity $23,338,718 $24,155,688 $24,865,762 ============ ============ ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 3,928,831 $ 3,877,838 $ 3,769,724 Expenses: Operating expenses 1,656,842 1,505,411 1,360,644 Interest expense 2,052,361 2,087,442 2,069,305 Depreciation and amortization 935,616 939,525 959,697 ----------- ----------- ------------ Total expenses 4,644,819 4,532,378 4,389,646 ----------- ----------- ------------ Net loss $ (715,988) $ (654,540) $ (619,922) =========== =========== ============ Other partners' share of net loss (7,160) (6,544) (57,697) =========== =========== ============ Partnerships' share of net loss (708,828) (647,996) (562,225)
Suspended losses 420,416 120,821 25,114 ----------- ----------- ------------ Equity in Losses of Project Partnerships $ (288,412) $ (527,175) $ (537,111) =========== =========== ============
As of December 31, 1997, the largest Project Partnership constituted 12.2% and 13.3%, and as of December 31, 1996 the largest Project Partnership constituted 12.2% and 13.6% of the combined total assets by series and combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 SERIES 3 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 2,087,969 $ 1,983,148 $ 1,836,034 Investment properties, net 18,896,091 19,791,394 20,657,451 Other assets 216,421 225,290 231,762 ------------ ----------- ------------ Total assets $21,200,481 $21,999,832 $22,725,247 ============ =========== ============ Liabilities and Partners' Equity: Current liabilities 473,232 496,156 466,740 Long-term debt 21,786,186 21,846,525 21,901,006 ------------ ----------- ------------ Total liabilities 22,259,418 22,342,681 22,367,746 ------------ ----------- ------------ Partners' equity Limited Partner (1,365,169) (680,352) (17,911) General Partners 306,232 337,503 375,412 ------------ ----------- ------------ Total Partners' equit y (1,058,937) (342,849) 357,501 ------------ ----------- ------------ Total liabilities and partners' equity $21,200,481 $21,999,832 $22,725,247 ============ =========== ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 3,897,285 $ 3,860,435 $ 3,785,907 Expenses: Operating expenses 1,630,694 1,543,041 1,443,838 Interest expense 2,012,078 2,029,124 2,023,990 Depreciation and amortization 923,055 925,984 940,084 ------------ ----------- ------------ Total expenses 4,565,827 4,498,149 4,407,912
Net loss $ (668,542) $ (637,714) $ (622,005) =========== ============ ============ Other partners' share of net loss (6,686) (8,583) (9,145) ============ ============ ============ Partnerships' share of net loss (661,856) (629,131) (612,860)
Suspended losses 463,688 343,278 190,864 ------------ ------------ ------------ Equity in Losses of Project Partnerships $ (198,168) $ (285,853) $ (421,996) ============ ============ ============
As of December 31, 1997, the largest Project Partnership constituted 7.6% and 6.5%, and as of December 31, 1996 the largest Project Partnership constituted 7.5% and 6.5% of the combined total assets by series and combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 SERIES 4 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 2,041,655 $ 1,953,151 $ 1,843,416 Investment properties, net 25,293,995 26,300,477 27,277,952 Other assets 9,175 9,547 10,644 ------------ ------------ ------------ Total assets $27,344,825 $28,263,175 $29,132,012 ============ ============ ============ Liabilities and Partners' Equity: Current liabilities 581,357 586,126 623,562 Long-term debt 26,566,388 26,621,848 26,667,967 ------------ ------------ ------------ Total liabilities 27,147,745 27,207,974 27,291,529 ------------ ------------ ------------ Partners' equity Limited Partner (26,884) 801,544 1,551,613 General Partners 223,964 253,657 288,870 ------------ ------------ ------------ Total Partners' equity 197,080 1,055,201 1,840,483 ------------ ------------ ------------ Total liabilities and partners' equity $27,344,825 $28,263,175 $29,132,012 ============ ============ ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 4,556,702 $ 4,496,298 $ 4,453,375 Expenses: Operating expenses 2,010,724 1,846,670 1,806,691 Interest expense 2,305,229 2,330,476 2,320,449 Depreciation and amortization 1,060,855 1,043,887 1,047,484 ------------ ------------ ------------ Total expenses 5,376,808 5,221,033 5,174,624
Net loss $ (820,106) $ (724,735) $ (721,249) ============ ============ ============ Other partners' share of net loss (8,201) 5,368 (64,944) ============ ============ ============ Partnerships' share of net loss (811,905) (730,103) (656,305)
Suspended losses 390,019 94,925 11,440 ------------ ------------ ------------ Equity in Losses of Project Partnerships $ (421,886) $ (635,178) $ (644,865) ============ ============ ============
As of December 31, 1997, the largest Project Partnership constituted 5.9% and 5.9%, and as of December 31, 1996 the largest Project Partnership constituted 5.9% and 5.7% of the combined total assets by series and combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 SERIES 5 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 2,652,154 $ 2,490,991 $ 2,177,936 Investment properties, net 31,679,751 32,973,118 34,303,980 Other assets 2,552 1,056 3,876 ------------ ------------ ------------ Total assets $34,334,457 $35,465,165 $36,485,792 ============ ============ ============ Liabilities and Partners' Equity: Current liabilities 785,847 814,225 776,819 Long-term debt 32,829,165 32,902,094 32,969,419 ------------ ------------ ------------ Total liabilities 33,615,012 33,716,319 33,746,238 ------------ ------------ ------------ Partners' equity Limited Partner 788,433 1,770,278 2,675,680 General Partners (68,988) (21,432) 63,874 ------------ ------------ ------------ Total Partners' equity 719,445 1,748,846 2,739,554 ------------ ------------ ------------ Total liabilities and partners' equity $34,334,457 $35,465,165 $36,485,792 ============ ============ ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 5,570,816 $ 5,464,443 $ 5,378,749 Expenses: Operating expenses 2,413,360 2,241,929 1,990,169 Interest expense 2,787,267 2,788,862 2,819,869 Depreciation and amortization 1,331,686 1,380,487 1,219,766 ------------ ------------ ------------ Total expenses 6,532,313 6,411,278 6,029,804
Net loss $ (961,497) $ (946,835) $ (651,055) ============ ============ ============ Other partners' share of net loss (9,615) (9,469) 49,072 ============ ============ ============ Partnerships' share of net loss (951,882) (937,366) (700,127)
Suspended losses 223,153 25,401 0 ------------ ------------ ------------ Equity in Losses of Project Partnerships $ (728,729) $ (911,965) $ (700,127) ============ ============ ============
As of December 31, 1997, the largest Project Partnership constituted 7.9% and 7.5%, and as of December 31, 1996 the largest Project Partnership constituted 8.1% and 7.9% of the combined total assets by series and combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 SERIES 6 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 2,895,432 $ 2,723,043 $ 2,426,332 Investment properties, net 35,729,386 37,084,577 38,474,916 Other assets 12,783 16,953 28,774 ------------ ------------ ------------ Total assets $38,637,601 $39,824,573 $40,930,022 ============ ============ ============ Liabilities and Partners' Equity: Current liabilities 794,495 905,627 976,499 Long-term debt 35,743,123 35,857,657 35,963,608 ------------ ------------ ------------ Total liabilities 36,537,618 36,763,284 36,940,107 ------------ ------------ ------------ Partners' equity Limited Partner 2,262,748 3,184,723 4,124,702 General Partners (162,765) (123,434) (134,787) ------------ ------------ ------------ Total Partners' equity 2,099,983 3,061,289 3,989,915 ------------ ------------ ------------ Total liabilities and partners' equity $38,637,601 $39,824,573 $40,930,022 ============ ============ ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 5,816,156 $ 5,752,444 $ 5,656,081 Expenses: Operating expenses 2,338,842 2,230,157 2,049,620 Interest expense 2,902,564 2,938,880 2,927,990 Depreciation and amortization 1,474,599 1,477,003 1,437,632 ------------ ------------ ------------ Total expenses 6,716,005 6,646,040 6,415,242
Net loss $ (899,849) $ (893,596) $ (759,161) ============ ============ ============ Other partners' share of net loss (8,998) (10,408) (36,658) ============ ============ ============ Partnerships' share of net loss (890,851) (883,188) (722,503)
Suspended losses 128,928 77,878 11,517 ------------ ------------ ------------ Equity in Losses of Project Partnerships $ (761,923) $ (805,310) $ (710,986) ============ ============ ============
As of December 31, 1997, the largest Project Partnership constituted 7.0% and 6.5%, and as of December 31, 1995 the largest Project Partnership constituted 7.0% and 6.7% of the combined total assets by series and combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: DECEMBER 31, 1997 1996 1995 TOTAL SERIES 2 - 6 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 11,341,969 $ 10,755,220 $ 9,706,564 Investment properties, net 133,270,812 138,699,597 144,154,484 Other assets 243,301 253,616 277,787 ------------- ------------- ------------- Total assets $144,856,082 $149,708,433 $154,138,835 ============= ============= ------------- Liabilities and Partners' Equity: 3,090,799 3,277,187 3,310,809 Current liabilities 140,141,688 140,491,560 140,809,700 Long-term debt ------------- ------------- ------------- 143,232,487 143,768,747 144,120,509 Total liabilities ------------- ------------- -------------
Partners' equity Limited Partner 1,271,501 5,416,707 9,331,462 General Partners 352,094 522,979 686,864 ------------- ------------- ------------- Total Partners' equity 1,623,595 5,939,686 10,018,326 ------------- ------------- ------------- Total liabilities and partners' equity $144,856,082 $149,708,433 $154,138,835 ============= ============= ============= SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $ 23,769,790 $ 23,451,458 $ 23,043,836 Expenses: Operating expenses 10,050,462 9,367,208 8,650,962 Interest expense 12,059,499 12,174,784 12,161,603 Depreciation and amortization 5,725,811 5,766,886 5,604,663 ------------ ------------- ------------- Total expenses 27,835,772 27,308,878 26,417,228 ------------ ------------- ------------- Net loss $ (4,065,982) $ (3,857,420) $ (3,373,392) ============ ============= ============= Other partners' share of net loss (40,660) (29,636) (119,372) Partnerships' share of net ============ ============= ============= loss (4,025,322) (3,827,784) (3,254,020)
Suspended losses 1,626,204 662,303 238,935 ------------ ------------- ------------- Equity in Losses of Project Partnerships $ (2,399,118) $ (3,165,481) $ (3,015,085) ============ ============= =============
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS(continued):
The Partnership's equity by Series as reflected by the Project Partnerships differs from the Partnership's Investments in Project Partnerships before acquisition fees and expenses and amortization by Series primarily because of suspended losses on the Partnerships books.
By Series these differences are as follows:
Equity Per Project Partnership Equity Per Partnership ------------------------ ---------------------- Series 2 $ (387,627) $ 149,619 Series 3 (1,365,169) (79,644) Series 4 (26,884) 436,986 Series 5 788,433 924,925 Series 6 2,262,748 2,445,690
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 SERIES 2 ---- ---- ---- Net Loss per Financial Statements $ (337,693) $ (582,633) $ (591,355)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (532,154) (260,440) (161,662)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end (1,093) (1,569) (1,153)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 34,574 35,831 35,373 Amortization Expense 536 4,458 6,347 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $ (835,830) $ (804,353) $ (712,450) ============ ============ ============
December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ----------- Federal Low Income Housing Tax Credits $ 1,031,430 $ 1,031,197 $ 1,030,475 =========== ============ ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 SERIES 3 ---- ---- ---- Net Loss per Financial Statements $ (221,508) $ (341,282) $ (470,880)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (509,467) (401,234) (259,712)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end (25,303) 5,884 (9,853)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 21,359 23,595 27,250 Amortization Expense (3,784) (6,985) 7,998 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $ (738,703) $ (720,022) $ (705,197) ============ ============ ============
December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ----------- Federal Low Income Housing Tax Credits $ 969,244 $ 972,146 $ 969,257 =========== ============ ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 SERIES 4 ---- ---- ---- Net Loss per Financial Statements $ (485,415) $ (696,010) $ (705,639)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (549,870) (289,799) (238,452)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end 6,099 (1,830) (1,631)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 33,247 34,607 37,087 Amortization Expense (5,963) 2,340 5,283 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $(1,001,902) $ (950,692) $ (903,352) ============ ============ ============
December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ----------- Federal Low Income Housing Tax Credits $ 1,177,677 $ 1,177,678 $ 1,177,678 =========== ============ ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 SERIES 5 ---- ---- ---- Net Loss per Financial Statements $ (813,502) $ (997,362) $ (781,436)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (341,766) (137,165) (238,351)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end (355) (330) 369
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 36,068 36,383 34,228 Amortization Expense 9,911 12,854 11,505 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $(1,109,644) $(1,085,620) $ (973,685) ============ ============ ============
December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ----------- Federal Low Income Housing Tax Credits $ 1,432,378 $ 1,433,003 $ 1,432,379 =========== ============ ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 SERIES 6 ---- ---- ---- Net Loss per Financial Statements $ (870,137) $ (915,827) $ (821,024)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (331,643) (292,116) (349,531)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end (4,171) 319 (1,658)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 47,356 53,770 60,312 Amortization Expense 21,592 22,377 23,661 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $(1,137,003) $(1,131,477) $(1,088,240) ============ ============ ============
December 31, December 31, December 31, 1997 1996 1995 ------------ ------------ ----------- Federal Low Income Housing Tax Credits $ 1,689,263 $ 1,688,064 $ 1,687,904 =========== ============ ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described in the financial statements and the Partnership income (loss) for tax purposes:
1998 1997 1996 TOTAL SERIES 2 - 6 ---- ---- ---- Net Loss per Financial Statements $(2,728,255) $(3,533,114) $(3,370,334)
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes (2,264,900) (1,380,754) (1,247,708)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end (24,823) 2,474 (13,926)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 172,604 184,186 194,250 Amortization Expense 22,292 35,044 54,794 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $(4,823,082) $(4,692,164) $(4,382,924) ============ ============ ============
The difference in the total value of the Partnership's Investment in Project Partnerships is approximately $1,406,000 higher for Series 2, $1,249,000 higher for Series 3, $1,855,000 higher for Series 4, $1,065,000 higher for Series 5 and $1,302,000 higher for Series 6 for financial reporting purposes than for tax return purposes because (i) there were depreciation differences between financial reporting purposes and tax return purposes and (ii) certain expenses are not deductible for tax return purposes.
Vincent & Voss 544 West 10th Street Erie, PA 16502 PHONE: 814-456-5385 FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Springwood Apartments Limited Partnership Westfield, New York
We have audited the accompanying balance sheets of Springwood Apartments Limited Partnership), as of December 31, 1997 and 1996, and the related statements of 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 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 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 Springwood Apartments Limited Partnership, as of December 31, 1997 and 1996, 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 reports dated January 20, 1998 on our consideration of Springwood Apartments Limited Partnership internal control structure and compliance with laws and regulations.
/s/ Vincent & Voss Certified Public Accountants
January 20, 1998 Vincent & Voss 544 West 10th Street Erie, PA 16502 PHONE: 814-456-5385 FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Cherrytree Apartments Limited Partnership Albion, PA
We have audited the accompanying balance sheets of Cherrytree Apartments (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of 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 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 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 Cherrytree Apartments Limited Partnership, as of December 31, 1997 and 1996, 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 reports dated January 28, 1998 on our consideration of Cherrytree Apartments Limited Partnership internal control structure and compliance with laws and regulations.
/s/ Vincent & Voss Certified Public Accountants
January 28, 1998
Vincent & Voss 544 West 10th Street Erie, PA 16502 PHONE: 814-456-5385 FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Wynnwood Common Associates Fairchance, PA
We have audited the accompanying balance sheets of Wynnwood Common Associates, (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of 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 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 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 Wynnwood Common Associates as of December 31, 1997 and 1996, 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 reports dated January 28, 1998 on our consideration of Wynnwood Commons Associates internal control structure and compliance with laws and regulations.
/s/ Vincent & Voss
January 28, 1998
Vincent & Voss 544 West 10th Street Erie, PA 16502 PHONE: 814-456-5385 FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Stony Creek Commons Limited Partnership Hooversville, Pennsylvania
We have audited the accompanying balance sheets of Stony Creek Commons (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of 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 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 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 Stony Creek Commons Limited Partnership, as of December 31, 1997 and 1996, 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 reports dated January 27, 1998 on our consideration of Stony Creek Commons Limited Partnership's internal control structure and compliance with laws and regulations.
/s/ Vincent & Voss
January 27, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Richland Elderly Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Richland Elderly Housing, Ltd. (A Limited Partnership), Federal ID No.: 58-1848044, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Richland Elderly Housing, Ltd. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Richland Elderly Housing, Ltd.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Pearson Elderly Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Pearson Elderly Housing, Ltd. (A Limited Partnership), Federal ID No.: 58-1848042, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Pearson Elderly Housing, Ltd. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Pearson Elderly Housing, Ltd.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Lake Park Apartments, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Lake Park Apartments, Ltd. (A Limited Partnership), Federal ID No.: 58-1844429, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Lake Park Apartments, Ltd. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Lake Park Apartments, Ltd.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Lakeland Elderly Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Lakeland Elderly Housing, Ltd. (A Limited Partnership), Federal ID No.: 58-1898054, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Lakeland Elderly Housing, Ltd. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Lakeland Elderly Housing, Ltd.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Woodland Terrace Apartments, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Woodland Terrace Apartments, Ltd. (A Limited Partnership), Federal ID No.: 58-1854412, as of December 31, 1997 and 1996, and the related statements of income, 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 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 Woodland Terrace Apartments, Ltd. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of Woodland Terrace Apartments, Ltd.'s internal control structure and its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Manchester Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Manchester Housing, Ltd. (A Limited Partnership), Federal ID No.: 58-1845215, as of December 31, 1997 and 1996, and the related statements of income, 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 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 Manchester Housing, Ltd. as of December 31, 1997 and 1996, 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 21, 1998on our consideration of Manchester Housing, Ltd.'s internal control structure and a report dated January 21 1998 n its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Heritage Villas, L.P. McRae, Georgia
We have audited the accompanying balance sheets of Heritage Villas, L.P. (A Limited Partnership), Federal ID #: 58-1898056, as of December 31, 1997and 1996 and the related statements of income, 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 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 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 Heritage Villas, L.P. as of December 31, 1997and 1996 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 reports dated February 2 1998on our consideration of Heritage Villas, L.P.'s internal control structure and its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
February 2 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Crisp Properties, L.P. Valdosta, Georgia
We have audited the accompanying balance sheets of Crisp Properties, L.P. (A Limited Partnership), Federal ID No.: 58-1910783, as of December 31, 1997and 1996 and the related statements of income, 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 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 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 Crisp Properties, L.P. as of December 31, 1997and 1996 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 21 1998on our consideration of the Crisp Properties, L.P.'s internal control structure and a report dated January 21 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Blackshear Apartments, L.P., Phase II Valdosta, Georgia
We have audited the accompanying balance sheets of Blackshear Apartments, L.P., Phase II (A Limited Partnership), Federal ID No.: 58-1925616, as of December 31, 1997and 1996 and the related statements of income, 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 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 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 Blackshear Apartments, L.P., Phase II as of December 31, 1997and 1996 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 21 1998on our consideration of the Blackshear Apartments, L.P.'s internal control structure and a report dated January 21 1998 on it's compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Crawford Rental Housing, L.P. Valdosta, Georgia
We have audited the accompanying balance sheets of Crawford Rental Housing, L.P. (A Limited Partnership), Federal ID No.: 58-1850761, as of December 31, 1997and 1996 and the related statements of income, 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 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 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 Crawford Rental Housing, L.P. as of December 31, 1997and 1996 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 21 1998 on our consideration of Crawford Rental Housing, L.P.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Shellman Housing, L.P. (A Limited Partnership) Valdosta, Georgia
We have audited the accompanying balance sheets of Shellman Housing, L.P. (A Limited Partnership), Federal ID No.: 58-1917615, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Shellman Housing L.P. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Shellman Housing L.P.'s internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Greensboro Properties, L.P., Phase II Valdosta, Georgia
We have audited the accompanying balance sheets of Greensboro Properties, L.P., Phase II (A Limited Partnership), Federal ID No.: 58-1915804, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Greensboro Properties, L.P., Phase II as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of the Greensboro Properties, L.P., Phase II's internal control structure and a report dated January 21, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Dawson Elderly, L.P. Dawson, Georgia
We have audited the accompanying balance sheet of Dawson Elderly, L.P. (A Limited Partnership), Federal ID No.: 58-1966658, as of December 31, 1997 and 1996, and the related statements of income, 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 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 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 Dawson Elderly, L.P. as of December 31, 1997 and 1996, 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 21, 1998 on our consideration of Dawson Elderly, L.P.'s internal control structure and a report dated January 21, 1998, on it's compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 21, 1998
Habif, Arogeti & Wynne, P.C. 1073 West Peachtree Street, N.E. Atlanta, GA 30367 PHONE: 404-892-9651 FAX: 404-876-4328
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Piedmont Development Company of Lamar County, Ltd., (L.P.)
We have audited the accompanying balance sheets of PIEDMONT DEVELOPMENT COMPANY OF LAMAR COUNTY, LTD., L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of 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 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 and the U.S. Department of Agriculture Farmers Home Administration's Audit Program. 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 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 accordance with Government Auditing Standards, we have also issued a report dated February 27, 1998 on our consideration of PIEDMONT DEVELOPMENT COMPANY OF LAMAR COUNTY, LTD., L.P.'s internal control structure and a report dated February 27, 1998 on its compliance with laws and regulations.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PIEDMONT DEVELOPMENT COMPANY OF LAMAR COUNTY, LTD., (L.P.) as of December 31, 1997 and 1996, and the results of its operations, its partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/ Habif, Arogeti & Wynne, P.C. Atlanta, Georgia February 27, 1998
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sylacauga Heritage Apartments Ltd. Sylacauga, AL
I have audited the accompanying balance sheets of Sylacauga Heritage Apartments, Ltd., a limited partnership, RHS Project No.: 01-061-631025601 as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that our audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sylacauga Heritage Apartments, Ltd., RHS Project No.: 01-061-631025601 as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I through II for the year ended December 31, 1997 and 1996, is presented for purposes of complying with the requirements of the Rural Housing Services and is also 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 my 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, I have also issued a report dated February 24, 1998 on my consideration of Sylacauga Heritage Apartments, Ltd., internal control structure and a report dated February 28, 1998 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C.
February 24, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Logansport Seniors Apartments, A Louisiana Partnership in Commendam Mansfield, Louisiana
We have audited the accompanying balance sheets of Logansport Seniors Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Logansport Seniors Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, 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 22, 1998 on our consideration of Logansport Seniors Apartments' internal control structure and a report dated January 22, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson Certified Public Accountants
January 22, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Tarpon Heights Apartments, A Louisiana Partnership in Commendam Mansfield, Louisiana
We have audited the accompanying balance sheets of Tarpon Heights Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Tarpon Heights Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, 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 4, 1998 on our consideration of Tarpon Height Apartments' internal control structure and a report dated February 4, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 4, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners The Oaks Apartments, A Louisiana Partnership in Commendam Mansfield, Louisiana
We have audited the accompanying balance sheets of The Oaks Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 The Oaks Apartments, A Louisiana Partnership in Commendam at December 31, 1997 and December 31, 1996, 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 10, 1998 on our consideration of The Oaks Apartments, A Louisiana Partnership in Commendam's internal control structure and a report dated February 10, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 10, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sonora Seniors Apartments, Ltd. Mansfield, Louisiana
We have audited the accompanying balance sheets of Sonora Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Sonora Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, 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 4, 1998 on our consideration of Sonora Seniors Apartments, Ltd.'s internal control structure and a report dated February 4, 1998 on it's compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 4, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Fredericksburg Seniors Apartments, Ltd. Mansfield, Louisiana
We have audited the accompanying balance sheets of Fredericksburg Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Fredericksburg Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, 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 9, 1998 on our consideration of Fredericksburg Seniors Apartment's internal control structure and a report dated February 9, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 9, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brackettville Seniors Apartments, Ltd. Mansfield, Louisiana
We have audited the accompanying balance sheets of Brackettville Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Brackettville Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, 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 4, 1998 on our consideration of Brackettville Seniors Apartments, LTD.'s internal control structure and a report dated February 4, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 4, 1998
Cole, Evans & Peterson Fifth Floor Travis Place - P.O. Drawer 1768 Shreveport, LA 71166-1768 PHONE: 318-222-8367 FAX: 318-425-4101
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Timpson Seniors Apartments, Ltd. Mansfield, Louisiana
We have audited the accompanying balance sheets of Timpson Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, and the related statements of income, 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 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 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 Timpson Seniors Apartments, Ltd. at December 31, 1997 and December 31, 1996, 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 3, 1998 on our consideration of Timpson Seniors Apartments' internal control structure and a report dated February 3, 1998 on its compliance with laws and regulations.
/s/ Cole, Evans & Peterson
February 3, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Charleston Properties, A Limited Partnership D/B/A Wingate Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of CHARLESTON PROPERTIES, A LIMITED PARTNERSHIP, D/B/A WINGATE APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 CHARLESTON PROPERTIES, A LIMITED PARTNERSHIP, D/B/A WINGATE APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of CHARLESTON PROPERTIES, A LIMITED PARTNERSHIP, D/B/A WINGATE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Sallisaw Properties II, A Limited Partnership D/B/A Mayfair Place II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of SALLISAW PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE II APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 SALLISAW PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE II APARTMENTS as of December 31, 1997 and 1996, 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 our reports dated February 19, 1998, on our consideration of the internal control structure of SALLISAW PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE II APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Pocola Properties, A Limited Partnership D/B/A North Gate Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of POCOLA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A NORTH GATE APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 POCOLA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A NORTH GATE APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of POCOLA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A NORTH GATE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Poteau Properties II, A Limited Partnership D/B/A North Pointe Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of POTEAU PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A NORTH POINTE APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 POTEAU PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A NORTH POINTE APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of POTEAU PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A NORTH POINTE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Nowata Properties, A Limited Partnership D/B/A Cross Creek II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of NOWATA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A CROSS CREEK II APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 NOWATA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A CROSS CREEK II APARTMENTS as of December 31, 1997 and 1996, 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 our reports dated February 19, 1998, on our consideration of the internal control structure of NOWATA PROPERTIES, A LIMITED PARTNERSHIP, D/B/A CROSS CREEK II APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Sallisaw Properties , A Limited Partnership D/B/A Mayfair Place Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of SALLISAW PROPERTIES, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 SALLISAW PROPERTIES, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of SALLISAW PROPERTIES, A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Roland Properties II, A Limited Partnership D/B/A Woodland Hills II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of ROLAND PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A WOODLAND HILLS II APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 ROLAND PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A WOODLAND HILLS II APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of ROLAND PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A WOODLAND HILLS II APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Stilwell Properties, A Limited Partnership D/B/A Skywood Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of STILWELL PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SKYWOOD APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 STILWELL PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SKYWOOD APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of STILWELL PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SKYWOOD APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Stilwell Properties II, A Limited Partnership D/B/A Skywood II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of STILWELL PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A SKYWOOD II APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 STILWELL PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A SKYWOOD II APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of STILWELL PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A SKYWOOD II APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Westville Properties, A Limited Partnership D/B/A Greystone Place Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of WESTVILLE PROPERTIES, A LIMITED PARTNERSHIP, D/B/A GREYSTONE PLACE APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 WESTVILLE PROPERTIES, A LIMITED PARTNERSHIP, D/B/A GREYSTONE PLACE APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of WESTVILLE PROPERTIES, A LIMITED PARTNERSHIP, D/B/A GREYSTONE PLACE APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Mill Creek Properties V, A Limited Partnership D/B/A Mill Creek Apartments V Fort Smith, Arkansas
We have audited the accompanying balance sheets of MILL CREEK PROPERTIES V, A LIMITED PARTNERSHIP, D/B/A MILL CREEK APARTMENTS V as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 MILL CREEK PROPERTIES V, A LIMITED PARTNERSHIP, D/B/A MILL CREEK APARTMENTS V as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of MILL CREEK PROPERTIES V, A LIMITED PARTNERSHIP, D/B/A MILL CREEK APARTMENTS V and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Parsons Properties, A Limited Partnership D/B/A Silver Stone Place Fort Smith, Arkansas
We have audited the accompanying balance sheets of PARSONS PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SILVER STONE PLACE as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. General Accounting Office. 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 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 PARSONS PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SILVER STONE PLACE as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of PARSONS PROPERTIES, A LIMITED PARTNERSHIP, D/B/A SILVER STONE PLACE and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA Certified Public Accountants
February 19, 1998
Goddard, Henderson, Godbee & Nichols, P.C. 3488 North Valdosta Road Valdosta, GA 31604 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Inverness Club, Ltd., L.P. (A Georgia Limited Partnership) Valdosta, Georgia
We have audited the accompanying balance sheets of Inverness Club, Ltd., L.P. (A Georgia Limited Partnership), FmHA Project No.: 09-009-581808620, as of December 31, 1997 and 1996, and the related statements of 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 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 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 Inverness Club, Ltd., L.P. as of December 31, 1997 and 1996, 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 19, 1998 on our consideration of Inverness Club, Ltd., L.P.'s internal control structure and a report dated January 19, 1998 on its compliance with laws and regulations.
/s/ Goddard, Henderson, Godbee & Nichols, P.C. Certified Public Accountants
January 19, 1998
Reznick, Fedder & Silverman P.O. Box 501298 Atlanta, GA 31150-1298 PHONE: 770-844-0644 FAX: 770-844-7363
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Carrollton Club, Ltd., L.P.
We have audited the accompanying balance sheets of Carrollton Club, Ltd., L.P., RHS Project No.: 10-22-58188314, as of December 31, 1997 and 1996, and the related statements of operations, 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 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 Carrollton Club, Ltd., L.P., RHS Project No.: 10-22-58188314, as of December 31, 1997 and 1996, 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 information on pages 16 through 19 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 basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 20, 1998 on our consideration of Carrollton Club, Ltd., L.P.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia
January 22, 1998
Grana & Teibel, CPAs, P.C. 300 Corporate Parkway, Suite 116 North Amherst, NY 14226 PHONE: 716-862-4270 FAX: 716-862-0007
INDEPENDENT AUDITORS' REPORT ---------------------------- To The Partners of Lewiston Limited Partnership Case No. 37-32-161349932 and RECD Housing Director 166 Washington Avenue Batavia, New York 14020
We have audited the accompanying balance sheets of Lewiston Limited Partnership as of December 31, 1997 and 1996, 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 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 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 Lewiston Limited Partnership as of December 31, 1997 and 1996, 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 22, 1998 on our consideration of Lewiston Limited Partnership's internal control structure and a report dated January 22, 1998 on its compliance with laws and regulations.
/s/ Grana & Teibel, CPAs, P.C. Certified Public Accountants
January 22, 1998
VanRheenen & Miller, Ltd. CPA 1309 E. Race Avenue Searcy, AR 72143 PHONE: 501-268-8356 FAX: 501-268-9362
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Lancaster House, An Arkansas Limited Partnership D/B/A Pebble Creek Apartments 321 East 4th Street Mountain Home, AR 72653
We have audited the accompanying balance sheet of Lancaster House, An Arkansas Limited Partnership, D/B/A Pebble Creek Apartments, as of December 31, 1997 and 1996, and the related statements of income, changes in owners' equity, and cash flows for the years then ended. These financial statements and the supplemental financial information referred to above 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, and the provisions of Office of Management and Budget (OMB) Circular A-128, 'Audits of State and Local Governments'. Those standards and OMB Circular A-128 require that we plan and perform the audit 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 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 Lancaster House, An Arkansas Limited Partnership, D/B/A Pebble Creek Apartments as of December 31, 1997 and 1996, 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 13, 1998 on our consideration of Lancaster House, An Arkansas Limited Partnership, D/B/A Pebble Creek Apartments' internal control structure and a report dated February 13, 1998 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying financial information listed as supplemental financial information in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of Lancaster House, An Arkansas Limited Partnership, D/B/A Pebble Creek Apartments. Such information has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
/s/ VanRheenen & Miller, Ltd. CPA Certified Public Accountants
February 13 1998
Leavitt, Christensen & Co. 960 Broadway Avenue, Suite 505 Boise, ID 83706 PHONE: 208-336-8666 FAX: 208-336-8741
INDEPENDENT AUDITORS' REPORT ---------------------------- Managing General Partner Haines Associates Limited Partnership Boise, Idaho
We have audited the accompanying balance sheets of Haines Associates Limited Partnership, as of December 31, 1997 and 1996, and the related statements of operations, 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 audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the Rural Development Audit Program issued in December 1989. 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 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 Haines Associates Limited Partnership as of December 31, 1997 and 1996, 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 reports dated February 9, 1998 on our consideration of Haines Associates Limited Partnership's internal control structure and on its compliance with laws and regulations.
The Partnership has filed tax returns with the Internal Revenue Service which allow the partners to receive the benefit of a low income housing tax credit. Because the qualifying standards of the low income housing tax credit are different than the requirements of the loan agreement and the interest credit agreements, and due to the fact that the low income housing tax credit relates to income taxes which are the responsibility of the individual partners, the scope of these audits were not designed or intended to audit the compliance with the various low income housing tax credit laws. Therefore, these audits can not be relied on to give assurances with regard to compliance with any low income housing tax credit laws.
/s/ Leavitt, Christensen & Co. Certified Public Accountants
February 9, 1998
Oscar N. Harris Associates, P.A. 100 East Cumberland Street Dunn, NC 28334 PHONE: 910-892-1021 FAX: 910-892-6084
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Woodcrest Associates of South Boston, VA, LTD. Charlotte, North Carolina
We have audited the accompanying balance sheets of Woodcrest Associates of South Boston, VA, LTD. as of December 31, 1997 and 1996, and the related statements of partners' capital, income, 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 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 Woodcrest Associates of South Boston, VA, LTD. as of December 31, 1997 and 1996, 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 6, 1998 on our consideration of Woodcrest Associates of South Boston, VA, LTD's internal control structure and a report dated February 6, 1998 on its compliance with laws and regulations.
/s/ Oscar N. Harris Associates, P.A. Certified Public Accountants
February 6, 1998
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Norton Green Limited Partnership
I have audited the accompanying balance sheets of Norton Green Limited Partnership, D/B/A Norton Green Apartments, as of December 31, 1997 and 1996, and the related statements of operation, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States .and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Norton Green Limited Partnership, D/B/A Norton Green Apartments as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on paged 15 to 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 auditing procedures applied in the audits 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.
In accordance with Government Auditing Standards, I have also issued a report dated February 18, 1998 on my consideration of Norton Green Limited Partnership's internal control structure and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements.
/s/ Thomas C. Cunningham, CPA PC Bristol, Virginia
February 18, 1998
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Jonesville Manor Limited Partnership
I have audited the accompanying balance sheets of Jonesville Manor Limited Partnership, D/B/A Jonesville Manor Apartments, as of December 31, 1997 and 1996, and the related statements of operation, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jonesville Manor Limited Partnership, D/B/A Jonesville Manor Apartments as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 to 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 my 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, I have also issued a report dated February 18, 1998 on my consideration of Jonesville Manor Limited Partnership's internal control structure and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements.
/s/ Thomas C. Cunningham, CPA PC Bristol, Virginia
February 18, 1998
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Blacksburg Terrace Limited Partnership
I have audited the accompanying balance sheets of Blacksburg Terrace Limited Partnership, D/B/A Blacksburg Terrace Apartments, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blacksburg Terrace Limited Partnership, D/B/A Blacksburg Terrace Apartments, of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 to 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 my 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, I have also issued a report dated February 18, 1998 on my consideration of Blacksburg Terrace Limited Partnership's internal control structure and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements
/s/ Thomas C. Cunningham, CPA PC Certified Public Accountants Bristol, Virginia
February 18, 1998
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Newport Village Limited Partnership
I have audited the accompanying balance sheets of Newport Village Limited Partnership of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Newport Village Limited Partnership of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 to 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 my 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, I have also issued a report dated February 18, 1998 on my consideration of Newport Village Limited Partnership's internal control structure and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements
/s/ Thomas C. Cunningham, CPA PC Certified Public Accountants Bristol, Virginia
February 18, 1998
Lou Ann Montey & Associates 2404 Rutland, Suite 104 Austin, TX 78758 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Zapata Housing, Ltd. (A Texas Limited Partnership) Burnet, TX
We have audited the accompanying balance sheets of Zapata Housing, Ltd. (A Texas Limited Partnership), as of December 31, 1997 and 1996, and the related statements of income (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 Government Auditing Standards as issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 Zapata Housing, Ltd.- (A Texas Limited Partnership) as of December 31, 1997 and 1996, 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 14, 1998 on our consideration of the internal control structure of Zapata Housing, Ltd.- (A Texas Limited Partnership) and a report dated January 14, 1998 on its compliance with laws and regulations.
/s/ Lou Anne Montey & Associates Certified Public Accountants Austin, Texas
January 14, 1998
Lou Anne Montey & Associates 2404 Rutland, Suite 104 Austin, TX 78758 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sinton Retirement, Ltd. (A Texas Limited Partnership) Burnet, TX
We have audited the accompanying balance sheets of Sinton Retirement, Ltd. (A Texas Limited Partnership), as of December 31, 1997 and 1996, and the related statements of income (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 Government Auditing Standards as issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 Sinton Retirement, Ltd.- (A Texas Limited Partnership) as of December 31, 1997 and 1996, 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 14, 1998 on our consideration of the internal control structure of Sinton Retirement, Ltd.- (A Texas Limited Partnership) and a report dated January 14, 1998 on its compliance with laws and regulations.
/s/ Lou Anne Montey & Associates Certified Public Accountants Austin, Texas
January 14, 1998
Gubler and Carter, P.C. 7001 South 900 East, Suite 240 Midvale, UT 84047 PHONE: 801-566-5866 FAX: 801-561-8693
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Smithfield Greenbriar Limited Partnership
We have audited the accompanying balance sheets of Smithfield Greenbriar Limited Partnership, as of December 31, 1997 and 1996, and the related statements of income, 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 and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 Smithfield Greenbriar Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital 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 our reports dated February 3, 1998 on our consideration of Smithfield Greenbriar Limited Partnership's internal control and on its compliance with laws and regulations.
Our audits were conducted for the purposes of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on pages 13 through 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements of Smithfield Greenbriar Limited Partnership. 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 basic financial statements taken as a whole.
/s/ Gubler and Carter, P.C. Certified Public Accountants Salt Lake City, Utah
February 3, 1998
Simmons and Clubb 410 S. Orchard, Suite 156 Boise, ID 83705 PHONE: 208-336-6800 FAX: 208-343-2381 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Mountain Crest Limited Partnership Boise, Idaho
We have audited the accompanying balance sheets of Mountain Crest Limited Partnership as of December 31, 1997 and 1996, and the related statements of 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 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 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 Mountain Crest Limited Partnership as of December 31, 1997 and 1996, 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 reports dated February 9, 1998 on our consideration of Mountain Crest Limited Partnership's internal control structure and its compliance with laws and regulations.
The partnership's tax returns have been filed allowing the partners to claim a benefit of a low income housing tax credit. Because the compliance and qualification standards of the low income housing tax credit are not related to the interest credit agreement and loan agreement, and because the low income housing tax credit related to income taxes which are the responsibility of each individual partner, the scope of our audit was not designed or intended to audit the partnerships compliance with the low income housing tax credit laws. Accordingly, our audit cannot be relied upon to give assurance with regard to the partnerships compliance with any of the low income housing tax credit laws.
/s/ Roger Clubb Simmons and Clubb Certified Public Accountants Boise, Idaho
February 9, 1998
Berberich, Trahan and Co., P.A. 800 S.W. Jackson St., Suite 1300 Topeka, KS 66612 PHONE: 913-234-3427 FAX: 913-233-1768
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Eudora Senior Housing, L.P.
We have audited the accompanying balance sheet of Pinecrest Apartments II, FmHA Project No. 18-023-481065040 (wholly-owned by Eudora Senior Housing, L.P., a limited Partnership) as of December 31, 1997 and 1996, 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 Project's management. Our responsibility is to express an opinion on these statements based on our audit.
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 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 Pinecrest Apartments II, FmHA Project No. 18-023-481065040, as of December 31, 1997 and 1996 and the results of its operations, changes in partners' capital and 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 15, 1998 on our consideration of Pinecrest Apartments II's internal control structure and a report dated January 15, 1998 on its compliance with laws and regulations applicable to the financial statements.
Berberich, Trahan and Co., P.A. Certified Public Accountants
Topeka, Kansas January 15, 1998 Audit Principal: Virginia A. Powell IA Federal ID Number: 48-1066439
Baird, Kurtz, & Dobson CPA 5000 Rogers Avenue, Suite 700 Ft. Smith, AR 72903 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Spring Hill Housing, L.P. (A Limited Partnership) D/B/A Spring Hill Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of SPRING HILL HOUSING, L.P., A LIMITED PARTNERSHIP, D/B/A SPRING HILL APARTMENTS as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in Government Auditing Standards issued by the U.S. Comptroller General. 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 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 SPRING HILL HOUSING, L.P., A LIMITED PARTNERSHIP, D/B/A SPRING HILL APARTMENTS as of December 31, 1997 and 1996, 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 19, 1998, on our consideration of the internal control structure of SPRING HILL HOUSING, L.P., A LIMITED PARTNERSHIP, D/B/A SPRING HILL APARTMENTS and on its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson CPA
February 19, 1998
Charles Bailly & Co. 100 North Phillips, Suite 800 Sioux Falls, SD 57102 PHONE: 605-339-1999 FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sunchase II, Ltd. Watertown, SD
We have audited the accompanying balance sheets of Sunchase II, Ltd. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations, changes in partners' 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 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 Sunchase II, Ltd. as of December 31, 1997 and 1996, 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 supplementary information on pages 12 and 13 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 basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 6, 1998 on our consideration of Sunchase II, Ltd.s internal control structure and a report dated February 6, 1998 on its compliance with laws and regulations.
/s/ Charles Bailly & Co. Certified Public Accountants Sioux Falls, South Dakota February 6, 1998
Charles Bailly & Co. 100 North Phillips, Suite 800 Sioux Falls, SD 57102 PHONE: 605-339-1999 FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Courtyard, Ltd. Huron, South Dakota
We have audited the accompanying balance sheets of Courtyard, Ltd. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 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 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 Courtyard, Ltd. as of December 31, 1997 and 1996, 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 supplementary information on pages 15 and 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 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 basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1998 on our consideration of Courtyard, Ltd.'s internal control structure and a report dated February 5, 1998 on its compliance with laws and regulations.
/s/ Charles Bailly & Co. Certified Public Accountants Sioux Falls, South Dakota February 5, 1998
Charles Bailly & Co. 100 North Phillips, Suite 800 Sioux Falls, SD 57102 PHONE: 605-339-1999 FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sunrise, Ltd. Yankton, South Dakota
We have audited the accompanying balance sheets of Sunrise Ltd. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 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 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 Sunrise, Ltd. as of December 31, 1997 and 1996, 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 supplementary information on pages 12 and 13 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 basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1998 on our consideration of Sunrise, Ltd.'s internal control structure and a report dated February 9, 1998 on its compliance with laws and regulations.
/s/ Charles Bailly & Co. Sioux Falls, South Dakota February 9, 1998
Johnson, Hickey & Murchison, P.C. 651 East Fourth Street, Suite 200 Chattanooga, TN 37403 PHONE: 423-756-0052 FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT ---------------------------- To the General Partners of Southwood, L.P.:
We have audited the accompanying balance sheets of Southwood, L.P. as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 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 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 Southwood, L.P. as of December 31, 1997 and 1996, 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, we have also issued a report dated February 3, 1998 on the Partnership's compliance and internal control over financial reporting.
/s/ Johnson, Hickey & Murchison, P.C. Certified Public Accountants
February 3, 1998
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Hazlehurst Manor, L.P. Hazlehurst, Mississippi
I have audited the accompanying balance sheets of Hazlehurst Manor L.P., a limited partnership, RD Case No.: 28-015-640803081 as of December 31, 1996 and the related statements of income, project equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. The financial statements of Hazlehurst Manor, L.P. as of December 31, 1995 were audited by other auditors whose report dated February 19, 1996 expressed an unqualified opinion on those statements.
I conducted the 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 I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hazlehurst Manor, L.P., RD Case No.: 28-015-640803081 as of December 31, 1996 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information, including separate reports on compliance with laws and regulations and on internal controls, is presented for the purposes of additional analysis and is not a required part of the financial statements of Hazlehurst Manor, L.P.. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in my opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
/s/ Donald W. Causey, CPA, P.C. February 23, 1997
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Lakeshore Apartments Ltd. Tuskegee, AL
I have audited the accompanying balance sheets of Lakeshore Apartments, Ltd., a limited partnership, RHS Project No.: 01-044-631014228 as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeshore Apartments, Ltd., RHS Project No.: 01-044-631014228 as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1997 and 1996, is presented for purposes of complying with the requirements of the Rural Housing Services and is also 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 my 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, I have also issued a report dated February 24, 1998 on my consideration of Lakeshore Apartments, Ltd., internal control structure and a report dated February 24, 1998 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C.
February 24, 1998
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Countrywood Apartments Ltd. Centerville, Alabama
I have audited the accompanying balance sheets of Countrywood Apartments, Ltd., a limited partnership, RHS Project No.: 01-004-630943678 as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Countrywood Apartments, Ltd., RHS Project No.: 01-004-630943678 as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1997 and 1996, is presented for purposes of complying with the requirements of the Rural Housing Services and is also 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 my 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, I have also issued a report dated February 24, 1998 on my consideration of Countrywood Apartments, Ltd., internal control structure and a report dated February 24, 1998 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C.
February 24, 1998
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Wildwood Apartments Ltd. Pineville, Louisiana
I have audited the accompanying balance sheets of Wildwood Apartments, Ltd., a limited partnership, RHS Project No.: 22-040-630954515 as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wildwood Apartments, Ltd., RHS Project No.: 22-040-630954515 as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1997 and 1996, is presented for purposes of complying with the requirements of the Rural Housing Services and is also 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 my 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, I have also issued a report dated February 25, 1998 on my consideration of Wildwood Apartments, Ltd., internal control structure and a report dated February 25, 1998 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C.
February 25, 1998
Donald W. Causey, CPA, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 205-543-3707 FAX: 205-543-9800 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Meadowcrest Apartments Ltd. Luverne, Alabama
I have audited the accompanying balance sheets of Meadowcrest Apartments, Ltd., a limited partnership, RHS Project No.: 01-021-631047203 as of December 31, 1997 and 1996, 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit 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. I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadowcrest Apartments, Ltd., RHS Project No.: 01-021-631047203 as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1997 and 1996, is presented for purposes of complying with the requirements of the Rural Housing Services and is also 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 my 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, I have also issued a report dated February 25, 1998 on my consideration of Meadowcrest Apartments, Ltd., internal control structure and a report dated February 25, 1998 on its compliance with laws and regulations.
/s/ Donald W. Causey, CPA, P.C.
February 25, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Seneca Apartments, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Seneca Apartments, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Seneca Apartments, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 our reports dated February 28, 1998 on our consideration of Seneca Apartments, L.P.'s internal control structure and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Carthage Seniors, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Carthage Seniors, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Carthage Seniors, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Carthage Seniors, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Southwest City Apartments, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Southwest City Apartments, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Southwest City Apartments, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Southwest City Apartments, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Pineville Apartments, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Pineville Apartments, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Pineville Apartments, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Pineville Apartments, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Monett Seniors, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Monett Seniors, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Monett Seniors, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Monett Seniors, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Columbus Seniors, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Columbus Seniors, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 Columbus Seniors, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Columbus Seniors, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28,1998
Turk & Giles, CPAs, P.C. 1823 East 20th - P.O. Box 3766 Joplin, MO 64803 PHONE: 417-623-8666 FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Arma Seniors, L.P. Joplin, Missouri
We have audited the accompanying balance sheets of Arma Seniors, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, 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 audits in accordance with generally accepted auditing Standards and GOVERNMENT AUDITING STANDARDS issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration AUDIT PROGRAM. 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 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 Arma Seniors, L.P. (A Limited Partnership) as of December 31, 1997 and 1996, 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 28, 1998 on our consideration of Arma Seniors, L.P.'s internal control and on its compliance with laws and regulations.
/s/ Turk & Giles, CPAs, P.C. Certified Public Accountants
February 28, 1998
Suellen Doubet, CPA 226 East Cherokee Wagoner, OK 74467 PHONE: 918-485-8085 FAX: 918-485-3092
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Yorkshire Retirement Village:
I have audited the accompanying balance sheet of Yorkshire Retirement Village, (An Oklahoma Limited Partnership) as of December 31, 1997 and 1996, and the related statement of income, partners' equity, 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 audits.
I conducted my 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 I plan and perform the audit 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Yorkshire Retirement Village as of December 31, 1997 and 1996, 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 made for the purpose of forming an opinion on the basic financial statements take as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information, The Schedule of Maintenance Expenses has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion, if fairly stated in all material respects in relation to the basic financial statements taken as a whole,
In accordance with Government Auditing Standards, I have also issued a report dated March 27, 1998 on my consideration of Yorkshire Retirement Village's internal control structure and a report dated March 27, 1998 on its compliance with laws and regulations.
/s/ Suellen Doubet, CPA Wagoner, OK 74467 March 27, 1998
Chester Kearney, CPA 12 Dyer Street Presque Isle, ME 04769-1550 PHONE: 207-764-3171 FAX: 207-764-6362
INDEPENDENT AUDITORS' REPORT ---------------------------- Rural Development Group (d/b/a Ashland Estates Caribou, Maine
We have audited the accompanying balance sheets of Rural Development Group, d/b/a Ashland Estates, (a limited partnership) as of December 31, 1997 and 1996, and the related statements of operations, 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 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 the Rural Development Group, d/b/a Ashland Estates as of December 31, 1997 and 1996, and the results of its operations, partners' equity (deficit) 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 reports dated February 24, 1998 on our consideration of Rural Development Group, d/b/a Ashland Estates' internal control over financial reporting and our tests of its compliance with certain provisions of laws and regulations.
/s/ Chester Kearney, CPA Presque Isle, Maine February 24, 1998
Richard A. Strauss 1310 Lady Street, 9th Floor Columbia, SC 29201 PHONE: 803-779-7472 FAX: 803-252-6171
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Scarlett Oaks Limited Partnership Lexington, South Carolina
I have audited the accompanying balance sheet of Scarlett Oaks Limited Partnership as of December 31, 1997 and 1996, and the related statements of income, expense and partners' equity and cash flows for the years then ended. These financial statements are the responsibility of Scarlett Oaks Limited Partnership'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 and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit 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. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Scarlett Oaks Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity and 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 4, 1998, on my consideration of Scarlett Oaks Limited Partnership's internal control and a report dated February 4, 1998 on its compliance with laws and regulations.
This report is intended for the information of management and the Department of Agriculture, Rural Economic and Community Development. However, this report is a matter of public record and its distribution is not limited.
Respectfully submitted,
/s/ Richard A. Strauss, CPA Certified Public Accountants Columbia, South Carolina February 4, 1998
Reznick, Fedder & Silverman P.O. Box 501298 Atlanta, GA 31150-1298 PHONE: 770-844-0644 FAX: 770-844-7363
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brookshill Apartments, L.P.
We have audited the accompanying balance sheets of Brookshill Apartments L.P., RHS Project No.: 10-061-581953696, as of December 31, 1997 and 1996, and the related statements of operations, 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 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 Brookshill Apartments L.P., RHS Project No.: 10-061-581953696, as of December 31, 1997 and 1996, 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 information on pages 15 through 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 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 basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated February 6, 1998 on our consideration of Brookshill Apartments, L.P.'s internal control structure and on its compliance with laws and regulations.
/s/ Reznick, Fedder & Silverman Certified Public Accountants Atlanta, Georgia February 6, 1998
K.B. Parrish & Company 151 North Delaware Street, Suite 1600 Indianapolis, IN 46204 PHONE: 317-269-2455 FAX: 317-269-2464
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Village Apartments of Seymour II, L.P. (A Limited Partnership)
We have audited the accompanying balance sheets of Village Apartments of Seymour II, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations, changes in partnership 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 audits in accordance with generally accepted auditing Standards, Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 Village Apartments of Seymour II, L.P. at December 31, 1997 and 1996, and the results of its operations, changes in partnership capital (deficit) and 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 12, 1998 on our consideration of the partnership's internal control structure and a report dated January 12, 1998 on its compliance with laws and regulations.
Respectfully submitted,
/s/ K.B. Parrish & Company Certified Public Accountants January 12, 1998
Scheiner, Mister & Grandizio, P.A. 1301 York Road, Suite 705 Lutherville, MD 21093 PHONE: 410-494-0885 FAX: 410-321-9024
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Frazer Elderly Limited Partnership Reisterstown, Maryland
We have audited the accompanying balance sheets of Frazer Elderly Limited Partnership as of December 31, 1997 and 1996, 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 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 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 Frazer Elderly Limited Partnership as of December 31, 1997 and 1996, 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 13, 1998 on our consideration of the Partnership's internal control structure and a report dated January 13, 1998 on its compliance with laws and regulations.
/s/ Scheiner, Mister & Grandizio, P.A. Certified Public Accountants
January 13, 1998
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Bryan Senior Village Limited Partnership (A Limited Partnership) DBA Plaza Senior Village Apartments Mansfield, OH
We have audited the accompanying balance sheets of Bryan Senior Village Limited Partnership (A Limited Partnership), DBA Plaza Senior Village Apartments, FmHA Case No. 41-086-341561720, as of December 31, 1997 and 1996, and the related income statements, changes in partners' equity (deficit) 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 Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards and Audit Program require that we plan and perform the audit 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 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 Bryan Senior Village Limited Partnership (A Limited Partnership), DBA Plaza Senior Village Apartments, FmHA Case No. 41-086-341561720, at December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit),and 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 financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41- 086-341561720. Such information has been subjected to the same auditing procedures applied in the audits 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 16, 1998 on our consideration of Bryan Senior Village Limited Partnership's internal control structure and a report dated January 16, 1998 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio January 16, 1998
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Brubaker Square Limited Partnership (A Limited Partnership) DBA Brubaker Square Apartments Mansfield, OH
We have audited the accompanying balance sheets of Brubaker Square Limited Partnership (A Limited Partnership), DBA Brubaker Square Apartments, FmHA Case No. 41-092-341561718, as of December 31, 1997 and 1996, and the related income statements, changes in partners' equity (deficit) 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 Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards and Audit Program require that we plan and perform the audit 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 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 Brubaker Square Limited Partnership (A Limited Partnership), DBA Brubaker Square Apartments, FmHA Case No. 41-092-341561718, at December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit),and 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 financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41- 092-341561718. Such information has been subjected to the same auditing procedures applied in the audits 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 16, 1998 on our consideration of Brubaker Square Limited Partnership's internal control structure and a report dated January 16, 1998 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio January 16, 1998
Larry C. Stemen CPA & Associates 380 South Fifth Street, The Americana - Suite 1 Columbus, OH 43215 PHONE: 614-224-0955 FAX: 614-224-0971
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Villa Allegra Limited Partnership (A Limited Partnership) DBA Villa Allegra Apartments Mansfield, OH
We have audited the accompanying balance sheets of Villa Allegra Limited Partnership (A Limited Partnership), DBA Villa Allegra Apartments, FmHA Case No. 41-054-341561716, as of December 31, 1997 and 1996, and the related income statements, changes in partners' equity (deficit) 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 Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. Those standards and Audit Program require that we plan and perform the audit 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 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 Villa Allegra Limited Partnership (A Limited Partnership), DBA Villa Allegra Apartments, FmHA Case No. 41-054-341561716, at December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit),and 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 financial statements taken as a whole. The supplemental data included in this report (shown on pages 14-18) are presented for the purpose of additional analysis and are not a required part of the financial statements of FmHA Case No. 41- 054-341561716. Such information has been subjected to the same auditing procedures applied in the audits 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 16, 1998 on our consideration of Villa Allegra Limited Partnership's internal control structure and a report dated January 16, 1998 on its compliance with specific requirements applicable to Rural Development Services programs.
/s/ Larry C. Stemen CPA & Associates Certified Public Accountants Columbus, Ohio January 16, 1998
Fentress, Dunbar, & Brown, CPA's, LLC 6660 North High Street, Suite 3F Worthington, OH 43085 PHONE: 614-825-0011 FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Logan Place Limited Partnership (A Limited Partnership) DBA Logan Place Apartments Mansfield, Ohio
We have audited the accompanying balance sheets of Logan Place Limited Partnership (A Limited Partnership), DBA Logan Place Apartments, FmHA Case No. 41-037-341643639, as of December 31, 1997 , and the related income statement, changes in partners' equity (deficit) and cash flows for the year 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. The financial statements of Logan Place Limited Partnership as of December 31, 1996, were audited by other auditors whose report dated January 15, 1997, expressed an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration 'Audit Program' issued in December 1989. 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 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 Logan Place Limited Partnership (A Limited Partnership), DBA Logan Place Apartments, FmHA Case No. 41-037-341643639, at December 31, 1997, and the results of its operations, changes in partners' equity (deficit),and 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 12, 1998 on our consideration of Logan Place Limited Partnership's internal control structure and a report dated January 12, 1998 on its compliance with specific requirements applicable to Rural Development Services programs.
Fentress, Dunbar & Brown, CPA's, LLC Certified Public Accountants Worthington, Ohio January 12, 1998
Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA 334 N.W. Third Avenue Ocala, FL 34475 PHONE: 352-732-0171 FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Flagler Beach Villas RRH, Ltd.
We have audited the accompanying basic financial statements of Flagler Beach Villas RRH, Ltd. as of and for the years ended December 31, 1997 and 1996, as listed in the table of contents. These basic 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 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 basic financial statements referred to above present fairly, in all material respects, the financial position of Flagler Beach Villas RRH, Ltd. as of December 31, 1997 and 1996, 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 2, 1998 on our consideration of Flagler Beach Villas R.R.H., Ltd.'s internal control over financial reporting and our tests of its compliance with laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 10 to 16 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The information on pages 10 to 15 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 basic financial statements taken as a whole. The information on page 16, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.
/s/ Duggan, Joiner, Birkenmeyer, Stafford & Furman, PA Certified Public Accountants
February 2, 1998
Smith, Lambright & Assoc. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Elkhart Apartments Limited 700 South Palestine Athens, Texas 75751
We have audited the accompanying Balance Sheet of the Elkhart Apartments Limited as of December 31, 1997 and 1996, and the related Statements of Income and Expenses, Changes in Partners's Equity (Deficit), and Cash Flows for the years then ended. These financial statements are the responsibility of Elkhart Apartments Limited'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, Government Auditing Standards issued by the Comptroller General of the United States, and 'U.S. Department of Agriculture, Farmers Home Administration-Audit Program.' 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 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 Elkhart Apartments Limited as of December 31, 1997 and 1996, 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 17, 1998 on our consideration of Elkhart Apartments Limited's internal control over financial reporting and our test of its compliance with certain laws, regulations, contracts and grants.
Our audit was performed for the purpose of forming an opinion on the financial statements of the Elkhart Apartments Limited, taken as a whole. The accompanying supplemental letter is presented for purposes of additional analysis as required by the U.S. Department of Agriculture, Rural Development Agency, and is not a required part of the financial statements. Such information has been subjected to the 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.
/s/ Smith, Lambright & Assoc. Certified Public Accountants
February 17, 1998
Smith, Lambright & Assoc. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners South Timber Ridge Apartments, Ltd. 700 South Palestine Athens, TX
We have audited the accompanying Balance Sheet of South Timber Ridge Apartments, Ltd. as of December 31, 1997 and 1996, and the related Statements of Income and Expenses, Changes in Partner's Equity (Deficit), and Cash Flows for the years then ended. These financial statements are the responsibility of South Timber Ridge Apartments, Ltd.'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, and the 'U.S. Department of Agriculture, Farmers Home Administration- Audit Program.' 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 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 al material respects, the financial position of South Timber Ridge Apartments, Ltd. as of December 31, 1997 and 1996, 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 13, 1998 on our consideration of South Timber Ridge Apartments, Ltd.'s internal control over financial reporting and our test of its compliance with certain laws, regulations, contracts and grants.
Our audit was performed for the purpose of forming an opinion on the financial statements of South Timber Ridge Apartments, Ltd., taken as a whole. The accompanying supplemental letter is presented for purposes of additional analysis as required by the U.S. Department of Agriculture, Rural Development Agency, and is not a required part of the financial statements. Such information has been subjected to the 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.
/s/ Smith, Lambright & Assoc. Certified Public Accountants
February 13, 1998
Smith, Lambright & Assoc. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Heritage Drive South, Limited 700 South Palestine Athens, TX
We have audited the accompanying Balance Sheet of Heritage Drive South, Limited as of December 31, 1997 and 1996, and the related Statements of Income and Expenses, Changes in Partner's Equity (Deficit), and Cash Flows for the years then ended. These financial statements are the responsibility of Heritage Drive South, Limited'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, and the 'U.S. Department of Agriculture, Farmers Home Administration- Audit Program.' 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 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 Heritage Drive South, Limited as of December 31, 1997 and 1996, 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 6, 1998 on our consideration of Heritage Drive South, Limited's internal control over financial reporting and our tests of its compliance with laws, regulations, contracts and grants.
Our audit was performed for the purpose of forming an opinion on the financial statements of Heritage Drive South, Limited, taken as a whole.. The accompanying supplemental letter is presented for purposes of additional analysis as required by the U.S. Department of Agriculture, Rural Development Agency, and is not a required part of the financial statements. Such information has been subjected to the 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.
/s/ Smith, Lambright & Assoc. Certified Public Accountants
February 6, 1998
Miller, Mayer, Sullivan & Stevens 2365 Harrodsburg Rd. Lexington, KY 40504-3399 PHONE: 606-223-3095 FAX: 606-223-2143
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Goodwater Falls, Ltd.
We have audited the accompanying balance sheets of Goodwater Falls, Ltd. (A Limited Partnership) Case No. 20-067-621424606 as of December 31, 1997 and 1996, and the related statements of operations, changes in 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 the standards for financial audits contained in 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 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 Goodwater Falls, Ltd. as of December 31, 1997 and 1996, 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 reports dated February 2, 1998 on our consideration of Goodwater Falls, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were conducted 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 presented fairly, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ Miller, Mayer, Sullivan & Stevens Certified Public Accountants Lexington, Kentucky
February 2, 1998
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE 512-338-0044 FAX 512-338-5395
INDEPENDENT AUDITORS' REPORT ----------------------------
To The Partners Frankston Retirement, Ltd. - (A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheet of Frankston Retirement Ltd.- (A Texas Limited Partnership) as of December 31, 1997, and the related statement of income (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 and Government Auditing Standards as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly, in all material respects, the financial position of Frankston Retirement, Ltd. - (A Texas Limited Partnership) as of December 31, 1997, 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 a report dated January 26, 1998, on our consideration of the internal control structure of Frankston Retirement, Ltd. - (A Texas Limited Partnership) and a report dated January 26, 1998, on its compliance with laws and regulations.
The financial statements for the year ended December 31, 1996, were compiled by us, and our report thereon, dated February 12, 1997, stated we did not audit or review those financial statements and, accordingly, expressed no opinion or other form of assurance on them.
Lou Ann Montey and Associates, P.C. Austin, Texas
January 26, 1998
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE 512-338-0044 FAX 512-338-5395
INDEPENDENT AUDITORS' REPORT -----------------------------
To The Partners Wallis Housing, Ltd. - (A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheet of Wallis Housing, Ltd. - (A Texas Limited Partnership) as of December 31, 1997, and the related statement of income (loss), 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 as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly, in all material respects, the financial position of Wallis Housing, Ltd. - (A Texas Limited Partnership) as of December 31, 1997, 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 a report dated January 27, 1998, on our consideration of the internal control structure of Wallis Housing, Ltd. - (A Texas Limited Partnership) and a report dated January 27, 1998, on its compliance with laws and regulations.
The financial statements for the year ended December 31, 1996, were compiled by us, and our report thereon, dated February 9, 1997, stated we did not audit or review these financial statements and, accordingly, expressed no opinion or other form of assurance on them.
Lou Ann Montey and Associates, P.C. Austin, Texas
January 27, 1998
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE 512-338-0044 FAX 512-338-5395
INTERNAL AUDITORS' REPORT -------------------------
To The Partners Menard Retirement, Ltd. - (A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheet of Menard Retirement, Ltd. - (A Texas Limited Partnership) as of December 31, 1997 and the related statement of income (loss), partners' equity and cash flows for the year 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 as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. 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 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 our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly, in all material respects, the financial position of Menard Retirement, Ltd. - - (A Texas Limited Partnership) as of December 31, 1977 and 1996 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 28, 1998, on our consideration of the internal control structure of Menard Retirement, Ltd. - (A Texas Limited Partnership) and a report dated January 28, 1998, on its compliance with laws and regulations.
The financial statements for the year ended December 31, 1996, were compiled by us, and our report thereon, dated February 12, 1997, stated we did not audit or review those financial statements and, accordingly, expressed no opinion or other form of assurance on them.
Lou Ann Montey and Associates, P.C. Austin, Texas
January 28, 1998
Bob T. Robinson, CPA 2084 Dunbarton Drive Jackson, Mississippi 39216 PHONE..601-982-3875
INDEPENDENT AUDITOR'S REPORT ----------------------------
To the Partners of Hazlehurst Manor, L.P. Hazlehurst, Mississippi
I have audited the accompanying balance sheet of Hazlehurst Manor, L.P. (RD Case number 28-015-640803081), as of December 31, 1997 and the related statements of income, project equity, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. The financial statements of Hazlehurst Manor, L.P. as of December 31, 1996 were audited by other auditors whose report dated February 19, 1997 expressed an unqualified opinion on those statements.
I conducted my 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 I plan and perform the audit 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. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hazlehurst Manor, L.P. as of December 31, 1997 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information, including separate reports on compliance with laws and regulations and on internal controls, is presented for the purposes of additional analysis and is not a required part of the financial statements of Hazlehurst Manor, L.P.. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in my opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
Bob T. Robinson, CPA February 23, 1998
Item 9.
Item 9. Disagreements on Accounting and Financial Disclosures
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of Gateway
Gateway has no directors or executive officers. Gateway's affairs are managed and controlled by the Managing General Partner. Certain information concerning the directors and officers of the Managing General Partner are set forth below.
Raymond James Tax Credit Funds, Inc. - Managing General Partner
Raymond James Tax Credit Funds, Inc. is the Managing General Partner and is responsible for decisions pertaining to the acquisition and sale of Gateway's interests in the Project Partnerships and other matters related to the business operations of Gateway. The officers and directors of the Managing General Partner are as follows:
Ronald M. Diner, age 54, is President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc., with whom he has been employed since June 1983. Mr. Diner received an MBA degree from Columbia University (1968) and a BS degree from Trinity College (1966). Prior to joining Raymond James & Associates, Inc., he managed the broker- dealer activities of Pittway Real Estate, Inc., a real estate development firm. He was previously a loan officer at Marine Midland Realty Credit Corp., and spent three years with Common, Dann & Co., a New York regional investment firm. He has served as a member of the Board of Directors of the Council for Rural Housing and Development, a national organization of developers, managers and syndicators of properties developed under the RECD Section 515 program, and is a member of the Board of Directors of the Florida Council for Rural Housing and Development. Mr. Diner has been a speaker and panel member at state and national seminars relating to the low-income housing credit.
Alan L. Weiner, age 37, is a Vice President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc. which he joined in 1983. Mr. Weiner earned an MBA from the Wharton Business School (1983) and is a Phi Beta Kappa graduate of the University of Florida (1981), where he received a BS with high honors.
J. Davenport Mosby, age 42, is a Vice President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc. which he joined in 1982. Mr. Mosby received an MBA from the Harvard Business School (1982). He graduated magna cum laude with a BA from Vanderbilt University where he was elected to Phi Beta Kappa. Mr. Mosby is the head of the real estate investment banking group and the Limited Partnership Trading Desk.
Teresa L. Barnes, age 51, is a Vice President. Ms. Barnes is a Senior Vice President of Raymond James & Associates, Inc., which she joined in 1969.
Sandra L. Furey, age 35, is Secretary, Treasurer. Ms. Furey has been employed by Raymond James & Associates, Inc. since 1980 and currently serves as Closing Administrator for the Gateway Tax Credit Funds.
Raymond James Partners, Inc. -
Raymond James Partners, Inc. has been formed to act as the general partner, with affiliated corporations, in limited partnerships sponsored by Raymond James Financial, Inc. Raymond James Partners, Inc. is a general partner for purposes of assuring that Gateway and other partnerships sponsored by affiliates have sufficient net worth to meet the minimum net worth requirements of state securities administrators.
Information regarding the officers and directors of Raymond James Partners, Inc. is included on pages 58 and 59 of the Prospectus under the section captioned "Management" (consisting of pages 56 through 59 of the Prospectus) which is incorporated herein by reference.
Item 11.
Item 11. Executive Compensation
Gateway has no directors or officers.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Neither of the General Partners nor their directors and officers own any units of the outstanding securities of Gateway as of March 31, 1998.
Gateway is a Limited Partnership and therefore does not have voting shares of stock. To the knowledge of Gateway, no person owns of record or beneficially, more than 5% of Gateway's outstanding units.
Item 13.
Item 13. Certain Relationships and Related Transactions
Gateway has no officers or directors. However, various kinds of compensation and fees are payable to the General Partners and their affiliates during the organization and operations of Gateway. Additionally, the General Partners will receive distributions from Gateway if there is cash available for distribution or residual proceeds as defined in the Partnership Agreement. The amounts and kinds of compensation and fees are described on pages 15 to 18 of the Prospectus under the caption "Management Compensation", which is incorporated herein by reference.
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The Payable to Project Partnerships represents unpaid capital contributions to the Project Partnerships and will be paid after certain performance criteria are met. Such contributions are in turn payable to the general partner of the Project Partnerships.
For the years ended March 31, 1998, 1997 and 1996 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:
Asset Management Fee - The Managing General Partner is entitled to be paid an annual asset management fee equal to 0.25% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations.
1998 1997 1996 ---- ---- ---- Series 2 $ 68,773 $ 68,889 $ 68,998 Series 3 63,645 63,792 63,927 Series 4 78,133 78,270 78,384 Series 5 96,663 96,844 97,010 Series 6 107,120 107,403 107,665 ------------ ---------- ---------- Total $ 414,334 $ 415,198 $ 415,987 ============ ========== ==========
General and Administrative Expenses - The Managing General Partner is reim bursed for general and administrative expenses of Gateway on an accountable basis. This expense is included in the Statements of Operations. 1998 1997 1996 ---- ---- ---- Series 2 $ 8,267 $ 6,792 $ 6,812 Series 3 8,481 7,102 7,104 Series 4 10,693 8,953 8,978 Series 5 13,274 11,114 11,144 Series 6 14,012 11,732 11,765 --------- --------- --------- $ 54,727 $ 45,693 $ 45,803 Total ========= ========= =========
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a.(1) Financial Statements
(2) Financial Statement Schedules -
Schedule III - Real Estate and Accumulated Depreciation of Property Owned by Project Partnerships
All other schedules are omitted because they are not applicable or not required, or because the required information is shown either in the financial statements or in the notes thereto.
(3) Exhibit Index - The following are included with Form S-11, Registration No. 33-31821 and amendments and supplements thereto previously filed with the Securities and Exchange Commission.
Table Number 1.1 Form of Dealer Manager Agreement, including Soliciting Dealer Agreement 1.2 Escrow Agreement between Gateway Tax Credit Fund II Ltd. and Southeast Bank, NA 3.1 The form of Partnership Agreement of the Partnership is included as Exhibit "A" to the Prospectus 3.1.1 Certificate of Limited Partnership of Gateway Tax Credit Fund II Ltd. 3.1.2 Amendment to Certificate of Limited Partnership of Gateway Tax Credit Fund II Ltd. 3.2 Articles of Incorporation of Raymond James Partners, Inc. 3.2.1 Bylaws of Raymond James Partners, Inc. 3.3 Articles of Incorporation of Raymond James Tax Credit Funds, Inc. 3.3.1 Bylaws of Raymond James Tax Credit Funds, Inc. 3.4 Amended and Restated Agreement of Limited Partnership of Nowata Properties, An Oklahoma Limited Partnership 3.5 Amended and Restated Agreement of Limited Partnership of Poteau Properties II, An Oklahoma Limited Partnership 3.6 Amended and Restated Agreement of Limited Partnership of Sallisaw Properties, An Oklahoma Limited Partnership 3.7 Amended and Restated Agreement of Limited Partnership of Waldron Properties, An Arkansas Limited Partnership 3.8 Amended and Restated Agreement of Limited Partnership of Roland Properties II, An Oklahoma Limited Partnership 3.9 Amended and Restated Agreement of Limited Partnership of Stilwell Properties, An Oklahoma Limited Partnership 3.10 Amended and Restated Agreement of Limited Partnership of Birchwood Apartments Limited Partnership 3.11 Amended and Restated Agreement of Limited Partnership of Sunchase II, Ltd. 3.12 Amended and Restated Agreement of Limited Partnership of Hornellsville Apartments 3.13 Amended and Restated Agreement of Limited Partnership of CE McKinley II Limited Partnership 3.14 Amended and Restated Agreement of Limited Partnership of Hartwell Family, Ltd., L.P. 3.15 Amended and Restated Agreement of Limited Partnership of Deerfield II Ltd., L.P. 3.16 Amended and Restated Agreement of Limited Partnership of Claxton Elderly, Ltd., L.P. 3.17 Amended and Restated Agreement of Limited Partnership of Inverness Club, Ltd., L.P. 3.18 Amended and Restated Agreement of Limited Partnership of Lake Park Ltd., L.P. 3.19 Amended and Restated Agreement of Limited Partnership of Lakeland Elderly Apartments, Ltd., L.P. 3.20 Amended and Restated Agreement of Limited Partnership of Mt. Vernon Elderly Housing, Ltd., L.P. 3.21 Amended and Restated Agreement of Limited Partnership of Pearson Elderly Housing, Ltd., L.P. 3.22 Amended and Restated Agreement of Limited Partnership of Woodland Terrace Apartments, Ltd., L.P. 3.23 Amended and Restated Agreement of Limited Partnership of Richland Elderly Housing, Ltd., L.P. 3.24 Amended and Restated Agreement of Limited Partnership of Lakeshore Apartments Limited Partnership 3.25 Amended and Restated Agreement of Limited Partnership of Lewiston Limited Partnership 3.26 Amended and Restated Agreement of Limited Partnership of Springwood Apartments Limited Partnership 3.27 Amended and Restated Agreement of Limited Partnership of Cherrytree Apartments Limited Partnership 3.28 Amended and Restated Agreement of Limited Partnership of Charleston Properties, An Arkansas Limited Partnership 3.29 Amended and Restated Agreement of Limited Partnership of Sallisaw Properties II, An Oklahoma Limited Partnership 3.30 Amended and Restated Agreement of Limited Partnership of Pocola Properties, An Oklahoma Limited Partnership 3.31 Amended and Restated Agreement of Limited Partnership of Prairie Apartments Limited Partnership 3.32 Amended and Restated Agreement of Limited Partnership of Manchester Housing, Ltd., L.P. 3.33 Amended and Restated Agreement of Limited Partnership of Sylacauga Heritage Apartments, Ltd. 3.34 Amended and Restated Agreement of Limited Partnership of Durango C.W.W. Limited Partnership 3.35 Amended and Restated Agreement of Limited Partnership of Alsace Village Limited Partnership 3.36 Amended and Restated Agreement of Limited Partnership of Seneca Apartments, L.P. 3.37 Amended and Restated Agreement of Limited Partnership of Westville Properties, a Limited Partnership 3.38 Amended and Restated Agreement of Limited Partnership of Stilwell Properties II, Limited Partnership 3.39 Amended and Restated Agreement of Limited Partnership of Wellsville Senior Housing, L.P. 3.40 Amended and Restated Agreement of Limited Partnership of Spring Hill Senior Housing, L.P. 3.41 Amended and Restated Agreement of Limited Partnership of Eudora Senior Housing, L.P. 3.42 Amended and Restated Agreement of Limited Partnership of Smithfield Greenbriar Limited Partnership 3.43 Amended and Restated Agreement of Limited Partnership of Tarpon Heights Apartments, A Louisiana Partnership in Commendam 3.44 Amended and Restated Agreement of Limited Partnership of Oaks Apartments, A Louisiana Partnership in Commendam 3.45 Amended and Restated Agreement of Limited Partnership of Countrywood Apartments, Limited 3.46 Amended and Restated Agreement of Limited Partnership of Weston Apartments 3.47 Amended and Restated Agreement of Limited Partnership of Wildwood Apartments, Limited 3.48 Amended and Restated Agreement of Limited Partnership of Hopkins Properties, Limited 3.49 Amended and Restated Agreement of Limited Partnership of Hancock Properties, Limited 3.50 Amended and Restated Agreement of Limited Partnership of Southwood, L.P. 3.51 Amended and Restated Agreement of Limited Partnership of Belmont Senior Apts., Ltd. 3.52 Amended and Restated Agreement of Limited Partnership of Elkhart Apts., Ltd. 3.53 Amended and Restated Agreement of Limited Partnership of Bryan Senior Village Limited Partnership 3.54 Amended and Restated Agreement of Limited Partnership of Brubaker Square Limited Partnership 3.55 Amended and Restated Agreement of Limited Partnership of Villa Allegra Limited Partnership 3.56 Amended and Restated Agreement of Limited Partnership of Heritage Villas, L.P. 3.57 Amended and Restated Agreement of Limited Partnership of Logansport Seniors Apts., a Louisiana Partnership Commendam 3.58 Amended and Restated Agreement of Limited Partnership of Wynnwood Common Associates 3.59 Amended and Restated Agreement of Limited Partnership of Piedmont Development Company of Lamar County, Ltd., (L.P.) 3.60 Amended and Restated Agreement of Limited Partnership of Sonora Seniors Apts., Ltd. 3.61 Amended and Restated Agreement of Limited Partnership of Fredericksburg Seniors, Ltd. 3.62 Amended and Restated Agreement of Limited Partnership of Ozona Seniors, Ltd. 3.63 Amended and Restated Agreement of Limited Partnership of Brackettville Seniors, Ltd. 3.64 Amended and Restated Agreement of Limited Partnership of Timpson Seniors Apartments, Ltd. 3.65 Amended and Restated Agreement of Limited Partnership of Chestnut Apartments Limited Partnership 3.66 Amended and Restated Agreement of Limited Partnership of Jasper Villas Apartments Limited Partnership 3.67 Amended and Restated Agreement of Limited Partnership of Norton Green Limited Partnership 3.68 Amended and Restated Agreement of Limited Partnership of Jonesville Manor Limited Partnership 3.69 Amended and Restated Agreement of Limited Partnership of Edmonton Senior, Ltd. 3.70 Amended and Restated Agreement of Limited Partnership of Owingsville Senior, Ltd. 3.71 Amended and Restated Agreement of Limited Partnership of Courtyard, Ltd. 3.72 Amended and Restated Agreement of Limited Partnership of Rural Development Group 3.73 Amended and Restated Agreement of Limited Partnership of Williston Properties, A Limited Partnership 3.74 Amended and Restated Agreement of Limited Partnership of St. George Properties, A Limited Partnership 3.75 Amended and Restated Agreement of Limited Partnership of Village Apartments of St. Joseph II Limited Partnership 3.76 Amended and Restated Agreement of Limited Partnership of Village Apartments of Effingham Limited Partnership 3.77 Amended and Restated Agreement of Limited Partnership of Village Apartments of Seymour II, L.P. 3.78 Amended and Restated Agreement of Limited Partnership of Country Place Apartments - Portland II, Ltd. 3.79 Amended and Restated Agreement of Limited Partnership of Country Place Apartments - Georgetown Limited Partnership 3.80 Amended and Restated Agreement of Limited Partnership of South Timber Ridge Apts., Ltd. 3.81 Amended and Restated Agreement of Limited Partnership of Cloverdale RRH Assoc. 3.82 Amended and Restated Agreement of Limited Partnership of Shannon Apartments Limited Partnership 3.83 Amended and Restated Agreement of Limited Partnership of Spruce Apartments Limited Partnership 3.84 Amended and Restated Agreement of Limited Partnership of Carthage Senior, L.P. 3.85 Amended and Restated Agreement of Limited Partnership of Ehrhardt Place Limited Partnership 3.86 Amended and Restated Agreement of Limited Partnership of Country Place Apartments - Coal City, Limited Partnership 5.1O Opinion regarding legality of Honigman Miller Schwartz and Cohn 5.1.1 Opinion regarding legality of Riden, Earle & Kiefner, PA 8.1 Tax opinion and consent of Honigman Miller Schwartz and Cohn 8.1.1 Tax opinion and consent of Riden, Earle & Kiefner, PA 24.1 The consent of Spence, Marston & Bunch 24.2 The consent of Spence, Marston, Bunch, Morris Co. appears on page II-7 24.3 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to the financial statements of Lake Park Apartments, Ltd. 24.4 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to the financial statements of Richland Elderly Housing, Ltd. 24.5 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to the financial statements of Pearson Elderly Housing, Ltd. 24.6 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to Mt. Vernon Elderly Housing, Ltd. 24.7 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to the financial statements of Woodland Terrace Apartments, Ltd. 24.8 The consent of Goddard, Henderson, Godbee & Nichols, PC with respect to the financial statements of Lakeland Elderly Housing, Ltd. 24.9 The consent of Grana & Teibel, PC with respect to Lewiston LP 24.10 The consent of Beall & Company with respect to Nowata Properties 24.11 The consent of Beall & Company with respect to Sallisaw Properties 24.12 The consent of Beall & Company with respect to Poteau Properties II 24.13 The consent of Beall & Company with respect to Charleston Properties 24.14 The consent of Beall & Company with respect to Roland Properties II 24.15 The consent of Beall & Company with respect to Stilwell Properties 24.16 The consent of Donald W. Causey, CPA, PC 24.17 The consent of Charles Bailly & Company, CPA 24.18 The consent of Honigman Miller Schwartz and Cohn to all references made to them in the Prospectus included as a part of the Registration Statement of Gateway Tax Credit Fund II Ltd., and all amendments thereto 24.18.1 The consent of Riden, Earle, & Kiefner, PA to all references made to them in the Prospectus included as a part of the Registration Statement of Gateway Tax Credit Fund II Ltd., and all amendments thereto is included in Exhibit 8.1.1. 28.1 Table VI (Acquisition of Properties by Program) of Appendix II to Industry Guide 5, Preparation of Registration Statements Relating to Interests in Real Estate Limited Partnerships
b. Reports filed on Form 8-K - NONE
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 2 Apartment Properties Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- -------------
Claxton Elderly Claxton, GA 24 $ 661,392 Deerfield II Douglas, GA 24 705,468 Hartwell Family Hartwell, GA 24 708,919 Cherrytree Apts. Albion, PA 33 1,205,519 Springwood Apts. Westfield, NY 32 1,259,360 Lakeshore Apts. Tuskegee, AL 34 1,058,922 Lewiston Lewiston, NY 25 1,004,532 Charleston Charleston, AR 32 847,624 Sallisaw II Sallisaw, OK 47 1,203,029 Pocola Pocola, OK 36 992,188 Inverness Club Inverness, FL 72 3,000,293 Pearson Elderly Pearson, GA 25 636,953 Richland Elderly Richland, GA 33 871,822 Lake Park Lake Park, GA 48 1,492,595 Woodland Terrace Waynesboro, GA 30 891,752 Mt. Vernon Elderly Mt. Vernon, GA 21 577,012 Lakeland Elderly Lakeland, GA 29 785,725 Prairie Apartments Eagle Butte, SD 21 980,438 Sylacauga Heritage Sylacauga, AL 44 1,392,269 Manchester Housing Manchester, GA 49 1,464,281 Durango C.W.W. Durango, CO 24 1,037,452 Columbus Sr. Columbus, KS 16 439,281 ------------ $ 23,216,826 ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 2 Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Claxton Elderly $ 33,400 $ 766,138 $ 0 Deerfield II 33,600 820,962 0 Hartwell Family 22,700 836,998 0 Cherrytree Apts. 62,000 1,376,297 1,339 Springwood Apts. 21,500 1,451,283 37,572 Lakeshore Apts. 28,600 1,238,749 194 Lewiston 38,400 1,178,185 17,350 Charleston 16,000 1,060,098 0 Sallisaw II 37,500 1,480,089 0 Pocola 22,500 1,223,370 0 Inverness Club 205,500 3,111,565 179,759 Pearson Elderly 15,000 767,590 (1,130) Richland Elderly 31,500 1,027,512 (1,141) Lake Park 88,000 1,710,725 (4,183) Woodland Terrace 36,400 1,047,107 (3,424) Mt. Vernon Elderly 21,750 680,437 (1,252) Lakeland Elderly 28,000 930,574 (2,759) Prairie Apartments 66,500 1,150,214 36,644 Sylacauga Heritage 66,080 1,648,081 36,780 Manchester Housing 36,000 1,746,076 (2,283) Durango C.W.W. 140,250 1,123,454 23,914 Columbus Sr. 64,373 444,257 685 ----------- ------------ ------------ $1,115,553 $26,819,761 $318,065 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 2 Apartment Properties Gross Amount At Which Carried At December 31, 1997 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Claxton Elderly $ 33,400 $ 766,138 $ 799,538 Deerfield II 33,600 820,962 854,562 Hartwell Family 22,700 836,998 859,698 Cherrytree Apts. 62,000 1,377,636 1,439,636 Springwood Apts. 21,500 1,488,855 1,510,355 Lakeshore Apts. 28,600 1,238,943 1,267,543 Lewiston 38,400 1,195,535 1,233,935 Charleston 16,000 1,060,098 1,076,098 Sallisaw II 37,500 1,480,089 1,517,589 Pocola 22,500 1,223,370 1,245,870 Inverness Club 205,500 3,291,324 3,496,824 Pearson Elderly 15,000 766,460 781,460 Richland Elderly 31,500 1,026,371 1,057,871 Lake Park 88,000 1,706,542 1,794,542 Woodland Terrace 36,400 1,043,683 1,080,083 Mt. Vernon Elderly 21,750 679,185 700,935 Lakeland Elderly 28,000 927,815 955,815 Prairie Apartments 81,240 1,172,118 1,253,358 Sylacauga Heritage 66,080 1,684,861 1,750,941 Manchester Housing 36,000 1,743,793 1,779,793 Durango C.W.W. 140,250 1,147,368 1,287,618 Columbus Sr. 64,373 444,942 509,315 ----------- ------------ ------------ $1,130,293 $27,123,086 $28,253,379 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 2 Apartment Properties
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Claxton Elderly $ 212,343 5-27.5 Deerfield II 228,263 5-27.5 Hartwell Family 235,121 5-27.5 Cherrytree Apts. 263,348 5-27.5 Springwood Apts. 307,415 5-40 Lakeshore Apts. 260,769 5-40 Lewiston 217,592 5-40 Charleston 340,240 5-25 Sallisaw II 457,859 5-25 Pocola 344,863 5-27.5 Inverness Club 831,097 5-27.5 Pearson Elderly 189,848 5-30 Richland Elderly 248,023 5-30 Lake Park 450,986 5-30 Woodland Terrace 257,684 5-30 Mt. Vernon Elderly 169,075 5-30 Lakeland Elderly 225,228 5-30 Prairie Apartments 253,086 5-40 Sylacauga Heritage 328,779 5-40 Manchester Housing 410,579 5-30 Durango C.W.W. 214,091 5-40 Columbus Sr. 135,501 5-27.5 ----------- $6,581,790 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 3 Apartment Properties Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- -------------
Poteau II Poteau, OK 52 $ 1,312,468 Sallisaw Sallisaw, OK 52 1,318,667 Nowata Properties Oolagah, OK 32 861,245 Waldron Properties Waldron, AR 24 643,731 Roland II Roland, OK 52 1,317,920 Stilwell Stilwell, OK 48 1,200,167 Birchwood Apts. Pierre, SD 24 792,679 Hornellsville Arkport, NY 24 900,374 Sunchase II Watertown, SD 41 1,201,285 CE McKinley II Rising Sun, MD 16 635,273 Weston Apartments Weston, AL 10 276,491 Countrywood Apts. Centreville, AL 40 1,207,990 Wildwood Apts. Pineville, LA 28 853,912 Hancock Hawesville, KY 12 372,230 Hopkins Madisonville, KY 24 757,881 Elkhart Apts. Elkhart, TX 54 1,160,158 Bryan Senior Bryan, OH 40 1,092,108 Brubaker Square New Carlisle, OH 38 1,123,643 Southwood Savannah, TN 44 1,494,219 Villa Allegra Celina, OH 32 907,578 Belmont Senior Cynthiana, KY 24 771,912 Heritage Villas Helena, GA 25 681,766 Logansport Seniors Logansport, LA 32 902,489 ------------ $ 21,786,186 ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 3 Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Poteau II $ 76,827 $ 1,712,321 $ 0 Sallisaw 70,000 1,674,103 0 Nowata Properties 45,500 1,102,984 0 Waldron Properties 26,000 834,273 0 Roland II 70,000 1,734,010 0 Stilwell 37,500 1,560,201 0 Birchwood Apts. 116,740 885,923 21,663 Hornellsville 41,225 1,018,523 37,852 Sunchase II 113,115 1,198,373 16,036 CE McKinley II 11,762 745,635 35,131 Weston Apartments 0 339,144 805 Countrywood Apts. 55,750 1,447,439 16,575 Wildwood Apts. 48,000 1,018,897 17,428 Hancock 20,700 419,725 0 Hopkins 43,581 885,087 (1,412) Elkhart Apts. 35,985 1,361,096 130,603 Bryan Senior 74,000 1,102,728 9,151 Brubaker Square 75,000 1,376,075 1,431 Southwood 15,000 1,769,334 7,959 Villa Allegra 35,000 1,097,214 1,343 Belmont Senior 43,600 891,543 0 Heritage Villas 21,840 801,128 1,006 Logansport Seniors 27,621 1,058,773 0 ----------- ------------ ------------ $1,104,746 $26,034,529 $295,571 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 3 Apartment Properties Gross Amount At Which Carried At December 31, 1997 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Poteau II $ 76,827 $ 1,712,321 $ 1,789,148 Sallisaw 70,000 1,674,103 1,744,103 Nowata Properties 45,500 1,102,984 1,148,484 Waldron Properties 26,000 834,273 860,273 Roland II 70,000 1,734,010 1,804,010 Stilwell 37,500 1,560,201 1,597,701 Birchwood Apts. 124,505 899,821 1,024,326 Hornellsville 41,225 1,056,375 1,097,600 Sunchase II 113,115 1,214,409 1,327,524 CE McKinley II 11,749 780,779 792,528 Weston Apartments 0 339,949 339,949 Countrywood Apts. 55,750 1,464,014 1,519,764 Wildwood Apts. 48,000 1,036,325 1,084,325 Hancock 20,700 419,725 440,425 Hopkins 43,581 883,675 927,256 Elkhart Apts. 151,976 1,375,708 1,527,684 Bryan Senior 74,000 1,111,879 1,185,879 Brubaker Square 75,000 1,377,506 1,452,506 Southwood 15,000 1,777,293 1,792,293 Villa Allegra 35,000 1,098,557 1,133,557 Belmont Senior 43,600 891,543 935,143 Heritage Villas 21,840 802,134 823,974 Logansport Seniors 27,621 1,058,773 1,086,394 ----------- ------------ ------------ $1,228,489 $26,206,357 $27,434,846 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 3
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Poteau II $ 683,761 5-25 Sallisaw 639,241 5-25 Nowata Properties 412,297 5-25 Waldron Properties 310,829 5-25 Roland II 687,578 5-25 Stilwell 609,607 5-25 Birchwood Apts. 247,366 5-40 Hornellsville 370,404 5-27.5 Sunchase II 370,208 5-40 CE McKinley II 270,804 5-27.5 Weston Apartments 126,080 5-27.5 Countrywood Apts. 523,315 5-27.5 Wildwood Apts. 310,465 5-30 Hancock 115,666 5-27.5 Hopkins 243,520 5-27.5 Elkhart Apts. 458,789 5-25 Bryan Senior 441,526 5-27.5 Brubaker Square 479,128 5-27.5 Southwood 272,120 5-50 Villa Allegra 398,430 5-27.5 Belmont Senior 180,538 5-40 Heritage Villas 203,023 5-30 Logansport Seniors 184,060 5-40 ----------- $8,538,755 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 4 Apartment Properties Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- ------------- Alsace Village Soda Springs, ID 24 $ 640,732 Seneca Apartments Seneca, MO 24 611,728 Eudora Senior Eudora, KS 36 963,892 Westville Westville, OK 36 864,087 Wellsville Senior Wellsville, KS 24 651,338 Stilwell II Stilwell, OK 52 1,296,128 Spring Hill Senior Spring Hill, KS 24 701,185 Smithfield Smithfield, UT 40 1,547,496 Tarpon Heights Galliano, LA 48 1,250,669 Oaks Apartments Oakdale, LA 32 846,635 Wynnwood Common Fairchance, PA 34 1,378,451 Chestnut Apartments Howard, SD 24 860,156 St. George St. George, SC 24 759,033 Williston Williston, SC 24 802,446 Brackettville Sr. Brackettville, TX 32 826,152 Sonora Seniors Sonora, TX 32 847,967 Ozona Seniors Ozona, TX 24 634,879 Fredericksburg Sr. Fredericksburg,TX 48 1,211,009 St. Joseph St. Joseph, IL 24 832,375 Courtyard Huron, SD 21 714,924 Rural Development Ashland, ME 25 1,212,297 Jasper Villas Jasper, AR 25 864,230 Edmonton Senior Edmonton, KY 24 761,190 Jonesville Manor Jonesville, VA 40 1,358,721 Norton Green Norton, VA 40 1,349,401 Owingsville Senior Owingsville, KY 22 710,251 Timpson Seniors Timpson, TX 28 676,862 Piedmont Barnesville, GA 36 1,050,665 S.F. Arkansas City Arkansas City, KS 12 341,489 ------------ $ 26,566,388 ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 4 Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Alsace Village $ 15,000 $ 771,590 $ 14,337 Seneca Apartments 76,212 640,702 2,187 Eudora Senior 50,000 1,207,482 0 Westville 27,560 1,074,126 0 Wellsville Senior 38,000 772,971 (1) Stilwell II 30,000 1,627,974 0 Spring Hill Senior 49,800 986,569 0 Smithfield 82,500 1,698,213 60,422 Tarpon Heights 85,000 1,408,434 0 Oaks Apartments 42,000 989,522 987 Wynnwood Common 68,000 1,578,814 18,971 Chestnut Apartments 57,200 977,493 17,692 St. George 22,600 915,400 2,861 Williston 25,000 959,345 18,255 Brackettville Sr. 28,600 963,366 0 Sonora Seniors 51,000 962,315 0 Ozona Seniors 40,000 719,843 0 Fredericksburg Sr. 45,000 1,357,563 0 St. Joseph 28,000 940,580 7,466 Courtyard 24,500 810,110 10,756 Rural Development 38,200 1,361,892 22,390 Jasper Villas 27,000 1,067,890 6,627 Edmonton Senior 40,000 866,714 0 Jonesville Manor 100,000 1,578,135 39,178 Norton Green 120,000 1,535,373 38,998 Owingsville Senior 28,000 820,044 0 Timpson Seniors 13,500 802,416 0 Piedmont 29,500 1,259,547 0 S.F. Arkansas City 16,800 395,228 0 ----------- ------------ ------------ $1,298,972 $31,049,651 $261,126 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 4 Apartment Properties Gross Amount At Which Carried At December 31, 1997 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Alsace Village $ 15,000 $ 785,927 $ 800,927 Seneca Apartments 76,212 642,889 719,101 Eudora Senior 50,000 1,207,482 1,257,482 Westville 27,560 1,074,126 1,101,686 Wellsville Senior 38,000 772,970 810,970 Stilwell II 30,000 1,627,974 1,657,974 Spring Hill Senior 49,800 986,569 1,036,369 Smithfield 86,862 1,754,273 1,841,135 Tarpon Heights 85,000 1,408,434 1,493,434 Oaks Apartments 42,000 990,509 1,032,509 Wynnwood Common 68,000 1,597,785 1,665,785 Chestnut Apartments 63,800 988,585 1,052,385 St. George 22,600 918,261 940,861 Williston 25,000 977,600 1,002,600 Brackettville Sr. 28,600 963,366 991,966 Sonora Seniors 51,000 962,315 1,013,315 Ozona Seniors 40,000 719,843 759,843 Fredericksburg Sr. 45,000 1,357,563 1,402,563 St. Joseph 28,000 948,046 976,046 Courtyard 25,908 819,458 845,366 Rural Development 38,200 1,384,282 1,422,482 Jasper Villas 27,000 1,074,517 1,101,517 Edmonton Senior 40,000 866,714 906,714 Jonesville Manor 100,000 1,617,313 1,717,313 Norton Green 120,000 1,574,371 1,694,371 Owingsville Senior 28,000 820,044 848,044 Timpson Seniors 13,500 802,416 815,916 Piedmont 29,500 1,259,547 1,289,047 S.F. Arkansas City 16,800 395,228 412,028 ----------- ------------ ------------ $1,311,342 $31,298,407 $32,609,749 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 4 Apartment Properties
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Alsace Village $ 227,893 5-27.5 Seneca Apartments 247,300 5-27.5 Eudora Senior 332,961 5-27.5 Westville 301,127 5-27.5 Wellsville Senior 224,904 5-25 Stilwell II 457,315 5-27.5 Spring Hill Senior 308,586 5-25 Smithfield 298,110 5-40 Tarpon Heights 246,690 5-40 Oaks Apartments 175,580 5-40 Wynnwood Common 309,166 5-40 Chestnut Apartments 219,448 5-40 St. George 283,920 5-27.5 Williston 284,575 5-27.5 Brackettville Sr. 153,995 5-40 Sonora Seniors 165,847 5-40 Ozona Seniors 118,770 5-40 Fredericksburg Sr. 228,854 5-40 St. Joseph 255,420 5-27.5 Courtyard 197,801 5-27.5 Rural Development 407,379 5-27.5 Jasper Villas 202,939 5-40 Edmonton Senior 169,701 5-40 Jonesville Manor 432,860 5-27.5 Norton Green 455,179 5-27.5 Owingsville Senior 157,216 5-40 Timpson Seniors 158,680 5-40 Piedmont 193,358 5-27.5 S.F. Arkansas City 109,191 5-27.5 ----------- $7,324,765 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 5 Apartment Properties Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- -------------
Seymour Seymour, IN 37 $ 1,248,496 Effingham Effingham, IL 24 808,457 S.F. Winfield Winfield, KS 12 332,413 S.F.Medicine Lodge Medicine Lodge,KS 16 454,659 S.F. Ottawa Ottawa, KS 24 572,674 S.F. Concordia Concordia, KS 20 555,377 Highland View Elgin, OR 24 718,428 Carrollton Club Carrollton, GA 78 2,702,222 Scarlett Oaks Lexington, SC 40 1,398,162 Brooks Hill Ellijay, GA 44 1,470,917 Greensboro Greensboro, GA 24 738,557 Greensboro II Greensboro, GA 33 916,727 Pine Terrace Wrightsville, GA 25 731,464 Shellman Shellman, GA 27 744,247 Blackshear Cordele, GA 46 1,327,925 Crisp Properties Cordele, GA 31 937,747 Crawford Crawford, GA 25 749,718 Yorkshire Wagoner, OK 60 2,098,486 Woodcrest South Boston, VA 40 1,305,601 Fox Ridge Russellville, AL 24 740,370 Redmont II Red Bay, AL 24 698,922 Clayton Clayton, OK 24 673,580 Alma Alma, AR 24 737,596 Pemberton Village Hiawatha, KS 24 641,522 Magic Circle Eureka, KS 24 657,572 Spring Hill Spring Hill, KS 36 1,135,114 Menard Retirement Menard, TX 24 631,860 Wallis Housing Wallis, TX 24 449,949 Zapata Housing Zapata, TX 40 986,215 Mill Creek Grove, OK 60 1,443,480 Portland II Portland, IN 20 587,037 Georgetown Georgetown, OH 24 746,022 Cloverdale Chandler, TX 24 762,667 S. Timber Ridge Cloverdale, IN 44 1,070,241 Pineville Pineville, MO 12 322,095 Ravenwood Americus, GA 24 732,646 ------------ $ 32,829,165 ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 5 Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Seymour $ 59,500 $ 1,452,557 $ 5,938 Effingham 38,500 940,327 1,790 S.F. Winfield 18,000 382,920 0 S.F.Medicine Lodge 21,600 542,959 0 S.F. Ottawa 25,200 687,929 (5,680) S.F. Concordia 28,000 658,961 1 Highland View 16,220 830,471 31,117 Carrollton Club 248,067 722,560 2,247,274 Scarlett Oaks 44,475 992,158 638,013 Brooks Hill 0 214,335 1,534,403 Greensboro 15,930 61,495 788,834 Greensboro II 21,330 92,063 979,756 Pine Terrace 14,700 196,071 674,414 Shellman 13,500 512,531 379,033 Blackshear 60,000 413,143 1,119,175 Crisp Properties 48,000 578,709 497,328 Crawford 16,600 187,812 703,300 Yorkshire 100,000 2,212,045 228,921 Woodcrest 70,000 842,335 662,441 Fox Ridge 39,781 848,996 1,164 Redmont II 25,000 814,432 1,164 Clayton 35,600 835,930 0 Alma 45,000 912,710 0 Pemberton Village 12,020 767,228 (12,269) Magic Circle 22,660 749,504 3,963 Spring Hill 70,868 1,318,926 59,584 Menard Retirement 21,000 721,251 19,622 Wallis Housing 13,900 553,230 7,694 Zapata Housing 44,000 1,120,538 73,867 Mill Creek 28,000 414,429 1,299,240 Portland II 43,102 410,683 267,313 Georgetown 0 149,483 745,887 Cloverdale 40,000 583,115 315,915 S. Timber Ridge 43,705 1,233,570 3,149 Pineville 59,661 328,468 2,201 Ravenwood 14,300 873,596 0 ----------- ------------ ------------ $1,418,219 $25,157,470 $ 13,274,552 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 5 Apartment Properties Gross Amount At Which Carried At December 31, 1997 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Seymour $ 59,500 $ 1,458,495 $ 1,517,995 Effingham 38,500 942,117 980,617 S.F. Winfield 18,000 382,920 400,920 S.F.Medicine Lodge 21,600 542,959 564,559 S.F. Ottawa 25,200 682,249 707,449 S.F. Concordia 28,000 658,962 686,962 Highland View 16,220 861,588 877,808 Carrollton Club 248,068 2,969,833 3,217,901 Scarlett Oaks 44,475 1,630,171 1,674,646 Brooks Hill 77,500 1,671,238 1,748,738 Greensboro 15,930 850,329 866,259 Greensboro II 21,330 1,071,819 1,093,149 Pine Terrace 14,700 870,485 885,185 Shellman 13,500 891,564 905,064 Blackshear 60,000 1,532,318 1,592,318 Crisp Properties 48,000 1,076,037 1,124,037 Crawford 16,600 891,112 907,712 Yorkshire 100,788 2,440,178 2,540,966 Woodcrest 70,000 1,504,776 1,574,776 Fox Ridge 39,781 850,160 889,941 Redmont II 25,000 815,596 840,596 Clayton 35,600 835,930 871,530 Alma 45,000 912,710 957,710 Pemberton Village 12,020 754,959 766,979 Magic Circle 22,660 753,467 776,127 Spring Hill 70,868 1,378,510 1,449,378 Menard Retirement 21,000 740,873 761,873 Wallis Housing 13,900 560,924 574,824 Zapata Housing 46,323 1,192,082 1,238,405 Mill Creek 28,000 1,713,669 1,741,669 Portland II 26,351 694,747 721,098 Georgetown 50,393 844,977 895,370 Cloverdale 40,000 899,030 939,030 S. Timber Ridge 43,705 1,236,719 1,280,424 Pineville 59,661 330,669 390,330 Ravenwood 14,300 873,596 887,896 ----------- ------------ ------------ $1,532,473 $38,317,768 $39,850,241 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 5
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Seymour $ 373,088 5-27.5 Effingham 240,624 5-27.5 S.F. Winfield 107,052 5-27.5 S.F.Medicine Lodge 139,264 5-27.5 S.F. Ottawa 190,386 5-27.5 S.F. Concordia 181,181 5-27.5 Highland View 141,940 5-40 Carrollton Club 610,102 5-27.5 Scarlett Oaks 365,718 5-27.5 Brooks Hill 318,850 5-27.5 Greensboro 158,536 5-30 Greensboro II 199,907 5-30 Pine Terrace 171,536 5-30 Shellman 190,756 5-30 Blackshear 301,292 5-30 Crisp Properties 221,927 5-30 Crawford 179,332 5-30 Yorkshire 340,580 5-50 Woodcrest 256,887 5-40 Fox Ridge 144,460 5-50 Redmont II 140,538 5-50 Clayton 210,204 5-27.5 Alma 256,921 5-25 Pemberton Village 197,263 5-27.5 Magic Circle 195,368 5-27.5 Spring Hill 363,052 5-25 Menard Retirement 101,682 5-30 Wallis Housing 126,691 5-30 Zapata Housing 218,420 5-27.5 Mill Creek 460,236 5-25 Portland II 153,863 5-27.5 Georgetown 158,416 5-50 Cloverdale 254,689 5-27.5 S. Timber Ridge 321,958 5-25 Pineville 105,883 5-27.5 Ravenwood 71,888 5-27.5 ----------- $8,170,490 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 6 Apartment Properties Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- -------------
Spruce Pierre, SD 24 $ 919,998 Shannon Apartments O'Neill, NE 16 538,579 Carthage Carthage, MO 24 580,197 Mt. Crest Enterprise, OR 39 1,011,077 Coal City Coal City, IL 24 986,896 Blacksburg Terrace Blacksburg, SC 32 1,094,073 Frazier Smyrna, DE 30 1,484,698 Ehrhardt Ehrhardt, SC 16 567,134 Sinton Sinton, TX 32 858,083 Frankston Frankston, TX 24 563,872 Flagler Beach Flagler Beach, FL 43 1,394,864 Oak Ridge Williamsburg, KY 24 819,450 Monett Monett, MO 32 793,661 Arma Arma, KS 28 722,829 Southwest City Southwest City, MO 12 321,401 Meadowcrest Luverne, AL 32 1,014,506 Parsons Parsons, KS 48 1,272,411 Newport Village Newport, TN 40 1,315,084 Goodwater Falls Jenkins, KY 36 1,151,478 Northfield Station Corbin, KY 24 807,038 Pleasant Hill Square Somerset, KY 24 796,539 Winter Park Mitchell, SD 24 1,010,328 Cornell Watertown, SD 24 877,410 Heritage Drive S. Jacksonville, TX 40 990,223 Brodhead Brodhead, KY 24 795,326 Mt. Vilage Mt. Vernon, KY 24 790,258 Hazelhurst Hazlehurst, MS 32 989,086 Sunrise Yankton, SD 33 1,168,681 Stony Creek Hooversville, PA 32 1,356,492 Logan Place Logan, OH 40 1,263,165 Haines Haines, AK 32 2,403,609 Maple Wood Barbourville, KY 24 805,085 Summerhill Gassville, AR 28 804,130 Dorchester St. George, SC 12 468,277 Lancaster Mountain View, AR 33 1,135,431 Autumn Village Harrison, AR 16 268,899 Hardy Hardy, AR 24 403,398 Dawson Dawson, GA 40 1,199,457 ------------ $ 35,743,123 ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 6 Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Spruce $ 60,040 $ 108,772 $ 935,687 Shannon Apartments 5,000 94,494 547,319 Carthage 115,814 578,597 2,256 Mt. Crest 64,914 1,143,675 22,789 Coal City 60,055 1,121,477 17,104 Blacksburg Terrace 39,930 1,278,860 4,280 Frazier 51,665 1,619,209 2,230 Ehrhardt 9,020 671,750 5,006 Sinton 42,103 985,010 12,193 Frankston 30,000 639,068 5,913 Flagler Beach 118,575 1,534,541 0 Oak Ridge 40,000 995,782 2,184 Monett 170,229 782,795 4,737 Arma 85,512 771,316 10,125 Southwest City 67,303 319,272 (239) Meadowcrest 72,500 1,130,651 587 Parsons 49,780 1,483,188 0 Newport Village 61,350 1,470,505 81,869 Goodwater Falls 32,000 1,142,517 218,846 Northfield Station 44,250 977,220 1,091 Pleasant Hill Square 35,000 893,323 26,487 Winter Park 95,000 1,121,119 28,354 Cornell 32,000 1,017,572 23,453 Heritage Drive S. 44,247 1,151,157 3,185 Brodhead 21,600 932,468 0 Mt. Vilage 55,000 884,596 0 Hazelhurst 60,000 1,118,734 2,670 Sunrise 90,000 1,269,252 3,249 Stony Creek 0 1,428,656 222,339 Logan Place 39,300 1,477,527 1,799 Haines 189,323 2,851,953 (10,933) Maple Wood 79,000 924,144 4,600 Summerhill 23,000 788,157 30,084 Dorchester 13,000 239,455 309,817 Lancaster 37,500 1,361,272 (17,443) Autumn Village 20,000 595,604 0 Hardy 0 473,695 457,865 Dawson 40,000 346,569 1,088,404 ----------- ------------ ------------ $2,094,010 $37,723,952 $ 4,047,907 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 6 Apartment Properties Gross Amount At Which Carried At December 31, 1997 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Spruce $ 84,155 $ 1,020,344 $ 1,104,499 Shannon Apartments 5,000 641,813 646,813 Carthage 115,814 580,853 696,667 Mt. Crest 64,914 1,166,464 1,231,378 Coal City 60,055 1,138,581 1,198,636 Blacksburg Terrace 39,930 1,283,140 1,323,070 Frazier 51,665 1,621,439 1,673,104 Ehrhardt 9,020 676,756 685,776 Sinton 42,103 997,203 1,039,306 Frankston 30,000 644,981 674,981 Flagler Beach 118,575 1,534,541 1,653,116 Oak Ridge 40,000 997,966 1,037,966 Monett 170,229 787,532 957,761 Arma 92,387 774,566 866,953 Southwest City 67,303 319,033 386,336 Meadowcrest 72,500 1,131,238 1,203,738 Parsons 49,780 1,483,188 1,532,968 Newport Village 61,350 1,552,374 1,613,724 Goodwater Falls 32,000 1,361,363 1,393,363 Northfield Station 44,250 978,311 1,022,561 Pleasant Hill Square 35,000 919,810 954,810 Winter Park 95,000 1,149,473 1,244,473 Cornell 35,592 1,037,433 1,073,025 Heritage Drive S. 44,247 1,154,342 1,198,589 Brodhead 21,600 932,468 954,068 Mt. Vilage 55,000 884,596 939,596 Hazelhurst 60,000 1,121,404 1,181,404 Sunrise 91,600 1,270,901 1,362,501 Stony Creek 104,800 1,546,195 1,650,995 Logan Place 41,099 1,477,527 1,518,626 Haines 189,323 2,841,020 3,030,343 Maple Wood 79,000 928,744 1,007,744 Summerhill 23,000 818,241 841,241 Dorchester 13,000 549,272 562,272 Lancaster 37,500 1,343,829 1,381,329 Autumn Village 20,000 595,604 615,604 Hardy 21,250 910,310 931,560 Dawson 40,000 1,434,973 1,474,973 ----------- ------------ ------------ $2,258,041 $41,607,828 $43,865,869 =========== ============ ============
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997
SERIES 6
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Spruce $ 226,208 5-30 Shannon Apartments 97,280 5-40 Carthage 228,637 5-27.5 Mt. Crest 297,246 5-27.5 Coal City 176,629 5-27.5 Blacksburg Terrace 331,730 5-27.5 Frazier 398,435 5-27.5 Ehrhardt 144,910 5-27.5 Sinton 128,404 5-50 Frankston 82,445 5-30 Flagler Beach 244,290 5-40 Oak Ridge 221,404 5-27.5 Monett 248,787 5-27.5 Arma 250,081 5-27.5 Southwest City 111,382 5-27.5 Meadowcrest 199,671 5-40 Parsons 361,239 5-27.5 Newport Village 348,591 5-27.5 Goodwater Falls 227,370 5-27.5 Northfield Station 167,366 5-27.5 Pleasant Hill Square 156,764 5-27.5 Winter Park 222,557 5-40 Cornell 153,871 5-40 Heritage Drive S. 274,099 5-25 Brodhead 139,372 5-40 Mt. Vilage 135,452 5-50 Hazelhurst 170,367 5-40 Sunrise 251,485 5-27.5 Stony Creek 232,715 5-27.5 Logan Place 262,657 5-27.5 Haines 602,110 5-27.5 Maple Wood 200,495 5-27.5 Summerhill 183,646 5-27.5 Dorchester 109,452 5-27.5 Lancaster 204,418 5-40 Autumn Village 87,720 5-40 Hardy 124,477 5-40 Dawson 132,721 5-40 ----------- $8,136,483 ===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997 GATEWAY TAX CREDIT FUND II LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 2 Balance at beginning of period - December 31, 1996 $28,199,132 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 58,430 Other 0 --------- 58,430 Deductions during period: Cost of real estate sold 4,183 Other 0 --------- (4,183) ------------
Balance at end of period - December 31, 1997 $28,253,379 ============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1996 $5,649,101 Current year expense 935,616 Less Accumulated Depreciation of real estate sold (2,927) Other 0 ---------- 932,689 -----------
Balance at end of period - December 31, 1997 $6,581,790 ===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997 GATEWAY TAX CREDIT FUND II LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 3 Balance at beginning of period - December 31, 1996 $27,415,963 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 18,883 Other 0 --------- 18,883 Deductions during period: Cost of real estate sold 0 Other 0 --------- 0 ------------
Balance at end of period - December 31, 1997 $27,434,846 ============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1996 $7,624,569 Current year expense 914,186 Less Accumulated Depreciation of real estate sold 0 Other 0 -------- 914,186 -----------
Balance at end of period - December 31, 1997 $8,538,755 ===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997 GATEWAY TAX CREDIT FUND II LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 4 Balance at beginning of period - December 31, 1996 $32,564,757 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 44,992 Other 0 --------- 44,992 Deductions during period: Cost of real estate sold 0 Other 0 0 --------- ------------
Balance at end of period - December 31, 1997 $32,609,749 ============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1996 $6,264,280 Current year expense 1,060,483 Less Accumulated Depreciation of real estate sold 0 Other 0 ---------- 1,060,485 -----------
Balance at end of period - December 31, 1997 $7,324,765 ===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997 GATEWAY TAX CREDIT FUND II LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 5 Balance at beginning of period - December 31, 1996 $39,812,523 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 37,718 Other 0 --------- 37,718 Deductions during period: Cost of real estate sold 0 Other 0 --------- 0 ------------
Balance at end of period - December 31, 1997 $39,850,241 ============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1996 $6,839,405 Current year expense 1,331,082 Less Accumulated Depreciation of real estate sold 0 Other 0 ---------- 1,331,085 -----------
Balance at end of period - December 31, 1997 $8,170,490 ===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1997 GATEWAY TAX CREDIT FUND II LTD. NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 6 Balance at beginning of period - December 31, 1996 $43,752,976 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 112,893 Other 0 --------- 112,893 Deductions during period: Cost of real estate sold 0 Other 0 --------- 0 ------------
Balance at end of period - December 31, 1997 $43,865,869 ============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1996 $6,668,399 Current year expense 1,468,115 Less Accumulated Depreciation of real estate sold 0 Other (31) ---------- 1,468,084 -----------
Balance at end of period - December 31, 1997 $8,136,483 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1997
SERIES2
MONTHLY # OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ------ -------- -------- -------- ------ Claxton Elderly 24 661,392 8.75% 5,883 50 Deerfield II 24 705,468 8.75% 6,284 50 Hartwell Family 24 708,919 8.75% 5,307 50 Cherrytree Apts. 33 1,205,519 8.75% 9,011 50 Springwood Apts. 32 1,259,360 8.75% 9,218 50 Lakeshore Apts. 34 1,058,922 8.75% 7,905 50 Lewiston 25 1,004,532 9.00% 7,720 50 Charleston 32 847,624 8.75% 6,333 50 Sallisaw II 47 1,203,029 8.75% 8,980 50 Pocola 36 992,188 8.75% 7,407 50 Inverness Club 72 3,000,293 8.75% 27,905 50 Pearson Elderly 25 636,953 9.00% 4,926 50 Richland Elderly 33 871,822 8.75% 6,517 50 Lake Park 48 1,492,595 9.00% 11,466 50 Woodland Terrace 30 891,752 8.75% 6,666 50 Mt. Vernon Elderly 21 577,012 8.75% 4,309 50 Lakeland Elderly 29 785,725 8.75% 5,882 50 Prairie Apartments 21 980,438 9.00% 7,515 50 Sylacauga Heritage 44 1,392,269 8.75% 10,536 50 Manchester Housing 49 1,464,281 8.75% 10,958 50 Durango C.W.W. 24 1,037,452 9.00% 7,739 50 Columbus Sr. 16 439,281 8.25% 3,102 50 ----------- $23,216,826 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1997
SERIES 3
MONTHLY # OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ------ -------- -------- -------- ------ Poteau II 52 1,312,468 9.50% 10,682 50 Sallisaw 52 1,318,667 9.50% 10,654 50 Nowata Properties 32 861,245 9.50% 6,905 50 Waldron Properties 24 643,731 9.00% 4,950 50 Roland II 52 1,317,920 9.50% 10,657 50 Stilwell 48 1,200,167 9.50% 9,727 50 Birchwood Apts. 24 792,679 9.50% 6,410 50 Hornellsville 24 900,374 9.00% 6,927 50 Sunchase II 41 1,201,285 9.00% 9,279 50 CE McKinley II 16 635,273 8.75% 5,146 50 Weston Apartments 10 276,491 9.00% 2,131 50 Countrywood Apts. 40 1,207,990 9.00% 9,310 50 Wildwood Apts. 28 853,912 9.50% 6,906 50 Hancock 12 372,230 9.50% 3,119 50 Hopkins 24 757,881 8.75% 5,815 50 Elkhart Apts. 54 1,160,158 9.00% 9,198 40 Bryan Senior 40 1,092,108 10.00% 9,455 50 Brubaker Square 38 1,123,643 9.00% 8,646 50 Southwood 44 1,494,219 9.25% 11,752 50 Villa Allegra 32 907,578 9.00% 7,053 50 Belmont Senior 24 771,912 9.00% 6,001 50 Heritage Villas 25 681,766 8.75% 5,110 50 Logansport Seniors 32 902,489 8.75% 6,745 50 ----------- $21,786,186 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1997
SERIES 4
MONTHLY # OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ------ -------- -------- -------- ------ Alsace Village 24 640,732 9.00% 4,915 50 Seneca Apartments 24 611,728 9.00% 4,692 50 Eudora Senior 36 963,892 8.75% 7,269 50 Westville 36 864,087 8.75% 6,448 50 Wellsville Senior 24 651,338 8.75% 4,859 50 Stilwell II 52 1,296,128 8.75% 9,672 50 Spring Hill Senior 24 701,185 8.75% 5,236 50 Smithfield 40 1,547,496 8.75% 11,746 50 Tarpon Heights 48 1,250,669 8.75% 9,347 50 Oaks Apartments 32 846,635 9.00% 6,663 50 Wynnwood Common 34 1,378,451 8.75% 10,300 50 Chestnut Apartments 24 860,156 8.75% 6,419 50 St. George 24 759,033 8.75% 5,677 50 Williston 24 802,446 9.00% 6,147 50 Brackettville Sr. 32 826,152 8.75% 6,172 50 Sonora Seniors 32 847,967 8.75% 6,337 50 Ozona Seniors 24 634,879 8.75% 4,744 50 Fredericksburg Sr. 48 1,211,009 8.75% 9,050 50 St. Joseph 24 832,375 9.00% 6,379 50 Courtyard 21 714,924 9.25% 5,622 50 Rural Development 25 1,212,297 9.25% 9,539 50 Jasper Villas 25 864,230 8.75% 6,450 50 Edmonton Senior 24 761,190 9.00% 5,688 50 Jonesville Manor 40 1,358,721 8.75% 10,159 50 Norton Green 40 1,349,401 8.75% 10,085 50 Owingsville Senior 22 710,251 9.00% 5,297 50 Timpson Seniors 28 676,862 8.75% 5,058 50 Piedmont 36 1,050,665 8.75% 7,856 50 S.F. Arkansas City 12 341,489 10.62% 3,056 50 ----------- $26,566,388 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1997
SERIES 5
MONTHLY # OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ------ -------- -------- -------- ------ Seymour 37 1,248,496 8.75% 9,346 50 Effingham 24 808,457 8.75% 6,032 50 S.F. Winfield 12 332,413 11.37% 3,016 50 S.F.Medicine Lodge 16 454,659 10.62% 4,049 50 S.F. Ottawa 24 572,674 10.62% 5,126 50 S.F. Concordia 20 555,377 11.87% 5,498 50 Highland View 24 718,428 8.75% 5,473 40 Carrollton Club 78 2,702,222 7.75% 18,064 50 Scarlett Oaks 40 1,398,162 8.25% 9,870 50 Brooks Hill 44 1,470,917 8.25% 10,398 50 Greensboro 24 738,557 7.75% 4,937 50 Greensboro II 33 916,727 7.75% 6,129 50 Pine Terrace 25 731,464 8.25% 5,172 50 Shellman 27 744,247 8.25% 5,264 50 Blackshear 46 1,327,925 8.25% 9,389 50 Crisp Properties 31 937,747 8.25% 6,632 50 Crawford 25 749,718 8.25% 5,302 50 Yorkshire 60 2,098,486 8.25% 14,842 50 Woodcrest 40 1,305,601 8.25% 9,402 50 Fox Ridge 24 740,370 9.00% 5,673 50 Redmont II 24 698,922 8.75% 5,355 50 Clayton 24 673,580 8.25% 4,760 50 Alma 24 737,596 8.75% 8,018 50 Pemberton Village 24 641,522 8.75% 4,782 50 Magic Circle 24 657,572 8.75% 4,913 50 Spring Hill 36 1,135,114 8.25% 8,018 50 Menard Retirement 24 631,860 8.75% 4,715 50 Wallis Housing 24 449,949 8.75% 3,688 50 Zapata Housing 40 986,215 8.75% 7,377 50 Mill Creek 60 1,443,480 8.25% 10,192 50 Portland II 20 587,037 8.75% 4,388 50 Georgetown 24 746,022 8.25% 5,265 50 Cloverdale 24 762,667 8.75% 5,693 50 S. Timber Ridge 44 1,070,241 8.75% 7,986 50 Pineville 12 322,095 8.25% 2,318 50 Ravenwood 24 732,646 7.25% 4,595 50 ----------- $32,829,165 ===========
GATEWAY TAX CREDIT FUND II LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1997
SERIES 6
MONTHLY # OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ------ -------- -------- -------- ------ Spruce 24 919,998 8.75% 6,857 50 Shannon Apartments 16 538,579 8.75% 4,014 50 Carthage 24 580,197 8.75% 4,371 50 Mt. Crest 39 1,011,077 8.25% 7,150 50 Coal City 24 986,896 7.75% 6,578 50 Blacksburg Terrace 32 1,094,073 8.25% 7,738 50 Frazier 30 1,484,698 8.25% 10,470 50 Ehrhardt 16 567,134 7.75% 3,791 50 Sinton 32 858,083 8.25% 6,063 50 Frankston 24 563,872 8.75% 4,207 50 Flagler Beach 43 1,394,864 8.25% 9,864 50 Oak Ridge 24 819,450 8.25% 5,800 50 Monett 32 793,661 8.25% 5,598 50 Arma 28 722,829 8.75% 5,388 50 Southwest City 12 321,401 8.25% 2,271 50 Meadowcrest 32 1,014,506 8.25% 7,160 50 Parsons 48 1,272,411 7.75% 8,485 50 Newport Village 40 1,315,084 7.75% 8,798 50 Goodwater Falls 36 1,151,478 7.75% 7,980 50 Northfield Station 24 807,038 7.75% 5,379 50 Pleasant Hill Square 24 796,539 7.75% 5,315 50 Winter Park 24 1,010,328 8.25% 7,131 50 Cornell 24 877,410 8.25% 6,193 50 Heritage Drive S. 40 990,223 8.25% 6,990 50 Brodhead 24 795,326 7.75% 5,303 50 Mt. Vilage 24 790,258 8.25% 5,574 50 Hazelhurst 32 989,086 8.25% 7,105 50 Sunrise 33 1,168,681 8.75% 8,711 50 Stony Creek 32 1,356,492 8.75% 9,065 50 Logan Place 40 1,263,165 8.25% 8,909 50 Haines 32 2,403,609 8.25% 16,950 50 Maple Wood 24 805,085 7.75% 5,381 50 Summerhill 28 804,130 8.25% 5,911 50 Dorchester 12 468,277 7.75% 3,118 50 Lancaster 33 1,135,431 7.75% 7,775 50 Autumn Village 16 268,899 7.00% 2,608 50 Hardy 24 403,398 6.00% 3,639 18 Dawson 40 1,199,457 7.25% 7,524 50 ----------- $35,743,123 ===========
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds,Inc. Raymond James Tax Credit Funds, Inc.
Date: July 13, 1998 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 13, 1998 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused to be signed on its behalf by the undersigned hereunto duly authorized.
GATEWAY TAX CREDIT FUND II LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds,Inc. Managing General Partner
Date: July 13, 1998 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 13, 1998 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
Date: July 13, 1998 By:/s/ J. Davenport Mosby III J. Davenport Mosby III Sr. Vice President and Director