Item 1. Business
Organization - ------------ Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993. The General Partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited partnership. C & M Associates, d/b/a Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the General Partner. The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.
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. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.
A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996 an amendment to Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998 an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. As of March 31, 1999, subscriptions had been received and accepted by the General Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34 and Series 35 for 49,998,759 BAC's representing capital contributions of $499,688,500.
The Offering, including information regarding the issuance of BACs in series, is described on pages 144 to 149 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference.
Description of Business - ----------------------- The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an Apartment Complex exclusively or
partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund will invest will own Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance. Each Apartment Complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), thereby providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Certain Apartment Complexes may also qualify for the historic rehabilitation tax credit under Section 48 of the Code (the "Rehabilitation Tax Credit"). The Federal Housing Tax Credit and the Government Assistance programs are described on pages 64 to 88 of the Prospectus, as supplemented, under the captions "Tax Credit Programs" and "Government Assistance Programs," which is incorporated herein by reference. Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex.
As of March 31, 1999 the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29 Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 24 Operating Partnerships on behalf of Series 24, 22 Operating Partnerships on behalf of Series 25, 45 Operating Partnerships on behalf of Series 26, 14 Operating Partnerships on behalf of Series 27, 26 Operating Partnerships on behalf of Series 28, 22 Operating Partnerships on behalf of Series 29, 18 Operating Partnerships on behalf of Series 30, 26 Operating Partnerships on behalf of Series 31, 14 Operating Partnerships on behalf of Series 32, 8 Operating Partnerships on behalf of Series 33, 9 Operating Partnerships on behalf of Series 34 and 5 Operating Partnerships on behalf of Series 35. A description of these Operating Partnerships is set forth in Item 2
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 322 Operating Partnerships in 16 series, identified in the table set forth below. The Apartment Complex owned by the Operating Partnership is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." The Operating Partnership and the respective Apartment Complex is described more fully in the Prospectus. The General Partner believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Ashbury Sioux Falls, Apartments SD 48 $ 1,267,345 4/94 6/94 100% $ 806,117
Bennetts Bennetsville, Pointe Apts. SC 32 1,346,250 3/94 8/94 100% 281,100
Bradley Bradley, Manor AR 25 800,217 8/94 3/95 100% 182,044
Breeze Port Washington, Cove Apts. WI 64 2,781,163 5/94 10/94 100% 2,601,494
Cascades Sterling, Commons Apts. VA 320 14,749,265 6/94 10/95 100% 7,132,820
Clarksville Clarksville, Estates MO 32 417,085 6/94 9/94 100% 142,639
Club Goldenrod II Orlando, Apartments FL 220 7,518,199 4/94 6/95 100% 3,681,417
College Greene N. Chili, Senior Apts NY 110 3,767,582 3/95 8/95 100% 1,918,496
Concordia St. Croix, Manor I VI 22 1,468,539 8/94 7/95 100% 490,034
Coushatta Seniors II Coushatta, Apartments LA 24 720,804 5/94 3/94 100% 175,182
East Douglas Bloomington, Apartments IL 51 2,215,888 7/94 12/95 100% 1,281,690
Edison Lane Edison, Apartments GA 24 730,682 9/94 10/95 100% 204,561
Evergreen Macedon, Hills Apts. NY 72 2,805,560 8/94 1/95 100% 693,966
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Fairoaks Rincon, Lane Apts. GA 44 $ 1,416,124 7/94 5/95 100% $ 339,284
Floral Waggaman, Acres II LA 32 1,035,735 5/94 8/94 100% 228,457
Forest Glen Vidalia, Village GA 46 1,332,974 7/94 2/95 100% 378,777
Gardenview Pasedena, Apartments TX 309 5,182,927 6/94 9/95 100% 2,261,021
Harrisonburg Harrisonburg, Seniors Apts. LA 24 691,445 5/94 1/94 100% 176,621
Hillside Cynthiana, Apartments KY 48 877,617 10/94 4/95 100% 643,850
Kristine Bakersfield, Apartments CA 60 1,341,905 10/94 10/94 100% 311,675
Northfield Jackson, Apts. MS 120 2,948,003 6/94 8/95 100% 3,273,126
Parkside Avondale, Apartments AZ 54 693,659 12/94 1/94 100% 282,547
Riverview Franklinton, Apartments LA 47 1,705,528 4/94 10/94 100% 370,000
Shady Lane Winnfield, Senior Apts. LA 32 948,104 5/94 10/93 100% 197,200
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Atlantic Atlantic City, City Apts. NJ 153 $5,495,000 9/94 10/95 96% $2,500,000
Black River Black River Falls, Run WI 48 1,250,942 10/94 12/94 100% 350,531
Cattaraugus Cattaraugus, Manor NY 24 1,096,615 8/94 4/95 95% 263,711
Creekside at Tasker's Frederick, Chance MD 120 4,946,506 10/94 9/95 100% 2,471,093
Forest Glen at Sully Centreville, Station VA 118 5,978,422 11/94 9/95 100% 2,649,450
Fort Winslow, Halifax ME 24 1,161,961 9/94 1/95 100% 389,085
Havelock Havelock, Manor Apts. NC 60 1,854,976 12/94 10/95 100% 347,557
Holly Buchanan, Village GA 24 716,536 8/94 6/95 100% 205,400
Liveoak Union Springs, Village AL 24 767,211 10/94 7/95 100% 176,953
Lookout Covington, Ridge Apts. KY 30 664,785 12/94 12/94 100% 763,038
Pinedale Menomonie, Apartments II WI 60 1,415,959 10/94 12/94 60% 869,798
Pumphouse Chippewa, Crossing II Apartments WI 48 1,288,940 10/94 12/94 68% 692,840
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- The Woods Campton, Apartments NH 20 $1,036,107 8/94 10/94 100% $ 269,500
Tower View Tower City, Apartments PA 25 1,132,550 11/94 5/95 96% 268,863
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Albemarle Hertford, Village Apts. NC 36 $1,459,669 1/95 9/94 100% $ 321,628
Apple Edmond, Village Apts. OK 160 3,930,633 11/94 3/96 100% 1,572,166
Bayou Riverview, Crossing Apts. FL 290 8,339,117 11/94 1/96 100% 2,854,036
Bellwood Ford City, Gardens PA 28 1,251,162 6/95 9/95 100% 308,152
Black River Black River Falls, Run Apts. WI 48 1,250,942 3/95 12/94 100% 395,279
Clarendon Summerton, Court Apts. SC 40 1,452,521 10/94 4/95 100% 340,737
Club II Orlando, Goldenrod Apts.FL 220 7,518,199 3/95 6/95 100% 2,106,975
Cobblestone Fuquay, Apartments NC 33 1,418,983 1/95 5/94 100% 326,054
Concordia St. Croix, Manor II VI 20 1,496,625 1/95 11/95 100% 259,444
Concordia St. Croix, Manor III VI 20 1,490,053 2/95 12/95 100% 264,007
Drakes Branch Drakes Branch, Elderly Apts. VA 32 1,269,479 1/95 6/95 100% 232,722
Elks Towers Litchfield, Apartments IL 27 805,361 10/95 12/96 100% 698,042
Fonda Fonda, Terrace Apts. NY 24 1,034,037 12/94 10/94 100% 259,387
Highland Boston, House MA 14 715,700 12/96 5/97 100% 571,829
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Kimbark Longmont, 1200 Apts. CO 48 $1,994,993 9/95 12/95 100% $ 321,843
Kingsway Swedsboro, Apartments NJ 36 1,484,399 7/95 6/95 100% 46,290
Lake City Lake City, Apartments PA 44 1,172,646 8/98 6/98 100% 238,491
Lake Street Girard, Apartments PA 32 1,362,510 4/95 9/95 100% 342,369
Lost Tree Branson, Apartments MO 88 1,621,224 4/95 6/95 100% 474,948
Maplewood Sacramento, Apartments KY 12 436,306 8/95 9/95 100% 110,881
Marksville Marksville, Square Apts. LA 32 965,120 1/95 1/96 100% 268,848
Neshoba Philadelphia, County Apts. MS 25 850,484 7/95 8/95 100% 251,411
Philadelphia Philadelphia, Square Apts. MS 16 544,309 7/95 8/95 100% 149,950
Quankey Halifax, Hills Apts. NC 24 1,017,140 1/95 3/95 100% 200,496
Richmond Richmond, Square Apts. MO 32 927,143 12/94 2/95 100% 818,770
Salem Wood Salemburg, Apartments NC 24 968,235 1/95 12/94 100% 181,355
The Birches Old Orchard Beach, ME 88 2,817,500 1/95 3/96 100% 1,498,731
Troy Villa Troy, Apartments MO 64 2,028,035 12/94 6/95 100% 1,810,416
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Twin City Festus, Villa MO 40 $1,506,500 1/95 11/95 100% $ 679,176
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Apple Edmond, Village Apts. OK 160 $3,930,633 11/94 3/96 100% $ 1,572,166
Bayou Riverview, Crossing Apts. FL 290 8,339,117 4/95 1/96 100% 4,281,054
Concordia St. Croix, Manor II VI 20 1,496,625 1/95 11/95 100% 259,445
Concordia St. Croix, Manor III VI 20 1,490,053 2/95 12/95 100% 264,007
Columbia Hempstead, Commons Apts. NY 37 1,259,077 5/95 5/95 100% 1,501,605
Country Hill Cedar Rapids, Apts.Phase II IA 92 2,086,658 8/95 6/96 100% 1,981,495
Great Pines Hurleyville, Apts. NY 26 1,177,666 7/95 12/95 100% - -0-
Heatheridge Barling, Estates ** AR 17 829,696 7/95 11/95 100% 748,240
Ithaca Ithaca, Apts. I MI 28 673,332 11/95 7/95 100% 164,008
Kimbark Longmont, 1200 Apts. CO 48 1,994,993 9/95 12/95 100% 965,530
La Pensione Sacramento, K Apts. CA 129 2,428,810 9/95 12/96 100% 2,600,580
Mathis Mathis, Apartments TX 32 915,179 1/95 1/95 100% 219,045
Mid City Jersey City, Apartments NJ 58 3,059,100 9/95 6/94 100% 113,679
Orange Grove Orange Grove, Seniors Apts. TX 24 670,887 5/95 2/95 100% 104,728
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Philmont Philmont, Terrace Apts. LA 32 $1,495,903 5/95 5/95 100% $ 370,750
Riverview St. Louis, Apartments MO 42 1,245,046 8/95 12/95 100% 1,160,308
South Hills Bellevue, Apartments NE 72 1,880,356 6/95 2/96 100% 1,686,354
St. Peters St. Peters, Villa MO 54 1,921,279 7/95 3/96 100% 1,495,685
The Birches Old Orchard Beach, ME 88 2,800,000 1/95 3/96 100% 1,400,313
Twin City Festus, Villa MO 40 1,506,500 2/95 11/95 100% 679,176
Village Kansas City, Woods Est. KS 45 1,622,841 5/95 12/95 100% 1,450,000
Vinsett Van Buren, Estates ** AR 10 ** 7/95 11/95 100% **
Woodland Roland, Hills OK 10 319,061 7/95 6/95 100% 274,540
** Two properties which make up one Operating Partnership named Barlee Properties L.P. with 27 units. Entire mortgage balance and contributions are listed with Heatheridge Estates.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Autumn Ridge Shenandoah Apartments VA 34 $1,541,091 7/96 1/97 100% $ 303,224
Brooks Blue Ridge, Summit Apts. GA 36 1,118,621 12/95 11/96 100% 202,780
Brownsville Brownsville, Apartments TN 36 1,204,345 9/95 9/95 100% 267,091
Century East Bismark, Apts. IV ND 24 630,000 8/95 8/95 100% 399,962
Century Bismark, East V Apts. ND 24 630,000 11/95 9/95 100% 399,962
Centenary Towers St. Louis Apts. MO 100 2,737,500 5/97 12/97 100% 679,577
Cooper's Irving, Crossing TX 93 3,629,820 6/96 12/95 100% 848,708
Edenfield Millen, Apartments GA 48 1,300,004 1/96 12/96 100% 314,827
Elm Street Yonkers, Apartments NY 35 2,095,034 1/96 1/96 100% 407,601
Heritage Coolidge, Glen Apts. AZ 28 1,136,675 4/96 4/96 100% 373,388
Hillridge Los Lunas, Apartments NM 38 1,216,635 8/96 6/96 100% 954,007
Lake Fargo, Apartments I ND 24 615,000 8/95 7/95 100% 399,962
Lakeway Zwolle, Apartments LA 32 874,216 11/95 4/96 100% 110,902
Laurelwood High Point, Park Apts. NC 100 2,399,173 2/96 10/96 100% 1,986,403
Madison Park Boston, IV Apts. MA 143 7,726,691 5/96 3/97 96% 1,155,884
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- New Hilltop Laurens, Apartments SC 72 $1,717,672 11/95 11/95 100% $ 424,986
North Columbia, Hampton Pl. MO 36 856,243 11/95 3/96 100% 1,002,996
Northfield Jackson, Housing, L.P. MS 5 194,950 12/96 9/96 100% 217,266
Pahrump Pahrump, Valley Apts. NV 32 1,398,848 7/96 7/96 100% 335,225
Park Meadow Gaylord, Apartments MI 80 1,920,208 9/95 4/97 100% 1,753,158
Shadowcreek Overton, Apartments NV 24 1,229,909 6/96 9/96 100% 310,320
Stanton Stanton, Village Apts. TN 40 1,214,189 9/95 9/95 100% 279,730
Woodlands Elko, Apartments NV 24 1,138,161 11/95 9/95 100% 269,867
Wyandotte Los Angeles, Apartments CA 73 3,394,679 4/96 2/97 100% 952,329
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Dogwood Athens, Park Apts. GA 127 $2,629,079 12/95 10/96 100% $3,538,760
Dunlap West Point, Acres MS 50 1,165,949 9/96 4/96 100% 229,797
Century Bismark, East II Apts. ND 24 550,000 8/96 6/96 100% 371,183
Clarke Pokamoke City, Manor Apts. MD 30 1,225,034 2/96 4/96 100% 440,107
Hannah Ethel, Heights Apts. MS 28 815,638 6/96 12/96 100% 321,584
Heartland Green Horse Cave, Cave KY 24 849,814 5/96 11/96 100% 267,177
Hurricane Hurricane, Hills UT 49 1,305,076 9/96 4/97 100% 2,222,394
Laurelwood High Point, Park Apts. NC 100 2,399,173 2/96 10/96 100% 946,539
Lenox Manhattan, Ave. Apts. NY 18 499,999 10/96 9/97 100% 773,364
Madison Boston, Park IV MA 143 7,726,691 5/96 3/97 96% 2,054,904
Main New Rochelle, Everett Apts. NY 11 630,562 6/96 1/97 100% 782,852
Maple New Haven, Hill CT 32 1,108,207 2/97 2/98 96% 199,951
Mary Ryder St. Louis, Home MO 48 283,486 1/97 6/96 100% 1,591,573
Osborne White Plains, Apts. NY 7 435,455 6/96 12/96 100% 522,325
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Rose Connellsville, Square PA 11 $ 390,180 10/96 2/97 100% $ 229,168
Rosewood Bladenboro, Estates, II NC 16 681,103 9/96 12/96 100% 96,392
Sandstone Great Falls, Village MT 48 1,233,872 11/95 8/96 100% 1,295,623
Shannon Shannon, Rentals MS 48 1,268,874 4/96 1/97 100% 324,990
Smith Roxbury, House MA 132 2,248,198 4/96 3/97 100% 1,008,690
Sutton Indianopolis, Place IN 360 6,220,000 11/96 10/97 100% 647,751
Washington Dayton, Arms OH 93 2,069,066 2/96 2/95 100% 203,859
Wyandotte Los Angeles, Apts. CA 73 3,394,679 4/96 2/97 100% 1,315,122
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- 200 East Rochester, Ave. NY 77 $ -0- 1/99 U/C N/A $ - -0- Apartments
Academy West Point, Apts. VA 32 1,168,421 4/97 3/98 100% 237,173
Bradley Estates Meriden, Phase I CT 74 2,664,391 2/97 12/97 100% 661,000
Bradley Estates Meriden, Phase II CT 42 1,546,956 2/97 12/97 100% 486,861
Brookhaven Shrevport, Apts. LA 35 977,346 2/97 1/97 100% 573,912
Butler Leesville, Estates LA 10 175,415 8/96 10/96 100% 77,627
Calgory Bismark, Apts. I ND 24 635,000 2/96 12/95 100% 414,507
Calgory Bismark, Apts. II ND 24 635,000 2/96 12/95 100% 414,507
Calgory Bismark, Apts. III ND 24 635,000 2/96 12/95 100% 414,507
Cameron Cameron, Apts. LA 40 851,948 8/96 10/96 100% 475,965
Country Fargo, Edge Apts. ND 48 1,100,000 7/97 12/97 100% 1,108,905
Devonshire London, II Apts. OH 28 783,986 1/97 12/96 100% 182,070
Devonshire W. Jefferson, West Apts. OH 19 543,370 1/97 1/97 100% 126,983
East Park Dilworth, II Apts. MN 24 580,000 8/96 8/96 100% 525,631
Edgewood Milledgeville, Park Apts. GA 61 1,500,000 5/96 1/97 100% 1,372,023
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Edgewood Estates Edgewood, Apts. TX 22 $ 621,607 6/97 11/96 100% $ 173,436
Escher Trenton, Street SRO NJ 104 2,089,791 4/97 5/98 100% 2,718,584
Grandview Fargo, Apartments ND 36 1,180,879 8/96 8/96 100% 1,069,522
Grayson Independence, Manor VA 32 1,076,616 3/98 11/98 56%* 524,925
Hanover Ashland, Apts. VA 40 1,285,628 11/97 4/98 100% 256,109
Hanover Towers Meriden, Apts. CT 100 5,067,320 2/97 11/97 100% 1,053,000
Hazeltine Los Angeles, Apts. CA 35 1,440,000 6/96 1/97 100% 951,693
Holly Heights Bowling Green, Apts. KY 30 1,357,699 5/97 8/97 100% 362,738
Lake Fargo, Apts. IV ND 24 647,000 2/96 12/95 100% 414,507
Lake Fargo, Apts. V ND 24 620,000 2/96 12/95 100% 414,507
Lauderdale County Meriden, Properties MS 48 1,180,629 12/98 U/C N/A 214,742
Liberty Village Liberty, Apts. NY 32 1,742,609 1/97 5/97 100% 437,448
Little Little Valley, Valley Est. NY 24 1,153,534 1/97 4/97 100% 274,257
Maxton Maxton, Green Apts. NC 32 973,210 9/96 12/96 100% 263,281
Madison Miami Beach, Apartments FL 17 1,058,388 3/96 6/97 100% 801,664
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Mason Mason, Manor Apts. TN 24 $ 932,851 2/96 1/96 100% $ 229,775
Mosby Littleton, Forest Apts. NC 24 762,585 10/96 10/96 100% 496,753
New Hope Bailey De Ridder, Apts. LA 40 809,746 8/96 9/96 100% 455,212
Nordhoff North Hills, Apts. CA 38 1,988,824 9/96 7/97 100% 1,756,175
Park Ridge Jackson, Apartments TN 136 5,000,000 11/98 U/C N/A 154,824
Powell Valley Jonesville, Village VA 34 672,970 3/98 12/98 100% 853,949
Southwind Jennings, Apts. A LDHA LA 36 787,672 8/96 12/96 100% 428,742
T.R. Bobb New Iberia, Apts. LA 30 747,998 8/96 12/96 100% 428,742
Timmons- ville Timmonsville, Green Apts. SC 32 1,074,368 10/96 2/97 100% 292,587
Tremont Station Tremont, Apartments PA 24 1,056,250 5/96 11/96 100% 338,098
Village Estates Victoria, Apts. VA 32 1,161,980 4/97 10/98 90%* 246,130
Village Green Gloucester, Apts. VA 32 1,154,575 4/97 11/97 100% 229,902
Warrensburg Warrensburg, Heights MO 28 1,120,624 12/96 11/96 100% - -0-
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Westside Salem, Apts. AR 29 $1,046,873 8/96 10/96 100% $ 212,016
The Willows Smithville, Apts. TX 32 818,924 5/96 5/96 100% 209,768
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- AHAB Rental Units Springfield, Phase II MO 17 $ 494,868 6/97 11/97 100% $ 578,458
Angelou Court New York, Apts. NY 23 926,657 10/97 U/C N/A 1,515,042
Canisteo Canisteo, Manor NY 24 892,863 4/98 4/98 91%* 564,068
The Casa San Juan Rosa PR 97 1,031,000 9/97 4/98 54%* 887,936
Forest Glen at Sulluy Station Phase II Centreville, Atps. VA 119 6,770,597 8/96 6/97 61%* 1,339,550
Harrison Heights Harrisonville, Apts. MO 48 1,372,881 1/98 12/96 100% 245,516
Harbor Towers Meriden, Apts. CT 202 12,736,321 2/97 11/97 100% 2,880,000
Holly Heights Storm Lake, Apts. IA 32 497,613 4/97 8/98 81%* 614,058
Lake Apts. Fargo, II ND 24 615,000 1/97 12/95 100% 396,024
Magnolia Place Gautier, Apts. MS 40 1,073,134 11/97 1/98 100% 800,027
Pear Village Leitchfile, Apts. KY 16 618,097 8/96 2/97 100% 488,822
Randolph Silver Spring, Village MD 130 4,687,928 9/96 8/97 100% 2,233,554
Summer Hill Sr. Wayne, Apts. NJ 164 9,541,853 11/96 4/98 100% 1,800,000
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Sunday Bowling Green, Sun Apts. KY 30 $ 942,936 10/96 12/96 100% $ 714,938
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Boston New York, Road L.P. NY 15 $ 446,203 2/97 6/97 100% $ 495,811
Ashberry Manor Bardstown, Apts. KY 24 645,895 2/97 3/97 100% 561,330
Bienville Ringold, III Apts. LA 32 964,205 2/97 2/97 100% 349,186
Blanchard Blanchard, Apts. LA 32 916,014 7/97 7/97 100% 266,129
Chandler Village Chandler, Apts OK 32 912,673 4/97 7/97 100% 250,639
Cottonwood Cottonwood, Apts. LA 24 739,211 7/97 7/97 100% 213,740
Cottonwood Holly Grove, Apts. AR 24 489,729 2/97 4/97 100% 254,856
Evangeline Lake Arthur, Apts. LA 32 976,124 11/97 1/98 100% 311,341
Fairway Marlette, Apts. II MI 48 1,076,426 12/96 3/97 100% 255,353
Falcon Rosenburg, Pointe Apts. TX 102 540,000 4/98 U/C N/A 1,477,559
Jackson Place Jackson, Apts. LA 40 983,934 7/97 10/97 100% 983,615
Mapelwood Winnfield Apts. LA 40 917,025 3/98 8/98 100% 881,056
Milton Village Milton, Apts. NY 32 1,167,648 2/97 6/97 100% 1,192,184
Neighborhood Restorations West Philadelphia, VII PA 72 2,542,075 2/98 2/98 100% 3,809,335
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Park Plaza West Memphis, I & II AR 128 $3,059,678 12/97 11/96 100% $ 553,954
Park Village Athens, Apts. TN 80 827,090 10/98 U/C N/A 1,595,517
Pin Oak Bowie, Village MD 110 8,699,907 11/97 1/96 100% 3,593,219
Southern Villa Russellville Apts. KY 32 1,344,937 11/97 4/98 100% 294,384
Randolph Silver Spring, Village MD 130 5,962,928 12/97 8/97 100% 906,823
Sand Lane Manor Henderson, Apts. KY 24 694,312 8/97 4/98 100% 545,203
Senior Suites of Chicago, Chicago IL 84 4,141,826 12/97 12/98 45%* 2,887,301
Sumner Hartford, House CT 79 1,110,358 1/98 7/98 100% 1,784,869
Terraceview Townhomes Litchfield Apts. MN 22 802,031 7/97 10/97 100% 726,402
Tilghman Dunn, Square NC 20 822,387 11/97 10/97 100% 307,605
Wellston Village Wellston, Apts. OK 14 376,687 4/97 8/97 100% 102,258
Yale Village Yale, Apts. OK 8 109,446 2/98 7/98 100% 42,873
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- The Arbor Jackson, Park Apts. MS 160 $5,700,000 12/96 6/98 100% $2,809,826
The Richmond, Arbors VA 85 2,966,000 7/97 11/98 34%* 1,869,683
Barrington Cove Barrington, Apts. RI 60 2,100,951 4/97 5/97 100% 3,449,887
Bent Tree Jacksboro, Apts. TX 24 615,208 12/97 1/98 100% 94,604
Colonial Poplarville, Apts. MS 16 396,563 10/97 7/97 100% 83,458
Dogwood Appomattox, Apts. VA 48 1,379,697 10/98 U/C N/A 382,291
Emerald Trace Ruston, Apts. LA 48 768,105 8/98 U/C N/A 735,792
Edgewood Baker, Apts. LA 72 1,830,328 3/97 9/98 100% 1,764,112
Glenbrook Saint Jo, Apts. TX 24 522,374 12/97 3/97 100% 142,954
Harbor Benton Pointe Harbor, Apts. MI 84 -0- 1/99 U/C N/A 1,040,739
The Lincoln San Diego, Hotel CA 41 808,545 2/97 7/97 100% 676,576
Lombard Heights Springfield, Apts. MO 24 800,000 10/98 7/98 100% 233,973
Lutkin Bayou Drew, Apts. MS 36 831,804 11/97 6/97 100% 186,515
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Nacogdoches Plaza Nacodgoches, Apts. TX 70 $1,553,475 4/97 3/98 100% $2,793,695
Newcastle Collins, Apts. MS 36 692,637 9/97 6/98 100% 176,599
Park Crest Sherwood, Apts. AZ 216 9,200,000 2/98 U/C 23%* 2,559,616
Palmetto Place Benton, Apts. LA 40 209,518 10/98 U/C N/A 865,408
Pecan Hill Bryson, Apts. TX 16 392,037 8/97 1/98 100% 64,331
Regency Poplarville, Apts. MS 16 460,655 10/97 7/97 100% 102,419
Rhome Rhome, Apts. TX 24 526,587 12/97 2/97 100% 157,340
Westfield Welsh, Apts. LA 40 890,878 11/97 8/98 100% 874,491
Willow Point Jackson, Apts. III MS 120 4,300,000 12/96 2/98 100% 2,035,596
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 30 PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Byam Village Waterbury, Apts. CT 46 $1,564,585 2/97 2/98 100% $ 420,000
Country Estates Farmville, Apts. VA 24 538,782 3/98 U/C N/A - -0-
Emerald Trace II Ruston, 24 357,933 7/98 12/98 100% 579,893 Apts. LA
Farewell Mills Lisbon, Apts. ME 27 759,878 8/97 3/98 100% 662,864
Hillside Terrace Poughkeepsie Apts. NY 64 -0- 1/99 U/C N/A - -0-
Lakewood Clarksville, Apts. VA 52 1,007,722 3/98 U/C N/A - -0-
Lone Oak Graham, Apts. TX 64 1,556,465 8/97 9/98 100% 240,444
Mesa Grande Carlsbad, Apts. NM 72 1,608,384 2/98 12/98 36%* 1,658,125
Millwood Park Douglasville, Apts. GA 172 8,360,000 12/98 U/C N/A 631,257
New Garden Radford, Gardens VA 48 1,480,549 10/98 U/C N/A 382,393
Nocona Terrace Nocona, Apts. TX 36 858,872 8/97 12/98 100% 152,858
Park Trace Jackson, Apts. TN 84 1,322,015 11/97 3/99 67%* 2,682,643
Pine Forest Dahlgren, Apts. VA 40 1,349,893 3/98 2/99 42%* - -0-
Riverbend Swanzey, Apts. NH 24 622,092 7/97 2/98 100% 1,313,371 Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Royal Crest Bowie, Apts. TX 48 $1,157,279 8/97 10/98 100% $ 202,014
Sunrise Homes Apts/ Broadway Place Hobbs, Apts. NM 44 801,564 2/98 12/98 54%* 1,397,994
Western Trails Council Bluffs, Apts. IA 30 292,215 7/98 U/C N/A 397,686
Whistle Stop Gentry, Apts. AR 27 702,587 9/97 5/98 100% 580,687
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Bent Tree San Angelou, Apts. TX 112 $ 494,256 12/97 U/C N/A $2,667,992
Brittney Square Bowling Green, Apts. KY 20 796,621 7/98 7/98 100% 617,319
Canton Manor Canton, Apts. MS 32 818,567 11/97 7/98 100% 176,349
Canton Village Canton, Apts. MS 42 1,138,943 11/97 7/98 100% 236,312
Double Springs Manor II Bowling Green, Apts. KY 25 367,455 9/98 3/99 44%* 689,802
Eagles Ridge Decatur, Terrace TX 89 1,869,433 12/97 5/98 100% 291,598
Elmwood Ellisville, Apts. MS 32 676,873 12/97 6/98 100% 170,436
Giles Amelia, Apts. VA 16 489,254 3/98 2/99 25%* - -0-
Henderson Terrace Bridgeport, Apts. TX 24 184,581 11/97 9/98 100% 77,506
Hurricane Hurricane, Hills UT 28 800,000 9/97 8/98 100% 1,800,271
Level Creek Sugar Hill, Apts. GA 218 12,790,000 5/98 U/C 59%* 1,508,362
Madison Height Canton Apts. MS 80 2,261,400 11/97 7/98 100% 511,300
Lakeview City of Little Elm, Court TX 24 225,091 11/97 1/99 100% 53,444
Mesquite Jacksboro, Trails TX 35 145,957 11/97 11/98 100% 124,803 Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Munjoy South Townhouse Portland, Apts. ME 140 $ 3,877,898 9/97 10/98 95%* $ 706,503
Nottoway Blackstone, Manor VA 28 580,879 3/98 U/C N/A - -0-
Parktowne Cleveland Apts. TN 84 1,800,000 11/97 6/98 100% 3,363,097
Park Ridge McKee, Apts. KY 22 896,719 10/97 5/98 100% 338,464
Pilot Pilot Point, Point Apts. VA 40 327,757 11/97 2/99 90%* 95,774
Riverbend Bedford, Apts. ME 28 797,590 10/97 7/98 100% 1,478,500
Roth Mechanicsburg, Village PA 61 2,343,375 10/97 9/98 100% 2,420,993
Royal Estates Canton, Apts. MS 32 842,584 11/97 7/98 100% 183,641
Silver Creek Flat Rock Apts. MI 112 1,823,139 3/98 U/C 15%* 3,762,218
Springs Manor Rawls Spring, Apts. MS 32 834,213 12/97 6/98 100% 230,087
Summerdale Commons Atlanta, Phase II GA 108 5,068,501 12/98 4/99 100% - -0-
Windsor Park Jackson, Apts. MS 279 7,800,000 11/97 3/99 92%* 2,179,024
* Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- 200 East Avenue Rochester, Apts. NY 77 $ -0- 1/99 U/C N/A $ -0-
Carriage Pointe Old Bridge, Apts. NJ 18 8,093,201 1/98 1/97 100% 3,051,011
Chardonnay Oklahoma City, Apts. OK 14 87,745 1/98 1/97 100% 385,826
Cogic Village Benton Harbor, Apts. MI 136 2,487,954 4/98 U/C 18%* 4,698,604
Courtside Cottonwood, Apts. AZ 44 1,151,907 6/98 7/98 100% 1,083,672
Clear Creek North Manchester, Apts. IN 64 -0- 7/98 U/C N/A - -0-
Columbia Dallas, Luxar TX 125 138,369 8/98 U/C N/A 3,157,685
Colony Park Pearl, Apts. MS 192 8,000,000 6/98 U/C N/A 1,356,323
Gilette Sayreville, Manor NJ 100 ** 1/98 1992 100% **
Park Ridge Jackson, Apts. TN 136 5,000,000 11/98 U/C N/A 303,234
Park Village Athens, Apts. TN 80 827,090 10/98 U/C N/A 1,530,209
Pearlwood Pearl, Apts. MS 40 1,434,000 2/98 5/98 100% 710,676
Pecan Natchitoches, Manor Apts. LA 40 780,278 7/98 10/98 100% 1,126,436
Pineridge Franklinton, Apts. LA 40 426,207 7/98 1/99 82%* 1,126,436
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Sterling Independence, Creek Apts. MO 48 $ 42,975 5/98 U/C N/A $1,693,431
Woodhaven S. Brunswick, Apts. NJ 80 ** 1/98 1995 100% **
* Property was in lease-up phase as of March 31, 1999. ** 3 properties which make up one Operating Partnership named FFLP Associates LP with 194 units. Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 33
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Bradford Park Southhaven, Apts. MS 208 $9,790,000 10/98 U/C N/A $ -0-
Bradford Sqare Jefferson City, North Apts. TN 50 234,374 10/98 U/C N/A 1,031,156
Carriage Pointe Old Bridge, Apts. NJ 18 8,093,201 3/98 1/97 100% 3,051,011
Columbia Dallas, Luxar TX 125 138,369 8/98 U/C N/A 3,157,685
Foxridge Durham, Apts. NC 92 205,517 3/98 U/C N/A 2,805,748
Gilette Sayreville, Manor NJ 100 ** 1/98 1992 100% **
Harbor Benton Harbor, Pointe Apts. MI 84 -0- 1/99 U/C N/A 375,232
Merchant Dallas, Court Apts. GA 192 -0- 10/98 U/C N/A 619,166
Stonewall Retirement Stonewall, Village LA 40 593,385 7/98 U/C 70%* 1,126,436
Woodhaven S. Brunswick, Apts. NJ 80 ** 1/98 1995 100% **
* Property was in lease-up phase as of March 31, 1999. ** 3 properties which make up one Operating Partnership named FFLP Associates LP with 194 units. Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Allsion Mt. Washington, Apts. KY 24 $ 922,563 11/98 U/C N/A $ 595,009
Belmont Affordable Housing Two Philadelphia, Apts. PA 20 -0- 1/99 U/C N/A 1,526,181
Boerne Creekside Boerne, Apts. TX 71 91,968 11/98 U/C N/A 861,121
Bradford Southaven, Park Apts. MS 208 9,790,000 3/99 U/C N/A - -0-
Hillside Club Bear Creek Township, Apts. MI 56 827,112 10/98 U/C N/A - -0-
Kerrville Meadows Kerrville, Apts. TX 72 98,275 11/98 U/C N/A 1,589,319
Merchant Court Dallas, Apts. GA 192 -0- 10/98 U/C N/A 1,178,317
Millwood Park Douglasville, Apts. GA 172 8,360,000 12/98 U/C N/A 1,215,874
Romeo Village Montour Falls, Apts. NY 24 18,000 10/98 U/C N/A 682,928
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
Boston Capital Tax Credit Fund IV L.P. - Series 35
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Ashton Cove Kingsland, Apts. GA 72 $ -0- 10/98 U/C N/A $ -0-
Country Walk Mulvane, Apts. KS 68 -0- 12/98 U/C N/A 1,072,587
Garden Gates New Caney, Apts. II TX 32 -0- 3/99 U/C N/A - -0-
Hillside Terrace Poughkeepsie, Apts. NY 64 -0- 1/99 U/C N/A - -0-
Riverwalk Apt. Homes, Sheboygan, Phase II WI 20 -0- 12/98 U/C N/A 758,616
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
Item 3.
Item 3. Legal Proceedings
None.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II ------- Item 5.
Item 5. Market for the Fund's Interests and Related Fund Matters
(a) Market Information The Fund is classified as a limited partnership and thus has no common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
(b) Approximate number of security holders As of March 31, 1999, the Fund has 28,116 BAC holders for an aggregate of 49,998,759 BACs, at a subscription price of $10 per BAC, received and accepted.
The BACs were issued in series. Series 20 consists of 2,442 investors holding 3,866,700 BACs, Series 21 consists of 1,203 investors holding 1,892,700 BACs, Series 22 consists of 1,699 investors holding 2,564,400 BACs, Series 23 consists of 2,160 investors holding 3,336,727 BACs, Series 24 consists of 1,331 investors holding 2,169,878 BACs, Series 25 consists of 1,803 investors holding 3,026,109 BACs, Series 26 consists of 2,415 investors holding 3,995,900 BACs, Series 27 consists of 1,390 investors holding 2,460,700 BACs, Series 28 consists of 2,115 investors holding 4,000,738 BACs, Series 29 consists of 2,311 investors holding 3,991,800 BACs, Series 30 consists of 1,360 investors holding 2,651,000 BACs, Series 31 consists of 2,118 investors holding 4,417,857 BACs, Series 32 consists of 2,381 investors holding 4,754,198 BACs, Series 33 consists of 1,276 investors holding 2,636,533 BACs, Series 34 consists of 1,761 investors holding 3,529,319 BACs, and Series 35 consists of 351 investors holding 704,200 BACs at March 31, 1999.
(c) Dividend history and restriction The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 5, 1993 through March 31, 1999.
The Fund Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.
Fund allocations and distributions are described on pages 99 to 101 of the Prospectus, as supplemented, under the caption "Sharing Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals", which is incorporated herein by reference.
Item 6.
Item 6. Selected Financial Data
The information set forth below presents selected financial data of the Fund. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof. Selected financial data for year and Periods ended March 31,
Operations 1999 1998 1997 1996 - ---------- ---- ---- ---- ---- - ---- Interest Income $ 4,604,150 $ 4,007,240 $ 2,498,953 $ 1,027,956 $ 344,043
Share of Loss of Operating Partnerships (16,178,884) (12,821,176) (10,783,903) (5,472,852) (884,379) Operating Expenses (5,902,620) (4,654,485) (3,283,551) (1,839,647) (800,135) ----------- ----------- ----------- ---------- - ---------- Net Income (Loss) $(17,477,354)$(13,468,421)$(11,568,501) $(6,284,543) $(1,340,471) =========== =========== =========== ========== ========== Net Income (Loss) per BAC $ (.36)$ (.36)$ (.50) $ (.41) $ (.36) =========== =========== =========== ========== ==========
Balance Sheet 1999 1998 1997 1996 - ------------- ---- ---- ---- ---- - ---- Total Assets $456,501,585 $386,072,953 $259,200,587 $180,061,938 $102,047,029 =========== =========== =========== =========== =========== Total Liabilities $ 79,434,074 $ 79,763,815 $ 36,568,416 $ 35,541,287 $ 25,581,723 =========== =========== =========== =========== =========== Partners' Capital $377,067,511 $306,309,138 $222,632,171 $144,520,651 $ 76,465,306 =========== =========== =========== =========== =========== Other Data - ---------- Tax Credits per BAC for the Investors Tax Year, the Twelve Months Ended December 31, 1998, 1997, 1996, 1995, and 1994* $ .71 $ .61 $ .52 $ .35 $ -0- =========== ========== =========== =========== ==========
* Credit per BAC is a weighted average of all the Series. Since each Series has invested as a limited partner in different Operating Partnerships the Credit per BAC will vary slightly from series to series. For more detailed information refer to Item 7
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Liquidity - --------- The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment or on working capital reserves (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.
The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $35 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank.
The Fund invests in short-term tax-exempt municipal bonds to decrease the amount of taxable interest income that flows through to it's investors. The Fund anticipates that the investments it purchases will be held to maturity, but periodically the Fund must sell investments to meet certain obligations. Many of the investments sold during the years ended March 31, 1998 and 1999 were yielding coupon rates higher than market rates. A premature sale of these investments may have resulted in realized losses, but when combined with the higher coupon yields the resulting actual yields were consistent with market rates. In selecting investments to purchase and sell the general partner and it's advisors stringently monitor the ratings of the investments and safety of principal.
Capital Resources - ----------------- The Fund is offering BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $499,688,500 representing 49,998,759 BACs from investors admitted as BAC Holders in Series 20 through 35 of the Fund. As of March 31, 1999 the Fund is continuing to offer BACs in Series 35.
(Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC Holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.
During the fiscal year ended March 31, 1999, the Fund used $97,459 of Series 20 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $28,614,472 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 20 has $388,026 in capital contributions that remain to be paid to the other Operating Partnership.
(Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC Holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.
During the fiscal year ended March 31, 1999, the Fund used $30,147 of Series 21 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fund had completed payment of all installments of its capital contributions to 11 of the Operating Partnerships. Series 21 has $709,193 in capital contributions that remain to be paid to the other 3 Operating Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC Holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.
During the fiscal year ended March 31, 1999, the Fund used $238,491 of Series 22 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 22 has $550,641 in capital contributions that remain to be paid to the other 6 Operating Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC Holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.
During the fiscal year ended March 31, 1999, the Fund used $370,254 of Series 23 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278 and the Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 23 has $772,817 in capital contributions that remain to be paid to the other 6 Operating Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.
During the fiscal year ended March 31, 1999, the Fund used $306,593 of Series 24 net offering proceeds to pay initial and additional installments of its capital contributions to 9 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,980,237 and the Fund had completed payment of all installments of its
capital contributions to 16 of the Operating Partnerships. Series 24 has $1,285,736 in capital contributions that remain to be paid to the other 8 Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC Holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.
During the fiscal year ended March 31, 1999, the Fund used $298,607 of Series 25 net offering proceeds to pay installments of its capital contributions to 9 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,449,722 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 25 has $2,704,223 in capital contributions that remain to be paid to the other 13 Operating Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC Holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.
During the fiscal year ended March 31, 1999, the Fund used $1,946,670 of Series 26 net offering proceeds to pay initial and additional installments of its capital contributions to 21 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,373,269 and the Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 26 has $5,548,536 in capital contributions that remain to be paid to the other 25 Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.
During the fiscal year ended March 31, 1999, the Fund used $1,198,896 of Series 27 net offering proceeds to pay initial and additional installments of its capital contributions to 10 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 27 had been used to invest in 14 Operating Partnerships in an aggregate amount of $17,175,371 and the Fund had completed payment of all installments of its capital contributions to 5 of the Operating Partnerships. Series 27 has $1,645,618 in capital contributions that remain to be paid to the other 9 Operating Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.
During the fiscal year ended March 31, 1999, the Fund used $4,170,336 of Series 28 net offering proceeds to pay initial and additional installments of its capital contributions to 21 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,261,233 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 28 has $4,440,923 in capital contributions that remain to be paid to the other 17 Operating Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC Holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997.
During the fiscal year ended March 31, 1999, the Fund used $7,473,413 of Series 29 net offering proceeds to pay initial and additional installments of its capital contributions to 20 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,130,617 and the Fund had completed payment of all installments of its capital contributions to 4 of the Operating Partnerships. Series 29 has $5,800,186 in capital contributions that remain to be paid to the other 18 Operating Partnerships.
(Series 30). The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997.
During the fiscal year ended March 31, 1999, the Fund used $4,549,243 of Series 30 net offering proceeds to pay initial and additional installments of its capital contributions to 11 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 30 had been used to invest in 18 Operating Partnerships in an aggregate amount of $16,530,745 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 30 has $5,188,387 in capital contributions that remain to be paid to the 18 Operating Partnerships.
(Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC Holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.
During the fiscal year ended March 31, 1999, the Fund used $9,130,091 of Series 31 net offering proceeds to pay initial and additional installments of its capital contributions to 14 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 31 had been used to invest in 26 Operating Partnerships in an aggregate amount of $32,268,563 and the Fund had completed payment of all installments of its capital contributions to 2 of the Operating Partnerships. Series 31 has $8,010,788 in capital contributions that remain to be paid to the other 24 Operating Partnerships.
(Series 32). The Fund commenced offering BACs in Series 32 on January 19, 1998. As of March 31, 1999, the Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC Holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998.
During the fiscal year ended March 31, 1999, the Fund used $16,991,915 of Series 32 net offering proceeds to pay initial and additional installments of its capital contributions to 11 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 32 had been used to invest in 14 Operating Partnerships in an aggregate amount of $30,077,192 and the Fund had completed payment of all installments of its capital contributions to one of the Operating Partnerships. Series 32 has $10,155,068 in capital contributions that remain to be paid to the other 13 Operating Partnerships.
During the fiscal year ended March 31, 1999, the Fund has also purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements. The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment. These investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 33). The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holders in Series 33. Offer and sales of BACs in Series 33 were completed on September 21, 1998.
During the fiscal year ended March 31, 1999, the Fund used $12,028,598 of Series 33 net offering proceeds to pay initial and additional installments of its capital contributions to 7 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 33 had been used to invest in 8 Operating Partnerships in an aggregate amount of $17,673,585 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 33 has $5,507,151 in capital contributions that remain to be paid to the 8 Operating Partnerships.
(Series 34). The Fund commenced offering BACs in Series 34 on September 22, 1998. The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC Holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11, 1999.
During the fiscal year ended March 31, 1999, the Fund used $7,648,749 of Series 34 net offering proceeds to pay initial and additional installments of its capital contributions to 7 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 34 had been used to invest in 9 Operating Partnerships in an aggregate amount of $19,681,149 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 34 has $12,032,400 in capital contributions that remain to be paid to the 9 Operating Partnerships.
(Series 35). The Fund commenced offering BACs in Series 35 on February 22, 1999. As of March 31, 1999, the Fund had received and accepted $7,042,000 representing 704,200 BACs from investors admitted as BAC Holders in Series 35. As of March 31, 1999 the Fund was continuing to offer BACs in Series 35. Offer and sales of BACs in Series 35 were completed on June 25, 1999. A total of $33,002,000 was received and accepted representing 3,300,463 BACs.
During the fiscal year ended March 31, 1999, the Fund used $1,072,587 of Series 35 net offering proceeds to pay initial and additional installments of its capital contributions to 2 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 35 had been used to invest in 5 Operating Partnerships in an aggregate amount of $10,632,978 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Although the amount invested in Operating Partnerships at March 31, 1999 was in excess of the amount collected from investors, proceeds from sales of BACs in Series 35 were received subsequent to March 31, 1999. Part of those proceeds will be used by Series 35 to pay the $8,801,775 in capital contributions that remained to be paid to the 5 Operating Partnerships at March 31, 1999.
Results of Operations - --------------------- The Fund incurs a fund management fee to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred for the fiscal years ended March 31, 1999 and 1998 was $3,702,096 and $2,454,590, respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired.
The Fund's investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the combination of the cash and cash equivalents and investments available for sale amounts for each series will decrease. It is expected that interest income reported by each series will begin to decrease after the first full year of operations, as a result. With one exception, interest income reported by Series 20 through Series 30 decreased in fiscal year 1999 as expected. The increase in total interest income reported by the Fund, from fiscal year 1998 to 1999, was primarily a result of interest reported from loans to two of the operating partnerships in Series 31.
(Series 20). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had a total of 24 Operating Partnerships at March 31, 1999, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,626,847 and $2,743,341, respectively in passive income tax losses that were passed through to the investors and also provided $1.33 for both 1998 and 1997, in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 20 was $20,817,668 and $23,307,328, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 1999 and 1998, the net loss of the series was $2,811,432 and $2,844,245, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. In fiscal year 1999 there was also an increase in the fund management fee. It was the result of a reduction of reporting fee collections in fiscal year 1999 from fiscal year 1998. In fiscal year 1998, approximately $50,000 of fees due for prior years was collected. The amount collected in fiscal year 1999 more accurately reflects the anticipated collections for future years. It is anticipated that the net loss will for Series 20 will remain relatively consistent in future years since the series has finished acquiring Operating Partnerships and they are now fully operational.
Breeze Cove Limited Partnership (Breeze Cove Apartments) experienced financial difficulties in 1997 due to vacancy issues and high expenses. The management company has steadily improved occupancies throughout 1997 and 1998, and occupancy stands at 96% as of March 31, 1999. The Operating General Partner has pushed the management company to reduce expenses as well. The Operating General Partner has submitted a debt restructure proposal to the Lender and a response is expected to be received next quarter. A new Operating General Partner was admitted on March 1, 1999, and this Operating General Partner is responsible for negative cash flow over $3,800 per month.
The Operating General Partner of East Douglas Apartments Limited Partnership (East Douglas Apartments) failed to meet its partnership obligations. As a result, the Operating General Partner and its related management agent were replaced in April 1998. The new management company is focusing on improving the property's physical occupancy and operations. During 1998, the property's mortgages went into default. The new Operating General Partner worked out a forbearance agreement with the lenders, and had completed a refinance of the loan as of December 31, 1998. As of March 1999, physical occupancy had increased to 94%, and the property's operations were exceeding budgeted projections.
In August 1996 the Investment General Partner was notified that Virginia Avenue Affordable Limited Partnership (Kristine Apartments) was named as defendant in a land encroachment complaint. Initial efforts to settle the complaint were unsuccessful, but a judgment was issued by which the operating partnership would receive an appropriate quit claim deed and other title related documents confirming the partnership's interest in the disputed property. The appropriate title information has been received and is in the process of execution. The delivery of these documents will remove any uncertainty as to the partnership's possession of the land. Additionally, occupancy began to drop in the fourth quarter of 1998, with a year-end occupancy of 78%. At this time occupancy has improved, and the Investment General Partner is working with the Operating General Partner to select a new management agent.
(Series 21). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 93.9% and 93.6%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 9 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,002,299 and $1,282,891, respectively, in passive income tax losses that were passed through to the investors and also provided $1.19 and $1.13, respectively, in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 21 was $7,984,415 and $9,560,326, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 1999 and 1998, the net loss of the series was $1,653,386 and $2,098,068, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, and the fund management fee. It is anticipated that the net loss will become more stable in future years as the series has finished acquiring Operating Partnerships and most were in full operations as of December 31, 1998.
Atlantic City Housing Urban Renewal Associates L.P. has reported a net loss net of depreciation, a non-cash item, for the year ended December 31, 1998 of approximately $260,000. The property's operations have been impacted by high costs for security and maintenance, while the Section 8 Rental Assistance Contract has seen small incremental increases over the past few years. The Operating General Partner has been funding expenses, though outstanding payables remain high. The Investment General Partner is monitoring the situation closely through quarterly inspections and is working with the Operating General Partner on curing the operational issues.
(Series 22). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had total of 29 properties at March 31, 1999, all or which were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,635,853 and $1,646,323, respectively, in passive income tax losses that were passed through to the investors and also provided $1.25 and $1.19, respectively, in tax credit per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 22 was $14,961,440 and $16,104,712, respectively. The decrease is primarily a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the acquisition of one additional Operating Partnership.
For the years ended March 31, 1999 and 1998, the net loss of the series was $1,658,012 and $1,654,264, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and most were fully operational as of December 31, 1998.
(Series 23). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at March 31, 1999, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,081,592 and $2,328,388, respectively, in passive income tax losses that were passed through to investors and also provided $1.31 and $1.29, respectively in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 23 was $21,681,096 and $23,271,914, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 1999 and 1998 the net loss of the series was $1,860,174 and $1,927,661, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and all were fully operational as of December 31, 1998.
(Series 24). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.8% and 99.9%, respectively. The series had a total of 24 properties at March 31, 1999. Out of the total, 23 were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,500,322 and $1,556,521, respectively, in passive income tax losses that were passed through to investors and also provided $1.27 and $1.12, respectively in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 24 was $13,973,053 and $15,422,126, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 1999 and 1998 the net loss of the Series was $1,723,705 and $1,575,358, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net will loss begin to stabilize in future years as the series has completed investing in Operating Partnerships and all are fully operational.
(Series 25). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.6% and 98.7%, respectively. The series had a total of 22 properties at March 31, 1999. Out of the total, 20 were at 100% qualified occupancy.
For the tax year ended December 31, 1998 and 1997, the series, in total, generated $1,877,709 and $2,174,096, respectively in passive income tax losses that were passed through to investors and also provided $1.25 and $1.08 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 25 was $20,921,953 and $22,681,362, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1999 and March 31, 1998 the net loss of the series was $1,926,105 and $1,793,365, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will begin to stabilize in future years as the series has finished acquiring Operating Partnerships and most are fully leased-up.
(Series 26). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 98.8% and 95.5%, respectively. The series had a total of 45 properties at March 31, 1999. Out of the total, 40 were at 100% qualified occupancy and 2 were in initial lease-up. The series also had 3 properties that were under construction at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,664,159 and $1,535,837, respectively, in passive income tax losses that were passed through to investors and also provided $1.00 and $.59 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 26 was $29,938,230 and $29,729,194, respectively. The change is a result of the Fund acquiring 3 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 1999 and 1998 the net loss of the series was $1,719,368 and $1,016,127, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will continue to fluctuate in future years until the Operating Partnerships complete construction, lease-up and stabilize operations.
(Series 27). As of March 31, 1999 and 1998 the average Qualified Occupancy for the series was 91.3% and 90.1%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 9 were at 100% qualified occupancy and 4 were in initial lease-up. The series also had 1 property that was still under construction as of March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,202,881 and $748,300, respectively, in passive income tax losses that were passed through to investors and also provided $.68 and $.20 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 27 was $16,996,406 and $18,158,317, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method.
By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the Fund acquiring 1 additional interest in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships.
For the year ended March 31, 1999 and 1998 the net loss of the series was $1,716,151 and $787,105, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
(Series 28). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 97.7% and 94.9%, respectively. The series had a total of 26 properties at March 31, 1999. Out of the total, 23 were at 100% qualified occupancy and 1 was in initial lease-up . The series also had 2 properties that were still under construction at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,193,820 and $483,903, respectively, in passive income tax losses that were passed through to investors and also provided $.49 and $.066 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 28 was $32,194,644 and $28,144,829, respectively. The increase is a result of the Fund acquiring 2 additional investments in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the removal of one Operating Partnership, and the removal of costs capitalized to the investment account which were incurred by the Fund in acquiring that Operating Partnerships.
For the year ended March 31, 1999 and 1998 the net income (loss) of the series was $(724,209) and $264,071, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that operations will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
(Series 29). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 92.1% and 85.3%, respectively. The series had a total of 22 properties at March 31, 1999. Out of the total, 16 were at 100% qualified occupancy and 1 was in initial lease-up. The series also had 4 properties that were still under construction, and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999.
For the tax years ended December 31, 1998 and 1997 the series, in total, generated $1,776,772 and $393,806, respectively in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of $.49 for 1998 and from $.154 to $.241 for 1997 depending on the investors' date of admission.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 29 was $31,006,270 and $24,760,987, respectively. The increase is a result of the Fund acquiring 5 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1999 and 1998, the net loss of the series was $1,414,244 and $276,745, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.
(Series 30). As of March 31, 1999 and 1998 the average Qualified Occupancy for the series was 83.2% and 66.0%, respectively. The series had a total of 18 properties at March 31, 1999. Out of the total, 8 were at 100% qualified occupancy and 4 were in initial lease-up. The series also had 6 properties that were still under construction at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $562,671 and $42,545, respectively, in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of $.19 for 1998 and from $.011 to $.016 for 1997 depending I the investors' date of admission.
As of March 31, 1999 and 19988, the Investments in Operating Partnerships for Series 30 was $18,385,611 and $14,400,077, respectively. The increase is a result of the Fund acquiring 5 additional interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1999 and for the period ended March 31, 1998 the net income (loss) of the series was $(304,871) and $331,331, respectively. The major components of these amounts are the Fund's share of income (loss) from Operating Partnerships, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the the net loss will decrease in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
(Series 31). As of March 31, 1998 and 1998, the average Qualified Occupancy for the series was 88.3% and 39.9%, respectively. The series had a total of 26 properties at March 31, 1999. Out of the total 17 were at 100 % qualified occupancy and 5 were in initial lease-up. The series also had 2 properties that were still under construction, and 2 properties with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the series, in total, generated $699,651 and $140,296, respectively, in passive income tax losses to pass through to the investors and also provided $.28 and $.001 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, Investments in Operating Partnerships for Series 31 was $35,524,458 and $29,042,410. The increase is a result of the Fund acquiring 4 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1999 and for the period ended March 31, 1998 the net loss of the series was $462,813 and $69,689, respectively. The major components of these amounts are the Fund's share of income (loss) from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will decrease in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.
(Series 32). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 85.71 and 91.3%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 5 were at 100% qualified occupancy and 1 was in initial lease-up. The series also had 7 properties that were still under construction, and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999.
For the tax year ended December 31, 1998, the series, in total, generated $447,366 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credit per BAC by month of admission.
February $.25 March $.23 April $.21 May $.19 June $.16
The series had not admitted any investors as of December 31, 1997, therefore, it has no comparative information to report.
As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 32 was $35,492,664 and $8,571,676, respectively. The increase is a result of the Fund acquiring 6 assignments in Massachusetts LLC's, 11 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships, is also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the year ended March 31, 1999 and for the period ended March 31, 1998 the net income (loss) of the series was $269,836 and $(21,196), respectively. The major component of this amount is general and administrative expenses. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.
(Series 33). As of March 31, 1999 the average Qualified Occupancy for the series was 85.0%. The series had a total of 8 properties at March 31, 1999, one of which was at 100% qualified occupancy. The series also had 6 properties that were still under construction at March 31, 1999, and one property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999.
For the tax year ended December 31, 1998, the series, in total, generated $66,964 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credit per BAC by month of admission.
July $.023 August $.020 September $.016
As of March 31, 1999, the Investments in Operating Partnerships for Series 33 was $19,871,865. The amount is a result of the Fund acquiring 8 interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1999 the net income of the Series was $194,098. The major components of this amount are the Fund's share of income from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the operations will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
Since Series 33 did not commence operations until after March 31, 1998, it does not have any comparative information to report.
(Series 34). As of March 31, the series had a total of 9 properties all of which were still under construction.
For the tax year ended December 31, 1998, the series, in total, generated $190,488 in passive income that were passed through to investors, but did not generate any tax credit to pass though to the investors.
As of March 31, 1999, the Investments in Operating Partnerships for Series 34 was $22,247,242. The amount is a result of the Fund acquiring 9 interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1999 the net income of the Series was $39,949. The major components of this amount are the general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the operations will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations.
Since Series 34 did not commence operations until after March 31, 1998, it does not have any comparative information to report.
(Series 35). As of March 31, 1999 the series had a total of 5 properties all of which were still under construction.
The series had not admitted any investors as of December 31, 1998, therefore, it had no passive income tax losses or tax credits to pass through to investors for the tax year ended December 31, 1998.
As of March 31, 1999, the Investments in Operating Partnerships for Series 35 was $10,632,978. The amount is a result of the Fund acquiring 5 interests in Operating Partnerships. In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the period ended March 31, 1999 the net loss of the series was $6,767. The major component of this amount is general and administrative expenses and the fund management fee. It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.
Since the Series did not commence operations until after March 31, 1998, it does not have any comparative information to report.
Recent Accounting Statements Not Yet Adopted - -------------------------------------------- On March 31, 1997, the Partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. On March 31, 1998, the Fund adopted SFAS No. 130, "Reporting Comprehensive Income;" SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information;" and SFAS No. 132, "Employers' Disclosures about Pensions and Other Postretirement Benefits." SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, SFAS NO. 131 establishes standards for how public business enterprises report information about operating segments and SFAS No. 132 revises employers' disclosures about pension and other portetirement benefit plans. The implementation of these standards has not materially affected the Fund's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage-backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all the fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135.
The Fund does not have any derivative or hedging activities and does not have any mortgage-backed securities. FASB Statement 75, "Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units," does not apply to the fund. Consequently, these pronouncements are expected to have no effect on the Funds's financial statements.
Year 2000 Compliance - -------------------- Boston Capital and its management have reviewed the potential computer problems that may arise from the century date change known as the "Year 2000"or "Y2K" problem. We are currently in the process of taking the necessary precautions to minimize any disruptions. The majority of Boston Capital's systems are "Y2K" compliant. For all remaining systems we have contacted the vendors to provide us with the necessary upgrades and replacements. Boston Capital is committed to ensuring that the "Y2K" issue will have no impact on our investors.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosure About Market Risk
Not Applicable
Item 8.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part IV, Item 14 of this Annual Report on Form 10-K.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
PART III --------
Item 10.
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of the Board of Boston Capital Corporation. Nominated by President Clinton and confirmed by the United States Senate, Mr. Collins served as the Republican private sector member of the Thrift Depositor Protection Oversight Board. During 1990 and 1991 he served as Chairman of the Board of Directors for the Federal Home Loan Bank of Boston, a 314-member, $12 billion central bank in New England. Mr. Collins is the co-founder and past President of the Coalition for Rural Housing and Development. In the 1980s he served as Chairman of the Massachusetts Housing Policy Commission to evaluate current programs and recommend future housing policy. Additionally, he served as a member of the Board of Directors of the Metropolitan Boston Housing Partnership and on the Mitchell- Danforth Task Force, which helped structure the 1990 federal Tax Credit legislation. Mr. Collins also is a past Member of the Board of Directors of the National Leased Housing Association and has served as a member of the U. S. Conference of Mayors Task Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also was a member of the Fannie Mae Housing Impact Advisory Council and the Republican Housing Opportunity Caucus. He is Chairman of the Business Advisory Council and a member of the National Council of State Housing Agencies Tax Credit Commission. Mr. Collins graduated from Harvard College. President Bush appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. He is a leader in the civic community, serving on the Boards of Youthbuild Boston, the Pine Inn and I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief Executive Officer of Boston Capital Corporation where he is responsible for strategic planning and business development. In addition to his responsibilities at Boston Capital, Mr. Manning is a proactive leader in the industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, to review and reform the Low Income Housing Tax Credit. He was the founding President of the Affordable Housing Tax Credit Coalition, is a member of the board of the National Leased Housing Association and sits on the Advisory Board of the publication Housing and Development Reporter. During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee, on the critical role of the private sector in the success of the Low Income Housing Tax Credit Program. In 1996, President Clinton appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton also appointed Mr. Manning to the President's Export Council, which is the premier committee comprised of major corporate CEOs to advise the President in matters
of foreign trade. Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presidential Library in Boston. In the civic community, Mr. Manning is a leader, serving on the Board of Youthbuild Boston. Mr. Manning is a graduate of Boston College.
Richard J. DeAgazio, age 54, is Executive Vice President of Boston Capital Partners, Inc., and is President of Boston Capital Services, Inc., Boston Capital's NASD registered broker/dealer. Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD), was the Vice Chairman of the NASD's District 11 Committee, and served as Chairman of the NASD's Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee. He presently serves as a member of the National Adjudicatory Council on NASD. He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association. Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock Exchange since 1967. He is a leader in the community and serves on the Business Leaders Council of the Boston Symphony, Board of Directors for Junior Achievement of Massachusetts, the Board of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice President and a principal of Boston Capital Partners, Inc., and is responsible for, among other areas, overseeing the investment portfolio of funds sponsored by Boston Capital and the acquisition of real estate investments on behalf of such funds. Mr. Collins has had extensive experience in real estate development activities, having founded and directed the American Development Group, a comprehensive real estate development firm, and has also had extensive experience in the area of acquiring real estate investments. He is on the Board of Directors of the National Multi-Housing Council and a member of the Massachusetts Housing Finance Agency Multi-Family Advisory Committee. He graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of Boston Capital Partners, Inc., and serves as Chairman of the firm's Operating Committee. He has fifteen years of experience in the accounting and finance field and has supervised the financial aspects of Boston Capital's project development and property management affiliates. Prior to joining Boston Capital in 1987, he was Assistant Director of Accounting and Financial Reporting for the Yankee Companies, Inc., and was an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional certified public accounting firm based in Boston. He graduated with honors from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
Item 11.
Item 11. Executive Compensation (a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 1998 fiscal year:
1. An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 1999 was $3,702,096.
2. The Fund has reimbursed an affiliate of the General Partner a total of $243,615 for amounts charged to operations during the year ended March 31, 1999. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.
3. The Fund has reimbursed affiliates of the General Partner a total of $396,541 for amounts charged to syndication during the year ended March 31, 1999. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.
4. The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests. During the 1999 fiscal year, the Fund accrued or paid $8,818,410 of acquisition fees and expenses to the General Partner or its affiliates.
5. Dealer Manager fees of $2,049,000 were accrued or paid to Boston Capital Services, Inc. during the 1999 fiscal year in respect to the sale of units.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1999, 49,998,759 BACs had been issued. No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Fund. The Fund's response to Item 12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control.
Item 13.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Fund has no officers or directors. However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Fund. Additionally, the General Partner will receive distributions from the partnership if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. The amounts and kinds of compensation and fees are described on page 43 of the Prospectus, as supplemented, under the caption "Compensation and Fees", which is incorporated herein by reference. See Note B of Notes to Financial Statements in Item 14
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1999 and 1998
Statements of Operations for the years or periods ended March 31, 1999, 1998 and 1997
Statements of Changes in Partners' Capital for the years or periods ended March 31, 1999, 1998, and 1997
Statements of Cash Flows for the years or periods ended March 31, 1999, 1998 and 1997
Notes to Financial Statements, March 31, 1999, 1998, and
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
(a) 3. Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).
b. Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).
c. Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).
d. Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).
e. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
f. Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
g. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).
h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).
i. Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
j. Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
k. Agreement of Limited Partnership of Hurricane Hills, L.C. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
l. Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
m. Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
n. Agreement of Limited Partnership of Autumn Ridge Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
o. Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
p. Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
q. Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form K as filed with the Securities and Exchange Commission on March 26, 1997).
r. Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
s. Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
t. Agreement of Limited Partnership of Ethel Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
u. Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
v. Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
w. Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
x. Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
y. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
z. Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
aa. Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ab. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ac. Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ad. Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ae. Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
af. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ag. Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ah. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
aj. Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 7, 1997.) ak. Agreement of Limited Partnership of Brookhaven Apartments Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 21, 1997.)
al. Agreement of Limited Partnership of Maple Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 16, 1997.)
am. Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
an. Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ao. Agreement of Limited Partnership of Bradley Phase II Limited Partnership (incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)
ap. Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
aq. Agreement of Limited Partnership of Bradley Phase I Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ar. Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
as. Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
at. Agreement of Limited Partnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
au. Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 8, 1997.)
av. Agreement of Limited Partnership of Grandview Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)
aw. Agreement of Limited Partnership of Angelou Associates, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)
ax. Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership(incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.)
ay. Agreement of Limited Partnership of Sumner House Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 27, 1998.)
az. Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
ba. Agreement of Limited Partnership of Edgewood Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bb. Agreement of Limited Partnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bc. Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bd. Agreement of Limited Partnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 1, 1998.)
(b) Reports on Form 8-K
Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Better Homes for Havelock Limited Partnership filed with the commission on February 1, 1995.
Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Cynthiana Properties Limited filed with the commission on February 1, 1995.
Report on Form 8-K dated October 13, 1995, concerning the Partnership's investment in North Hampton Place Limited Partnership filed with the commission on October 13, 1995.
Report on Form 8-K dated February 29, 1996, concerning the Partnership's investment in Brook Summit Apartments, LP filed with the commission on February 29, 1996.
Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in New Madison Park IV Limited Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in Smith House II Limited Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated February 11, 1997, concerning the Partnership's investment in Pear Village Limited Partnership filed with the commission on February 11, 1997.
Report on Form 8-K dated February 14, 1997, concerning the Partnership's investment in M.R.H., L.P. filed with the commission on February 14, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in 352 Lennox Associates, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Decro Nordhoff, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Hurricane Hills, L.C. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Main Everett Housing, L.P. filed with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Mokapoke Limited Partnership filed with the commission on March 25, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Autumn Ridge Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Century East Apartments II Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Coolidge-Pinal II Associates filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Dublin Housing Associates, Phase II filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in East Park Apartments II Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Edenfield Place Apartments, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ethel Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Los Lunas Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in New Devonshire West, Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Northfield Housing L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ohio Investors Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Osborne Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Overton Associates Limited Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Pahrump Valley Investors filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Shannon Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Sutton Place Apartments, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in West Point Housing, L.P. filed with the commission on March 26, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Jeremy Associates Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Laurelwood Park Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Roxbury Housing Veterans Limited Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated April 7, 1997, concerning the Partnership's investment in Elm Street Associates, L.P. filed with the commission on April 7, 1997.
Report on Form 8-K dated May 21, 1997, concerning the Partnership's investment in Brookhaven Apartments Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 16, 1997, concerning the Partnership's investment in Maple Limited Partnership filed with the commission on July 16, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase I Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase II Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Butler Street/Hanover Towers Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Byam Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Harbor Limited Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in 1374 Boston Road Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Centenary Housing Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Lake Apartments II Limited Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 8, 1997, concerning the Partnership's investment in AHAB Project One, LP filed with the commission on August 8, 1997.
Report on Form 8-K dated April 23, 1998, concerning the Partnership's investment in Grandview Limited Partnership filed with the commission on April 23, 1998.
Report on Form 8-K dated April 23, 1998, concerning the Partnership's investment in Angelou Associates, L.P. filed with the commission on April 23, 1998.
Report on Form 8-K dated April 24, 1998, concerning the Partnership's investment in Country Edge Apartments I Limited Partnership filed with the commission on April 24, 1998.
Report on Form 8-K dated April 27, 1998, concerning the Partnership's investment in Sumner House Limited Partnership filed with the commission on April 27, 1998.
Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Magnolia Place Apartments Partnership filed with the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Edgewood Apartments Partnership filed with the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Harrisonville Heights L.P. filed with the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Neighborhood Restorations Limited Partnership VII filed with the commission on April 30, 1998.
Report on Form 8-K dated May 1, 1998, concerning the Partnership's investment in Escher SRO Project LP filed with the commission on May 1, 1998.
(c) Exhibits
The list of exhibits required by Item 601 of Regulation S-K is included in Item (a)(3).
(d) Financial Statement Schedules
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Partnerships.
None
SIGNATURES
---------- Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund IV L.P.
By: Boston Capital Associates IV L.P. General Partner
By: Boston Capital Associates
Date: July 14, 1999 By: /s/ John P. Manning
- -------------------------- John P. Manning
By: /s/ Herbert F. Collins
- -------------------------- Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE: TITLE:
General Partner and July 14, 1999 /s/ John P. Manning Principal Executive -------------------- Officer, Principal John P. Manning Financial Officer and Principal Accounting Officer of Boston Capital Associates
General Partner and /s/ Herbert F. Collins Principal Executive ----------------------- Officer, Principal Herbert F. Collins Financial Officer and Principal Accounting Officer of Boston Capital Associates
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT BOSTON CAPITAL TAX CREDIT FUND IV L.P. SERIES 20 THROUGH SERIES 35 MARCH 31, 1999 AND 1998 Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 35
PAGE INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS
BALANCE SHEETS
STATEMENTS OF OPERATIONS
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
STATEMENTS OF CASH FLOWS
NOTES TO FINANCIAL STATEMENTS
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the conditions under which they are required or the information is included in the financial statements or the notes thereto.
Reznick Fedder & Silverman Certified Public Accountants * A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814- 3319 (301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT To the Partners of Boston Capital Tax Credit Fund IV L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. as of March 31, 1999 and 1998, and the related statements of operations, changes in partners' capital and cash flows for the years ended March 31, 1999, 1998 and 1997 and Boston Capital Tax Credit Fund IV L.P. - Series 20 through 35 as of March 31, 1999 and Series 20 through 32 as of March 31, 1998 and the related statements of operations, partners' capital and cash flows for the years ended March 31, 1999, 1998 and 1997 for Series 20 through 26, for the period June 17, 1996 (date of inception) through March 31, 1997 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1997 for Series 28, for the period February 10, 1997 (date of inception) through March 31, 1997 for Series 29, for the period June 23, 1997 (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32, for the period June 22, 1998 (date of inception) through March 31, 1999 for Series 33, for the period September 22, 1998 (date of inception) through March 31, 1999 for Series 34, and for the period February 22, 1999 (date of inception) through March 31, 1999 for Series 35. 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 operating limited partnerships in which Boston Capital Tax Credit Fund IV L.P. owns a limited partnership interest. Investments in such partnerships comprise the following percentages: Total, 21% and 17% of the assets as of March 31, 1999 and 1998, respectively, and 28%, 22% and 12% of the partnership loss for the years ended March 31, 1999, 1998 and 1997, respectively; of the assets for Series 20 as of March 31, 1999 and 1998, 26% and 16%, respectively; of the partnership loss for Series 20 for the years ended March 31, 1999, 1998 and 1997, 25%, 11% and 9%, respectively; of the assets for Series 21 as of March 31, 1999 and 1998, 25% and 22%, respectively; of the partnership loss for Series 21 for the years ended March 31, 1999, 1998 and 1997, 15%, 10% and 11%, respectively; of the assets for Series 22 as of March 31, 1999 and 1998, 12% and 12%, respectively; of the partnership loss for Series 22 for the years ended March 31, 1999, 1998 and 1997, 8%, 8% and 6%, respectively; of the assets for Series 23 as of March 31, 1999 and 1998, 40% and 31%, respectively; of the partnership loss for Series 23 for the years ended March 31, 1999, 1998 and 1997, 38%, 28% and 16%, respectively; of the assets for Series 24 as of March 31, 1999 and 1998, 32% and 31%, respectively; of the partnership loss for Series 24 for the years ended March 31, 1999, 1998 and 1997, 35%, 31% and 27%, respectively; of the assets for Series 25 as of
March 31, 1999 and 1998, 39% and 34%, respectively; of the partnership loss for Series 25 for the years ended March 31, 1999, 1998 and 1997, 41%, 37% and 16%, respectively; of the assets for Series 26 as of March 31, 1999 and 1998, 33% and 19%, respectively; of the partnership loss for Series 26 for the years ended March 31, 1999, 1998 and 1997, 34%, 28% and 13%, respectively; of the assets for Series 27 as of March 31, 1999 and 1998, 14% and 19%, respectively; of the partnership loss for Series 27 for the years ended March 31, 1999, 1998 and for the period June 17, 1996 (date of inception) through March 31, 1997, 9%, 10% and 0%, respectively; of the assets for Series 28 as of March 31, 1999 and 1998, 34% and 16%, respectively; of the partnership loss for Series 28 for the years ended March 31, 1999, 1998 and for the period September 30, 1996 (date of inception) through March 31, 1997, 45%, 12% and 0%, respectively; of the assets for Series 29 as of March 31, 1999 and 1998, 11% and 4%, respectively; of the partnership loss for Series 29 for the years ended March 31, 1999, 1998 and for the period February 10, 1997 (date of inception) through March 31, 1997, 16%, 31% and 0%, respectively; of the assets for Series 30 as of March 31, 1999 and 1998, 28% and 3%, respectively; of the partnership loss for Series 30 for the year ended March 31, 1999 and for the period June 23, 1997 (date of inception) through March 31, 1998, 21% and 10%, respectively; of the assets for Series 31 as of March 31, 1999 and 1998, 32% and 21%, respectively; of the partnership loss for Series 31 for the year ended March 31, 1999 and for the period September 11, 1997 (date of inception) through March 31, 1998, 22% and 9%, respectively; of the assets for Series 32 as of March 31, 1999 and 1998, 4% and 0%, respectively; of the partnership loss for Series 32 for the year ended March 31, 1999 and for the period January 19, 1998 (date of inception) through March 31, 1998, 7% and 0%, respectively; of the assets for Series 33 as of March 31, 1999, 13%; of the partnership loss for Series 33 for the period June 22, 1998 (date of inception) through March 31, 1999, 38%; of the assets for Series 34 as of March 31, 1999, 5%; of the partnership loss for Series 34 for the period September 22, 1998 (date of inception) through March 31, 1999, 1%; of the assets for Series 35 as of March 31, 1999, 0%; and of the partnership loss for Series 35 for the period February 22, 1999 (date of inception) through March 31, 1999, 0%. The financial statements of these partnerships were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to information relating to these 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 the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. as of March 31, 1999 and 1998 and the results of its operations and its cash flows for the years ended March 31, 1999, 1998 and 1997 and Boston Capital Tax Credit Fund IV L.P. Series 20 through 35 as of March 31, 1999 and Series 20 through 32 as of March 31, 1998 and the results of their operations and their cash flows for the years ended March 31, 1999, 1998 and 1997 for Series 20 through 26, for the period June 17, 1996 (date of inception) through March 31, 1997 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1997 for Series 28, for the period February 10, 1997 (date of inception) through March 31, 1996 for Series 29, for the period June 23, 1997 (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32, for the period June 22, 1998 (date of inception) through March 31, 1999 for Series 33, for the period September 22, 1998 (date of inception) through March 31, 1999 for Series 34, and for the period February 22, 1999 (date of inception) through March 31, 1999 for Series 35, in conformity with generally accepted accounting principles. We and other auditors have also audited the information included in the related financial statement schedules listed in Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 35 as of March 31, 1999. In our opinion, the schedules present fairly, in all material respects, the information required to be set forth therein, in conformity with generally accepted accounting principles. Bethesda, Maryland July 9, 1999
EideBailly,LLP
Consultants - Certified Public Accountants
INDEPENDENT AUDITOR 'S REPORT
The Partners Ashbury Apartments Limited Partnership Sioux Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1998 and 1997, 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. 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 Ashbury Apartments Limited Partnership as of December 31, 1998 and 1997, 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 basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Sioux Falls, South Dakota January 21, 1999
100 North Phillips - Suite 800 - PO Box 5126 - Sioux Falls, South Dakota 57117-5126 - 605.339.1999 - Fax 605.339.1306 605.339.1970 Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - Equal Opportunity Employer
MEMBER
INTERNATIONAL
Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe Limited Partnership as of December 31, 1998 and 1997, 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 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 issued in December 1989. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Bennetts Pointe Limited Partnership as of December 31, 1998 and 1997, and the results of it-operations, changes in partners' equity, 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, 1999 on my consideration of Bennetts Pointe Limited Partnership's internal control and a report dated February 18, 1999 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. February 18, 1999
Virchow, Krause & Company, LLP Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners Breeze Cove Limited Partnership Madison, Wisconsin
We have audited the balance sheet of Breeze Cove Limited Partnership as of December 31, 1998, and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Breeze Cove Limited Partnership as of December 31, 1997 were audited by other auditors whose report dated January 14, 1998 indicated that they were unable to obtain written representations from the general partner of the partnership concerning certain matters relating to compliance and contingencies and except for the effects of such adjustments, the financial statements for 1997 were in conformity with generally accepted accounting principles.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Breeze Cove Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP Madison, Wisconsin January 22, 1999
SALMIM, CELONA, WEHRLE & FLAHERTY, LLP CERTIFITED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE ROCHESTER, NY 14694-3033 716 / 279-0120 FAX 716 / 279-0166
To The Partners College Green Rental Associates Rochester, New York
Independent Auditor's Report
We have audited the accompanying balance sheet of College Greene Rental Associates, L.P. (a Limited Partnership as of December 31, 1998 and the related statements of operations, changes in partners' capital (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partners management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of College Greene Rental Associates, L.P. as of December 31, 1997, were audited by other auditors whose report dated February 9, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 1998 financial statements referred to above present fairly, in all material respects, the financial position of College Greene Rental Associates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Salmin, Celona, Wehrle & Flaherty, LLP
January 25, 1999 FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBUC ACCCUNTANTS
4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 (773) 777-4445 (773) 777-6657 FAX MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY
INDEPENDENT AUDITOR'S REPORT
To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1998 and 1997, 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 have 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 in 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 posit ion of EAST DOUGLAS APARTMENTS LIMTED PARTNERSHIP as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information included in this report on Schedule I accompanying the financial statements is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
FRIDUSS, LUKEE, SCHIFF & Co., P.C. Certified Public Accountants
Chicago, Illinois PRICEWATERHOUSECOOPER5
PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (716) 232 4000
Page I
Report of Independent Accountants
January 25, 1999
To the Partners Evergreen Hills Associates, L.P.
In our opinion, the accompanying statements of financial position, and the related statements of operations and partners' capital, changes in partners' capital and cash flows present fairly, in all material respects, the financial position of Evergreen Hills Associates, L.P. at December 31, 1998 and 1997, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.
PAILET, MEUNIER and LeBLANC, LLP Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners FLORAL ACRES APARTMENTS II
We have audited the accompanying balance sheets of FLORAL ACRES APARTMENTS 11, RHS PROJECT NO. 22-026-721172913 as of December 31, 1998 and 1997 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 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 FLORAL ACRES APARTMENTS 11 as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 23, 1999 on our consideration of FLORAL ACRES APARTMENTS II's internal control and a report dated February 23, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana February 23, 1999
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102
AICPA SEC Practice Section 9 3AICPA Private companies Practice Section
Martin A. Starr, CPA,
INDEPENDENT AUDITORS' REPORT
To the Partners Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1998 and 1997, 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 audit.
I conducted my audit in accordance with generally accepted auditing standards. 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 Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity and 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 taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Martin A. Starr Certified Public Accountant March 18, 1999
- -3-
Certified Public Accountants 4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93369 805-635-3185 FAX 805-615-3190
Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT To the PartnersAshbury Apartments Limited PartnershipSioux Falls, South Dakota We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners I equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 Ashbury Apartments 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 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.
Sioux Falls, South Dakota January 19, 1998
Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe 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. 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 audits to obtain reasonable assurance about whether the financial statements are free of misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and discloses in the financia1 statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financia1 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 Bennetts Pointe Limited Partnership as of December 31, 1997 and 1996, and the resu1t of its operations, changes in partners' equity, 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 accompanying 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, 1 have also issued a report dated February 18, 1998 on my consideration of Bennetts Pointe Limited Partnership's internal contro1 and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. February 18, 1998 Coopers &Lybrand
Report of Independent Accountants
To the Partners College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene Rental Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 College Greene Rental Associates, 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.
Rochester, New York February 9, 1998 DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com
INDEPENDENT AUDITOR'S REPORT
To the Partners Cynthiana Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheets of Cynthiana Properties, Limited (a Kentucky limited partnership), HUD Project No. 08344096, 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 Project'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, Government Auditing Standards, issued by the Comptroller General of the United States, and the consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Cynthiana Properties, Limited, HUD Project No. 083-44096, as of December 31, 1997 and 1996, and the results of its operations, changes in its partners' capital, 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 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
Daniel G. Drane Certified Public Accountant
April 14, 1998
Coopers &Lybrand
Report of Independent Accountants
To the Partners Evergreen Hills Associates, L.P.
We have audited the accompanying statements of financial position of Evergreen Hills Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 Evergreen Hills Associates, L.P., 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.
Rochester, New York January 21, 1998 Martin A. Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue Affordable Housing 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. 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. 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 Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and 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 taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been Subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Martin A. Starr Certified Public Accountant February 11, 1998
Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of Better Homes for Havelock Limited Partnership (A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Better Homes for Havelock Limited Partnership (a North Carolina Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The 1997 financial statements were audited by other auditors whose report dated February 11, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Better Homes for Havelock Limited Partnership as of December 31, 1998, 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 29, 1999, on our consideration of the Partnership's internal controls and a report dated January 29, 1999, on its compliance with laws and regulations.
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140
Better Homes for Havelock Limited Partnership Page Two
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
January 29, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants STIESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY
CERTIFIED PUBIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1998 and 1997, 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. 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 Black River Run Limited Partnership, as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 19, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 547~-0810 PHONE(715) 832-3425 FAX(715) 832-1665
Bernard Robinson & Company L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners Liveoak Village Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheets of Liveoak Village Limited Partnership (an Alabama limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Liveoak Village Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 Liveoak Village Limited Partnership of December 31, 1998, 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page 1 RANKIN, RANKIN & COMPANY Lookout Corporate Center 1717 Dixie Highway, Suite 600 Ft. Wright, Kentucky 41011 Tel. 606/331-5000
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Lookout Ridge Limited Partnership as of December 31, 1998, and the results of its operations, the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing, procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky February 8, 1999
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY CO MPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II Limited Partnership as of December 31, 1998 and 1997, 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. 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 Pinedale II Limited Partnership, as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 26, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 PHONE(715) 832-3425 FAX(715) 832-1665
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse Crossing II Limited Partnership as of December 31, 1998 and 1997, 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. 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 Pumphouse Crossing II Limited Partnership, as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
January 25, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 PHONE (715) 832-3425 FAX(715) 832-1665 - -I-
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of Better Homes for Havelock Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Better Homes for Havelock Limited Partnership (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 Company'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 Better Homes for Havelock 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.
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 12 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 audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Better Homes for Havelock Limited Partnership's internal control and a report dated February 13, 1998 on its compliance with laws and regulations applicable to the financial statements.
Raleigh, North Carolina February 13, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River Run 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. 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 Black River Run 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1998 OSCAR N. HARMS & ASSOCIATES, P.A. CERTIFIED PUBLIC ACCOUNTANTS
OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A. KENNETH E- MILTON, C.P.A. CONNIE P. STANCIL, C.P.A.
MEMBERS: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of Live Oak Village Limited Partnership Charlotte, North Carolina
We have audited the balance sheets of Live Oak Village Limited Partnership (an Alabama Limited Partnership) as of December 31, 1997 and 1996, and the repeated 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Live Oak Village 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.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages 13, 14, 15, and 16 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Certified Public Accountants February 6, 1998
RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1997, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Lookout Ridge Limited Partnership as of December 31, 1997, and the results of its operations, the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky February 13, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse Crossing H 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. 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 Pumphouse Crossing II 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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.
CERTIFIED PUBLIC ACCOUNTANTS January 22, 1998
STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II 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. 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 Pinedale II 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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.
CERTIFIED PUBLIC ACCOUNTANTS January 12, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702- 0810 - PHONE(715) 832-3425 - FAX(715) 832-1665
Jensen Burcham Stelmack Edwards LLP 717 West 5th Avenue, Longmont, Colorado 80501-5420 Telephone (303) 651-3626 - Metro (303) 443-4581 Fax (303) 443-0107 - E-mail JBSECPAs@aol.com
STIENESSEN SCHLEGEL & CO. LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1998 and 1997, 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. 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 Black River Run Limited Partnership, as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 * PHONE (715) 832-3425 * FAX(715) 832-1665
Lawrence M. Jensen, CPA John R Burcham, CPA Jensen Burcham Stelmack Edwards LLP Richard A. Stelmack, CPA Debra S. Edwards, CPA, ABV, CSA Carolyn H. Beck, CPA Patricia Ridge, CPA Kathryn G. Clemons, CPA Claudia L. Grace, CPA Amy M. Seger, CPA
717 West 5th Avenue, Longmont, Colorado 805O1 -5420 Telephone (303) 651-3626 * Metro (303) 443-4581 fax (303) 443-0107- E-mail firm@jbse.com
INDEPENDENT AUDITORS' REPORT
To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado
We have audited the accompanying balance sheets of Kimbark 1200 Associates, Limited Partnership (a Colorado limited partnership) (FHA Project No. 101-98011) as of December 31, 1998 and 1997, 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 audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Kimbark 1200 Associates, Limited Partnership as of December 31, 1998 and 1997, 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.
To the Partners Kimbark 1200 Associates, Limited Partnership
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 16 and 17 is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Kimbark 1200 Associates, 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 financial statements taken as a whole.
Certified Public Accountants January 22, 1999
Audit Partner: Richard A. Stelmack, CPA Colorado Permit Number 4479 IA's Federal I.D. Number: 84-1362772 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree Limited Partnership as of December 31, 1998 and 1997, 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. 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. 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. 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 Lost Tree Limited Partnership as of December 31, 1998 and 1997, 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.
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 14 and 15 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.
Tom Mechsner Certified Public Accountant January 29, 1999 Matthews, Hearson, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA J. Raleigh Cutrer, CPA Charles R. IAndsay, CPA J. Erik Hearon, CPA Tammy L. Burney, CPA Elizabeth Hulen Barr, CPA Matthew E. Freeland, CPA
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE
To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi
We have audited the financial statements of Philadelphia Housing II, Limited Partnership as of and for the years ended December 31, 1998 and 1997, and have issued our report thereon dated January 29, 1999.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.
In planning and performing our audits of the financial statements of Philadelphia Housing 11, Limited Partnership for the years ended December 31, 1998 and 1997, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure.
The management of Philadelphia Housing II, Limited Partnership is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with managements authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate.
633 North State Street - Suite 607 -Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 - Facsimile (601) 352-6826 For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories:
Financing (notes, loans and capital contributions) Revenue and receipts Purchases and disbursements Accuracy and completeness of external reporting to regulatory authorities and others
For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk.
Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above.
This report is intended for the information of the audit committee, management, and the Rural Housing Service (RHS), formerly the Farmers Home Administration, and should not be used for any other purpose.
Jackson, Mississippi January 29, 1999
AHMADU H. SAMBO
CERTIFIED PUBLIC ACCOUNTANT
Independent Auditor's Report
To the Partners of Roxbury Veterans Housing Limited Partnership
I have audited the accompanying balance sheet of Roxbury Veterans Housing Limited Partnership (a Massachusetts Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' 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 audit.
I conducted my audit in accordance with generally accepted auditing standards. 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 Roxbury Veterans Housing Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and cash flows for the year ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of operating expenses is presented for purposes of additional analysis and is not required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
April 9, 1999
12 HOEG STREET, SUITE 200, RANDOLPH, MA 02368 - TEL (781) 961-5562 - FAX (781) 961-5563
Friduss, Lukee, Schiff & CO P.C. Certified Public Accountants 4747 West Peterson Avenue Chicago, Illinois 60645
(773)777-4445 (773)777-8557 Fax
Members American Institute of Certified Public Accountants Illinois CPA Society
Independent Auditor's Report
To the Partners ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois 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. 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 ELKS TOWER APARTMENTS 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information in Schedule I 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.
Friduss, Lukee, Schiff & CO P.C. CERTIFIED PUBLIC ACCOUNTANTS Chicago, IL May 26, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine Suite 360 Springfie1d, Missouri 65804 (417) 882-4,103
INDEPENDENT AUDITOR'S REPORT
To the Partners Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree 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. 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. 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. 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 Lost Tree Limited Partnership as of 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.
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 14 and 15 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.
Tom Mechsner Certified Public Accountant March 10, 1998 Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi
We have audited the accompanying balance sheets of Philadelphia Housing II, Limited Partnership (a Mississippi limited partnership), FmHA Project No. 28-050-640808922 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. 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 Philadelphia Housing II, Limited Partnership, 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 purposes of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jackson, Mississippi February 4, 1998
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927
INDEPENDENT AUDITOR'S REPORT
To the Partners Sacramento Properties Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sacramento Properties Limited (a Kentucky limited partnership), RHS Project No.: 20-075-0611257573, as of December 31, 1997, and the related statements of operations, partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year December 31, 1997, 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 Sacramento Properties Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital 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 basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing 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.
Daniel G. Drane Certified Public Accountant
February 11, 1998
MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS 400 GARDEN CITY PLAZA - GARDEN CITY. NEW YORK 11530-3317
TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners Colonna Redevelopment Company L.P. Hempstead, New York
We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the "Partnership") as of December 31, 1998 and 1997 and the related statements of operations, cash flows and partners' equity for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Colonna Redevelopment Company L.P. as of December 31, 1998 and 1997, 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 page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
February 9, 1999
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, SEC PRACTICE SECTION AND PRIVATE COMPANIES PRACTICE SECTION CPA ASSOCIATES INTERNATIONAL, INC, WITH OFFICES IN PRINCIPAL U.S. AND INTERNATIONAL CITIES Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry Apartments, L.P. as of December 31, 1998, and 1997 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. 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. 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. 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 Halls Ferry Apartments, L.P. as of December 31, 1998 and 1997, 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.
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 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Tom Mechsner Certified Public Accountant January 29, 1999 YEO & YEO
Independent Auditors' Report
Partners Ithaca I Limited Partnership Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership Rural Development Project No. 26-029-383119117 as of December 31, 1998 and 1997, and the related statements of income, partners' equity and cash flows for the years ended December 31, 1998 and 1997. 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, the standards applicable to financial audits contained in 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Ithaca I Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partner's 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 10, 1999 on our consideration of Ithaca I Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws and 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 supplementary information presented on pages 11 through 17 is presented for purposes of complying with the requirements of the Rural Development and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS February 10, 1999 Yeo & Yeo PC. Certified Public Accountants 912 Centennial Way Suite 300 Lansing, MI 48917
Jensen Burcharn Stelmack Edwards LLP
Lawrence M. Jensen, CPA John R Burcham, CPA Richard A. Stelmack, CPA Debra S. Edwards, CPA, ABV, CSA Kathryn G. Clemons, CPA Carolyn H. Beck, CPA Claudia L. Grace, CPA Amy M. Seger, CPA Patricia Ridge, CPA
Certified Public Accountants and Consultants 717 West Sth Avenue, Longmont, Colorado 80501-5420 Telephone (303) 651-3626 - Metro (303) 443-4581 fax (303) 443-0107 - E-mail firm@jbse.com
INDEPENDENT AUDITORS' REPORT
To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado
We have audited the accompanying balance sheets of Kimbark 1200 Associates, Limited Partnership (a Colorado limited partnership) (FHA Project No. 101-98011) as of December 31, 1998 and 1997, 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 audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Kimbark 1200 Associates, Limited Partnership as of December 31, 1998 and 1997, 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.
Page I To the Partners Kimbark 1200 Associates, Limited Partnership
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 16 and 17 is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Kimbark 1200 Associates, 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 financial statements taken as a whole.
Certified Public Accountants January 22, 1999
Audit Partner: Richard A. Stelmack, CPA Colorado Permit Number 4479 IA's Federal I.D. Number: 84-1362772
PAILET, MEUNIER and LeBLANC, LLP Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners MATHIS APARTMENTS, LTD.
We have audited the accompanying balance sheets of MATHIS APARTMENTS, LTD., RHS PROJECT NO. 51-005-721010606 as of December 31, 1998 and 1997 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 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 MATHIS APARTMENTS, LTD. as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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,
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 e New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 Member of international Group of Accounting Firms a Member Firms in Principal Cities AlCPA SEC Practice Section * AICPA Private companies Practice Section In accordance with Government Auditing Standards, we have also issued a report dated February 24, 1999 on our consideration of MATHIS APARTMENTS, LTD.'s internal control and a report dated February 24, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana February 24, 1999 CONSIDINE & CONSIDINE
To The Partners Sacramento SRO Limited Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheets of Sacramento SRO Limited Partnership, as of December 31, 1998 and 1997 and the related statements of operations and partners, capital and statements of cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Sacramento SRO Limited Partnership, as of December 31, 1998 and 1997, and the results of their operations and cash flows for the years then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
February 11, 1999
CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA
1501 FIFTH AVENUE. SUITE 400 - SAN DIEGO. CA 92101-3202 (619) 231-1977 - FAX: (619) 231-8244 - E-MAIL: CC@CCCPA.COM - V;WW.CCCPA.COM GORACKE & WILCOX, P.C. Certified Public Accountants
5010 SOUTH 118TH STREET, SUITE 100, OMAHA, NEBRASKA 68137-2208
VIRGIL J. GORACKE, C.P.A. DOUGLAS A. GORACKE. C.P.A. MICHAEL E. WILCOX. C.P.A. PAUL F. PIOTROWSKI. C.P.A. CHRIS E. RITTERSUSH. C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills Apartments, L.P. as of December 31, 1998 and 1997, 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. 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 South Hills Apartments, L.P. as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 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.
Goracke & Wilcox, P.C. January 21, 1999
1-3
RICHARD J. PAULUS, CPA DAVID R. PAULUS, CPA, CVA
MICHAEL D. BARTZ, CPA CHRISTINE K. SPENGLER, CPA
PAULUS & COMPANY Certified Public Accountants
49 BUFFALO STREET P.O. BOX 563 HAMBURG, NEWYORK 140:75 (716) 648-1330 FAX (716) 648-1484 E-MAIL: Paulus@Pcom.net
Independent Auditor's Report
To the partners: Village Woods Estates, L.P.
We have audited the accompanying balance sheet of Village Woods Estates, L.P. as of December 31, 1998, and the related statements of income, changes in partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Woods Estates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Paulus & Company
January 29, 1999
MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS, ESTABLISHED 1946 400 GARDEN CITY PLAZA GARDEN CITY, NEW YORK 11530-3317 TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners Colonna Redevelopment Company L.P. Hempstead, New York
We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the "Partnership") as of December 31, 1997 and 1996 and the related statements of operations, cash flows and partners' equity for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Colonna Redevelopment Company 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
January 22, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Michigan 65804 (417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry Apartments, L.P. 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. 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. 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. 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 Halls Ferry Apartments, L.P. as of 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.
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 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Tom Mechsner Certified Public Accountant March 10, 1998 YEO & YEO
Independent Auditors' Report
Partners Ithaca I Limited Partnership Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership RHCD Project No. 26-029-383119117 as of December 31, 1997 and 1996, and the related statements of income, partners' equity and cash flows for the years ending December 31, 1997 and 1996. 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, the standards applicable to financial audits contained in 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Ithaca I 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 4, 1998 on our consideration of Ithaca I Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws and regulations, and contracts.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 11 through 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 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.
CERTIFIED PUBLIC ACCOUNTANTS February 4, 1998
To The Partners Sacramento SRO Limited Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditors' Report
We have audited the accompanying balance sheet of Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' capital and statements of cash flows for the years the ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the results of their operations and cash flows for the years then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
February 20, 1998
GORACKE & WILCOX, P.C. Certified Public Accountants 5010 South 118th Street, Suite 100 Omaha, Nebraska 68137-2208 Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT
To the Partners South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills Apartments, L.P. 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 partnerships management. our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 statement. referred to above present fairly, in all material respects, the financial position of South Hills Apartments, L.P. 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 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.
Goracke & Wilcox, P.C. January 26, 1998 YOUNG & PRICKITT, P C. Certified Public Accountants
111 Franklin Road, Suite 302 Roanoke, Virginia 24011-2100 540/982-3852 540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To The Partners Autumn Ridge Associates Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1998 and 1997 and the related statement of operations and partners' equity (deficit) and cash flow for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 we'll 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 Autumn Ridge Associates as of December 31, 1998 and 1997, and the results of its operation and its cash flow for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 through 16 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
February 17, 1999
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YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS
LARRY W.YORK JOHN M. DILLINGHAM
P. 0. BOX 5511708 COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (931) 388-0517 FAX (931) 381-3440
AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A'S
INDEPENDENT AUDITORS' REPORT
To the Partners Brownsville Associates, Limited
We have audited the accompanying balance sheets of Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, RHS Project No.: 48-038-621467876, as of December 31, 1998 and 1997, 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, RHS Project No.: 48-038-621467876, as of December 31, 1998 and 1997, and the results of its operations, the 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 March 3, 1999 on our consideration of Brownsville Associates, Limited's internal control over financial reporting and our tests of its compliance with certain provisions of 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 supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Columbia, Tennessee March 3, 1999 RBG & Co.
Independent Auditors' Report
To The Partners Centenary Housing Limited Partnership St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary Housing Limited Partnership (Centenary Towers Apartments, Project No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1998 and the related statements of profit and 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, 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 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 Centenary Housing Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on pages 15 to 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 28, 1999 on our consideration of Centenary Housing Limited Partnership's internal controls and a report dated January 28, 1999 on its compliance with laws and regulations.
January 28 1999
Rubin, Brown, Gornstein & Co. LLP
Blume Loveridge & Co., PLLC
CERTIFIED PUBLIC ACCUNTANTS
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners Coolidge-Pinal II Associates, A Washington Limited Partnership Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal II Associates, A Washington Limited Partnership, of December 31, 1998 and 1997, 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 Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform an 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 Coolidge-Pinal II Associates, A Washington Limited Partnership, as of December 31, 1998 and 1997, 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, 1999, on our consideration of the Partnership's compliance with laws and regulations and on internal control over financial reporting.
11100 NE 8th Street, Suite 410 Bellevue, WA 98004-4441 PHONE (425) 453-2088 FAX (425) 646-3368 INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS (CONTINUED)
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on pages 12 to 14 is presented for the purpose of complying with the requirements of the U.S. Department of Agriculture, Rural Housing Service, for the year ended December 31, 1998, and is not a required part of the financial statements. Such additional information, presented in Column 2 of Parts I, II and III of the Multiple Family Housing Project Budget (Form RD 1930-7), has been subjected to the auditing procedures applied in the audit of the financial statements for that year, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Columns 1, 3 and 4 of Parts I, I I and I I I and Parts IV, V and VI of the Multiple Family Housing Project Budget have not been subjected to the auditing procedures applied in the audits of the financial statements, and accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget.
The additional information presented on page 15 is presented for the purpose of complying with the requirements of a limited partner and is not a required part of the financial statements. The additional information presented on page 15 has been subjected to the auditing procedures applied in the audits of the financial statements for the years ended December 31, 1998 and 1997, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
January 22, 1999 Blume Loveridge & Co., PLLC Bellevue, Washington
Page 1A
Rosenberg, Neuwirth & Kuchner
INDEPENDENT AUDITORS' REPORT
To the Partners Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street Associates, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnerships' management. Our responsibility is to express and opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Elm Street Associates, L.P., as of December 31, 1998 and 1997, 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.
January 20, 1999
ROSENBERG, NEUWIRTH & KUCHNER CERTIFIED PUBLIC ACCOUNTANTS, P.C.
SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - - FAX (212) 643-1951 ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY ASSOCIATES LIMITED PARTNERSHIP (a Colorado limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' capital accounts and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Jeremy Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Denver, Colorado, February 12, 1999.
James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas Apartments d/b/a Hillridge Apartments as of December 31, 1998 and 1997, 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. 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 Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments as of December 31, 1998 and 1997, 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.
June 22, 1999
DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina Limited Partnership), as of December 31, 1998 and 1997, 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 New Hilltop Apartments, A Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
February 23, 1999
4408 Forest Drive, Third Floor Columbia, South Carolina 29206 Telephone 803-790-0020Fax 803-790-0011 Mantyla McReynolds
Independent Auditor's Report
Partners Shadowcreek Apartments Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), Rural Development Case No. 33-002-0990283493, as of December 31, 1998 and 1997 -and the related statements of operations, changes in Project equity and cash flows for the year ended December 31, 1998 and December 31, 1997. 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 the Project as of December 31, 1998 and 1997 and the results of its operations and cash flows for the year ended December 31, 1999 and December 31, 1997, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 ftough 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1999. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
Partners Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued a report dated January 27, 1999, on our consideration of the Projects internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations.
January 27, 1999
BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners Pahrump Valley Investors (A Wyoming Limited Partnership) Cheyenne, WY
I have audited the accompanying balance sheets of Pahrump Valley Investors (A Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-680204949, as of December 31, 1998 and 1997, 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. 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 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 Pahrump Valley Investors (A Wyoming Limited Partnership) as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued a report dated March 26, 1999 on my consideration of Pahrump Valley Investors' internal control structure and a report dated March 26, 1999 on its compliance with laws and regulations.
Stockton, California March 26, 1999
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P.O. BOX 4632 - STOCKTON, CA 95204 - TELEPHONE (209) 933-9113 - FAX (209) 933-9115 - EMAIL BReaCPA@AOL.COM YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS
LARRY W.YORK JOHN M. DILLINGHAM
P. 0. BOX 5511708 COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (931) 388-0517 FAX (931) 381-3440
AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A'S
INDEPENDENT AUDITORS' REPORT
To the Partners Stanton Associates, Limited
We have audited the accompanying balance sheets of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No.: 48-038-621542356, as of December 31, 1998 and 1997, 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 Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No.: 48-038-621542356, as of December 31, 1998 and 1997, and the results of its operations, the 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 March 5, 1999 on our consideration of Stanton Associates, Limited's internal control over financial reporting and our tests of its compliance with certain provisions of 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 supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Columbia, March 5, 1999 Mantyla McReynolds
Independent Auditor's Report
Partners Woodlands Apartments Elko, Nevada
We have audited the accompanying balance sheets of Woodlands Apartments (Project), Rural Development Case No. 33-004-0880314570, as of December 31, 1998 and 1997 and the related statements of operations, changes in Project equity 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the Project as of December 31, 1998 and 1997 and the results of its operations and cash flows for the years then ended, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1998. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Woodlands Apartments
In accordance with Government Auditing Standards, we have issued a report dated January 28, 1999, on our consideration of the Project's internal control structure and a report dated January 28, 1999, on its compliance with laws and regulations.
January 28, 1999
PAILET, MEUINER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners ZWOLLE PARTNERSHIP
We have audited the accompanying balance sheets of ZWOLLE PARTNERSHIP, RHS PROJECT NO. 22-043-721260425 as of December 31, 1998 and 1997 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 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 ZWOLLE PARTNERSHIP as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 24, 1999 on, our consideration of ZWOLLE PARTNERSHIP's internal control and a report dated February 24, 1999 on its compliance with laws and regulations applicable-to the financial statements.
Metairie, Louisiana February 24, 1999
YORK, DILLINGHAM & COMPANY, P.L.L.C CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 551 1708 ALPINE AVENUE COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the related statement of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 basic 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 Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also issued a report dated March 7, 1998 on our consideration of Brownsville Associates, Limited's internal control structure and a report dated March 8, 1998 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 7, 1998 RBG & CO.
Independent Auditors' Report
To The Partners Centenary Housing Limited Partnership St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary Housing Limited Partnership (Centenary Towers Apartments, Project No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1997 and the related statements of profit and loss, partners' equity and cash flows for the period beginning May 29, 1997 and ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Centenary Housing Limited Partnership as of December 31, 1997 and the results of its operations and its cash flows for the period beginning May 29, 1997 and ended December 31, 1997 in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information (shown on pages 15 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 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.
In accordance with Government Auditing Standards, we have also issued a report dated February 28, 1998 on our consideration of Centenary Housing Limited Partnership's internal control structure and a report dated February 28, 1998 on its compliance with laws and regulations.
February 28, 1998 Blume Loveridge & CO., PLLC Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners Coolidge-Pinal II Associates, A Washington Limited Partnership Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal II Associates, A Washington Limited Partnership, 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 Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform an 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 Coolidge-Pinal II Associates, A Washington 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 27, 1998, on our consideration of the Partnership's internal control structure and a report, dated February 27, 1998, on its compliance with laws and regulations.
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS - (CONTINUED)
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on pages 14 to 17 is presented for the purpose of complying with the requirements of the U.S. Department of Agriculture, Rural Housing Service, for the year ended December 31, 1997, and is not a required part of the financial statements. Such additional information, presented in Column 2 of Parts I, II and III of the Multiple Family Housing Project Budget (Form RD 1930-7) and on page 17, has been subjected to the auditing procedures applied in the audit of the financial statements for that year, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget have not been subjected to the auditing procedures applied in the audits of the financial statements, and accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget.
February 27, 1998
RNK
INDEPENDENT AUDITORS' REPORT
To the Partners Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street Associates, L.P. 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 partnerships, management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require than we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, 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 Elm Street Associates, L.P., 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.
January 26, 1998 ROSENBERG, NEUWIRTH & KUCHNER SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - - FAX (212) 643-1951 James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas Apartments Limited Partnership d/b/a Hillridge 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. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments 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.
April 8, 1998
010483 Co 08/01/1996 BCTC FUND IV - SERIES 24 Los Lunas Apartments Limited Partnership James L. Caughren, CPA James L Caughren P: (505) 872-0573 F: (505) 881-1781 DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 new Hilltop Apartments, 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.
January 29, 1999
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 - Telephone 803-790-0020 - Fax 803-790-0011
BURKE & REA EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners Pahrump Valley Investors (A Wyoming Limited Partnership) Cheyenne, WY
We have audited the accompanying balance sheets of Pahrump Valley Investors (A Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-680204949, 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Pahrump Valley Investors (A Wyoming 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 March 13, 1998 on our consideration of Pahrump Valley Investors' internal control structure and a report dated March 13, 1998 on its compliance with laws and regulations.
Stockton, California March 13, 1998 YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS P.O. Box 551 1708 Alpine Drive Columbia, Tennessee 38402-0551 Telephone (931) 388-0517 Fax (931) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038-621542356, as of December 31, 1997 and 1996, and the related statement 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 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 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 Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038- 621542356, as of December 31, 1997 and 1996, and the results of its operations, the 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 March 14, 1998 on our consideration of Stanton Associates, Limited's internal control structure and a report dated March 14, 1998 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 14, 1998 Mantyla McReynolds PC Certified Public Accountants
Independent Auditor's Report
Partners Woodlands Apartments Elko, Nevada
We have audited the accompanying balance sheets of Woodlands Apartments (Project), FmHA Case No. 33-004-0880314570, as of December 31, 1997 and 1996 and the related statements of operations, changes in Project equity 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the Project as of December 31, 1997 and 1996 and the results of its operations and cash flows for the years then ended, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1997. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Woodlands Apartments
In accordance with Government Auditing Standards, we have issued a report dated February 4, 1998, on our consideration of the Project's internal control structure and a report dated February 4, 1998, on its compliance with laws and regulations.
February 4, 1998 LIPSKY, GOODKIN & GO., P C. CERTIFIED PUBLIC ACCOUNTANTS 120 WEST 45TH STREET NEW YORK, NEW YORK 10036
TELEPHONE (212) 840-6444 TELECOPIER (212) 921-7186 MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
N. Y. STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners 352 Lenox Associates, L.P.
We have audited the accompanying balance sheet of 352 Lenox Associates, L.P. as of December 31, 1998, and the related statements of operations, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. 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 352 Lenox Associates, L.P. as of December 31, 1998, and the results of its operations, the changes in partners' equity and cash flows for the year ended December 31, 1998, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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 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.
March 3, 1999
- -3- Grantham Poole 1. Thomas Grantham, Jr., CPA, CFP, ABV James E. Poole, CPA Vance Randall, CPA J. Richard Reitano, CPA, J.D. Alan G. Arrington, CPA RobertA. Cunningham, CPA William L. Crim, Jr., CPA Mary Ann Mosal, CPA Sue Carole Chisolm, CPA D. Stevens Norman, CPA Dickens Q. Fournet, CPA Marcy L. Lee, CPA Fred L. Richards, CPA, CFP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners Ethel Housing, L.P. Ethel, Mississippi
We have audited the accompanying balance sheets of Ethel Housing, L.P., RD Case No. 28-0040640823417, as of December 31, 1998 and 1997, 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, 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 Ethel Housing, L.P. as of December 31, 1998 and 1997, 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 and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of Ethel Housing, L.P.'s internal control, and reports dated February 3, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 3, 1999
MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave Family Apartments, Ltd., (a limited partnership), as of December 31, 1998 and the related statements of operations, changes in partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Horse Cave Family Apartments, Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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.
Lexington, Kentucky January 28, 1999 (606) 223 -3095 FAX: (606) 223-2143 2365 HARRODSBURG ROAD LEXINGTON, KENTUCKY 40504-3399 Roger Morris
Independent Auditors' Report
To the partners Hurrican Hills I LC
I have audited the accompanying balance sheets of Hurricane Hills LC as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurrican Hills I LC as of December 31, 1998, 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. Tobin and Company Certified Public Accountants 2001 Palmer Avenue Larchmont, New York 10538 914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS' REPORT
To the Partners Main Everett Housing Limited Partnership
We have audited the accompanying balance sheet of Main Everett Housing Limited Partnership as of December 31, 1998 and 1997 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Main Everett Housing Limited Partnership as of December 3 1, 1998 and 1997 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.
Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 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.
Tobin and Company, CPA's
January 29, 1999
- -3-
Boyd, Franz & Stephans LLP 12755 Olive Street Road St. Louis, Missouri 63141 314/576-7400 Fax 314/576-3770 Certified Public Accountants Joseph B. Stephans, CPA, CFP Robert F. Kelly, CPA John P. Nanos, CPA Stephen M. King, CPA Michael P. Siebert, CPA
To the Partners M.R.H., L.P.
We have audited the accompanying balance sheets of M.R.H., L.P. as of December 31, 1998 and 1997, 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 M.R.H., L.P. as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for 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.
January 29, 1999
Tobin and Company Certified Public Accountants 2001 Palmer Avenue Larchmont, New York 10538 914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS'REPORT
To the Partners Osborne Housing Limited Partnership
We have audited the accompanying balance sheet of Osborne Housing Limited Partnership as of December 31, 1998 and 1997 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Osborne Housing Limited Partnership as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 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.
Tobin and Company, CPA's
January 29, 1999 Campanella & Stevens PC. Ward F. Junkermier, CPA Jerry L. Lehman, CPA George L. Campanella, CPA Daniel J. Konen, CPA Rick A. Frost, CPA James V. Galipeau, CPA Robert E. Nebel, CPA Robert E. Geis, CPA Joseph F. Shevlin, CPA Daniel J. Eigeman, CPA Junkermier - Clark Ronald A. Taylor, CPA Gerald L. Hanson, CPA Terry L. Alborn, CPA Joseph S. Adney, CPA Walter J. Kero, CPA Robert J. Heffernan, CPA
Certified Public Accountants
To the Partners Sandstone Village Limited Partnership Great Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone Village Limited Partnership as of December 31, 1998 and 1997 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the management of Sandstone Village Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Sandstone Village Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Great Falls, Montana January 29, 1999 501 Park Drive South - P.O. Box 989 - Great Falls, Montana 59403(406) 761-2820 FAX 761-2825
Offices in: Columbia Falls - Fort Benton - Great Falls - Helena - Kalispell - Lincoln Missoula - Whitefish Shannon Housing, L.P. RD Case No. 28-0410640835658 1998 and 1997, GranthamPoole 1. Thomas Grantham, Jr., CPA, CFP, ABV James E. Poole, CPA Vance Randall, CPA J. Richard Reitano, CPA, J.D. Alan G. Arrington, CPA RobertA. Cunningham, CPA William L. Crim, Jr., CPA Mary Ann Mosal, CPA Sue Carole Chisolm, CPA D. Stevens Norman, CPA Dickens Q. Fournet, CPA Marcy L. Lee, CPA Fred L. Richards, CPA, CFP Certified Public Accountants INDEPENDENT AUDITORS' REPORT
To the Partners Shannon Housing, L.P.
We have audited the accompanying balance sheets of and the related statements of Shannon Housing, L.P. RD Case No. 28-0410640835658 as of December 31, 1998 and 1997, 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, 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 Shannon Housing, L.P. as of December 31, 1998 and 1997, 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 and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of Shannon Housing, L.P.'s internal control, and reports dated February 3, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 3, 1999 INDEPENDENT AUDITORS' REPORT
To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1998, and the related statements of profit and loss, changes in partners, capital 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 audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1998 and the results of its operations and its cash flows and its changes in partners' capital 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, 1999 an our consideration of Sutton Place Apartments' internal control and a report dated January 27, 1999 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 12-16 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 27, 1999 Hischler, Nurre & Waite, Ltd. INDEPENDENT AUDITORS' REPORT
To the Partners Washington Arms Apartments (A Limited Partnership) Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project #046-NI093 of Washington Arms Apartments (a limited partnership) as of December 31, 1998, and the related statements of profit and loss, changes in partners' capital and cash flows for the year ended December 31, 1998. The financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U.S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project #046-NI093 as of December 31, 1998 and the results of its operations and its cash flows and its changes in partners' capital for the period then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 27, 1999 on our consideration of Washington Arms Apartments' internal controls and a report dated January 27, 1999 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 additional information included in the report shown on pages 12-14 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUS Project #046- NI093. Such information has been subjected to the auditing procedures applied in a 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.
Hischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 27, 1999
GranthamPoole
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners West Point Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheets of and the related statements of West Point Housing, L.P. RD Case No. 28-013- 0640834734 as of December 31, 1998 and 1997, 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, 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 West Point Housing, L.P. as of December 31, 1998 and 1997, 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 and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of West Point Housing, L.P.'s internal control, and reports dated February 9, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 9, 1999
GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
The Partners Ethel Housing, L.P. Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing, L.P., RD Case No. 28-0040640823417, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards 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 Ethel Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 17, 1998, on our consideration of Ethel Housing, L.P. as internal control, and reports dated February 17, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Ethel Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 17, 1998
MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave Family Apartments, Ltd., (a limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity (deficit), and cash flows for the period then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Horse Cave Family Apartments, Ltd. as of December31, 1997, and the results of its operations and its cash flows for the period then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The 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.
Lexington, Kentucky February 3, 1998
Robert C. Morris CPA 716 S. 1100 W Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the Partners Hurricane Hills I LC
I have audited the accompanying balance sheet of Hurricane Hills I LC as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year the 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.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Hurricane Hills I LC as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
San Juan, Puerto Rico
MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT To the PartnersWashington Arms Apartments(A Limited Partnership)Dayton, OhioWe have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' capital and cash flows for the year ended December 31, 1997. 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 audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project #046-NIO93 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital for the period 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 Washington Arms Apartments' internal controls 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 additional information included in the report shown on pages 13-17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046-NIO93. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 Junkermier - ClarkCampanella - Stevens - P.C.Certified Public AccountantsTo the PartnersSandstone Village Limited PartnershipGreat Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone Village 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 management of Sandstone Village Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Sandstone Village 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.
Great Falls, Montana February 6, 1998
GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners Shannon Housing, L.P. Shannon, Mississippi
We have audited the accompanying balance sheets of Shannon Housing, L.P., RD Case No. 28-0410640835658, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period April 11, 1996 through December 31, 1996. 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 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 Shannon Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997, and the period April 11, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 14, 1998, on our consideration of Shannon Housing, L.P.'s internal control, and reports dated February 14, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of
Shannon Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 14, 1998
MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS
973 Hatch Street Cincinnati, Ohio 45202 513-579-8787 Fax: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' capital 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 audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide 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 HUD Project 1073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital 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 February 13, 1998 on our consideration of Sutton Place Apartments' internal control and a report dated February 13, 1998 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners West Point Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheets of West Point Housing, L.P., RD Case No. 28-0130630762266, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996. 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 cur 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 West Point Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 25, 1998, on our consideration of West Point Housing, L.P.'s internal control, and reports dated February 25, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 15 through 21 are presented for purposes of West Point Housing, L.P. Page Two
additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 18 through 21, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 25, 1998 Bernard Robinson & Company L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report To the Partners A.V.A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheets of A.V.A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of A.V.A. Limited Partnership, as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 A.V.A. Limited Partnership as of December 31, 1998, 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page I
LITTLE, SHANEYFELT, MARSHALL & CO. CERTIFIED PUBLIC ACCOUNTANTS 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232 TELEPHONE 501-666-2879 FAX NO. 501-1366-5260
MARION W. LITTLE, CPA JEFF SHANEYFELT, CPA CHARLES A. MARSHALL, JR., CPA LARRY A CAMPBELL, CPA STEPHANIE A ROMINE, CPA PEGGY L. WILSON KRISSIE G. WILLIAMS STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORT
To the Partners Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor One Limited Partnership, RD Project No. 03-025-710677259 (the Partnership), as of December 31, 1998 and 1997 and the related statements of profit (loss), 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 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Beckwood Manor One Limited Partnership as of December 31, 1998 and 1997, and its results of operations, changes in partners, equity (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 our report dated February 24, 1999 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
February 24, 1999 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners BUTLER ESTATES PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of BUTLER ESTATES PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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. 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 BUTLER ESTATES PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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.
Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 18 and 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 audit procedures performed on 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.
Metairie, Louisiana February 5, 1999
PAILET, MEUNIER and LeBLANC L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners CAMERON APARTMENTS PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of CAMERON APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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. 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 CAMERON APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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.
Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 18 and 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 audit procedures performed on 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.
Metairie, Louisiana February 11, 1999
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 Member of International Group of Accounting Firms a Member Firms in Principal Cities AICPA SEC Practice Section 0 6CPA Private Companies Practice Section TAPP, TAPP & CHU CERTIFIED PUBLIC ACCOUNTANTS FRANK J. CHU, CPA AN ACCOUNTANCY CORPORATION 404 E. LAS TUNAS DR., SUITE 208 SAN GABRIEL, CAUFORNIA 91776 John D. Tapp, CPA Lynda Tapp, CPA (626) 286-8897 2650 MISSION STREET #205 SAN MARINO, CALIFORNIA 91108 (626) 286-8897
INDEPENDENT AUDITOR'S REPORT
To the Partners Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of December 31, 1998 and 1997, 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. 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 Decro Nordhoff, L.P. as of December 31, 1998 and 1997, 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.
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 13 and 14 are presented for purposes of additional analysis and are 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, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Tapp, Tapp & Chu, CPA's San Gabriel, California March 8, 1999
Rothstein, Kass & Company, PC. 1177 Avenue of the Americas New York, New York 10036-2714 212-490-7700 Fax 212-730-6892
INDEPENDENT AUDITORS REPORT
To the Partners Escher SRO Project, L.P. (A Limited Partnership)
We have audited the accompanying balance sheet of Escher SRO Project, L.P. (A Limited Partnership) (Hud Project No. NJ-39-KO87-020-2) as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards 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 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 Escher SRO Project, L.P. (A Limited Partnership) as of December 31, 1998, 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 February 18, 1999 on our consideration of Escher SRO Project, L.P.'s internal control and a report dated February 18, 1999 on its compliance specific requirements applicable to major HUD programs.
Roseland, New Jersey February 18, 1999
Affiliated Offices Worldwide
Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531
INDEPNDENT AUDITOR'S REPORT
To the Partners Grayson Manor Limited Partnership
I have audited the accompanying balance sheet of Grayson Manor Limited Partnership as of December 31, 1998, and the related statements of operations, partners' 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 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 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 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 Grayson Manor Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental information on pages 13 to 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in 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 March 12, 1999 on my consideration of Grayson Manor Limited Partnership's internal control and a report dated March 12, 1999 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. March 12, 1999 Bernard Robinson &Company, L.LP Certfied Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494
Independent Auditor's Report To the Partners G. V. A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheet of G. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of G. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 G. V. A. Limited Partnership as of December 31, 1998, 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANIS
Greensboro, North Carolina February 5, 1999 SHARPTON, BRUNSON & COMPANY, P.A. One Southeast Third Avenue, Suite 2100 Miami, FL 33131 Telephone: (305) 374-1574 Facsimile: (305) 372-8161 E-Mail: info@sbccpa.com
Independent Accountants' Report
To The Partners M.B. Apartments Associates, Ltd.
We have audited the accompanying balance sheets of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 M.B. Apartments Associates, Ltd. (A Limited Partnership) as of December 31, 1998 and 1997, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
February 10, 1999
KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE 3681 GREEN ROAD #402 STUART W. LONDON BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of New Devonshire II Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio
We have audited the accompanying balance sheets of New Devonshire II Limited Partnership (an Ohio limited partnership), RD Project #41-049-311449843, as of December 31, 1998 and 1997, and the related statements of income, 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 the 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" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 New Devonshire II Limited Partnership, (an Ohio limited partnership), at December 31, 1998 and 1997, and the results of its operations, changes in partners' 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 8 report dated January 27. 1999, on our consideration of New Devonshire II Limited Partnership's internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire II 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 financial statements taken as a whole.
KLINE AND LONDON Certified Public Accountants. LLC Beachwood. Ohio January 27, 1999
KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE 3681 GREEN ROAD #402 STUART W. LONDON BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927
To the Partners of New Devonshire West Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio
We have audited the accompanying balance sheets of New Devonshire West Limited Partnership (an Ohio limited partnership), RD Project #41-092-0310955693, as of December 31, 1998 and 1997, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. The financial statements are is the responsibility of the Partnership's management. Our responsibility is to express an opinion on the 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" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management. as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statement referred to above present fairly, in all material respects, the financial position of New Devonshire West Limited Partnership (an Ohio limited partnership), at December 31, 1998 and 1997, and the results of its operations, changes in partners' 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 27, 1999, on our consideration of New Devonshire West Limited Partnership's internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire West Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the financial statement taken as a whole.
KLINE AND LONDON Certified Public Accountants, LLC Beachwood, Ohio January 27, 1999 Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 6.69-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners Powell Valley Village Limited Partnership
I have audited the accompanying balance sheet of Powell Valley Village Limited Partnership as of December 31, 1998, and the related statements of operations, partners' 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 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 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 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 Powell valley Village Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental information on pages 13 to 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in 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 March 12, 1999 on my consideration of Powell Valley Village Limited Partnership's internal control and a report dated March 12, 1999 on its compliance with laws and regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C. March 12, 1999
- -3- PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners T. R. BOBB APARTMENTS PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of T. R. BOBB APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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. 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 T.R. BOBB APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 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.
Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures performed on 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.
Metairie, Louisiana February 22, 1999
Bernard Robinson &Company, L.LP Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494
To the Partners V. V. A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheet of V. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of V. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 V. V. A. Limited Partnership as of December 31, 1998, 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page I Bernard Robinson &Company, L.LP Certfied Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494
To the Partners W. P. V. A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheet of W. P. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of W. P. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 W. P. V. A. Limited Partnership as of December 31, 1998, 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 our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page I LITTLE, SHANEYFELT, MARSHALL & CO. CERTIFIED PUBLIC ACCOUNTANTS PROSPECT BUILDING 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232
INDEPENDENT AUDITOR'S REPORT
To the Partners Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor One Limited Partnership, RD Project No. 03-025-710677259 (the Partnership), as of December 31, 1997 and 1996 and the related statements of profit (loss), 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 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Beckwood Manor One Limited Partnership as of December 31, 1997 and 1996, and its results of operations, changes in partners, equity (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 our report dated March 15, 1998 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co. March 15, 1998 TAPP, TAPP & CHU CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of December31, 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. 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 Decro Nordhoff, L.P. 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.
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 13 and 14 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Tapp, Tapp & Chu, CPA's San Gabriel, California March 6, 1998 Rothstein, Kass & Company, P.C. Certified Public Accountants
1177 Avenue of the Americas New York, New York 10036-2714 212-490-770/Fax 212-730-6892
85 Livingston Avenue Roseland, New Jersey 07068-1785 973-994-6666/Fax 973-994-0337
INDEPENDENT AUDITORS' REPORT
To the Partners Escher SRO Project, L.P.
We have audited the accompanying balance sheet of Escher SRO Project, L.P. as of December 31, 1997, and the related statements of income, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 Escher SRO Project, 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.
Roseland, New Jersey January 16, 1998
DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com
INDEPENDENT AUDITOR'S REPORT
To the Partners Holly Hills Properties, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Holly Hills Properties, Limited (a Kentucky limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the six-month period then ended. These financial statements are the responsibility of the Project's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the Consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide 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 Holly Hills Properties, Limited, as of December 31, 1997, and the results of its operations, changes in its partners' capital, and its cash flows for the six-month period 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 taken as a whole. The supplemental information on pages 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing 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.
Daniel G. Drane Certified Public Accountant April 14, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners AHAB Project One, L.P.
I have audited the accompanying balance sheets of AHAB Project One, L.P. as of December 31, 1998 and 1997, 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. 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. 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. 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 AHAB Project One, L.P. as of December 31, 1998 and 1997, 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.
Tom Mechsner Certified Public Accountant January 29, 1999 JOSE R. BARRERAS, CPA Plaza Inmaculada 1406 Santurce, PR 00909 Telephone (787) 728-4753 Facsimile (787) 728-1214
Report of Independent Accountants
To the Partners of CR Housing Associates, L.P.
I have audited the accompanying balance sheet of CR HOUSING ASSOCIATES, L.P. (the "Partnership") as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. 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. 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 CR HOUSING ASSOCIATES, L.P. as of December 31, 1998, and the results of it 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 basic financial statements taken as a whole. The supplemental information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jose R. Barreras, CPA June 16, 1999 GORACKE & WILCOX, P.C. Certified Public Accountants
SOJO SOUTH I ISTH STREET, SUITE 100 0 OMAHA, NEBRASKA 68137-2208
TELEPHONE 402-896-1500
VIRGIL J. GORACKE, C.P.A. DOUGLAS A. GORACKE. C.P.A. MICHAEL E. WILCOX, C.P.A. PAUL F. PIOTROWSKI. C.P.A. CHRIS E. R177ERBUSH. C.PA.
INDEPENDENT AUDITORS' REPORT
To the Partners Holly Heights Apartments, L.P.
We have audited the accompanying balance sheets of Holly Heights Apartments, L.P. as of December 31, 1998 and 1997, 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. 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 Holly Heights Apartments, L.P. as of December 31, 1998 and 1997, 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.
our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 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.
March 4, 1999
Page 1-3 Report of Independent Accountants To the Partners CR Housing Associates, LP
We have audited the accompanying balance sheet of CR Housing Associates, LP as of December 31, 1997 and the related statements partners' capital and cash flows for the year the ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 CR Housing Associates, LP as of December 31, 1997, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles.
San Juan, Puerto Rico DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.comHardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORTTo the PartnersPear Village LimitedLeitchfield, KentuckyI have audited the accompanying balance sheet of Pear Village Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31, 1997, in accordance with generally accepted auditing standards. 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 Pear Village Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital, 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 basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing 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.
Daniel G. Drane Certified Public Accountant
February 11, 1998
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 email dgdcpa@bbtel.comHardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT To the PartnersSunday Sun Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sunday Sun Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/deficit, 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 audit.
I conducted my audit, as of and for the year ended December 31, 1997, in accordance with generally accepted auditing standards. 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 Sunday Sun Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, 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 basic financial statements taken as a whole. The supplemental information on page 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 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.
Daniel G. Drane Certified Public Accountant
Trochiano & Daszkowski LLP Certified Public Accountants & Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of 1374 Boston Road Associates, L.P.:
We have audited the accompanying balance sheet of 1374 Boston Road Associates, L.P. s of December 31, 1998 and December 31, 1997, and the related statements of revenues, expenses, and changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the management of 1374 Boston Road Associates, L.P. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable Assurance about whether the financial statements are free of material misstatement. An audit 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 1374 Boston Road Associates, L.P. as of December 31, 1998 and December 31, 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Trocliano Daszkowski UP
Staten Island: NY February, 24, 1999 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners BIENVILLE 11 APARTMENTS
We have audited the accompanying balance sheets of BIENVILLE II APARTMENTS, RHS PROJECT NO.: 22-007-721280566 as of December 31, 1998 and 1997 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 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 BIENVILLE If APARTMENTS as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing- Standards, we have also issued a report dated February 10, 1999 on our consideration of BIENVILLE 11 APARTMENTS's internal control and a report dated February 10, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana February 10, 1999
PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners BLANCHARD II APARTMENTS
We have audited the accompanying balance sheets of BLANCHARD II APARTMENTS, RHS PROJECT NO. 22-009-721313034 as of December 31, 1998 and 1997 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 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 BLANCHARD II APARTMENTS as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government- Auditing Standards, we have also issued a report dated March 2,1999 on our consideration of BLANCHARD 11 APARTMENTS's internal control and a report dated March 2, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana March 2, 1999
PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners EVANGELINE PARTNERSHIP
We have audited the accompanying balance sheets of EVANGELINE PARTNERSHIP, RHS PROJECT NO. 22-027-721313386 as of December 31, 1998 and 1997 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 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 EVANGELINE. PARTNERSHIP as of December 31, 1998 and 1997 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 19, 1999 on our consideration of EVANGELINE PARTNERSHIP's internal control and a report dated February 19, 1999 on its compliance with laws and regulations applicable to the financial statements.
Metairie, Louisiana February 19, 1999
Y E 0 & Y E 0
Independent Auditors' Report
Partners Fairway II Limited Dividend Housing Association Limited Partnership Marlette, Michigan
We have audited the accompanying balance sheet of Fairway II Limited Dividend Housing Association Limited Partnership, Rural Development Project No. 26-074-0383047638 as of December 31, 1998 and 1997, and the related statements of income, partners' equity and cash flows for the years the 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, the standards applicable to financial audits contained in 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 Fairway II Limited Dividend Housing Association Limited Partnership as of December 31, 1998 and 1997, 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 10, 1999 on our consideration of Fairway II Limited Dividend Housing Association Limited Partnership's internal control over financial reporting and our tests of 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 supplementary information presented on pages I I through 17 is presented for purposes of complying with the requirements of the Rural Development and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS February 10, 1999 Yeo & Yeo PC. Certified Public Accountants 912 Centennial Way Suite 300 Lansing, M1 48917 (517) 323-9500 FAX (517) 323-8360
COGEN SKLAR LLP
CERTIFIED PUBLIC ACCOUNTANTS CONSULTANTS TO BUSINESS
INDEPENDENT AUDITORS'REPORT
To the Partners Neighborhood Restorations Limited Partnership VII Dresher, Pennsylvania
We have audited the accompanying balance sheet of Neighborhood Restorations Limited Partnership VII(a Pennsylvania Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 present fairly, in all material respects, the financial position of Neighborhood Restorations Limited Partnership VII as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
January 15, 1999 150 Monument Road. Suite 500
Bala Cynwyd, PA 19004 Tel: 610.668.9700/Fax: 610.668.2181 E-mail: cs@cogensklar.com www.co,lenskl~ir.coni
Bernard Robinson & Company, LIP Certified Public Accountants since 1947 MAILING ADDRESS OFFICES Po, Box 19608 Independent Auditor's Report GREENSBORO, Nc 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494
To the Partners R. V. K. Y. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheet of R. V. K. Y. Limited Partnership (a Kentucky limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The balance sheet of R. V. K. Y. Limited Partnership as of December 31, 1997, was audited by other auditors whose report dated June 3, 1998, expressed an unqualified opinion on the balance sheet.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to 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 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 R. V. K. Y. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year ended December 31, 1998, in conformity with generally accepted accounting principles.
We did not audit or review the statements of operations, partners' equity and cash flows for the year ended December 31, 1997 and, accordingly we express no opinion or other form of assurance on them.
In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for 1998 listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the 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.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page I
Kupferberg, Goldberg & Nelmark, LLC Independent Auditors' Report
Partners Senior Suites Chicago Austin Limited Partnership Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites Chicago Austin Limited Partnership (an Illinois Limited Partnership) as of December 3l, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing 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 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 Senior Suites Chicago Austin Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion an the basic financial statements taken as a whole, The schedule of other operating expenses on page 10 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as whole.
KUPFERBERHG, GOLDBERG & NEIMARK, LLC
February 13, 1999 K.OSTIN, RUFFKESS & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street West Hartford, CT 06117-2521 (860) 236-1975 To The Partners Sumner House Limited Partnership FAX: (860) 236-1783 400 Bayonet Street, Suite 306 New London, CT 06320-2600 (860) 4424373 Toll Free: (888) 666-5726 FAX: (860) 442-1124
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheet of Sumner House Limited Partnership as of December 31, 1998, and the related statements of operations and changes in partners' capital and cash flows, and the supplementary information contained in Schedule I for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 accompanying financial statements and supplementary information present fairly, in all material respects, the financial position of Sumner House Limited Partnership as of December 31, 1998, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.
Members of American Institute of Certified Public Accountants West Hartford, Connecticut February 23, 1999
Krest on International A worldwide network of independent accountants
An Equal Opportunity Employer
STANGL & JASKOWIAK, LTD CERTIFIED PUBLIC ACCOUNTANTS
2 South 2nd Avenue Suite 100 Sauk Rapids, MN 56379 (320) 252-9972 Fax (320) 253-4160 Clyde M. Stangl, CPA Adam M. Jaskowiak, CPA Allan J. Rudolph, CPA Robert J. Zawacki, LPA
INDEPENDENT AUDITORS' REPORT
To the Partners Terraceview Limited Partnership
We have audited the accompanying balance sheet of Terraceview Limited Partnership as of December 31, 1998, and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Terraceview Limited Partnership as of December 31, 1998, 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the 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.
February 22, 1999 DANIEL G. DRANE Telephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.com Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners Ashberry Manor, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Ashberry Manor, Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/deficit, and cash flows for the period March 12, 1997 to December 31, 1997. 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 audit.
I conducted my audit, as of December 31, 1997 and for the period March 12, 1997 to December 31, 1997, in accordance with generally accepted auditing standards. 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 Ashberry Manor, Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, and its cash flows for the period March 12, 1997 to December 31, 1997 in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing 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.
Daniel G. Drane Certified Public Accountant
April 14, 1998
DANIEL G. DRANETelephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtcl.com Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners Sand Lane Manor, Limited Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sand Lane Manor, Limited (a Kentucky limited partnership), as of December 31, 1997. This financial statement is the responsibility of the partnership's management. My responsibility is to express an opinion on this financial statement based on my audit.
I conducted my audit, as of December 31, 1997, in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. 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 balance sheet referred to above presents fairly, in all material respects, the financial position of Sand Lane Manor, Limited, as of December 31, 1997, in conformity with generally accepted accounting principles.
Daniel G. Drane Certified Public Accountant
June 3, 1998 KGN Certified Public Accountants Financial & Management Consultants Kupferberg, Goldberg & Neimark, LLC 111 E. Wacker Drive Suite 1400 Chicago, Illinois 60602-4595 312-819-4300 FAX 312-819-4343 e-mail: kgn @kgn.com
To the Partners of Senior Suites Chicago Austin Limited Partnership Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997, and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 presents fairly, in all material respects, the financial position of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997 and the changes in partners' equity for the year then ended in conformity with generate accepted accounting principles.
KUPFERBERG, GOLD
January 22, 1998
STANGL & JASKOWIAK, LTDCERTIFIED PUBLIC ACCOUNTANTSClyde M. Staitgl, CPAAdam M. Jaskowiak, CPAAllan J. Rudolph, CPARobert J. Zawacki, LPAINDEPENDENT AUDITORS' REPORTTo the PartnersTerraceview Limited Partnership
We have audited the accompanying balance sheet of Terraceview Limited Partnership as of December 31, 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Terraceview Limited Partnership as of 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.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation the basic financial statements taken as a whole.
February 7, 1998
GranthamPoole Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners Collins Housing, L.P. Collins, Mississippi
We have audited the accompanying balance sheets of Collins Housing, L.P. , RD Case No. 28-016408646674, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and the period October 1, 1997 through December 21, 1997. 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 in 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 statements 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 Collins Housing, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the period October 1, 1997 through December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 1, 1999, on our consideration of Collins Housing, L.P.'s internal control, and reports dated February 1, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD prgram transactions.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Collins Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
February 1, 1999 CONSIDINE & CONSIDINE
To The Partners Lincoln Hotel Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheet of Lincoln Hotel Partnership, A California Limited Partnership, as of December 31, 1998 and 1997 and the related statements of operations and partners' capital and statements of cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 Lincoln Hotel Partnership, a California Limited Partnership, as of December 31, 1998, and the results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles.
CONSIDINE & CONSIDINE An Accountancy Corporation
February 11, 1999
CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA
1501 FIFTH AVENUE, SUITE 400 SAN DIEGO. CA 92101-3202 (619) 231-1977 - FAX: (619) 231-8244 Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. Freelow, CPA
INDEPENDENT AUDITOR'S REPORT
To the Partners Lutkin Bayou Apartments, LP Drew, Mississippi
We have audited the accompanying balance sheets of Lutkin Bayou Apartments. LP (a Mississippi limited partnership), RHS Project No. 28-083-640863241 December 31, 1998 and 1997, 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material prespect, the financial position of Lutkin Bayou Apartment, LP, 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 purposes of forming pn opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS FORM RD 1980-8) and the Multiple Family Housing Project Budget (RHS FORM RD 1980-7). Such information has been sqbjecte~d to the audit procedures applied in the audit of the basic.financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jackson, Mississippi January 22, 1999
633 North State Street * Suite 6010 Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 * Facsimile (601) 352-6826 * E-mail: mhcl@mhclcpa.com LOU ANN MONTEY AND ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS 8400 N. Mopse Expressway-Suite 304-Anstin. Texas 79759 (312)338-0000 Facsimile (512)338-S395
To The Partners Northway Drive, Ltd. Bryan, Texas
We have audited the accompanying balance sheet of Northway Drive, Ltd. - (A Texas Limited Partnership) as of December 31, 1998, and the related statements of income, partners' equity and cash flows for the year ended December 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 conducted our audit in accordance with Generally Accepted Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Northway Drive, Ltd - (A Texas Limited Partnership) as of December 31, 1998, in conformity with Generally Accepted Accounting Principles.
Austin, Tex February 16, 1999 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Bryson Apartments, LTD.
We have audited the accompanying balance sheet of Bryson Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statement of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Bryson Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Wichita Falls, Texas March 7, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Glenbrook Apartments, Ltd.
We have audited the accompanying balance sheet of Glenbrook Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Glenbrook Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional To the Partners analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Wichita Falls, Texas March 9, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners Jacksboro Apartments, LTD.
We have audited the accompanying balance sheet of Jacksboro Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Jacksboro Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state-
To the Partners ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Wichita Falls, Texas March 6, 1998 INDEPENDENT AUDITORS' REPORT
To the Partners Rhome Apartments, Ltd.
We have audited the accompanying balance sheet of Rhome Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing 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 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 Rhome Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Wichita Falls, Texas February 23, 1998 LITTLE, SHANEYFELT, MARSHALL & CO. MARION W. LITTLE, CPA TELEPHONE 501-668-2879 JEFF SHANEYFELT, CPA FAX NO. 501-668-6260 CHARLES A. MARSHALL, JR., CPA PROSPECT BUILDING LARRY A. CAMPBELL, CPA 1501 N. UNIVERSITY, SUITE 300 BENTON, ARKANSAS OFFICE STEPHANIE A. ROMINE, CPA 210 W. SEVIER STREET PEGGY L. WILSON LITTLE ROCK, ARKANSAS 72207-5232 BENTON, ARKANSAS 72015 KRISSIE G. WILLIAMS TELEPHONE 501-378-In4S STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORT
To the Partners Bellwood Four Limited Partnership
We have audited the accompanying balance sheet of Bellwood Four Limited Partnership, (the Partnership), as of December 31, 1998 and the related statements of profit (loss), changes in partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Bellwood Four Limited Partnership as of December 31, 1998, and its results of 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 our report dated March 18, 1999 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 18, 1999 Bernard Robinson & Company, LIP Certified Pubic Accountants since 1947 MAILING ADDRESS OFFICES P.O. BOX 19608 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report To the Partners C. V. V. A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheets of C. V. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and period November 10, 1997 (date of inception) through December 31, 1997. 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 applicable to 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our 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 C. V. V. A. Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and period November 10, 1997 (date of inception) through December 31, 1997, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of 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 supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the 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.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999
Page I
Bernard Robinson & Company, L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494 OFFICES 109 MUIRS CHAPEL ROAD GREENSBORO, NC 274 10
Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
To the Partners K. G. V. A. Limited Partnership Charlotte, North Carolina
We have audited the financial statements of K. G. V. A. Limited Partnership (a Virginia limited partnership) as of and for the year ended December 31, 1998, and have issued our report thereon dated February 5, 1999. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance As part of obtaining reasonable assurance about whether K. G. V. A. Limited Partnership's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting In planning and performing our audit, we considered K. G. V. A. Limited Partnership's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses.
This report is intended for the information of the Partnership's management and USDA Rural Housing Service. However, this report is a matter of public record and its distribution is not limited.
CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999
MONTEITH, LACY, SHARKEY & ASSOCIATES, LLC Certified Public Accountants
6846 Pacific Street, Suite 100 (888) 558-2596 Office (402) 558-2721 Omaha, Nebraska 68106 Fax (402) 558-2914
INDEPENDENT AUDITORS'REPORT
To the Members Linden Partners II LLC
We have audited the accompanying balance sheet and related statement of cash flows of Linden Partners II LLC (a Nebraska Limited Liability Company in the development stage) as of December31, 1998. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 my opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Linden Partners II LLC as of December 1, 1998, in conformity with generally accepted accounting principles.
February 25, 1999
1-3
SUAREZ ACCOUNTANCY CORPORATION 150 AV. SEVENTH STREET. SUITE 100 SAN PEDRO, CA 90731 RICHARD SUAREZ. JR.. CPA
TELEPHONE (310) 832-7887
PAX 4310) 832-6563
Independent Auditor's Report
To the Partners Mesa Grande Apartments, Limited Partnership: (A Development Stage Enterprise) Newport Beach, California
I have audited the accompanying balance sheet of Mesa Verde Apartments, Limited Partnership (A Development Stage Enterprise) as of November 4, 1998, and the related statements of operations, changes in partners' capital, and cash flows for the period December 16, 1996 (inception) through December 31, 1998. 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 audit.
I conducted my audit in accordance with generally accepted auditing standards. 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 Mesa Verde Apartments, Limited Partnership (A Development Stage Enterprise) at December 31, 1998, and the results of its operations and cash flows for the period November 4, 1996 (inception) through December 31, 1998 in conformity with generally accepted accounting principles.
February 28, 1999 San Pedro, California Moore, Camp, Phillips & Co. CERTIFIED PUBLIC ACCOUNTANTS DANNY M. MOORE. C.P.A., C.F.E., C.V.A. RANDY D . CAMP, C.P.A. RICHARD A. PHILLIPS. C.P.A. L.L.P. PHIL S. PATTERSON, C.P.A. ANN F. LUCAS, C.P.A. MEMBER: TEXAS SOCIETY OF CERTIF19D PUBLIC ACCOUNTANTS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the Partners Nocona Apartments, Ltd.
Independent Auditors' Report
We have audited the accompanying balance sheets of Nocona Apartments, Ltd. (a limited partnership), RD Project No: 50-069 0752685663-02-2 as of December 31, 1998 and 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the year ended December 31, 1998 and the five month period ended December 31, 1997. 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 Nocona Apartments, Ltd. RD Project No.: 50-069-0752685663-02-2 as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year ended December 31, 1998 and the five month period ended December 31, 1997 in conformity with generally accepted accounting principles.
I-1 To the Partners Nocona Apartments, Ltd. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page 1-19 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 audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated May 14, 1999 on our consideration of Nocona Apartments, Ltd.'s internal control structure and a report dated May 14, 1999 on its compliance with laws and regulations applicable to the financial statement.
Wichita Falls, Texas May 14, 1999
1-2 SUAREZ ACCOUNTANCY CORPORATION
150W. SEVENTH STREET. SUITE 100 SAN PEDRO. CA 90731 RICHARD SUAREZ. JR.. CPA
TELEPHONE (310183-2-7887 PAX (310) 832-6563
Independent Auditor's Report
To the Partners Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) Newport Beach, California
I have audited the accompanying balance sheet of Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) as of December 31, 1998, and the related statements of operations, changes in partners' capital, and cash flows for the period November 4, 1996 (inception) through December 31, 1998. 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 audit.
I conducted my audit in accordance with generally accepted auditing standards. 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 Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) at December 31, 1998, and the results of its operations and cash flows for the period November 4, 1996 (inception) through December 31, 1998 in conformity with generally accepted accounting principles.
February 28, 1999 San Pedro, California
EUBANK & BETTS A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing One, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing One, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886062 01-8, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. 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 Canton Housing One, L.P., FmHA Project No. 28-045-0640886062 01-8, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1999, on our consideration of the Partnership's internal control and a report dated February 9, 1999, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 14 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in Part IV included on pages 14 through 17 on which we express no opinion, 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.
EUBANK & BETTS, PLLC Jackson, Mississippi February 9, 1999
EUBANK & BETTS A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing Two, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing Two, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886061 01-5, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. 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 Canton Housing Two, L.P., FmHA Project No. 28-045-0640886061 01-5, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1999, on our consideration of the Partnership's internal control and a report dated February 11, 1999, on its compliance with specific requirements applicable to major FmHA programs,
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 13 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in Part IV included on pages 13 through 16, on which we express no opinion, 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.
EUBANK & BETTS, PLLC
Jackson, Mississippi February 11, 1999
EUBANK & BETTS A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT The Partners Canton Housing Three, L.P. Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing Three, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886063 04-2, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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 Canton Housing Three, L.P., FmHA Project No. 28-045-0640886063 04-2, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the month ended December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1999, on our consideration of the Partnership's internal control and a report dated February 11, 1999, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 13 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in part IV included on pages 13 through 16, on which we express no opinion, 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.
EUBANK & BETTS, PLLC Jackson, Mississippi February 11, 1999
EUBANK & BETTS A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners Canton Housing Four, L.P. Jackson, Mississippi
We have audited the accompanying balance sheets of Canton Housing Four, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886064 02-0, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. 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 Canton Housing Four, L.P., FrnHA Project No. 28-045-0640886064-02-0, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the month ended December 31, 1997 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 10, 1999, on our consideration of the Partnership's internal control and a report dated February 10, 1999, on its compliance with specific requirements applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 12 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in Part IV included on pages 12 through 15, on which we express no opinion, 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.
EUBANK & BETTS, PLLC Jackson, Mississippi February 10, 1999 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of Eagles Ridge Terrace, L. P. Decatur, Texas
I have audited the accompanying balance sheets of Eagles Ridge Terrace, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period 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. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Eagles Ridge Terrace, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period 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 1-16 and 1-17 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 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.
Fort Worth, Texas March 13, 1999
1-3
Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. FreelwW, CPA INDEPENDENT AUDITOR'S REPORT
To the Partners Ellisville Housing, L.P. West Point, Mississippi
We have audited the accompanying balance sheets of Ellisville Housing, L.P. (a Mississippi limited partnership). RHA Project No. 28-034-0640864667 as of December 31, 1998 and 1997, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsible of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Ellisville Housing, L.P. 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 is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS Form RD 1930-8) and the Multiple Family Housing Project Budget (RHS Form RD 1930-7). Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jackson, Mississippi January 22, 1999
633 North State Street 0 Suite 607 - Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 - Facsimile (601) 352-6826 0 E-mail: mhcl@mhclcpa.com Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. FreelwW, CPA INDEPENDENT AUDITOR'S REPORT
INDEPENDENT AUDITOR'S REPORT
To the Partners Hattiesburg Housing, LP Jackson, Mississippi
We have audited the accompanying balance sheet of Hattiesburg Housinq, LP (a Mississippi limited partnership). RHS Proiect No. 28-018-6408b4bbts as of December 31, 1998 and 1997, 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 b the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 Hattiesburg Housing, LP, 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 is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS FORM RD 1930-8) and the Multiple Family Housing Project Budget (RHS FORM RD 1930-7). Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jackson, Mississippi January 29, 1999
633 North State Street 0 Suite 607 # Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 * Facsimile (601) 352-6826
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of Henderson Terrace, L. P. Bridgeport, Texas
I have audited the accompanying balance sheets of Henderson Terrace, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period 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. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Henderson Terrace, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period 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 1-16 and 1-17 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 audit of the basic financial statements and, in my, opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
Fort Worth, Texas March 12, 1999 1-3
Robert C. Morris, CPA 716 S 1100 W Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane Hills II LC as of December 31, 1998, and the related partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills II LC as of December 31, 1998, 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.
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 Independent Auditor's Report MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of Lakeview Little Elm, L. P. Little Elm, Texas
I have audited the accompanying balance sheets of Lakeview Little Elm, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period 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. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Lakeview Little Elm, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period 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 1-16 and 1-17 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 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.
Fort Worth, Texas March 12, 1999 1-3
GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 Independent Auditor's Report MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of Mesquite Trails, L. P. Jacksboro, Texas
I have audited the accompanying balance sheets of Mesquite Trails, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period 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 audit.
I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Mesquite Trails, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period 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 1-16 and 1-17 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 audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the c financial statements taken as a whole.
Fort Worth, Texas March 13, 1999
Bernard Robinson &Company, L.L.P Certified Public Accountant since 1947 MAILING ADDRESS OFFICES P.O. BOX 19608 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners N. M. V. A. Limited Partnership Charlotte, North Carolina
We have audited the accompanying balance sheets of N. M. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and for the period November 10, 1997 (date of inception) through December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our 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 N. M. V. A. Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and for the period November 10, 1997 (date of inception) through December 31, 1997, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of 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 supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina February 5, 1999 Page I GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880
Independent Auditor's Report
To the Partners of Pilot Point Apartments, L. P. Pilot Point, Texas
I have audited the accompanying balance sheets of Pilot Point Apartments, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period 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. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Pilot Point Apartments, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period 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 1-16 and 1-17 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 audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to basic financial statements taken as a whole.
Fort Worth, Texas March 13, 1999
Fishbein & Company, P.C. Elkins Park Square -- Suite 200 8080 Old York Road Elkins Park, PA 19027-1455 215-635-3100 Fax: 215-635-5788 INDEPENDENT AUDITOR'S REPORT
January 21, 1999
Partners Sencit Hampden Associates, L.P.
We have audited the accompanying balance sheets of SENCIT HAMPDEN ASSOCIATES, L.P., ROTH VILLAGE TOWNHOMES, PHFA Project No. 0-546, as of December 31, 1998, and the related statements of profit and loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 Sencit Hampden Associates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. HUNGERFORD & CO. Certified Public Accountants
A Professional Corporation
INDEPENDENT AUDITOR'S REPORT
To the Partners Silver Creek/MHT Limited Dividend Housing Association Limited Partnership
We have audited the accompanying balance sheet of Silver Creek/MHT Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) as of December 31, 1998. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit of the balance sheet provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Silver Creek/MHT Limited Dividend Housing Association Limited Partnership as of December 31, 1998, in conformity with generally accepted accounting principles.
March 11, 1999
13305 Reeck Road, Southgate, Michigan 48195 (734) 246-9600 FAX (734) 246-8349 Members - American Institute of Certified Public Accountants - Michigan Association of Certified Public Accountants Robert C. Morris, CPA 716 S 1100 W Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane Hills II LC as of December 31, 1997, and the related partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills II LC as of December 31, 1997, 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.
I-3 Blume Loveridge & Co., PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
Partners Courtside Housing Associates, A Washington Limited Partnership Bellevue, Washington
We have audited the accompanying balance sheet of Courtside Housing Associates, A Washington Limited Partnership, as of December 31, 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an 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 Courtside Housing Associates, A Washington Limited Partnership, as of December 31, 1998, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on page 9 is presented for the purpose of additional analysis 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.
February 15, 1999
Blume Loveridge & Co., PLLC Bellevue, Washington
11100 NE 8th Street, Suite 410, Bellevue, WA 98004-4441 PHONE (425) 453-2088 FAX (425) 646-3368 Dauby O'Connor & Zaleski
A Limited Liability Company Certified Public Accountants
Independent Auditors' Report
To the Partners of NHC Partnership 5, L.P. (A Virginia Limited Partnership)
We have audited the accompanying balance sheet of NHC Partnership 5, L.P. as of December 31, 1998, and the related statements of operations, changes in partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 NHC Partnership 5, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
January 22, 1999 Dauby O'Connor a Zaleski, LLC Carmel, Indiana Certified Public Accountants
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Vander Ploeg Bergakker & Houtstra
Certified Public Accountants. & Consultants
Independent Auditor's Report
January 26, 1999
Partners RHP 96-1 Limited Partnership Novi, Michigan
We have audited the accompanying statement of assets, liabilities and capital of RHP 96-1 Limited Partnership as of December 31, 1998 and the related statements of revenue, expenses and partner capital and cash flows for the year then ended. These financial statements are the responsibility of RHP 96-1 Limited Partnership's management. Our responsibility is to express an opinion on the financial statement based upon our audit.
We conducted our audit in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance 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 statements 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 RHP 96-1 Limited Partnership as of December 31, 1998 and the results of its operations and its cash flow for the year then ended in conformity with generally accepted accounting principles.
Professional Corporation FRIDUSS, LUKEE, SCHIFF & CO., R.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 MEMBERS AMERICAN INSTITUTE OF CERTIFIED (773) 777-4445 FAX (773) 777-6557
INDEPENDENT AUDITOR'S REPORT
To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1996 and 1995, 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP as of December 31, 1996 and 1995, 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 accompanying information in Schedule I 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 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.
FRIDUSS, LUKEE, SCHIFF CO., P.C. Certified Public Accountants
Chicago, Illinois June 30, 1997 RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1996, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. 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 Lookout Ridge Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 9 and 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky February 20, 1997 Ehrhardt Keefe Steiner & Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No. 101-98011 of Kimbark 1200 Associates, Limited Partnership, as of December 31, 1996, and the related statements of profit and loss, changes in partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 FHA Project No. 101-98011 as of December 31, 1996, and the results of its operations and the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 14, 1997 on our consideration of FHA Project No. 101-98011's internal control structure and a report dated February 14, 1997 on its compliance with specific requirements applicable to major HUD programs and specific requirements applicable to affirmative fair housing.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data included in the report (shown on pages 15 through 20) are presented for the purpose of additional analysis and are not. a required part of the basic financial statements of FHA Project No. 101-98011. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Ehrhardt Keefe Steiner & Hottman PC February 14, 1997 Denver, Colorado Audit Partner: Lisa M. Pease EIN: 84-0869721 YOUNG & PRICKITT, P. C. Certified Public Accountants 111 Franklin Road, Suite 302 Roanoke, Virginia 24011-21 00 540/982-3852 540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To the Partners Autumn Ridge Associates Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit of the balance sheet provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996, in conformity with generally accepted accounting principles.
February 21, 1997 Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte, L.P., a California Limited Partnership, as of December 31, 1996, and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SG-Wyandotte, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997 Bybee & Company A BUSINESS DEVELOPMENT COMPANY 100 South 500 West, Suite 200 Bountiful, Utah 84010 (801) 295-2992
Independent Auditor's Report
Partners Shadowcreek Apartments Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), FmHA Case No. 33-002-0880283493, as of December 31, 1996 and the related statements of operations, changes in Project equity and cash flows for the period October 1, 1996 through December 31,1996. 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 audit.
We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 Project as of December 31, 1996 and the results of its operations and cash flows for the period October 1, 1996, in conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 and 11) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the period October 1, 1996 through December 31, 1996. 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. Partners Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued a report dated May 30, 1997, on our consideration of the Project's internal control structure and a report dated May 30, 1997, on its compliance with laws and regulations.
May 30, 1997 SPAR & BOYER Certified Public Accountants, L.L.P.
Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA
Independent Auditors' Report
MAIN EVERETT HOUSING L.P. New Rochelle NY 10801
We have audited the accompanying balance sheet of MAIN EVERETT HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our 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 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 MAIN EVERETT HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles.
Dobbs Ferry, New York February 6, 1996
SPAR & BOYER Certified Public Accountants, L.L.P.
Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA
Independent Auditors' Report
OSBORNE HOUSING L.P. New Rochelle NY 10801
We have audited the accompanying balance sheet of OSBORNE HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners, Capital and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our 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 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 OSBORNE HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles.
Dobbs Ferry, New York February 6, 1996 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, changes in partners' capital 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 audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide 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 HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital 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 February 5, 1997 on our consideration of Sutton Place Apartments, internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 15 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 5, 1997 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of Washington Arms Apartments (A Limited Partnership) Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, changes in partners, capital and cash flows for the year ended December 31, 1996. 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 audit.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide 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 HUD Project #046-NIO93 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital for the period then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1997 on our consideration of Washington Arms Apartments I internal control structure and a report dated January 29, 1997 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 additional information included in the report shown on pages 13-18 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046- NT093. 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.
Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 29, 1997
Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners SG-Hazeltine, L.P. We have audited the accompanying balance sheet of SG-Hazeltine, L.P., a California Limited Partnership, as of December 31, 1996 and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit 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 SG- Hazeltine, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles.
Sonnenberg & Company, CPAs February 12, 1997 San Diego, California
LITTLE & COMPANY CERTIFIED PUBLIC ACCOUNTANTS P. 0. BOX 2485 1111 NORTH 19TH STREET MONROE, LOUISIANA 71207 TELEPHONE (318) 323-1717 TELECOPIER (318) 322-5121
INDEPENDENT AUDITOR'S REPORT
The Willows Apartments Partnership, Ltd. Smithville, Texas
We have audited the accompanying balance sheet of The Willows Apartments Partnership, Ltd., (the Partnership) as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the Standards for Financial and Compliance 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 misstatements An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Willows Apartments Partnership, Ltd., 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.
In accordance with Government Auditing Standards, we have also issued a report dated May 27, 1997, on our consideration of the internal control structure and a report dated May 27, 1997, 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 schedule listed in the table of contents is presented for the purpose of additional analysis and is not a required part of the financial statements of The Willows Apartments Partnership, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
Monroe, Louisiana May 27, 1997
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
* Includes net of gain on disposition of investment of $25,059 for Series 21, $4,596 for Series 22, and $23,253 for Series 24.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
* Net of gain on disposition of investments of $25,059.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
* Net of gain on disposition of investment of $4,596.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997 therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
* Net of gain on disposition of investment of $23,253.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999 and 1998
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Year ended March 31, 1999
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Year ended March 31, 1999
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Year ended March 31, 1999
See notes to financial statements
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included.
(continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued)
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
(continued)
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. See notes to financial statements
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS March
31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund IV L.P. (the "fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which will acquire, develop, rehabilitate, operate and own newly- constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures; accordingly, the apartment complexes are restricted as to rent charges and operating methods and are subject to the provisions of Section 42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner).
In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner. Pursuant to the Securities Act of 1933, the fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The fund has registered 65,000,000 BACs at $10 per BAC for sale to the public in one or more series. BACs sold in bulk are offered to investors at a reduced cost per BAC.
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The BACs issued and outstanding in each series at March 31, 1999 and 1998 are as follows:
Investment in Operating Limited Partnerships --------------------------------------- ----- The fund accounts for the investment in the operating limited partnerships using the equity method, whereby, the fund adjusts the investment cost for its share of the operating limited partnership's results of operations and for any distributions received or accrued. However, the fund recognizes individual operating limited partnership's losses only to the extent that the fund's share of losses of the operating limited partnerships does not exceed the carrying amount of its investment. Unrecognized losses will be s u s pended and offset against future individual operating limited partnership's income.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Operating Limited Partnerships (Continued) -------------------- ------------------------ A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment.
Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.
The fund records acquisition cost as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund. These differences are shown as reconciling items in note C.
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment in Operating Limited Partnerships (Continued) -------------------------------------------- During the years ended March 31, 1999 and 1998, the fund acquired interests in operating limited partnerships as follows:
During the year ended March 31, 1999, Series 32 acquired limited partnership equity interests in six (6) limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
Organization Costs ------------------ Initial organization and offering expenses common to all Series, are allocated on a percentage of equity raised to each Series.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Organization Costs (Continued) ------------------ Organization costs are being amortized on the straight-line method over 60 months. Accumulated amortization for the years ended March 31, 1999 and 1998 is as follows:
Deferred Acquisition Costs -------------------------- Deferred acquisition costs which are not allocated to the investments in operating limited partnerships will be amortized on the straight-line method over 27.5 years upon the final acquisition of limited partnership interests in operating limited partnerships.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes ------------ No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the general partner and assignees individually.
Selling Commissions and Registration Costs --------------------- --------------------- Selling commissions paid in connection with the public offering are charged against the assignees' capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees' capital as incurred.
Cash Equivalents ---------------- Cash equivalents include overnight repurchase agreements, tax- exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments.
Fiscal Year ----------- For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Income (Loss) Per Beneficial Assignee Certificate Unit ----------------- ----------------------------------------- Net income (loss) per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 1999, 1998 and 1997 are as follows:
Investments ----------- Investments available-for-sale are being carried at fair market value. Unrealized gains or losses are reported as other comprehensive income. Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements -------------------------------- On March 31, 1997, the partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. On March 31, 1998, the partnership adopted SFAS No. 130, "Reporting Comprehensive Income;" SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information;" and SFAS No. 132, "Employers' Disclosures about Pensions and Other Postretirement Benefits." SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, SFAS No. 131 establishes standards for how public business enterprises report information about operating segments and SFAS No. 132 revises employers' disclosures about pension and other postretirement benefit plans. The implementation of these standards has not materially affected the partnership's financial statements. In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage- backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135.
The fund does not have any derivative or hedging activities and does not have any mortgage-backed securities. FASB Statement 75, "Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units," does not apply to the fund. Consequently, these pronouncements are expected to have no effect on the fund's financial statements.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each Series to the operating limited partnership and 99% of the permanent financing at the operating limited partnership level. The annual fund fees charged to operations during the years ended March 31, 1999, 1998 and 1997, are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund's offering of BACs. The dealer-manager fees are included in partners' capital as selling commissions and registration costs. During the years ended March 31, 1999, 1998 and 1997, Boston Capital Services, Inc. fees received by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund's acquisition of interests in the operating limited partnerships. The fund incurred $8,818,410, $9,578,948 and $8,964,635, respectively, of acquisition fees to Boston Capital Holdings Limited Partnership during the years ended March 31, 1999, 1998 and 1997. The acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1999, 1998 and 1997, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to each series' operations as follows:
Accounts payable -affiliates at March 31, 1999 and 1998 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1999 and 1998, the fund reimbursed affiliates of the general partner a total of $396,541 and $330,066, respectively, for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to postage, printing, travel and overhead allocations and are included in partners' capital as selling commissions and registrations costs at March 31, 1999 and 1998. During the year and period ended March 31, 1999 and 1998, the selling commission and registration costs incurred to affiliates by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1999 and 1998, the fund has limited partnership interests in o p e r ating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 1999 and 1998 by series are as follows:
During the year ended March 31, 1999, Series 28 disposed of their interest in one operating limited partnership.
During the year ended March 31, 1998, Series 26 disposed of their interest in one operating limited partnership.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Under the terms of the fund's investment in each operating limited partnership, the fund is required to make capital contributions to the o p e rating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations. At March 31, 1999 and 1998, contributions are payable to operating limited partnerships as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
* Amount includes $27,563 for Series 20 of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
* Amount includes $27,563 for Series 20 of loss not recognized under the equity method of accounting as described in note A.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996):
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1999 and 1998 consist of advance installments of $14,174,473 and $24,395,853, respectively, of capital contributions to operating limited partnerships. Series 20 through Series 35 notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime plus 1% to 4.5%. Prime was 7.75% and 8.5% as of March 31, 1999 and 1998, respectively. These notes will be applied against future payments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 1999 and 1998 approximates fair value. The notes at March 31, 1999 and 1998 by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - OTHER ASSETS
Other assets include $9,342,923 and $2,780,023 of cash held by an escrow agent at March 31, 1999 and 1998, respectively. The cash held for Series 20 through 35 at March 31, 1999 and Series 20 through 32 at March 31, 1998 represents capital contributions to be released to the operating limited partnerships when certain criteria have been met. The escrows held at March 31, 1999 and 1998 by series are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows:
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1999, the amortized cost and fair value of investments available- for-sale are as follows:
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 1999 is shown below:
Proceeds from sales and maturities of investments during the year ended March 31, 1999 were $21,528,050 resulting in a realized loss of $246,811 included in interest income.
In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.55% to 9.6%.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1998, the amortized cost and fair value of investments available-for-sale are as follows:
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 1998 is shown below:
Proceeds from sales and maturities of investments during the year ended March 31, 1998 were $12,151,077 resulting in a realized loss of $96,231 included in interest income.
In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.2% to 14%.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE H - CASH EQUIVALENTS
On March 31, 1999 and 1998, the fund purchased $8,849,762 and $1,750,000 of U.S. Government Securities under agreements for resale on April 1, 1999 and 1998, respectively. Interest is earned at rates ranging from 2.7% to 3.3% per annum.
Cash equivalents of $5,240,928 and $2,382,429 as of March 31, 1999 and 1998, respectively, include tax exempt sweep accounts and money market accounts with interest rates ranging from 2.6% to 3.7% per annum. NOTE I - CONCENTRATION OF CREDIT RISK The fund maintains its cash balances at a number of banks. The deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 at each bank. The balances in and between banks fluctuates daily. The amount of deposits, as well as the institutions that they are deposited in, are continually monitored by the general partner. As of March 31, 1999, the uninsured portion of the cash balances on deposit was $98,328. NOTE J - LINE OF CREDIT The Partnership has a line of credit with a bank in the amount of $5,000,000, of which $200,000 and $5,000,000 was outstanding as of March 31, 1999 and 1998, respectively. The line bears interest at the prime rate (7.75% at March 31, 1999) plus .25%. Interest is payable monthly. The line is guaranteed by Boston Capital Partners, Inc. (BCP) and various affiliates and expires on August 21, 1999.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 14,011,014 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 14,011,014 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 14,011,014
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 31,821,601 Improvements, etc................................ 693,221 Other............................................ 0 ----------- $ 32,514,822 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 46,525,836
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 102,815 Other............................................ 0 ----------- $ 102,815 Deductions during period: Cost of real estate sold.........................$ (1,512,675) Other............................................ (193,671) ----------- $ (1,706,346) ----------- Balance at close of period - 03/31/97............................$ 44,922,305
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 21
Balance at close of period - 03/31/97............................$ 44,922,305
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 108,749 Other............................................ 0 ----------- $ 108,749 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 45,031,054
Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 77,404 Other............................................ 0 ----------- $ 77,404 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 45,108,458 ===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94................. .......$ 0
Current year expense..................................$ 117,569 --------- Balance at close of period - 03/31/95.............................$ 117,569
Current year expense..................................$ 790,213 ---------- Balance at close of period - 03/31/96.............................$ 907,782
Current year expense..................................$1,104,203 ----------- Balance at close of period - 03/31/97.............................$ 2,011,985
Current year expense................................ $1,204,163 ---------- Balance at close of period - 03/31/98.............................$ 3,216,148
Current year expense................................ $1,204,255 ---------- Balance at close of period - 03/31/99.............................$ 4,420,403 ==========
* Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,699,758 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 2,699,758 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 2,699,758
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 75,121,060 Improvements, etc................................. 15,793 Other............................................. 0 ---------- $ 75,136,853 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 77,836,611
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 16,438,316 Other............................................. 0 ---------- $ 16,438,316 Deductions during period: Cost of real estate sold..........................$(3,852,006) Other............................................. 0 ---------- $ (3,852,006) ----------- Balance at close of period - 03/31/97............................$ 90,422,921
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 22
Balance at close of period - 03/31/97............................$ 90,422,921
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,217,148 Other............................................. 0 ---------- $ 1,217,148 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 91,640,069
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 1,515,875 Improvements, etc................................. 64,662 Other............................................. 0 ---------- $ 1,580,537 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 93,220,606 ===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94........................$ 0
Current year additions*..............................$ 16,389 --------- Balance at close of period - 03/31/95............................$ 16,389
Current year additions*..............................$1,685,278 --------- Balance at close of period - 03/31/96............................$ 1,701 667
Current year additions*..............................$2,638,228 --------- Balance at close of period - 03/31/97............................$ 4,339,895
Current year additions*..............................$2,931,844 --------- Balance at close of period - 03/31/98............................$ 7,271,739
Current year additions*.............................. $2,937,708 --------- Balance at close of period - 03/31/99............................$ 10,209,447 ==========
* Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 58,791,142 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 58,791,142 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 58,791,142 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,651,522 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 25,651,522 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. (21,382) ---------- $ (21,382) ----------- Balance at close of period - 03/31/97............................$ 84,421,282 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 874,764 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 874,764 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 85,296,046
Notes to Schedule III (continued) Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 85,296,046
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 800,197 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 800,197 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 86,096,243 ===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 693,729 --------- Balance at close of period - 3/31/96..............................$ 693,729
Current year additions*...............................$2,288,171 --------- Balance at close of period - 3/31/97..............................$ 2,981,900
Current year additions*...............................$2,505,105 --------- Balance at close of period - 3/31/98..............................$ 5,487,005
Current year additions*...............................$2,518,829 --------- Balance at close of period - 3/31/99..............................$ 8,005,834 ========== *_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 15,269,744 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 15,269,744 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 15,269,744
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 44,018,168 Improvements, etc................................. 1,703,291 Other............................................. 0 ---------- $ 45,721,459 Deductions during period: Cost of real estate sold..........................$(4,136,393) Other............................................. (550,346) ---------- $ (4,686,739) ---------- Balance at close of period - 03/31/97............................$ 56,304,464 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,754,806 Improvements, etc................................. 10,437,670 Other............................................. 0 ---------- $ 14,192,476 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 70,496,940
Notes to Schedule III - Continued Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 70,496,940
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 435,029 Other............................................. 0 ---------- $ 435,029 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 70,931,969 ==========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95........................$ 0
Current year additions*.............................$ 176,661 --------- Balance at close of period - 03/31/96............................$ 176,661
Current year additions*.............................$1,093,319 --------- Balance at close of period - 03/31/97............................$ 1,269,980
Current year additions*.............................$2,321,086 --------- Balance at close of period - 03/31/98............................$ 3,591,066
Current year additions*.............................$2,545,309 --------- Balance at close of period - 03/31/99............................$ 6,136,375 ===========
*_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 331,047 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 331,047 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 331,047 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 43,624,585 Improvements, etc................................. 9,149,104 Other............................................. 0 ---------- $ 52,773,689 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 53,104,736
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,458,443 Improvements, etc................................. 15,277,130 Other............................................. 0 ---------- $ 20,735,573 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 73,840,309
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 73,840,309 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 651,749 Other............................................. 0 ---------- $ 651,749 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 74,492,058 =========== Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 20,636 --------- Balance at close of period - 3/31/96..............................$ 20,636
Current year additions*...............................$1,056,849 --------- Balance at close of period - 3/31/97..............................$ 1,077,485
Current year additions*...............................$2,388,275 --------- Balance at close of period - 3/31/98..............................$ 3,465,760
Current year additions*...............................$2,657,320 --------- Balance at close of period - 3/31/99..............................$ 6,123,080 ========== *_Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,779,730 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 5,779,730 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 5,779,730 Additions during period: Acquisitions through foreclosure..................$20,677,829 Other acquisitions................................ 13,433,505 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 34,111,334 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 43,634,709
Additions during period: Acquisitions through foreclosure..................$ 4,738,071 Other acquisitions................................ 17,179,919 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 21,917,990 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 65,552,699 ==========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 10,734 --------- Balance at close of period - 3/31/97..............................$ 10,734
Current year additions*...............................$ 594,951 --------- Balance at close of period - 3/31/98..............................$ 605,685
Current year additions*...............................$1,573,377 --------- Balance at close of period - 3/31/99..............................$ 2,179,062 =========
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 29
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,053,524 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 25,053,524 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ---------- Balance at close of period - 03/31/98............................$ 25,053,524
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 19,483,060 Improvements, etc................................. 16,333,428 Other............................................. 0 ----------
$ 35,816,488 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ---------- Balance at close of period - 03/31/99............................$ 60,870,012
==========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*.............................$ 271,480 --------- Balance at close of period - 3/31/98..............................$ 271,480
Current year additions*.............................$1,330,842 --------- Balance at close of period - 3/31/99..............................$ 1,602,322 =========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 20,789,823 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 20, 789,823 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ------------ Balance at close of period - 03/31/98............................$ 20, 789,823
Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 10,155,803 Improvements, etc................................. 23,622,080 Other............................................. 0 ----------
$ 33,777,883 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- Balance at close of period - 03/31/99............................$ 54,567,706
===========
Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/97.........................$ 0
Current year additions*.............................$ 41,619 --------- Balance at close of period - 3/31/98..............................$ 41,619 Current year additions*.............................$ 973,901 --------- Balance at close of period - 3/31/99..............................$ 1,015,520 ==========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 32
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 30,592,172 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 30,592,172 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/99............................$ 30,592,172
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/98.........................$ 0
Current year additions*.............................$1,855,693 --------- Balance at close of period - 03/31/99..............................$1,855,693 ==========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 33
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 17,889,644 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 17,889,644 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/99............................$ 17,889,644
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/98.........................$ 0
Current year additions*.............................$1,694,284 --------- Balance at close of period - 03/31/99..............................$1,694,284 ==========
*Total includes current year expense and amounts capitalized to building basis.
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 34
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 4,477,426 Improvements, etc................................. 0 Other............................................. 0 ----------
$ 4,477,426 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ----------
$ 0
- ----------- Balance at close of period - 03/31/99............................$ 4,477,426
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/98.........................$ 0
Current year additions*.............................$ 0 --------- Balance at close of period - 03/31/99.............................$ 0 ==========
*Total includes current year expense and amounts capitalized to building basis.