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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For The Quarterly Period Ended SEPTEMBER 30, 2002
Commission File Number 0-21762
Gateway Tax Credit Fund III Ltd.
(Exact name of Registrant as specified in its charter)
Florida 59-3090386
(State or other jurisdiction of (I.R.S. Employer No.)
incorporation or organization)
880 Carillon Parkway, St. Petersburg, Florida 33716
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (727) 567-1000
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES X NO
Number of Units
Title of Each Class September 30, 2002
Units of Limited Partnership
Interest: $1,000 per unit 33,799
DOCUMENTS INCORPORATED BY REFERENCE
Parts I and II, 2001 Form 10-K, filed with the
Securities and Exchange Commission on July 9, 2002
Parts III and IV - Form S-11 Registration Statement
and all amendments and supplements thereto
File No. 33-44238
PART I - Financial Information
Item 1. Financial Statements
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
SERIES 7 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 353,098
62,570
- -----------
415,668
299,942
1,344,844
- -----------
$ 2,060,454
===========
$ 87,716
- -----------
87,716
- -----------
401,264
- -----------
1,647,037
(75,563)
- -----------
1,571,474
- -----------
$ 2,060,454
===========
|
$ 384,626
60,470
- -----------
445,096
289,290
1,436,847
- -----------
$ 2,171,233
===========
$ 68,252
- -----------
68,252
- -----------
396,917
- -----------
1,780,281
(74,217)
- -----------
1,706,064
- -----------
$ 2,171,233
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
SERIES 8 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 429,162
57,717
- -----------
486,879
285,283
584,189
- -----------
$ 1,356,351
===========
$ 81,975
- -----------
81,975
- -----------
477,016
- -----------
877,012
(79,652)
- -----------
797,360
- -----------
$ 1,356,351
===========
|
$ 456,356
55,888
- -----------
512,244
275,718
654,569
- -----------
$ 1,442,531
===========
$ 60,485
- -----------
60,485
- -----------
458,902
- -----------
1,001,538
(78,394)
- -----------
923,144
- -----------
$ 1,442,531
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
SERIES 9 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
SSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 246,024
34,301
- -----------
280,325
197,571
1,354,701
- -----------
$ 1,832,597
===========
$ 46,616
- -----------
46,616
- -----------
298,218
- -----------
1,527,722
(39,959)
- -----------
1,487,763
- -----------
$ 1,832,597
===========
|
$ 251,331
33,325
- ------------
284,656
191,591
1,506,444
- -----------
$ 1,982,691
===========
$ 34,316
- -----------
34,316
- -----------
279,505
- -----------
1,707,018
(38,148)
- -----------
1,668,870
- -----------
$ 1,982,691
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
SERIES 10 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 236,670
26,534
- -----------
263,204
169,793
2,150,229
- -----------
$ 2,583,226
===========
$ 41,959
- -----------
41,959
- -----------
72,359
- -----------
2,488,399
(19,491)
- -----------
2,468,908
- -----------
$ 2,583,226
===========
|
$ 252,149
25,668
- -----------
277,817
163,967
2,232,728
- -----------
$ 2,674,512
===========
$ 34,582
- -----------
34,582
- -----------
72,361
- -----------
2,586,073
(18,504)
- -----------
2,567,569
- -----------
$ 2,674,512
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
SERIES 11 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 294,392
29,294
- -----------
323,686
191,520
3,029,627
- -----------
$ 3,544,833
===========
$ 39,010
- -----------
39,010
- -----------
57,832
- -----------
3,459,501
(11,510)
- -----------
3,447,991
- -----------
$ 3,544,833
===========
|
$ 266,059
28,271
- -----------
294,330
184,577
3,111,560
- -----------
$ 3,590,467
===========
$ 34,342
- -----------
34,342
- -----------
7,094
- -----------
3,549,611
(10,600)
- -----------
3,539,031
- -----------
$ 3,590,467
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
|
TOTAL SERIES 7 - 11 |
SEPTEMBER 30,
2002
- -------
(Unaudited) |
MARCH 31,
2002
- -------
(Audited) |
|
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments in Securities
Total Current Assets
Investments in Securities
Investments in Project Partnerships, Net
Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners
Total Current Liabilities
Long-Term Liabilities:
Payable to General Partners
Partners' Equity (Deficit):
Limited Partners (10,395 units for Series 7, 9,980 for Series 8, 6,254 for Series 9, 5,043 for Series 10 and 5,127 for Series 11 at September 30, 2002 and March 31, 2002)
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity |
$ 1,559,346
210,416
- -----------
1,769,762
1,144,109
8,463,590
- -----------
$11,377,461
===========
$ 297,276
- -----------
297,276
- -----------
1,306,689
- -----------
9,999,672
(226,176)
- -----------
9,773,496
- -----------
$11,377,461
===========
|
$ 1,610,521
203,622
- -----------
1,814,143
1,105,143
8,942,148
- -----------
$11,861,434
===========
$ 231,977
- -----------
231,977
- -----------
1,224,779
- -----------
10,624,541
(219,863)
- -----------
10,404,678
- -----------
$11,861,434
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 7 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 7,434
- ----------
21,849
11,980
7,505
1,671
- ----------
43,005
- ----------
(35,571)
(40,934)
- ----------
$ (76,505)
==========
$ (75,740)
(765)
- ----------
$ (76,505)
===========
$ (7.29)
===========
10,395
===========
|
$ 9,588
- ----------
21,920
6,153
4,549
9,756
- ----------
42,378
- ----------
(32,790)
(82,028)
- ----------
$ (114,818)
==========
$ (113,670)
(1,148)
- -----------
$ (114,818)
===========
$ (10.94)
===========
10,395
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 8 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 6,956
- -----------
22,758
13,231
8,152
1,185
- -----------
45,326
- -----------
(38,370)
(32,608)
- -----------
$ (70,978)
===========
$ (70,268)
(710)
- -----------
$ (70,978)
===========
$ (7.04)
===========
9,980
===========
|
$ 9,489
- ----------
22,841
6,784
4,892
1,847
- ----------
36,364
- ----------
(26,875)
(89,689)
- ----------
$ (116,564)
==========
$ (115,398)
(1,166)
- ----------
$ (116,564)
==========
$ (11.56)
==========
9,980
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 9 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 4,177
- -----------
12,507
7,385
4,841
814
- -----------
25,547
- -----------
(21,370)
(78,576)
- -----------
$ (99,946)
===========
$ (98,947)
(999)
- -----------
$ (99,946)
===========
$ (15.82)
===========
6,254
===========
|
$ 5,500
- -----------
12,544
3,786
2,867
1,138
- -----------
20,335
- -----------
(14,835)
(91,299)
- -----------
$ (106,134)
===========
$ (105,073)
(1,061)
- -----------
$ (106,134)
===========
$ (16.80)
===========
6,254
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 10 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 4,065
- ----------
8,529
4,615
3,194
1,203
- ----------
17,541
- ----------
(13,476)
(37,316)
- ----------
$ (50,792)
==========
$ (50,284)
(508)
- ----------
$ (50,792)
==========
$ (9.97)
==========
5,043
==========
|
$ 5,332
- ----------
8,553
2,367
2,030
1,406
- ----------
14,356
- ----------
(9,024)
(58,277)
- ----------
$ (67,301)
==========
$ (66,628)
(673)
- ----------
$ (67,301)
==========
$ (13.21)
==========
5,043
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 11 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses Of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 4,721
- ---------
7,192
3,692
2,825
2,074
- ----------
15,783
- ----------
(11,062)
(28,650)
- ----------
$ (39,712)
==========
$ (39,315)
(397)
- ----------
$ (39,712)
==========
$ (7.67)
==========
5,127
==========
|
$ 6,078
- ---------
7,271
1,893
1,849
2,074
- ---------
13,087
- ---------
(7,009)
(60,994)
- ---------
$ (68,003)
==========
$ (67,323)
(680)
- ----------
$ (68,003)
==========
$ (13.13)
==========
5,127
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
TOTAL SERIES 7 - 11 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners |
$ 27,353
- ----------
72,835
40,903
26,517
6,947
- ----------
147,202
- ----------
(119,849)
(218,084)
- ----------
$ (337,933)
==========
$ (334,555)
(3,378)
- ---------
$ (337,933)
=========
|
$ 35,987
- ----------
73,129
20,983
16,187
16,221
- ----------
126,520
- ----------
(90,533)
(382,287)
- ----------
$ (472,820)
==========
$ (468,091)
(4,729)
- ---------
$ (472,820)
=========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 7 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 14,885
- ----------
43,698
19,847
10,958
3,342
- ----------
77,845
- ----------
(62,960)
(71,630)
- ----------
$ (134,590)
==========
$ (133,244)
(1,346)
- ----------
$ (134,590)
==========
$ (12.82)
==========
10,395
==========
|
$ 19,919
- ----------
43,841
10,854
10,228
11,362
- ----------
76,285
- ----------
(56,366)
(162,739)
- ----------
$ (219,105)
==========
$ (216,914)
(2,191)
- ----------
$ (219,105)
==========
$ (20.87)
==========
10,395
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 8 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 13,922
- ----------
45,516
21,905
12,162
2,370
- ----------
81,953
- ----------
(68,031)
(57,753)
- ----------
$ (125,784)
==========
$ (124,526)
(1,258)
- ----------
$ (125,784)
==========
$ (12.48)
==========
9,980
==========
|
$ 19,992
- ----------
45,682
11,967
11,087
3,694
- ----------
72,430
- ----------
(52,438)
(187,174)
- ----------
$ (239,612)
==========
$ (237,216)
(2,396)
- ----------
$ (239,612)
==========
$ (23.77)
==========
9,980
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 8,354
- ----------
25,014
12,226
7,063
1,628
- ----------
45,931
- ----------
(37,577)
(143,350)
- ----------
$ (181,107)
==========
$ (179,296)
(1,811)
- ----------
$ (181,107)
==========
$ (28.67)
==========
6,254
==========
|
$ 11,512
- ----------
25,089
6,679
6,469
2,276
- ----------
40,513
- ----------
(29,001)
(166,058)
- ----------
$ (195,059)
==========
$ (193,108)
(1,951)
- ----------
$ (195,059)
==========
$ (30.88)
==========
6,254
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 10 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 8,092
- ----------
17,058
7,641
4,746
2,406
- ----------
31,851
- ----------
(23,759)
(74,902)
- ----------
$ (98,661)
==========
$ (97,674)
(987)
- ----------
$ (98,661)
==========
$ (19.37)
==========
5,043
==========
|
$ 11,146
- ----------
17,106
4,175
4,386
2,811
- ----------
28,478
- ----------
(17,332)
(122,900)
- ----------
$ (140,232)
==========
$ (138,830)
(1,402)
- ----------
$ (140,232)
==========
$ (27.53)
==========
5,043
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 11 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners
Net Loss Per Number of Limited Partnership Units
Number of Limited Partnership Units Outstanding |
$ 9,435
- ----------
14,384
6,113
4,239
4,148
- ----------
28,884
- ----------
(19,449)
(71,591)
- ----------
$ (91,040)
==========
$ (90,130)
(910)
- ----------
$ (91,040)
==========
$ (17.58)
==========
5,127
==========
|
$ 12,660
- ----------
14,543
3,339
3,806
4,147
- ----------
25,835
- ----------
(13,175)
(83,624)
- ----------
$ (96,799)
==========
$ (95,831)
(968)
- ----------
$ (96,799)
==========
$ (18.69)
==========
5,127
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
TOTAL SERIES 7 - 11 |
2002 |
2001 |
|
Revenues:
Interest Income
Expenses:
Asset Management Fee-General Partner
General and Administrative:
General Partner
Other
Amortization
Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
Limited Partners
General Partners |
$ 54,688
- ---------
145,670
67,732
39,168
13,894
- ----------
266,464
- ----------
(211,776)
(419,406)
- ----------
$ (631,182)
==========
$ (624,869)
(6,313)
- ----------
$ (631,182)
==========
|
$ 75,229
- ---------
146,261
37,014
35,976
24,290
- ----------
243,541
- ----------
(168,312)
(722,495)
- ----------
$ (890,807)
==========
$ (881,899)
(8,908)
- ----------
$ (890,807)
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
SERIES 7 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$ 2,166,589
(216,914)
- ----------
$ 1,949,675
==========
$ 1,780,281
(133,244)
- ----------
$ 1,647,037
==========
|
$ (70,315)
(2,191)
- ----------
$ (72,506)
==========
$ (74,217)
(1,346)
- ----------
$ (75,563)
==========
|
$ 2,096,274
(219,105)
- ----------
$ 1,877,169
==========
$ 1,706,064
(134,590)
- ----------
$ 1,571,474
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
SERIES 8 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$ 1,363,645
(237,216)
- -----------
$ 1,126,429
==========
$ 1,001,538
(124,526)
- -----------
$ 877,012
===========
|
$ (74,736)
(2,396)
- ----------
$ (77,132)
==========
$ (78,394)
(1,258)
- ----------
$ (79,652)
==========
|
$ 1,288,909
(239,612)
- -----------
$ 1,049,297
===========
$ 923,144
(125,784)
- -----------
$ 797,360
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
SERIES 9 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$ 2,110,561
(193,108)
- -----------
$ 1,917,453
===========
$ 1,707,018
(179,296)
- -----------
$ 1,527,722
===========
|
$ (34,072)
(1,951)
- ----------
$ (36,023)
==========
$ (38,148)
(1,811)
- ----------
$ (39,959)
==========
|
$ 2,076,489
(195,059)
- -----------
$ 1,881,430
===========
$ 1,668,870
(181,107)
- -----------
$ 1,487,763
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
SERIES 10 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$ 2,811,044
(138,830)
- -----------
$ 2,672,214
===========
$ 2,586,073
(97,674)
- -----------
$ 2,488,399
===========
|
$ (16,232)
(1,402)
- ----------
$ (17,634)
==========
$ (18,504)
(987)
- ----------
$ (19,491)
==========
|
$ 2,794,812
(140,232)
- -----------
$ 2,654,580
===========
$ 2,567,569
(98,661)
- -----------
$ 2,468,908
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
SERIES 11 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$ 3,756,773
(95,831)
- -----------
$ 3,660,942
===========
$ 3,549,631
(90,130)
- -----------
$ 3,459,501
===========
|
$ (8,508)
(968)
- ----------
$ (9,476)
==========
$ (10,600)
(910)
- ----------
$ (11,510)
==========
|
$ 3,748,265
(96,799)
- -----------
$ 3,651,466
===========
$ 3,539,031
(91,040)
- -----------
$ 3,447,991
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
|
TOTAL SERIES 7 - 11 |
Limited
Partners
- -------- |
General
Partners
- -------- |
Total
- -----
|
|
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001
Balance at March 31, 2002
Net Loss
Balance at September 30, 2002
|
$12,208,612
(881,899)
- -----------
$11,326,713
===========
$10,624,541
(624,869)
- -----------
$ 9,999,672
============
|
$ (203,863)
(8,908)
- ----------
$ (212,771)
==========
$ (219,863)
(6,313)
- -----------
$ (226,176)
===========
|
$12,004,749
(890,807)
- ----------
$11,113,942
===========
$10,404,678
(631,182)
- -----------
$ 9,773,496
===========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 7
- ------- |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization
Accreted Interest Income on Investments in Securities
Equity in Losses of Project Partnerships
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Payable to General Partners
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (134,590)
3,342
(12,753)
71,630
23,812
- ----------
(48,559)
- ----------
17,031
- ----------
17,031
- ----------
(31,528)
384,626
- ----------
$ 353,098
==========
|
$ (219,105)
11,362
(13,781)
162,739
(1,161)
- ----------
(59,946)
- ----------
18,864
- ----------
18,864
- ----------
(41,082)
353,838
- ----------
$ 312,756
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 8
- ------- |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization
Accreted Interest Income on Investments in Securities
Equity in Losses of Project Partnership
Changes in Operating Assets and Liabilities:
Increase in Payable to General Partners
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (125,784)
2,370
(11,396)
57,753
39,606
- ----------
(37,451)
- ----------
10,257
- ----------
10,257
- ----------
(27,194)
456,356
- ----------
$ 429,162
==========
|
$ (239,612)
3,694
(12,312)
187,174
3,056
- ----------
(58,000)
- ----------
7,175
- ----------
7,175
- ----------
(50,825)
447,343
- ----------
$ 396,518
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 9
- ------- |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization
Accreted Interest Income on Investments In Securities
Equity in Losses of Project Partnerships
Changes in Operating Assets and Liabilities:
Increase in Payable to General Partners
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (181,107)
1,628
(6,955)
143,530
31,011
- ----------
(11,893)
- ----------
6,586
- ----------
6,586
- ----------
(5,307)
251,331
- ----------
$ 246,024
==========
|
$ (195,059)
2,276
(7,471)
166,058
8,497
- ----------
(25,699)
- ----------
8,174
- ----------
8,174
- ----------
(17,525)
232,688
- ----------
$ 215,163
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 10
- ------- |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization
Accreted Interest Income on Investments
in Securities
Equity in Losses of Project Partnerships
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Payable to General Partners
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (98,661)
2,406
(6,692)
74,902
(7,377)
- ----------
(20,668)
- ----------
5,189
- ----------
5,189
- ----------
(15,479)
252,149
- ----------
$ 236,670
==========
|
$ (140,232)
2,811
(7,054)
122,900
(8,618)
- ----------
(30,193)
- ----------
4,989
- ----------
4,989
- ----------
(25,204)
236,522
- ----------
$ 211,318
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
SERIES 11
- ------- |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Amortization
Accreted Interest Income on Investments in Securities
Equity in Losses of Project Partnerships
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Payable to General Partners
Net Cash Provided by (Used in) Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (91,040)
4,148
(7,964)
71,591
(45,406)
- ----------
22,141
- ----------
6,192
- ----------
6,192
- ----------
28,333
266,059
- ----------
$ 294,392
==========
|
$ (96,799)
4,147
(8,337)
83,624
(16,332)
- ----------
(33,697)
- ----------
12,833
- ----------
12,833
- ----------
(20,864)
244,339
- ----------
$ 223,475
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30,
(Unaudited)
|
TOTAL SERIES 7 - 11
- ------------------ |
2002 |
2001 |
|
Cash Flows from Operating Activities:
Net Loss
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization
Accreted Interest Income on Investments in Securities
Equity in Losses of Project Partnerships
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Payable to General Partners
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships
Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year |
$ (631,182)
13,894
(45,760)
419,406
147,212
- ----------
(96,430)
- ----------
45,255
- ----------
45,255
- ----------
(51,175)
1,610,521
- ----------
$ 1,559,346
==========
|
$ (890,807)
24,290
(48,955)
722,495
(14,558)
- ----------
(207,535)
- ----------
52,035
- ----------
52,035
- ----------
(155,500)
1,514,730
- ----------
$ 1,359,230
==========
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND III LTD.
(A Florida Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
NOTE 1 - ORGANIZATION:
Gateway Tax Credit Fund III Ltd. ("Gateway"), a Florida Limited Partnership, was formed October 17, 1991 under the laws of Florida. Gateway offered its limited partnership interests in Series. The first Series for Gateway is Series 7. Operations commenced on July 16, 1992 for Series 7, January 4, 1993 for Series 8, September 30, 1993 for Series 9, January 21, 1994 for Series 10 and April 29, 1994 for Series 11. Each Series invests, as a limited partner, in other limited partnerships ("Project Partnerships"), each of which owns and operates apartment complexes eligible for Low-Income Housing Tax Credits ("Tax Credits"), provided for in Section 42 of the Internal Revenue Code of 1986. Gateway will terminate on December 31, 2040 or sooner, in accordance with the terms of the Limited Partnership Agreement. As of September 30, 2002, Gateway had received capital contributions of $1,000 from the General Partners and $36,799,000 from the investor Limited Partners.
Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and Managing General Partner, respectively. The Managing General Partner manages and controls the business of Gateway.
Gateway received capital contributions of $10,395,000, $9,980,000, $6,254,000, $5,043,000 and $5,127,000 from the investor Limited Partners in Series 7, 8, 9, 10 and 11, respectively. Each Series will be treated as though it were a separate partnership, investing in a separate and distinct pool of Project Partnerships. Income or loss and all tax items from the Project Partnerships acquired by each Series will be specifically allocated among the limited partners of such Series.
Operating profits and losses, cash distributions from operations and Tax Credits from each Series are generally allocated 99% to the Limited Partners in that Series and 1% to the General Partners. Profit or loss and cash distributions from sales of property by each Series are allocated as formulated in the Limited Partnership Agreement.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
Gateway utilizes an accrual basis of accounting whereby revenues are recognized as earned and expenses are recognized as obligations are incurred.
Gateway accounts for its investments as the limited partner in Project Partnerships ("Investments in Project Partnerships") using the equity method of accounting, because management believes that Gateway does not have a majority control of the major operating and financial policies of the Project Partnerships in which it invests, and reports the equity in losses of the
Project Partnerships on a 3-month lag in the Statement of Operations. Under the equity method, the Investments in Project Partnerships initially include:
1) Gateway's capital contribution,
2) Acquisition fees paid to the General Partner for services rendered in selecting properties for acquisition, and
3) Acquisition expenses including legal fees, travel and other miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
1) Increased for equity in income or decreased for equity in losses of the Project Partnerships,
2) Decreased for cash distributions received from the Project Partnerships, and
3) Decreased for the amortization of the acquisition fees and expenses.
Amortization is calculated on a straight line basis over 35 years, as this is the average estimated useful life of the underlying assets. The amortization is shown as amortization expense on the Statements of Operations.
Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships. In subsequent years, cash profits, if any, are first allocated to
the general partners to the extent of the allocation of prior years' cash losses.
Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero. The suspended losses will be used
to offset future income from the individual Project Partnerships.
Gateway reviews its investments in Project Partnerships to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the investment, Gateway recognizes an impairment loss. No impairment loss has been recognized in the accompanying financial statements.
Gateway, as a limited partner in the Project Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance and continued eligibility of tax credits. If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.
Cash and Cash Equivalents
It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents. Short-term investments are comprised of money market mutual funds.
Concentrations of Credit Risk
Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates.
Investment in Securities
Effective April 1, 1994, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115"). Under FAS 115, Gateway is required to categorize its debt
securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities. Gateway's intent is to hold all of its debt securities (U. S. Treasury Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations. Interest income is recognized ratably on the U.S. Treasury Strips using the effective yield to maturity.
Offering and Commission Costs
Offering and commission costs are charged against Limited Partners' Equity upon admission of Limited Partners.
Income Taxes
No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.
Basis of Preparation
The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included with the Partnership's Form 10-K for the year ended March 31, 2002. In the opinion of management these financial statements include adjustments, consisting only of normal recurring adjustments, necessary to fairly summarize the Partnership's financial position and results of operations. The results of operations for the periods may not be indicative of the results to be expected for the year.
NOTE 3 - INVESTMENT IN SECURITIES:
The September 30, 2002 Balance Sheet includes Investment in Securities consisting of U.S. Treasury Security Strips which represents their cost, plus accreted interest income of $186,400 for Series 7, $163,638 for Series 8, $96,985 for Series 9, $87,828 for Series 10 and $101,622 for Series 11.
| |
Estimated Market
Value
- ---------------- |
Cost Plus
Accreted Interest
- ----------------- |
Gross Unrealized
Gains and (Losses)
- ---------------- |
|
Series 7 |
$ 417,274 |
$ 362,512 |
$ 54,762 |
|
Series 8 |
390,942 |
343,000 |
47,942 |
|
Series 9 |
261,943 |
231,872 |
30,071 |
|
Series 10 |
228,857 |
196,327 |
32,530 |
|
Series 11 |
263,687 |
220,814 |
42,873 |
As of September 30, 2002, the cost and accreted interest of debt securities
by contractual maturities is as follows:
| |
Series 7
- -------- |
Series 8
- -------- |
Series 9
- -------- |
|
Due within 1 year |
$ 62,570 |
$ 57,717 |
$ 34,301 |
|
After 1 year through 5 years |
242,163 |
229,024 |
134,153 |
|
After 5 years through 10 years |
57,779 |
56,259 |
63,418 |
| |
-------- |
-------- |
-------- |
|
Total Amount Carried on Balance Sheet |
$ 362,512
========
|
$ 343,000
========
|
$ 231,872
========
|
| |
Series 10
- -------- |
Series 11
- -------- |
Total
- ------- |
|
Due within 1 year |
$ 26,534 |
$ 29,294 |
$ 210,416 |
|
After 1 year through 5 years |
99,228 |
113,468 |
818,036 |
|
After 5 years through 10 years |
70,565 |
78,052 |
326,073 |
| |
-------- |
-------- |
--------- |
|
Total Amount Carried on Balance Sheet |
$ 196,327
=========
|
$ 220,814
=========
|
$1,354,525
=========
|
NOTE 4 - RELATED PARTY TRANSACTIONS:
The Payable to General Partners primarily represents the asset management fees owed
to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The Payable to Project Partnerships represents unpaid capital contributions to the Project Partnerships and will be paid after certain performance criteria are met. Such contributions are in turn payable to the general partners of the Project Partnerships.
For the six months ended September 30, 2002 and 2001 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:
Asset Management Fee - The Managing General Partner is entitled to receive an annual asset management fee equal to the greater of (i) $2,000 for each limited partnership in which Gateway invests, or (ii) 0.275% of Gateway's gross proceeds from the sale of limited partnership interests. In either event (i) or (ii), the maximum amount may not exceed 0.2% of the aggregate cost (Gateway's capital contribution plus Gateway's share of the Properties' mortgage) of Gateway's interest in properties owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statement of Operations.
2002 2001
Series 7 $ 43,698 $ 43,841
Series 8 45,516 45,682
Series 9 25,014 25,089
Series 10 17,058 17,106
Series 11 14,384 14,543
-------- --------
Total $145,670 $146,261
======== ========
General and Administrative Expenses - The Managing General Partner is reimbursed for general and administrative expenses of Gateway on an accountable basis. This expense is included in the Statement of Operations.
Series 7 $ 19,847 $ 10,854
Series 8 21,905 11,967
Series 9 12,226 6,679
Series 10 7,641 4,175
Series 11 6,113 3,339
-------- --------
Total $ 67,732 $ 37,014
======== ========
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:
As of September 30, 2002, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 39 Project Partnerships
which own and operate government assisted multi-family housing complexes. Cash
flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 7 |
SEPTEMBER 30,
2002
- ------------ |
MARCH 31,
2002
- --------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before adjustment
Excess of investment cost over the Underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$ 7,732,089
(6,796,755)
(207,264)
- -----------
728,070
793,335
(176,561)
- -----------
$ 1,344,844
===========
|
$ 7,732,089
(6,725,125)
(190,234)
- -----------
816,730
793,335
(173,218)
- -----------
$ 1,436,847
===========
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,116,332 for the period ended September 30, 2002 and cumulative suspended losses of $1,932,905 for the year ended March 31, 2002 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
As of September 30, 2002, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 43 Project Partnerships which own and operate government assisted multi-family housing complexes. Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 8 |
SEPTEMBER 30,
2002
- --------- |
MARCH 31,
2002
- --------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before adjustment
Excess of investment cost over the underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$ 7,586,105
(7,278,850)
(162,385)
- -----------
144,870
549,773
10,454)
- -----------
$ 584,189
===========
|
$ 7,586,105
(7,221,095)
(152,130)
- -----------
212,880
549,773
(108,084)
- ------------
$ 654,569
===========
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,588,729 for the period ended September 30, 2002 and cumulative suspended losses of $2,199,653 for the year ended March 31, 2002 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
As of September 30, 2002, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 24 Project Partnerships which own and operate government assisted multi-family housing complexes. Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 9 |
SEPTEMBER 30,
2002
- ---------- |
MARCH 31,
2002
- --------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$ 4,914,116
(3,634,157)
(117,256)
- -----------
1,162,703
244,08780
(52,089)
- -----------
$ 1,354,701
===========
|
$ 4,914,116
(3,490,627)
110,670)
- ---------
1,312,819
244,087
(50,462)
- ----------
$ 1,506,444
===========
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $708,993 for the period ended September 30, 2002 and cumulative suspended losses of $579,368 for the year ended March 31, 2002 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
As of September 30, 2002, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 15 Project Partnerships which own and operate government assisted multi-family housing complexes. Cash flows from operations
are allocated according to each Partnership agreement. Upon dissolution proceeds will
be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 10 |
SEPTEMBER 30,
2002
- ----------- |
MARCH 31,
2002
- --------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$ 3,914,672
(1,771,271)
(142,433)
- -----------
2,000,968
96,738
(47,477)
- -----------
$ 2,150,229
===========
|
$ 3,914,672
(1,696,369)
(137,244)
- ----------
2,081,059
196,738
(45,069)
- -----------
$ 2,232,728
===========
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $85,243 for the period ended September 30, 2002 and cumulative suspended losses of $60,069 for the year ended March 31, 2002 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
As of September 30, 2002, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 12 Project Partnerships which own and operate government assisted multi-family housing complexes. Cash flows from operations
are allocated according to each Partnership agreement. Upon dissolution proceeds will
be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
|
SERIES 11 |
SEPTEMBER 30,
2002
- --------- |
MARCH 31,
2002
- -------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$ 4,128,042
(1,195,121)
(129,843)
- -----------
2,803,078
290,335
(63,786)
- -----------
$ 3,029,627
===========
|
$ 4,128,042
(1,123,530)
(123,651)
- -----------
2,880,861
290,335
(59,636)
- -----------
$ 3,111,560
===========
|
(1) In accordance with the Partnership's accounting policy to not carry Investments
in Project Partnerships below zero, cumulative suspended losses of $0 for the period September 30, 2002 and cumulative suspended losses of $0 for the year ended March 31,
2002 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
The following is a summary of Investments in Project Partnerships as of:
|
TOTAL SERIES 7 - 11 |
SEPTEMBER 30,
2002
- ---------- |
MARCH 31,
2002
- -------- |
|
Capital Contributions to Project Partnerships and purchase price paid for limited partner interests in Project Partnerships
Cumulative equity in losses of Project Partnerships (1)
Cumulative distributions received from Project Partnerships
Investment in Project Partnerships before Adjustment
Excess of investment cost over the underlying assets acquired:
Acquisition fees and expenses
Accumulated amortization of acquisition fees and expenses
Investments in Project Partnerships |
$28,275,024
(20,676,154)
(759,181)
- -----------
6,839,689
2,074,268
(450,367)
- -----------
$ 8,463,590
===========
|
$28,275,024
(20,256,746)
(713,929)
- -----------
7,304,349
2,074,268
(436,469)
- -----------
$ 8,942,148
===========
|
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information
of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of June 30, of each year:
|
SERIES 7 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS
Assets:
Current assets
Investment properties, net
Other assets
Total assets
Liabilities and Partners' Equity:
Current liabilities
Long-term debt
Total liabilities
Partners' equity (deficit)
Limited Partner
General Partners
Total Partners' equity
Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
Operating expenses
Interest expense
Depreciation and amortization
Total expenses
Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships |
$ 3,582,763
31,740,908
12,687
- -----------
$35,336,358
===========
$ 641,879
36,330,807
- -----------
36,972,686
- -----------
(1,468,204)
(168,124)
- -----------
(1,636,328)
- -----------
$35,336,358
===========
$ 2,376,355
- -----------
1,485,029
419,978
728,981
- -----------
2,633,988
- -----------
$ (257,633)
===========
$ (2,576)
===========
$ (255,057)
183,427
- -----------
$ (71,630)
===========
|
$ 3,421,228
33,068,943
15,870
- -----------
$36,506,041
===========
$ 801,006
36,441,924
- -----------
37,242,930
- -----------
(618,907)
(117,982)
- -----------
(736,889)
- -----------
$36,506,041
===========
$ 2,164,487
- -----------
1,490,601
415,562
733,294
- -----------
2,639,457
- -----------
$ (474,970)
===========
$ (4,750)
===========
$ (470,220)
307,481
- -----------
$ (162,739)
===========
|
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information
of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of June 30, of each year:
|
SERIES 8 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS
Assets:
Current assets
Investment properties, net
Other assets
Total assets
Liabilities and Partners' Equity:
Current liabilities
Long-term debt
Total liabilities
Partners' equity (deficit)
Limited Partner
General Partners
Total Partners' equity (deficit)
Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
Operating expenses
Interest expense
Depreciation and amortization
Total expenses
Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships |
$ 3,225,417
33,486,633
31,427
- -----------
$36,743,477
===========
$ 1,140,370
38,315,191
- -----------
39,455,561
- -----------
(2,237,589)
(474,495)
- -----------
(2,712,084)
- -----------
$36,743,477
===========
$ 2,210,760
- -----------
1,457,602
444,971
761,100
- -----------
2,663,673
- -----------
$ (452,913)
===========
$ (6,084)
===========
$ (446,829)
389,076
- -----------
$ (57,753)
===========
|
$ 2,985,618
34,910,036
36,534
- -----------
$37,932,188
===========
$ 1,098,271
38,447,298
- -----------
39,545,569
- -----------
(1,185,574)
(427,807)
- -----------
(1,613,381)
- --
|