Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - BF Garden Tax Credit Fund V L.P. | v226761_10k.htm |
| EX-31.A - EXHIBIT 31.A - BF Garden Tax Credit Fund V L.P. | v226761_ex31a.htm |
| EX-32.A - EXHIBIT 32.A - BF Garden Tax Credit Fund V L.P. | v226761_ex32a.htm |
| EX-31.B - EXHIBIT 31.B - BF Garden Tax Credit Fund V L.P. | v226761_ex31b.htm |
| EX-32.B - EXHIBIT 32.B - BF Garden Tax Credit Fund V L.P. | v226761_ex32b.htm |
Exhibit 13
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
BOSTON CAPITAL TAX CREDIT FUND V L.P. -
SERIES 47 THROUGH 49
MARCH 31, 2011 AND 2010
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
TABLE OF CONTENTS
|
PAGE
|
|
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
F-3
|
|
FINANCIAL STATEMENTS
|
|
|
BALANCE SHEETS
|
F-5
|
|
STATEMENTS OF OPERATIONS
|
F-9
|
|
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
|
F-13
|
|
STATEMENTS OF CASH FLOWS
|
F-17
|
|
NOTES TO FINANCIAL STATEMENTS
|
F-25
|
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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners
Boston Capital Tax Credit Fund V L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. - Series 47 through Series 49, in total and for each series, as of March 31, 2011 and 2010, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2011. These 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 the standards of the Public Company Accounting Oversight Board (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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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.
F-3
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. - Series 47 through Series 49, in total and for each series as of March 31, 2011 and 2010, and the results of its operations and its cash flows for the total partnership and for each series for each of the years in the two-year period ended March 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
/s/Reznick Group, P.C.
REZNICK GROUP, P.C.
Bethesda, Maryland
June 29, 2011
F-4
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS
March 31,
|
Total
|
||||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
|
$ | 45,194,905 | $ | 53,401,222 | ||||
|
OTHER ASSETS
|
||||||||
|
Cash and cash equivalents
|
2,236,091 | 2,660,085 | ||||||
|
Notes receivable
|
429,038 | 1,311,741 | ||||||
|
Deferred acquisition costs, net of accumulated amortization
|
4,617,692 | 6,912,432 | ||||||
|
Other assets
|
112,483 | 929,338 | ||||||
| $ | 52,590,209 | $ | 65,214,818 | |||||
|
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
LIABILITIES
|
||||||||
|
Accounts payable and accrued expenses
|
$ | 843 | $ | 843 | ||||
|
Accounts payable - affiliates
|
2,582,469 | 1,644,641 | ||||||
|
Capital contributions payable
|
511,813 | 2,542,553 | ||||||
| 3,095,125 | 4,188,037 | |||||||
|
PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
Assignor limited partner
|
||||||||
|
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2011 and 2010 are issued and outstanding to the assignees
|
- | - | ||||||
|
Limited partners
|
||||||||
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 issued and outstanding at March 31, 2011 and 2010
|
49,632,550 | 61,135,418 | ||||||
|
General partner
|
(137,466 | ) | (108,637 | ) | ||||
| 49,495,084 | 61,026,781 | |||||||
| $ | 52,590,209 | $ | 65,214,818 | |||||
(continued)
F-5
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
Series 47
|
||||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
|
$ | 10,949,197 | $ | 13,451,384 | ||||
|
OTHER ASSETS
|
||||||||
|
Cash and cash equivalents
|
397,096 | 434,561 | ||||||
|
Notes receivable
|
- | 155,857 | ||||||
|
Deferred acquisition costs, net of accumulated amortization
|
2,001,933 | 2,335,589 | ||||||
|
Other assets
|
- | 43,989 | ||||||
| $ | 13,348,226 | $ | 16,421,380 | |||||
|
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
LIABILITIES
|
||||||||
|
Accounts payable and accrued expenses
|
$ | 385 | $ | 385 | ||||
|
Accounts payable - affiliates
|
1,166,745 | 778,401 | ||||||
|
Capital contributions payable
|
91,654 | 291,632 | ||||||
| 1,258,784 | 1,070,418 | |||||||
|
PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
Assignor limited partner
|
||||||||
|
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2011 and 2010 are issued and outstanding to the assignees
|
- | - | ||||||
|
Limited partners
|
||||||||
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,478,334 issued and outstanding at March 31, 2011 and 2010
|
12,135,927 | 15,389,293 | ||||||
|
General partner
|
(46,485 | ) | (38,331 | ) | ||||
| 12,089,442 | 15,350,962 | |||||||
| $ | 13,348,226 | $ | 16,421,380 | |||||
(continued)
F-6
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
Series 48
|
||||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
|
$ | 8,346,895 | $ | 10,098,426 | ||||
|
OTHER ASSETS
|
||||||||
|
Cash and cash equivalents
|
435,509 | 610,427 | ||||||
|
Notes receivable
|
168,628 | 155,857 | ||||||
|
Deferred acquisition costs, net of accumulated amortization
|
833,720 | 1,574,009 | ||||||
|
Other assets
|
- | 43,989 | ||||||
| $ | 9,784,752 | $ | 12,482,708 | |||||
|
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
LIABILITIES
|
||||||||
|
Accounts payable and accrued expenses
|
$ | 115 | $ | 115 | ||||
|
Accounts payable - affiliates
|
816,900 | 578,520 | ||||||
|
Capital contributions payable
|
178,629 | 493,763 | ||||||
| 995,644 | 1,072,398 | |||||||
|
PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
Assignor limited partner
|
||||||||
|
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2011 and 2010 are issued and outstanding to the assignees
|
- | - | ||||||
|
Limited partners
|
||||||||
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,299,372 issued and outstanding at March 31, 2011 and 2010
|
8,817,897 | 11,432,546 | ||||||
|
General partner
|
(28,789 | ) | (22,236 | ) | ||||
| 8,789,108 | 11,410,310 | |||||||
| $ | 9,784,752 | $ | 12,482,708 | |||||
(continued)
F-7
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
Series 49
|
||||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
|
$ | 25,898,813 | $ | 29,851,412 | ||||
|
OTHER ASSETS
|
||||||||
|
Cash and cash equivalents
|
1,403,486 | 1,615,097 | ||||||
|
Notes receivable
|
260,410 | 1,000,027 | ||||||
|
Deferred acquisition costs, net of accumulated amortization
|
1,782,039 | 3,002,834 | ||||||
|
Other assets
|
112,483 | 841,360 | ||||||
| $ | 29,457,231 | $ | 36,310,730 | |||||
|
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
LIABILITIES
|
||||||||
|
Accounts payable and accrued expenses
|
$ | 343 | $ | 343 | ||||
|
Accounts payable - affiliates
|
598,824 | 287,720 | ||||||
|
Capital contributions payable
|
241,530 | 1,757,158 | ||||||
| 840,697 | 2,045,221 | |||||||
|
PARTNERS’ CAPITAL (DEFICIT)
|
||||||||
|
Assignor limited partner
|
||||||||
|
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2011 and 2010 are issued and outstanding to the assignees
|
- | - | ||||||
|
Limited partners
|
||||||||
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 issued and outstanding at March 31, 2011 and 2010
|
28,678,726 | 34,313,579 | ||||||
|
General partner
|
(62,192 | ) | (48,070 | ) | ||||
| 28,616,534 | 34,265,509 | |||||||
| $ | 29,457,231 | $ | 36,310,730 | |||||
See notes to financial statements
F-8
Series 47 through 49
STATEMENTS OF OPERATIONS
Years ended March 31, 2011 and 2010
|
Total
|
||||||||
|
2011
|
2010
|
|||||||
|
Income
|
||||||||
|
Interest income
|
$ | 54,209 | $ | 64,328 | ||||
|
Total income
|
54,209 | 64,328 | ||||||
|
Share of losses from operating limited partnerships
|
(3,152,301 | ) | (3,388,231 | ) | ||||
|
Expenses and loss
|
||||||||
|
Professional fees
|
115,145 | 105,533 | ||||||
|
Partnership management fee
|
1,021,891 | 1,020,560 | ||||||
|
Amortization
|
993,070 | 366,799 | ||||||
|
General and administrative expenses
|
88,883 | 93,101 | ||||||
|
Impairment loss
|
6,214,616 | 4,054,571 | ||||||
| 8,433,605 | 5,640,564 | |||||||
|
NET LOSS
|
$ | (11,531,697 | ) | $ | (8,964,467 | ) | ||
|
Net loss allocated to general partner
|
$ | (28,829 | ) | $ | (22,412 | ) | ||
|
Net loss allocated to limited partner
|
$ | (11,502,868 | ) | $ | (8,942,055 | ) | ||
|
Net loss per BAC
|
$ | (0.98 | ) | $ | (0.76 | ) | ||
(continued)
F-9
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 47
|
||||||||
|
2011
|
2010
|
|||||||
|
Income
|
||||||||
|
Interest income
|
$ | 5,950 | $ | 1,620 | ||||
|
Total income
|
5,950 | 1,620 | ||||||
|
Share of losses from operating limited partnerships
|
(916,045 | ) | (1,107,625 | ) | ||||
|
Expenses and loss
|
||||||||
|
Professional fees
|
33,403 | 31,322 | ||||||
|
Partnership management fee
|
367,987 | 348,587 | ||||||
|
Amortization
|
337,770 | 110,218 | ||||||
|
General and administrative expenses
|
28,446 | 29,552 | ||||||
|
Impairment loss
|
1,583,819 | 1,083,796 | ||||||
| 2,351,425 | 1,603,475 | |||||||
|
NET LOSS
|
$ | (3,261,520 | ) | $ | (2,709,480 | ) | ||
|
Net loss allocated to general partner
|
$ | (8,154 | ) | $ | (6,774 | ) | ||
|
Net loss allocated to limited partner
|
$ | (3,253,366 | ) | $ | (2,702,706 | ) | ||
|
Net loss per BAC
|
$ | (0.94 | ) | $ | (0.78 | ) | ||
(continued)
F-10
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 48
|
||||||||
|
2011
|
2010
|
|||||||
|
Income
|
||||||||
|
Interest income
|
$ | 7,490 | $ | 2,246 | ||||
|
Total income
|
7,490 | 2,246 | ||||||
|
Share of losses from operating limited partnerships
|
(911,098 | ) | (836,542 | ) | ||||
|
Expenses and loss
|
||||||||
|
Professional fees
|
27,542 | 27,908 | ||||||
|
Partnership management fee
|
208,840 | 213,047 | ||||||
|
Amortization
|
226,325 | 71,787 | ||||||
|
General and administrative expenses
|
24,016 | 24,801 | ||||||
|
Impairment loss
|
1,230,871 | 199,643 | ||||||
| 1,717,594 | 537,186 | |||||||
|
NET LOSS
|
$ | (2,621,202 | ) | $ | (1,371,482 | ) | ||
|
Net loss allocated to general partner
|
$ | (6,553 | ) | $ | (3,429 | ) | ||
|
Net loss allocated to limited partner
|
$ | (2,614,649 | ) | $ | (1,368,053 | ) | ||
|
Net loss per BAC
|
$ | (1.14 | ) | $ | (0.59 | ) | ||
(continued)
F-11
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 49
|
||||||||
|
2011
|
2010
|
|||||||
|
Income
|
||||||||
|
Interest income
|
$ | 40,769 | $ | 60,462 | ||||
|
Total income
|
40,769 | 60,462 | ||||||
|
Share of losses from operating limited partnerships
|
(1,325,158 | ) | (1,444,064 | ) | ||||
|
Expenses and loss
|
||||||||
|
Professional fees
|
54,200 | 46,303 | ||||||
|
Partnership management fee
|
445,064 | 458,926 | ||||||
|
Amortization
|
428,975 | 184,794 | ||||||
|
General and administrative expenses
|
36,421 | 38,748 | ||||||
|
Impairment loss
|
3,399,926 | 2,771,132 | ||||||
| 4,364,586 | 3,499,903 | |||||||
|
NET LOSS
|
$ | (5,648,975 | ) | $ | (4,883,505 | ) | ||
|
Net loss allocated to general partner
|
$ | (14,122 | ) | $ | (12,209 | ) | ||
|
Net loss allocated to limited partner
|
$ | (5,634,853 | ) | $ | (4,871,296 | ) | ||
|
Net loss per BAC
|
$ | (0.94 | ) | $ | (0.81 | ) | ||
See notes to financial statements
F-12
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Years ended March 31, 2011 and 2010
|
Limited
|
General
|
|||||||||||
|
Total
|
partner
|
partner
|
Total
|
|||||||||
|
Partners’ capital (deficit), March 31, 2009
|
$ | 70,077,473 | $ | (86,225 | ) | $ | 69,991,248 | |||||
|
Net loss
|
(8,942,055 | ) | (22,412 | ) | (8,964,467 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2010
|
$ | 61,135,418 | $ | (108,637 | ) | $ | 61,026,781 | |||||
|
Net loss
|
(11,502,868 | ) | (28,829 | ) | (11,531,697 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2011
|
$ | 49,632,550 | $ | (137,466 | ) | $ | 49,495,084 | |||||
(continued)
F-13
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2011 and 2010
|
Limited
|
General
|
|||||||||||
|
Series 47
|
partner
|
partner
|
Total
|
|||||||||
|
Partners’ capital (deficit), March 31, 2009
|
$ | 18,091,999 | $ | (31,557 | ) | $ | 18,060,442 | |||||
|
Net loss
|
(2,702,706 | ) | (6,774 | ) | (2,709,480 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2010
|
$ | 15,389,293 | $ | (38,331 | ) | $ | 15,350,962 | |||||
|
Net loss
|
(3,253,366 | ) | (8,154 | ) | (3,261,520 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2011
|
$ | 12,135,927 | $ | (46,485 | ) | $ | 12,089,442 | |||||
(continued)
F-14
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Year ended March 31, 2006 and 2005
|
Limited
|
General
|
|||||||||||
|
Series 48
|
partner
|
partner
|
Total
|
|||||||||
|
Partners’ capital (deficit), March 31, 2009
|
$ | 12,800,599 | $ | (18,807 | ) | $ | 12,781,792 | |||||
|
Net loss
|
(1,368,053 | ) | (3,429 | ) | (1,371,482 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2010
|
$ | 11,432,546 | $ | (22,236 | ) | $ | 11,410,310 | |||||
|
Net loss
|
(2,614,649 | ) | (6,553 | ) | (2,621,202 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2011
|
$ | 8,817,897 | $ | (28,789 | ) | $ | 8,789,108 | |||||
(continued)
F-15
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2011 and 2010
|
Limited
|
General
|
|||||||||||
|
Series 49
|
partner
|
partner
|
Total
|
|||||||||
|
Partners’ capital (deficit), March 31, 2009
|
$ | 39,184,875 | $ | (35,861 | ) | $ | 39,149,014 | |||||
|
Net loss
|
(4,871,296 | ) | (12,209 | ) | (4,883,505 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2010
|
$ | 34,313,579 | $ | (48,070 | ) | $ | 34,265,509 | |||||
|
Net loss
|
(5,634,853 | ) | (14,122 | ) | (5,648,975 | ) | ||||||
|
Partners’ capital (deficit), March 31, 2011
|
$ | 28,678,726 | $ | (62,192 | ) | $ | 28,616,534 | |||||
See notes to financial statements
F-16
Series 47 through 49
STATEMENTS OF CASH FLOWS
Years ended March 31, 2011 and 2010
|
Total
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows from operating activities
|
||||||||
|
Net loss
|
$ | (11,531,697 | ) | $ | (8,964,467 | ) | ||
|
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
|
Share of loss from operating limited partnerships
|
3,152,301 | 3,388,231 | ||||||
|
Impairment loss
|
6,214,616 | 4,054,571 | ||||||
|
Distributions received from operating limited partnerships
|
30,600 | 54,337 | ||||||
|
Amortization
|
993,070 | 366,799 | ||||||
|
Changes in assets and liabilities
|
||||||||
|
Other assets
|
(6,245 | ) | - | |||||
|
Accounts payable - affiliates
|
937,828 | 562,828 | ||||||
|
Net cash used in operating activities
|
(209,527 | ) | (537,701 | ) | ||||
|
Cash flows from investing activities
|
||||||||
|
Capital contributions paid to operating limited partnerships
|
(59,339 | ) | (26,272 | ) | ||||
|
(Advances) to repayments from operating limited partnerships
|
(155,128 | ) | (124,416 | ) | ||||
|
Return of capital contributions
|
- | 305,596 | ||||||
|
Net cash provided by (used in) investing activities
|
(214,467 | ) | 154,908 | |||||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(423,994 | ) | (382,793 | ) | ||||
|
Cash and cash equivalents, beginning
|
2,660,085 | 3,042,878 | ||||||
|
Cash and cash equivalents, end
|
$ | 2,236,091 | $ | 2,660,085 | ||||
(continued)
F-17
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Total
|
||||||||
|
2011
|
2010
|
|||||||
|
Supplemental schedule of noncash investing and financing activities:
|
||||||||
|
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.
|
$ | 1,860,931 | $ | 499,258 | ||||
|
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.
|
$ | - | $ | 2,489 | ||||
|
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.
|
$ | 4,686 | $ | 5,774 | ||||
|
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.
|
$ | 115,156 | $ | 3,436 | ||||
(continued)
F-18
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 47
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows from operating activities
|
||||||||
|
Net loss
|
$ | (3,261,520 | ) | $ | (2,709,480 | ) | ||
|
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
|
Share of loss from operating limited partnerships
|
916,045 | 1,107,625 | ||||||
|
Impairment loss
|
1,583,819 | 1,083,796 | ||||||
|
Distributions received from operating limited partnerships
|
552 | 13,168 | ||||||
|
Amortization
|
337,770 | 110,218 | ||||||
|
Changes in assets and liabilities
|
||||||||
|
Other assets
|
- | - | ||||||
|
Accounts payable - affiliates
|
388,344 | 338,344 | ||||||
|
Net cash used in operating activities
|
(34,990 | ) | (56,329 | ) | ||||
|
Cash flows from investing activities
|
||||||||
|
Capital contributions paid to operating limited partnerships
|
(2,475 | ) | - | |||||
|
(Advances) to repayments from operating limited partnerships
|
- | - | ||||||
|
Return of capital contributions
|
- | - | ||||||
|
Net cash provided by (used in) investing activities
|
(2,475 | ) | - | |||||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(37,465 | ) | (56,329 | ) | ||||
|
Cash and cash equivalents, beginning
|
434,561 | 490,890 | ||||||
|
Cash and cash equivalents, end
|
$ | 397,096 | $ | 434,561 | ||||
(continued)
F-19
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 47
|
||||||||
|
2011
|
2010
|
|||||||
|
Supplemental schedule of noncash investing and financing activities:
|
||||||||
|
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.
|
$ | 199,846 | $ | - | ||||
|
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.
|
$ | - | $ | - | ||||
|
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.
|
$ | 2,343 | $ | 2,887 | ||||
|
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.
|
$ | - | $ | - | ||||
(continued)
F-20
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 48
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows from operating activities
|
||||||||
|
Net loss
|
$ | (2,621,202 | ) | $ | (1,371,482 | ) | ||
|
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
|
Share of loss from operating limited partnerships
|
911,098 | 836,542 | ||||||
|
Impairment loss
|
1,230,871 | 199,643 | ||||||
|
Distributions received from operating limited partnerships
|
10,713 | 21,818 | ||||||
|
Amortization
|
226,325 | 71,787 | ||||||
|
Changes in assets and liabilities
|
||||||||
|
Other assets
|
- | - | ||||||
|
Accounts payable - affiliates
|
238,380 | 213,380 | ||||||
|
Net cash used in operating activities
|
(3,815 | ) | (28,312 | ) | ||||
|
Cash flows from investing activities
|
||||||||
|
Capital contributions paid to operating limited partnerships
|
(2,475 | ) | - | |||||
|
(Advances) to repayments from operating limited partnerships
|
(168,628 | ) | - | |||||
|
Return of capital contributions
|
- | - | ||||||
|
Net cash provided by (used in) investing activities
|
(171,103 | ) | - | |||||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(174,918 | ) | (28,312 | ) | ||||
|
Cash and cash equivalents, beginning
|
610,427 | 638,739 | ||||||
|
Cash and cash equivalents, end
|
$ | 435,509 | $ | 610,427 | ||||
(continued)
F-21
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 48
|
||||||||
|
2011
|
2010
|
|||||||
|
Supplemental schedule of noncash investing and financing activities:
|
||||||||
|
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.
|
$ | 199,846 | $ | - | ||||
|
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.
|
$ | - | $ | - | ||||
|
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.
|
$ | 2,343 | $ | 2,887 | ||||
|
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.
|
$ | 115,156 | $ | - | ||||
(continued)
F-22
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 49
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows from operating activities
|
||||||||
|
Net loss
|
$ | (5,648,975 | ) | $ | (4,883,505 | ) | ||
|
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
|
Share of loss from operating limited partnerships
|
1,325,158 | 1,444,064 | ||||||
|
Impairment loss
|
3,399,926 | 2,771,132 | ||||||
|
Distributions received from operating limited partnerships
|
19,335 | 19,351 | ||||||
|
Amortization
|
428,975 | 184,794 | ||||||
|
Changes in assets and liabilities
|
||||||||
|
Other assets
|
(6,245 | ) | - | |||||
|
Accounts payable - affiliates
|
311,104 | 11,104 | ||||||
|
Net cash used in operating activities
|
(170,722 | ) | (453,060 | ) | ||||
|
Cash flows from investing activities
|
||||||||
|
Capital contributions paid to operating limited partnerships
|
(54,389 | ) | (26,272 | ) | ||||
|
(Advances) to repayments from operating limited partnerships
|
13,500 | (124,416 | ) | |||||
|
Return of capital contributions
|
- | 305,596 | ||||||
|
Net cash provided by (used in) investing activities
|
(40,889 | ) | 154,908 | |||||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(211,611 | ) | (298,152 | ) | ||||
|
Cash and cash equivalents, beginning
|
1,615,097 | 1,913,249 | ||||||
|
Cash and cash equivalents, end
|
$ | 1,403,486 | $ | 1,615,097 | ||||
(continued)
F-23
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2011 and 2010
|
Series 49
|
||||||||
|
2011
|
2010
|
|||||||
|
Supplemental schedule of noncash investing and financing activities:
|
||||||||
|
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.
|
$ | 1,461,239 | $ | 499,258 | ||||
|
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.
|
$ | - | $ | 2,489 | ||||
|
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.
|
$ | - | $ | - | ||||
|
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.
|
$ | - | $ | 3,436 | ||||
See notes to financial statements
F-24
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund V L.P. (the “Fund” or “Partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the Fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V 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 99.75% to the assignees and .25% to the general partner.
A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060.
The BAC’s issued and outstanding in each series at March 31, 2011 and 2010 are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
3,478,334 | 3,478,334 | ||||||
|
Series 48
|
2,299,372 | 2,299,372 | ||||||
|
Series 49
|
6,000,000 | 6,000,000 | ||||||
| 11,777,706 | 11,777,706 | |||||||
F-25
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships
The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.
The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships. If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2011 and March 31, 2010, of $6,214,616 and $4,054,571, respectively.
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 investments in operating limited partnerships and capital contributions payable.
F-26
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE.
The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the partnership’s financial statements.
F-27
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.
F-28
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Deferred Acquisition Costs
Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2011, an impairment loss of $515,429 and $791,820 for Series 48 and Series 49, respectively, was recorded. As of March 31, 2010, an impairment loss of $1,018,679 was recorded for Series 49. As of March 31, 2011, the lives of the remaining acquisition costs were reassessed and determined to be 6 years for all Series.
Accumulated amortization as of March 31, 2011 and 2010 is as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 912,298 | $ | 578,642 | ||||
|
Series 48
|
599,435 | 374,575 | ||||||
|
Series 49
|
1,301,709 | 872,734 | ||||||
| $ | 2,813,442 | $ | 1,825,951 | |||||
The amortization of deferred acquisition costs for each of the ensuing 5 years through March 31, 2016 is estimated to be $769,615 per year.
F-29
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Capitalized Expenses
Costs incurred in connection with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investments in operating limited partnerships. Such costs are being amortized on the straight-line method over 27.5 years. As of March 31, 2011, an impairment loss of $86,385 and $31,129 for Series 47 and Series 48, respectively, was recorded to bring the capitalized expense to zero for Series 47 and Series 48. As of March 31, 2010, an impairment loss of $131,314 was recorded to bring the capitalized expense to zero for Series 49.
Accumulated amortization for capitalized expenses as of March 31, 2011 and 2010 are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 25,689 | $ | 21,575 | ||||
|
Series 48
|
9,134 | 7,669 | ||||||
|
Series 49
|
- | - | ||||||
| $ | 34,823 | $ | 29,244 | |||||
F-30
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Income Taxes
The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.
Cash and Cash Equivalents
Cash equivalents include 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.
F-31
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Net Loss per Beneficial Assignee Certificate
Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2011 and 2010 are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
3,478,334 | 3,478,334 | ||||||
|
Series 48
|
2,299,372 | 2,299,372 | ||||||
|
Series 49
|
6,000,000 | 6,000,000 | ||||||
| 11,777,706 | 11,777,706 | |||||||
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.
F-32
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements
In May 2009, the Financial Accounting Standards Board (FASB) issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date, through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Fund did not include the disclosure in this Form 10-K.
In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.
F-33
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
Recent Accounting Pronouncements - continued
In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP). The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies. The adoption of the Codification did not have a material impact on the Partnership’s financial position or results of operations.
F-34
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2011 and 2010, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) 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% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The annual fund management fee charged to operations for the years ended for March 31, 2011 and 2010 are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 388,344 | $ | 388,344 | ||||
|
Series 48
|
238,380 | 238,380 | ||||||
|
Series 49
|
511,104 | 511,104 | ||||||
| $ | 1,137,828 | $ | 1,137,828 | |||||
The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships to the Fund. The reporting fees paid by the operating limited partnerships for the years ended March 31, 2011 and 2010 are as follows:
F-35
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE B - RELATED PARTY TRANSACTIONS - continued
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 20,357 | $ | 39,757 | ||||
|
Series 48
|
29,540 | 25,333 | ||||||
|
Series 49
|
66,040 | 52,178 | ||||||
| $ | 115,937 | $ | 117,268 | |||||
The fund management fees paid by the Fund for the years ended March 31, 2011 and 2010 are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | - | $ | 50,000 | ||||
|
Series 48
|
- | 25,000 | ||||||
|
Series 49
|
200,000 | 500,000 | ||||||
| $ | 200,000 | $ | 575,000 | |||||
General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2011 and 2010, charged to each series’ operations are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 23,030 | $ | 21,171 | ||||
|
Series 48
|
20,510 | 19,119 | ||||||
|
Series 49
|
27,117 | 24,933 | ||||||
| $ | 70,657 | $ | 65,223 | |||||
F-36
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2011 and 2010, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2011 and 2010 by series are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
15 | 15 | ||||||
|
Series 48
|
11 | 11 | ||||||
|
Series 49
|
24 | 24 | ||||||
| 50 | 50 | |||||||
Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2011 and 2010, contributions are payable to operating limited partnerships as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | 91,654 | $ | 291,632 | ||||
|
Series 48
|
178,629 | 493,763 | ||||||
|
Series 49
|
241,530 | 1,757,158 | ||||||
| $ | 511,813 | $ | 2,542,553 | |||||
F-37
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters
|
$ | 88,232,675 | $ | 25,829,698 | $ | 17,111,380 | $ | 45,291,597 | ||||||||
|
Acquisition costs of operating limited partnerships
|
- | - | - | - | ||||||||||||
|
Cumulative distributions from operating limited partnerships
|
(171,580 | ) | (17,435 | ) | (68,453 | ) | (85,692 | ) | ||||||||
|
Cumulative impairment loss in investments in operating limited partnerships
|
(12,787,170 | ) | (4,149,190 | ) | (1,106,384 | ) | (7,531,596 | ) | ||||||||
|
Cumulative losses from operating limited partnerships
|
(30,079,020 | ) | (10,713,876 | ) | (7,589,648 | ) | (11,775,496 | ) | ||||||||
|
Investments in operating limited partnerships per balance sheets
|
45,194,905 | 10,949,197 | 8,346,895 | 25,898,813 | ||||||||||||
F-38
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).
|
(665,864 | ) | (91,653 | ) | (178,628 | ) | (395,583 | ) | ||||||||
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).
|
(7,921,693 | ) | (249,351 | ) | (51,330 | ) | (7,621,012 | ) | ||||||||
|
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).
|
333,626 | - | - | 333,626 | ||||||||||||
|
Cumulative impairment loss in investments in operating limited partnerships
|
12,787,170 | 4,149,190 | 1,106,384 | 7,531,596 | ||||||||||||
|
Other
|
5,633 | (5,657 | ) | 2,441 | 8,849 | |||||||||||
|
Equity per operating limited partnerships’ combined financial statements
|
$ | 49,733,777 | $ | 14,751,726 | $ | 9,225,762 | $ | 25,756,289 | ||||||||
F-39
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters
|
$ | 88,343,145 | $ | 25,827,355 | $ | 17,224,193 | $ | 45,291,597 | ||||||||
|
Acquisition costs of operating limited partnerships
|
123,093 | 90,499 | 32,594 | - | ||||||||||||
|
Cumulative distributions from operating limited partnerships
|
(140,980 | ) | (16,883 | ) | (57,740 | ) | (66,357 | ) | ||||||||
|
Cumulative impairment loss in investments in operating limited partnerships
|
(7,997,317 | ) | (2,651,756 | ) | (422,071 | ) | (4,923,490 | ) | ||||||||
|
Cumulative losses from operating limited partnerships
|
(26,926,719 | ) | (9,797,831 | ) | (6,678,550 | ) | (10,450,338 | ) | ||||||||
|
Investments in operating limited partnerships per balance sheets
|
53,401,222 | 13,451,384 | 10,098,426 | 29,851,412 | ||||||||||||
F-40
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).
|
(2,604,123 | ) | (244,757 | ) | (448,154 | ) | (1,911,212 | ) | ||||||||
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).
|
(521,871 | ) | - | - | (521,871 | ) | ||||||||||
|
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).
|
327,852 | (2,887 | ) | (2,887 | ) | 333,626 | ||||||||||
|
Cumulative impairment loss in investments in operating limited partnerships
|
7,997,317 | 2,651,756 | 422,071 | 4,923,490 | ||||||||||||
|
Other
|
(121,037 | ) | (101,598 | ) | (39,296 | ) | 19,857 | |||||||||
|
Equity per operating limited partnerships’ combined financial statements
|
$ | 58,479,360 | $ | 15,753,898 | $ | 10,030,160 | $ | 32,695,302 | ||||||||
F-41
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2010 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
ASSETS
|
||||||||||||||||
|
Buildings and improvements, net of accumulated depreciation
|
$ | 257,744,656 | $ | 87,045,310 | $ | 61,870,702 | $ | 108,828,644 | ||||||||
|
Land
|
22,576,589 | 8,589,687 | 6,709,244 | 7,277,658 | ||||||||||||
|
Other assets
|
22,531,584 | 8,162,397 | 5,221,399 | 9,147,788 | ||||||||||||
| $ | 302,852,829 | $ | 103,797,394 | $ | 73,801,345 | $ | 125,254,090 | |||||||||
|
LIABILITIES AND PARTNERS’ CAPITAL
|
||||||||||||||||
|
Mortgages and construction loans payable
|
$ | 195,399,491 | $ | 69,493,831 | $ | 49,679,903 | $ | 76,225,757 | ||||||||
|
Accounts payable and accrued expenses
|
3,645,373 | 1,367,804 | 629,998 | 1,647,571 | ||||||||||||
|
Other liabilities
|
35,692,514 | 11,106,248 | 8,498,605 | 16,087,661 | ||||||||||||
| 234,737,378 | 81,967,883 | 58,808,506 | 93,960,989 | |||||||||||||
|
PARTNERS’ CAPITAL
|
||||||||||||||||
|
Boston Capital Tax Credit
|
||||||||||||||||
|
Fund V L.P.
|
49,733,777 | 14,751,726 | 9,225,762 | 25,756,289 | ||||||||||||
|
Other partners
|
18,381,674 | 7,077,785 | 5,767,077 | 5,536,812 | ||||||||||||
| 68,115,451 | 21,829,511 | 14,992,839 | 31,293,101 | |||||||||||||
| $ | 302,852,829 | $ | 103,797,394 | $ | 73,801,345 | $ | 125,254,090 | |||||||||
F-42
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2009 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
ASSETS
|
||||||||||||||||
|
Buildings and improvements, net of accumulated depreciation
|
$ | 274,309,614 | $ | 90,244,755 | $ | 64,146,689 | $ | 119,918,170 | ||||||||
|
Land
|
24,181,754 | 8,589,687 | 6,709,244 | 8,882,823 | ||||||||||||
|
Other assets
|
23,393,209 | 8,555,729 | 5,317,012 | 9,520,468 | ||||||||||||
| $ | 321,884,577 | $ | 107,390,171 | $ | 76,172,945 | $ | 138,321,461 | |||||||||
|
LIABILITIES AND PARTNERS’ CAPITAL
|
||||||||||||||||
|
Mortgages and construction loans payable
|
$ | 198,185,445 | $ | 70,668,544 | $ | 50,239,418 | $ | 77,277,483 | ||||||||
|
Accounts payable and accrued expenses
|
3,721,814 | 1,344,565 | 562,434 | 1,814,815 | ||||||||||||
|
Other liabilities
|
39,622,960 | 12,128,831 | 9,166,411 | 18,327,718 | ||||||||||||
| 241,530,219 | 84,141,940 | 59,968,263 | 97,420,016 | |||||||||||||
|
PARTNERS’ CAPITAL
|
||||||||||||||||
|
Boston Capital Tax Credit
|
||||||||||||||||
|
Fund V L.P.
|
58,479,360 | 15,753,898 | 10,030,160 | 32,695,302 | ||||||||||||
|
Other partners
|
21,874,998 | 7,494,333 | 6,174,522 | 8,206,143 | ||||||||||||
| 80,354,358 | 23,248,231 | 16,204,682 | 40,901,445 | |||||||||||||
| $ | 321,884,577 | $ | 107,390,171 | $ | 76,172,945 | $ | 138,321,461 | |||||||||
F-43
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
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, 2010 in which Series 47 through Series 49 had an interest as of December 31, 2010 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Rent
|
$ | 31,519,954 | $ | 11,630,669 | $ | 7,728,078 | $ | 12,161,207 | ||||||||
|
Interest and other
|
1,221,648 | 399,684 | 292,826 | 529,138 | ||||||||||||
| 32,741,602 | 12,030,353 | 8,020,904 | 12,690,345 | |||||||||||||
|
Expenses
|
||||||||||||||||
|
Interest
|
5,009,397 | 1,808,847 | 1,111,209 | 2,089,341 | ||||||||||||
|
Depreciation and amortization
|
11,078,105 | 3,736,907 | 2,749,409 | 4,591,789 | ||||||||||||
|
Taxes and insurance
|
3,987,855 | 1,597,929 | 984,859 | 1,405,067 | ||||||||||||
|
Repairs and maintenance
|
4,734,858 | 1,873,745 | 1,342,662 | 1,518,451 | ||||||||||||
|
Operating expenses
|
11,686,940 | 4,237,317 | 2,841,165 | 4,608,458 | ||||||||||||
|
Impairment
|
6,728,437 | - | - | 6,728,437 | ||||||||||||
|
Other expenses
|
2,596,626 | 527,862 | 504,775 | 1,563,989 | ||||||||||||
| 45,822,218 | 13,782,607 | 9,534,079 | 22,505,532 | |||||||||||||
|
NET LOSS
|
$ | (13,080,616 | ) | $ | (1,752,254 | ) | $ | (1,513,175 | ) | $ | (9,815,187 | ) | ||||
|
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *
|
$ | (10,552,123 | ) | $ | (1,165,396 | ) | $ | (962,428 | ) | $ | (8,424,299 | ) | ||||
|
Net loss allocated to other partners
|
$ | (2,528,493 | ) | $ | (586,858 | ) | $ | (550,747 | ) | $ | (1,390,888 | ) | ||||
* Amount includes $249,351, $51,330 and $7,099,141 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-44
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
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, 2009 in which Series 47 through Series 49 had an interest as of December 31, 2009 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Rent
|
$ | 30,839,075 | $ | 11,469,338 | $ | 7,610,933 | $ | 11,758,804 | ||||||||
|
Interest and other
|
1,085,715 | 403,662 | 249,091 | 432,962 | ||||||||||||
| 31,924,790 | 11,873,000 | 7,860,024 | 12,191,766 | |||||||||||||
|
Expenses
|
||||||||||||||||
|
Interest
|
5,200,352 | 1,913,108 | 1,178,293 | 2,108,951 | ||||||||||||
|
Depreciation and amortization
|
11,569,877 | 3,787,381 | 2,839,994 | 4,942,502 | ||||||||||||
|
Taxes and insurance
|
4,105,097 | 1,595,608 | 934,581 | 1,574,908 | ||||||||||||
|
Repairs and maintenance
|
3,856,984 | 1,550,231 | 906,136 | 1,400,617 | ||||||||||||
|
Operating expenses
|
11,102,041 | 3,995,554 | 2,666,876 | 4,439,611 | ||||||||||||
|
Impairment
|
- | - | - | - | ||||||||||||
|
Other expenses
|
1,777,677 | 568,202 | 565,521 | 643,954 | ||||||||||||
| 37,612,028 | 13,410,084 | 9,091,401 | 15,110,543 | |||||||||||||
|
NET LOSS
|
$ | (5,687,238 | ) | $ | (1,537,084 | ) | $ | (1,231,377 | ) | $ | (2,918,777 | ) | ||||
|
Net loss allocated to Boston Capital Tax Credit Fund V L.P.
|
$ | (3,910,102 | ) | $ | (1,107,625 | ) | $ | (836,542 | ) | $ | (1,965,935 | ) | ||||
|
Net loss allocated to other partners
|
$ | (1,777,136 | ) | $ | (429,459 | ) | $ | (394,835 | ) | $ | (952,842 | ) | ||||
* Amount includes $521,871 for Series 49 of loss not recognized under the equity method of accounting as described in note A.
F-45
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE D - OTHER ASSETS
At March 31, 2011 and 2010, other assets includes $- and $735,123, respectively, of cash advanced to operating limited partnerships, which is to be applied to capital contributions payable when certain criteria have been met. The cash advances at March 31, 2011 and 2010 by series are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | - | $ | - | ||||
|
Series 48
|
- | - | ||||||
|
Series 49
|
- | 735,123 | ||||||
| $ | - | $ | 735,123 | |||||
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 2011 and 2010 consist of advance installments of $429,038 and $1,311,741 , respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1.00%. Prime was 3.25% as of March 31, 2011 and 2010. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2011 and 2010 by series are as follows:
|
2011
|
2010
|
|||||||
|
Series 47
|
$ | - | $ | 155,857 | ||||
|
Series 48
|
168,628 | 155,857 | ||||||
|
Series 49
|
260,410 | 1,000,027 | ||||||
| $ | 429,038 | $ | 1,311,741 | |||||
F-46
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
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, 2011 is reconciled as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Net income (loss) for financial reporting purposes
|
$ | (11,531,697 | ) | $ | (3,261,520 | ) | $ | (2,621,202 | ) | $ | (5,648,975 | ) | ||||
|
Accrued partnership management fee not deducted for income tax purposes
|
937,828 | 388,344 | 238,380 | 311,104 | ||||||||||||
|
Other
|
169,557 | 38,923 | 37,771 | 92,863 | ||||||||||||
|
Excess of tax depreciation over book depreciation on operating limited partnership assets
|
(1,996,364 | ) | (980,178 | ) | (485,547 | ) | (530,639 | ) | ||||||||
|
Impairment loss not recognized for tax purposes
|
6,214,616 | 1,583,819 | 1,230,871 | 3,399,926 | ||||||||||||
|
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting
|
(7,399,822 | ) | (249,351 | ) | (51,330 | ) | (7,099,141 | ) | ||||||||
|
Operating limited partnership impairment loss not recognized for tax purposes
|
6,728,437 | - | - | 6,728,437 | ||||||||||||
|
Difference due to fiscal year for book purposes and calendar year for tax purposes
|
655,144 | 245,385 | 149,852 | 259,907 | ||||||||||||
|
Income (loss) for tax return purposes, December 31, 2010
|
$ | (6,222,301 | ) | $ | (2,234,578 | ) | $ | (1,501,205 | ) | $ | (2,486,518 | ) | ||||
F-47
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
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, 2010 is reconciled as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Net income (loss) for financial reporting purposes
|
$ | (8,964,467 | ) | $ | (2,709,480 | ) | $ | (1,371,482 | ) | $ | (4,883,505 | ) | ||||
|
Accrued partnership management fee not deducted (deducted) for income tax purposes
|
562,828 | 338,344 | 213,380 | 11,104 | ||||||||||||
|
Other
|
200,075 | 121,730 | 315,771 | (237,426 | ) | |||||||||||
|
Excess of tax depreciation over book depreciation on operating limited partnership assets
|
(1,271,940 | ) | (481,206 | ) | (206,993 | ) | (583,741 | ) | ||||||||
|
Impairment loss not recognized for tax purposes
|
4,054,571 | 1,083,796 | 199,643 | 2,771,132 | ||||||||||||
|
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting
|
(521,871 | ) | - | - | (521,871 | ) | ||||||||||
|
Operating limited partnership impairment loss not recognized for tax purposes
|
- | - | - | - | ||||||||||||
|
Difference due to fiscal year for book purposes and calendar year for tax purposes
|
(230,620 | ) | (71,960 | ) | (67,327 | ) | (91,333 | ) | ||||||||
|
Income (loss) for tax return purposes, December 31, 2009
|
$ | (6,171,424 | ) | $ | (1,718,776 | ) | $ | (917,008 | ) | $ | (3,535,640 | ) | ||||
F-48
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Investments in operating limited partnerships - tax return December 31, 2010
|
$ | 48,380,727 | $ | 11,845,643 | $ | 7,348,812 | $ | 29,186,272 | ||||||||
|
Impairment loss in investment in operating limited partnerships
|
(12,787,170 | ) | (4,149,190 | ) | (1,106,384 | ) | (7,531,596 | ) | ||||||||
|
Operating limited partnership losses not recognized for financial reporting purposes under the equity method
|
(7,921,693 | ) | (249,351 | ) | (51,330 | ) | (7,621,012 | ) | ||||||||
|
Operating limited partnership impairment loss not recognized for tax purposes
|
6,728,437 | - | - | 6,728,437 | ||||||||||||
|
Other
|
10,794,604 | 3,502,095 | 2,155,797 | 5,136,712 | ||||||||||||
|
Investments in operating limited partnerships - as reported
|
$ | 45,194,905 | $ | 10,949,197 | $ | 8,346,895 | $ | 25,898,813 | ||||||||
F-49
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:
|
Total
|
Series 47
|
Series 48
|
Series 49
|
|||||||||||||
|
Investments in operating limited partnerships - tax return December 31, 2009
|
$ | 54,105,654 | $ | 13,966,736 | $ | 8,775,655 | $ | 31,363,263 | ||||||||
|
Impairment loss in investment in operating limited partnerships
|
(7,997,317 | ) | (2,651,756 | ) | (422,071 | ) | (4,923,490 | ) | ||||||||
|
Operating limited partnership losses not recognized for financial reporting purposes under the equity method
|
(521,871 | ) | - | - | (521,871 | ) | ||||||||||
|
Operating limited partnership impairment loss not recognized for tax purposes
|
- | - | - | - | ||||||||||||
|
Other
|
7,814,756 | 2,136,404 | 1,744,842 | 3,933,510 | ||||||||||||
|
Investments in operating limited partnerships - as reported
|
$ | 53,401,222 | $ | 13,451,384 | $ | 10,098,426 | $ | 29,851,412 | ||||||||
F-50
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2011 and 2010
NOTE G- CASH EQUIVALENTS
Cash equivalents of $2,235,801 and $2,655,804 as of March 31, 2011 and 2010, respectively, include money market accounts with interest rates ranging from 0.15% to 0.80% per annum.
NOTE H - CONCENTRATION OF CREDIT RISK
The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2011.
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS
The Fund’s financial instruments relate to other assets, notes receivable, and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets, notes receivable, and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See notes B, D, and E for disclosure of the carrying amount and terms of these financial instruments.
F-51