FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

BOSTON CAPITAL TAX CREDIT FUND

LIMITED PARTNERSHIP -

SERIES 1 THROUGH SERIES 6

 

MARCH 31, 2012 AND 2011

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

TABLE OF CONTENTS

 

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-3
FINANCIAL STATEMENTS
BALANCE SHEETS	F-4
STATEMENTS OF OPERATIONS	F-11
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-18
STATEMENTS OF CASH FLOWS	F-22
NOTES TO FINANCIAL STATEMENTS	F-29

 

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 Limited Partnership

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6, in total and for each series, as of March 31, 2012 and 2011, 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, 2012. These 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 also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

  

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6, in total and for each series, as of March 31, 2012 and 2011, and the results of its operations and its 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, 2012, 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, 2012

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS

 

March 31, 2012 and 2011

 

		Total
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	219,878			$	3,031,943
		$	219,878			$	3,031,943
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	2,864,506			$	5,460,872
			2,864,506				5,460,872
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 9,800,600 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 9,800,600 issued and 9,775,100 and 9,795,600 outstanding at March 31, 2012 and 2011, respectively			(2,385,364	)			(1,626,912	)
General partner			(259,264	)			(802,017	)
			(2,644,628	)			(2,428,929	)
		$	219,878			$	3,031,943

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 1
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	-			$	32,556
		$	-			$	32,556
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	-			$	2,633,302
			-				2,633,302
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,299,900 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the  assignor limited partner, 1,299,900 issued and 1,296,900 and 1,299,900 outstanding at March 31, 2012 and 2011, respectively			-				(2,461,905	)
General partner			-				(138,841	)
			-				(2,600,746	)
		$	-			$	32,556

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 2
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	-			$	1,074,536
		$	-			$	1,074,536
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	-			$	-
			-				-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 830,300 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 830,300 issued and 829,800 and 830,300 outstanding at March 31, 2012 and 2011, respectively			-				1,130,003
General partner			-				(55,467	)
			-				1,074,536
		$	-			$	1,074,536

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 3
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	219,878			$	209,814
		$	219,878			$	209,814
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	2,864,506			$	2,827,570
			2,864,506				2,827,570
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,882,200 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the  assignor limited partner, 2,882,200 issued and 2,864,200 and 2,877,200 outstanding at March 31, 2012 and 2011, respectively			(2,385,364	)			(2,358,761	)
General partner			(259,264	)			(258,995	)
			(2,644,628	)			(2,617,756	)
		$	219,878			$	209,814

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 4
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	-			$	1,269,589
		$	-			$	1,269,589
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	-			$	-
			-				-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,995,300 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,995,300 issued and 2,991,300 2,995,300 outstanding at March 31, 2012 and 2011, respectively			-				1,505,055
General partner			-				(235,466	)
			-				1,269,589
		$	-			$	1,269,589

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 5
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	-			$	445,448
		$	-			$	445,448
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	-			$	-
			-				-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 489,900 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 489,900 issued and outstanding at March 31, 2012 and 2011			-				482,707
General partner			-				(37,259	)
			-				445,448
		$	-			$	445,448

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 6
		2012				2011
ASSETS
ASSETS
Cash and cash equivalents		$	-			$	-
		$	-			$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates		$	-			$	-
			-				-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,303,000 issued to the assignees at March 31, 2012 and 2011			-				-
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,303,000 issued and outstanding at March 31, 2012 and 2011			-				75,989
General partner			-				(75,989	)
			-				-
		$	-			$	-

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS

 

Years Ended March 31, 2012 and 2011

 

		Total
		2012				2011
Income
Interest income		$	11,552			$	24,449
Miscellaneous income			93				100,687
Total income			11,645				125,136
Share of income from operating limited partnerships			82,451				7,183
Expenses
Professional fees			60,476				65,935
Partnership management fee			36,859				94,911
General and administrative expenses			175,580				57,559
			272,915				218,405
NET INCOME (LOSS)		$	(178,819	)		$	(86,086	)
Net income (loss) allocated to general partner		$	(2,102,367	)		$	(861	)
Net income (loss) allocated to limited partners		$	1,923,548			$	(85,225	)
Net income (loss) per BAC		$	0.20			$	(0.01	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 1
		2012				2011
Income
Interest income		$	56			$	276
Miscellaneous income			-				118
Total income			56				394
Share of income from operating limited partnerships			5,000				-
Expenses
Professional fees			11,744				12,370
Partnership management fee			7,687				16,804
General and administrative expenses			29,999				10,574
			49,430				39,748
NET INCOME (LOSS)		$	(44,374	)		$	(39,354	)
Net income (loss) allocated to general partner		$	(2,506,279	)		$	(394	)
Net income (loss) allocated to limited partners		$	2,461,905			$	(38,960	)
Net income (loss) per BAC		$	1.90			$	(0.03	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 2
		2012				2011
Income
Interest income		$	3,650			$	8,580
Miscellaneous income			-				2,662
Total income			3,650				11,242
Share of income from operating limited partnerships			-				-
Expenses
Professional fees			9,951				10,501
Partnership management fee			15,734				20,089
General and administrative expenses			36,501				8,531
			62,186				39,121
NET INCOME (LOSS)		$	(58,536	)		$	(27,879	)
Net income (loss) allocated to general partner		$	55,467			$	(279	)
Net income (loss) allocated to limited partners		$	(114,003	)		$	(27,600	)
Net income (loss) per BAC		$	(0.14	)		$	(0.03	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 3
		2012				2011
Income
Interest income		$	505			$	1,344
Miscellaneous income			93				97,315
Total income			598				98,659
Share of income from operating limited partnerships			65,458				-
Expenses
Professional fees			16,575				18,036
Partnership management fee			33,011				21,588
General and administrative expenses			43,342				16,856
			92,928				56,480
NET INCOME (LOSS)		$	(26,872	)		$	42,179
Net income (loss) allocated to general partner		$	(269	)		$	422
Net income (loss) allocated to limited partners		$	(26,603	)		$	41,757
Net income (loss) per BAC		$	(0.01	)		$	0.01

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 4
		2012				2011
Income
Interest income		$	6,504			$	11,041
Miscellaneous income			-				118
Total income			6,504				11,159
Share of income from operating limited partnerships			11,993				7,183
Expenses
Professional fees			12,363				14,784
Partnership management fee			(30,795	)			21,468
General and administrative expenses			31,518				14,213
			13,086				50,465
NET INCOME (LOSS)		$	5,411			$	(32,123	)
Net income (loss) allocated to general partner		$	235,466			$	(321	)
Net income (loss) allocated to limited partners		$	(230,055	)		$	(31,802	)
Net income (loss) per BAC		$	(0.08	)		$	(0.01	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 5
		2012				2011
Income
Interest income		$	837			$	3,208
Miscellaneous income			-				474
Total income			837				3,682
Share of income from operating limited partnerships			-				-
Expenses
Professional fees			9,843				10,244
Partnership management fee			11,222				14,962
General and administrative expenses			34,220				7,385
			55,285				32,591
NET INCOME (LOSS)		$	(54,448	)		$	(28,909	)
Net income (loss) allocated to general partner		$	37,259			$	(289	)
Net income (loss) allocated to limited partners		$	(91,707	)		$	(28,620	)
Net income (loss) per BAC		$	(0.19	)		$	(0.06	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 6
		2012				2011
Income
Interest income		$	-			$	-
Miscellaneous income			-				-
Total income			-				-
Share of income from operating limited partnerships			-				-
Expenses
Professional fees			-				-
Partnership management fee			-				-
General and administrative expenses			-				-
			-				-
NET INCOME (LOSS)		$	-			$	-
Net income (loss) allocated to general partner		$	75,989			$	-
Net income (loss) allocated to limited partners		$	(75,989	)		$	-
Net income (loss) per BAC		$	(0.06	)		$	-

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Years Ended March 31, 2012 and 2011

 

Total		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	(1,413,063	)		$	(799,857	)		$	(2,212,920	)
Contribution			-				-				-
Distribution			(128,624	)			(1,299	)			(129,923	)
Net income (loss)			(85,225	)			(861	)			(86,086	)
Partners’ capital (deficit), March 31, 2011		$	(1,626,912	)		$	(802,017	)		$	(2,428,929	)
Contribution			-				2,645,120				2,645,120
Distribution			(2,682,000	)			-				(2,682,000	)
Net income (loss)			1,923,548				(2,102,367	)			(178,819	)
Partners’ capital (deficit), March 31, 2012		$	(2,385,364	)		$	(259,264	)		$	(2,644,628	)

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

Series 1		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	(2,422,945	)		$	(138,447	)		$	(2,561,392	)
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			(38,960	)			(394	)			(39,354	)
Partners’ capital (deficit), March 31, 2011		$	(2,461,905	)		$	(138,841	)		$	(2,600,746	)
Contribution			-				2,645,120				2,645,120
Distribution			-				-				-
Net income (loss)			2,461,905				(2,506,279	)			(44,374	)
Partners’ capital (deficit), March 31, 2012		$	-			$	-			$	-

 

Series 2		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	1,157,603			$	(55,188	)		$	1,102,415
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			(27,600	)			(279	)			(27,879	)
Partners’ capital (deficit), March 31, 2011		$	1,130,003			$	(55,467	)		$	1,074,536
Contribution			-				-				-
Distribution			(1,016,000	)			-				(1,016,000	)
Net income (loss)			(114,003	)			55,467				(58,536	)
Partners’ capital (deficit), March 31, 2012		$	-			$	-			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

Series 3		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	(2,400,518	)		$	(259,417	)		$	(2,659,935	)
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			41,757				422				42,179
Partners’ capital (deficit), March 31, 2011		$	(2,358,761	)		$	(258,995	)		$	(2,617,756	)
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			(26,603	)			(269	)			(26,872	)
Partners’ capital (deficit), March 31, 2012		$	(2,385,364	)		$	(259,264	)		$	(2,644,628	)

 

Series 4		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	1,665,481			$	(233,846	)		$	1,431,635
Contribution			-				-				-
Distribution			(128,624	)			(1,299	)			(129,923	)
Net income (loss)			(31,802	)			(321	)			(32,123	)
Partners’ capital (deficit), March 31, 2011		$	1,505,055			$	(235,466	)		$	1,269,589
Contribution			-				-				-
Distribution			(1,275,000	)			-				(1,275,000	)
Net income (loss)			(230,055	)			235,466				5,411
Partners’ capital (deficit), March 31, 2012		$	-			$	-			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

Series 5		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	511,327			$	(36,970	)		$	474,357
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			(28,620	)			(289	)			(28,909	)
Partners’ capital (deficit), March 31, 2011		$	482,707			$	(37,259	)		$	445,448
Contribution			-				-				-
Distribution			(391,000	)			-				(391,000	)
Net income (loss)			(91,707	)			37,259				(54,448	)
Partners’ capital (deficit), March 31, 2012		$	-			$	-			$	-

 

Series 6		Limited partners				General partner				Total
Partners’ capital (deficit), March 31, 2010		$	75,989			$	(75,989	)		$	-
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			-				-				-
Partners’ capital (deficit), March 31, 2011		$	75,989			$	(75,989	)		$	-
Contribution			-				-				-
Distribution			-				-				-
Net income (loss)			(75,989	)			75,989				-
Partners’ capital (deficit), March 31, 2012		$	-			$	-			$	-

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS

 

Years Ended March 31, 2012 and 2011

 

		Total
		2012				2011
Cash flows from operating activities
Net income (loss)		$	(178,819	)		$	(86,086	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships			(82,451	)			(7,183	)
Accounts payable and accrued expenses			-				(15,000	)
Accounts payable - affiliates			48,754				67,572
Net cash provided by (used in) operating activities			(212,516	)			(40,697	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			82,451				7,183
Net cash provided by investing activities			82,451				7,183
Cash flows from financing activities
Distributions			(2,682,000	)			(129,923	)
Net cash used in financing activities			(2,682,000	)			(129,923	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(2,812,065	)			(163,437	)
Cash and cash equivalents, beginning			3,031,943				3,195,380
Cash and cash equivalents, end		$	219,878			$	3,031,943
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	2,645,120			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 1
		2012				2011
Cash flows from operating activities
Net income (loss)		$	(44,374	)		$	(39,354	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships			(5,000	)			-
Accounts payable and accrued expenses			-				-
Accounts payable - affiliates			11,818				27,760
Net cash provided by (used in) operating activities			(37,556	)			(11,594	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			5,000				-
Net cash provided by investing activities			5,000				-
Cash flows from financing activities
Distributions			-				-
Net cash used in financing activities			-				-
NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS			(32,556	)			(11,594	)
Cash and cash equivalents, beginning			32,556				44,150
Cash and cash equivalents, end		$	-			$	32,556
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	2,645,120			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 2
		2012				2011
Cash flows from operating activities
Net income (loss)		$	(58,536	)		$	(27,879	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships			-				-
Accounts payable and accrued expenses			-				-
Accounts payable - affiliates			-				-
Net cash provided by (used in) operating activities			(58,536	)			(27,879	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			-				-
Net cash provided by investing activities			-				-
Cash flows from financing activities
Distributions			(1,016,000	)			-
Net cash used in financing activities			(1,016,000	)			-
NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS			(1,074,536	)			(27,879	)
Cash and cash equivalents, beginning			1,074,536				1,102,415
Cash and cash equivalents, end		$	-			$	1,074,536
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	-			$	-

 

(continued)

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 3
		2012				2011
Cash flows from operating activities
Net income (loss)		$	(26,872	)		$	42,179
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships			(65,458	)			-
Accounts payable and accrued expenses			-				-
Accounts payable – affiliates			36,936				39,812
Net cash provided by (used in) operating activities			(55,394	)			81,991
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			65,458				-
Net cash provided by investing activities			65,458				-
Cash flows from financing activities Distributions			-				-
Net cash used in financing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			10,064				81,991
Cash and cash equivalents, beginning			209,814				127,823
Cash and cash equivalents, end		$	219,878			$	209,814
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	-			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 4
		2012				2011
Cash flows from operating activities
Net income (loss)		$	5,411			$	(32,123	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships			(11,993	)			(7,183	)
Accounts payable and accrued expenses			-				(15,000	)
Accounts payable - affiliates			-				-
Net cash provided by (used in) operating activities			(6,582	)			(54,306	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			11,993				7,183
Net cash provided by investing activities			11,993				7,183
Cash flows from financing activities Distributions			(1,275,000	)			(129,923	)
Net cash used in financing activities			(1,275,000	)			(129,923	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,269,589	)			(177,046	)
Cash and cash equivalents, beginning			1,269,589				1,446,635
Cash and cash equivalents, end		$	-			$	1,269,589
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	-			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 5
		2012				2011
Cash flows from operating activities
Net income (loss)		$	(54,448	)		$	(28,909	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships			-				-
Accounts payable and accrued expenses			-				-
Accounts payable - affiliates			-				-
Net cash provided by (used in) operating activities			(54,448	)			(28,909	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			-				-
Net cash provided by investing activities			-				-
Cash flows from financing activities Distributions			(391,000	)			-
Net cash used in financing activities			(391,000	)			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(445,448	)			(28,909	)
Cash and cash equivalents, beginning			445,448				474,357
Cash and cash equivalents, end		$	-			$	445,448
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	-			$	-

 

(continued)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years Ended March 31, 2012 and 2011

 

		Series 6
		2012				2011
Cash flows from operating activities
Net income (loss)		$	-			$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships			-				-
Accounts payable and accrued expenses			-				-
Accounts payable - affiliates			-				-
Net cash provided by (used in) operating activities			-				-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships			-				-
Net cash provided by investing activities			-				-
Cash flows from financing activities Distributions			-				-
Net cash used in financing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			-				-
Cash and cash equivalents, beginning			-				-
Cash and cash equivalents, end		$	-			$	-
Significant noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable-affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.		$	-			$	-

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax Credit Fund Limited Partnership (the “Partnership”) (formerly American Affordable Housing VI Limited Partnership) was formed under the laws of the State of Delaware as of June 1, 1988, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have acquired, developed, rehabilitated, operate and own newly constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for the rehabilitation of certified historic structures and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the Partnership is Boston Capital Associates Limited Partnership and the limited partner is BCTC Assignor Corp. (the “assignor limited partner”).

 

Pursuant to the Securities Act of 1933, the Partnership filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective August 29, 1988, which covered the offering (the “Public Offering”) of the Partnership’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Partnership registered 10,000,000 BACs at $10 per BAC for sale to the public in six series. BACs sold in bulk were offered to investors at a reduced cost per BAC.

 

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships

 

The Partnership accounts for its investments in operating limited partnerships using the equity method of accounting. Under the equity method of accounting, the Partnership 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 Partnership recognizes individual operating limited partnership 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 will be suspended and offset against future individual operating limited partnership income.

 

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the Partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Partnership recorded a valuation allowance as follows

 

		2012				2011
Series 1		$	-			$	-
Series 2			-				209,299
Series 3			-				-
Series 4			-				-
Series 5			-				116,494
Series 6			-				-
		$	-			$	325,793

 

The Partnership 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. During the years ended March 31, 2012 and 2011, the Partnership did not record an impairment loss.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships (Continued)

 

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 Partnership records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

 

The operating limited partnerships maintain their financial statements based on a calendar year and the partnership utilizes a March 31 year end. The Partnership 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 Partnership records capital contributions payable to the operating limited partnerships once there is a binding obligation to the partnerships of a specified amount. The operating limited partnerships record capital contributions from the partnership when received.

 

The Partnership records acquisition costs as an increase in its investments in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the partnership.

 

In accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership 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 Partnership determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Partnership 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 Partnership has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Partnership also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Partnership determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the partnership’s financial statements.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships (Continued)

 

Based on this guidance, the operating limited partnerships in which the Partnership invests meet the definition of a VIE. However, management does not consolidate the Partnership’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Partnership 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 Partnership’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 Partnership’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.

 

Cash Equivalents

 

Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less. The carrying amounts approximate fair value because of the short maturity of these instruments.

 

Income Taxes

 

The Partnership 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 Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership 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 Partnership has no other tax positions which must be considered for disclosure.

 

Fiscal Year

 

For financial reporting purposes the partnership uses a March 31 year end, whereas for income tax reporting purposes, the partnership uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

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.

 

Net Income (Loss) per Beneficial Assignee Certificate

 

Net income (loss) per beneficial assignee certificate is calculated based upon the number of units outstanding. The number of units outstanding in each series at March 31, 2012 and 2011 are as follows:

 

		2012				2011
Series 1			1,296,900				1,299,900
Series 2			829,800				830,300
Series 3			2,864,200				2,877,200
Series 4			2,991,300				2,995,300
Series 5			489,900				489,900
Series 6			1,303,000				1,303,000
TOTAL			9,775,100				9,795,600

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Recent Accounting Changes

 

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modifies the consolidation model to one based on control and economics, and replaced 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 was 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 Partnership’s financial statements.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Plan of Liquidation and Dissolution

 

On April 27, 2007, BAC Holders approved a Plan of Liquidation and Dissolution for the Partnership, (the “Plan”). Pursuant to the Plan, the general partner may, without further action by the BAC Holders, sell the remaining assets held by the Partnership. It was anticipated that the sale of all the apartment complexes would be completed sometime in 2011. However, because of numerous uncertainties, the liquidation may take longer than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold. Because the liquidation of the Partnership was not imminent, as of March 31, 2012, the financial statements are presented assuming the Partnership will continue as a going concern.

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2012 and 2011, the partnership entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership, as follows:

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

Boston Capital Asset Management Limited Partnership is entitled to an annual partnership management fee based on .375% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2012 and 2011, are as follows:

 

		2012
		Gross Partnership Management Fee				Asset Management & Reporting Fee				Partnership Management Fee net of Asset Management & Reporting Fee
Series 1		$	8,947			$	1,260			$	7,687
Series 2			16,254				520				15,734
Series 3			36,936				3,925				33,011
Series 4			14,977				45,772				(30,795	)
Series 5			11,511				289				11,222
Series 6			-				-				-
		$	88,625			$	51,766			$	36,859

 

		2011
		Gross Partnership Management Fee				Asset Management & Reporting Fee				Partnership Management Fee net of Asset Management & Reporting Fee
Series 1		$	20,064			$	3,260			$	16,804
Series 2			21,672				1,583				20,089
Series 3			39,812				18,224				21,588
Series 4			21,468				-				21,468
Series 5			15,348				386				14,962
Series 6			-				-				-
		$	118,364			$	23,453			$	94,911

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

The partnership management fees paid by the partnership for the years ended March 31, 2012 and 2011 are as follows:

 

		2012				2011
Series 1		$	-			$	-
Series 2			16,254				21,672
Series 3			-				-
Series 4			14,977				21,468
Series 5			11,511				15,348
Series 6			-				-
		$	42,742			$	58,488

 

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2012 and 2011, total partnership management fees accrued were $2,390,872 and $4,819,383, respectively. During the fiscal year end March 31, 2012 the accrued balance of $2,474,394 in Series 1 has been forgiven. The general partner has recorded this amount as a capital contribution.

 

An affiliate of the general partner of the partnership advanced funds to pay some operating expenses of the partnership, and to make advances and/or loans to operating limited partnerships. These advances are included in Accounts payable-affiliates. The total advances from the affiliate of the general partner to the operating limited partnerships for the year ended March 31, 2012 and 2011 are as follows:

 

		2012				2011
Series 1		$	-			$	167,855
Series 2			-				-
Series 3			473,634				473,634
Series 4			-				-
Series 5			-				-
		$	473,634			$	641,489

 

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. During the fiscal year end March 31, 2012 there were no payments paid to the affiliates of the general partner and the total advance balance of $170,726 in Series 1 has been forgiven. The general partner has recorded this amount as a capital contribution.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership were charged to each series’ operations for the years ended March 31, 2012 and 2011 as follows:

 

		2012				2011
Series 1		$	2,871			$	7,789
Series 2			2,825				6,731
Series 3			10,426				11,234
Series 4			7,392				10,035
Series 5			2,873				6,368
Series 6			-				-
		$	26,387			$	42,157

 

Accounts payable - affiliates at March 31, 2012 and 2011 represents general and administrative expenses, partnership management fees, and may include advances which are noninterest bearing and payable to Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2012 and 2011, the partnership has limited partnership interests in operating limited partnerships, which own apartment complexes. The number of operating limited partnerships in which the partnership has limited partnership interests at March 31, 2012 and 2011 by series is as follows:

 

		2012				2011
Series 1			-				4
Series 2			-				1
Series 3			7				9
Series 4			-				3
Series 5			-				1
Series 6			-				-
			7				18

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

 

During the year end March 31, 2012 the Partnership disposed of ten of the operating limited partnerships, of which one operating limited partnership was included in both Series 2 and 5. A summary of the dispositions by Series for March 31, 2012 is as follows:

 

		Operating Partnership Interest Transferred				Sale of Underlying Operating Partnership				Partnership Proceeds from Disposition				Gain/(Loss) on Disposition
Series 1			4				-			$	5,000			$	5,000
Series 2			1				-				-				-
Series 3			1				1				65,458				65,458
Series 4			3				-				11,993				11,993
Series 5			1				-				-				-
Series 6			-				-				-				-
Total			10				1			$	82,451			$	82,451

 

During the year end March 31, 2011 the Partnership disposed of one of the operating limited partnerships, and received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for March 31, 2011 is as follows:

 

		Operating Partnership Interest Transferred				Sale of Underlying Operating Partnership				Partnership Proceeds from Disposition				Gain/(Loss) on Disposition
Series 1			-				-			$	-			$	-
Series 2			-				-				-				-
Series 3			1				-				-				-
Series 4			-				-				7,183				7,183
Series 5			-				-				-				-
Series 6			-				-				-				-
Total			1				-			$	7,183			$	7,183

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

 

		Total
Capital contributions paid to operating limited partnerships, net of tax credit adjusters		$	1,390,133
Acquisition costs of operating limited partnerships			247,190
Cumulative distributions from operating limited partnerships			(3,682	)
Cumulative losses from operating limited partnerships			(1,633,641	)
Investments in operating limited partnerships per balance sheets			-
The Partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the Partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see Note A).			-
The Partnership has recorded acquisition costs at March 31, 2012, which have not been accounted for in the net assets of the operating limited partnerships (see Note A).			2,712
The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see Note A).			1,741
Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (See Note A).			(2,025,513	)
Other			(106,747	)
Equity per operating limited partnerships’ combined financial statements		$	(2,127,807	)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

 

		Series 1				Series 2				Series 3
Capital contributions paid to operating limited partnerships, net of tax credit adjusters		$	-			$	-			$	1,390,133
Acquisition costs of operating limited partnerships			-				-				247,190
Cumulative distributions from operating limited partnerships			-				-				(3,682	)
Cumulative losses from operating limited partnerships			-				-				(1,633,641	)
Investments in operating limited partnerships per balance sheets			-				-				-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 1				Series 2				Series 3
The Partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012, which have not been included in the Partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).			-				-				-
The Partnership has recorded acquisition costs at March 31, 2012, which have not been accounted for in the net assets of the operating limited partnerships (see note A).			-				-				2,712
The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			-				-				1,741
Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).			-				-				(2,025,513	)
Other			-				-				(106,747	)
Equity per operating limited partnerships’ combined financial statements		$	-			$	-			$	(2,127,807	)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

 

Series 4

Series 5

Series 6

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

$

-

$

-

$

-

Acquisition costs of operating limited partnerships

-

-

-

Cumulative distributions from operating limited partnerships

-

-

-

Cumulative losses from operating limited partnerships

-

-

-

Investments in operating limited partnerships per balance sheets

-

-

-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

Series 4

Series 5

Series 6

The Partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012, which have not been included in the Partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).

-

-

-

The Partnership has recorded acquisition costs at March 31, 2012, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

-

-

-

The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

-

-

-

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

-

-

-

Other

-

-

-

Equity per operating limited partnerships’ combined financial statements

$

-

$

-

$

-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

 

		Total
Capital contributions paid to operating limited partnerships, net of tax credit adjusters		$	7,274,544
Acquisition costs of operating limited partnerships			1,180,467
Cumulative distributions from operating limited partnerships			(3,682	)
Cumulative losses from operating limited partnerships			(8,451,329	)
Investments in operating limited partnerships per balance sheets			-
The Partnership 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).			26,549
The Partnership has recorded acquisition costs at March 31, 2011, which have not been accounted for in the net assets of the operating limited partnerships (see note A).			37,049
The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			33,776
Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).			(12,925,270	)
Other			(291,182	)
Equity per operating limited partnerships’ combined financial statements		$	(13,119,078	)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

 

		Series 1				Series 2				Series 3
Capital contributions paid to operating limited partnerships, net of tax credit adjusters		$	983,918			$	1,736,542			$	1,877,038
Acquisition costs of operating limited partnerships			116,328				410,657				333,919
Cumulative distributions from operating limited partnerships			-				-				(3,682	)
Cumulative losses from operating limited partnerships			(1,100,246	)			(2,147,199	)			(2,207,275	)
Investments in operating limited partnerships per balance sheets			-				-				-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 1				Series 2				Series 3
The Partnership 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).			-				26,549				-
The Partnership has recorded acquisition costs at March 31, 2011, which have not been accounted for in the net assets of the operating limited partnerships (see note A).			(109	)			34,446				2,712
The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			30,590				-				3,186
Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).			(2,752,056	)			(3,530,515	)			(3,267,836	)
Other			129,959				(243,745	)			(47,881	)
Equity per operating limited partnerships’ combined financial statements		$	(2,591,616	)		$	(3,713,265	)		$	(3,309,819	)

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

 

		Series 4				Series 5				Series 6
Capital contributions paid to operating limited partnerships, net of tax credit adjusters		$	1,515,236			$	1,161,810			$	-
Acquisition costs of operating limited partnerships			116,468				203,095				-
Cumulative distributions from operating limited partnerships			-				-				-
Cumulative losses from operating limited partnerships			(1,631,704	)			(1,364,905	)			-
Investments in operating limited partnerships per balance sheets			-				-				-

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

		Series 4				Series 5				Series 6
The Partnership 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).			-				-				-
The Partnership has recorded acquisition costs at March 31, 2011, which have not been accounted for in the net assets of the operating limited partnerships (see note A).			-				-				-
The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			-				-				-
Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).			(1,576,044	)			(1,798,819	)			-
Other			20,983				(150,498	)			-
Equity per operating limited partnerships’ combined financial statements		$	(1,555,061	)		$	(1,949,317	)		$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 1				Series 2				Series 3
ASSETS
Buildings and improvements, net of accumulated depreciation		$	3,351,093			$	-			$	-			$	3,351,093
Land			730,530				-				-				730,530
Other assets			971,406				-				-				971,406
		$	5,053,029			$	-			$	-			$	5,053,029
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		$	6,629,724			$	-			$	-			$	6,629,724
Accounts payable and accruedexpenses			70,743				-				-				70,743
Other liabilities			349,745				-				-				349,745
			7,050,212				-				-				7,050,212
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund Limited Partnership			(2,127,807	)			-				-				(2,127,807	)
Other partners			130,624				-				-				130,624
			(1,997,183	)			-				-				(1,997,183	)
		$	5,053,029			$	-			$	-			$	5,053,029

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

  

Series 4

Series 5

Series 6

ASSETS

Buildings and improvements, net of accumulated depreciation

$

-

$

-

$

-

Land

-

-

-

Other assets

-

-

-

$

-

$

-

$

-

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable

$

-

$

-

$

-

Accounts payable and accrued expenses

-

-

-

Other liabilities

-

-

-

-

-

-

PARTNERS’ CAPITAL (DEFICIT)

Boston Capital Tax Credit Fund Limited Partnership

-

-

-

Other partners

-

-

-

-

-

-

$

-

$

-

$

-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 1				Series 2				Series 3
ASSETS
Buildings and improvements, net of accumulated depreciation		$	22,338,896			$	1,183,860			$	7,578,443			$	4,185,721
Land			1,797,017				201,600				226,000				814,570
Other assets			2,643,326				533,023				204,941				1,050,579
		$	26,779,239			$	1,918,483			$	8,009,384			$	6,050,870
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		$	46,994,690			$	4,126,441			$	15,026,391			$	8,832,663
Accounts payable and accrued expenses			354,315				33,787				101,018				90,669
Other liabilities			6,237,928				224,638				2,486,109				321,444
			53,586,933				4,384,866				17,613,518				9,244,776
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund Limited Partnership			(13,119,078	)			(2,591,616	)			(3,713,265	)			(3,309,819	)
Other partners			(13,688,616	)			125,233				(5,890,869	)			115,913
			(26,807,694	)			(2,466,383	)			(9,604,134	)			(3,193,906	)
		$	26,779,239			$	1,918,483			$	8,009,384			$	6,050,870

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

		Series 4				Series 5				Series 6
ASSETS
Buildings and improvements, net of accumulated depreciation		$	1,812,429			$	7,578,443			$	-
Land			328,847				226,000				-
Other assets			649,842				204,941				-
		$	2,791,118			$	8,009,384			$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		$	3,982,804			$	15,026,391			$	-
Accounts payable and accrued expenses			27,823				101,018				-
Other liabilities			719,628				2,486,109				-
			4,730,255				17,613,518				-
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund Limited Partnership			(1,555,061	)			(1,949,317	)			-
Other partners			(384,076	)			(7,654,817	)			-
			(1,939,137	)			(9,604,134	)			-
		$	2,791,118			$	8,009,384			$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 1				Series 2				Series 3
Revenue
Rental		$	1,291,310			$	-			$	-			$	1,291,310
Interest and other			78,719				-				-				78,719
			1,370,029				-				-				1,370,029
Expenses
Interest			127,504				-				-				127,504
Depreciation and amortization			308,484				-				-				308,484
Taxes and insurance			223,084				-				-				223,084
Repairs and maintenance			265,968				-				-				265,968
Operating expenses			632,670				-				-				632,670
Other expenses			6,784				-				-				6,784
			1,564,494				-				-				1,564,494
NET LOSS		$	(194,465	)		$	-			$	-			$	(194,465	)
Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*		$	(207,647	)		$	-			$	-			$	(207,647	)
Net loss allocated to other partners		$	13,182			$	-			$	-			$	13,182

 

*

Amounts include $0, $0, $207,647, $0, $0, and $0 for Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

  

Series 4

Series 5

Series 6

Revenue

Rental

$

-

$

-

$

-

Interest and other

-

-

-

-

-

-

Expenses

Interest

-

-

-

Depreciation and amortization

-

-

-

Taxes and insurance

-

-

-

Repairs and maintenance

-

-

-

Operating expenses

-

-

-

Other expenses

-

-

-

-

-

-

NET LOSS

$

-

$

-

$

-

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

$

-

$

-

$

-

Net loss allocated to other partners

$

-

$

-

$

-

 

*

Amounts include $0, $0, $207,647, $0, $0, and $0 for Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

  

		Total				Series 1				Series 2				Series 3
Revenue
Rental		$	5,948,998			$	740,328			$	1,377,818			$	1,532,678
Interest and other			311,774				9,998				85,083				85,124
			6,260,772				750,326				1,462,901				1,617,802
Expenses
Interest			1,910,626				81,053				696,797				176,773
Depreciation and amortization			1,501,952				194,120				322,268				402,896
Taxes and insurance			542,949				136,130				58,873				181,096
Repairs and maintenance			1,903,635				136,820				651,084				370,432
Operating expenses			2,447,238				294,098				596,179				632,377
Other expenses			26,943				11,100				3,500				8,843
			8,333,343				853,321				2,328,701				1,772,417
NET LOSS		$	(2,072,571	)		$	(102,995	)		$	(865,800	)		$	(154,615	)
Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*		$	(643,761	)		$	(101,965	)		$	(169,696	)		$	(205,937	)
Net loss allocated to other partners		$	(1,428,810	)		$	(1,030	)		$	(696,104	)		$	51,322

 

*

Amounts include $101,965, $169,696, $205,937, $71,704, $94,459, and $0 for Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

 

		Series 4				Series 5				Series 6
Revenue
Rental		$	920,356			$	1,377,818			$	-
Interest and other			46,486				85,083				-
			966,842				1,462,901				-
Expenses
Interest			259,206				696,797				-
Depreciation and amortization			260,400				322,268				-
Taxes and insurance			107,977				58,873				-
Repairs and maintenance			94,215				651,084				-
Operating expenses			328,405				596,179				-
Other expenses			-				3,500				-
			1,050,203				2,328,701				-
NET LOSS		$	(83,361	)		$	(865,800	)		$	-
Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*		$	(71,704	)		$	(94,459	)		$	-
Net loss allocated to other partners		$	(11,657	)		$	(771,341	)		$	-

 

*

Amounts include $101,965, $169,696, $205,937, $71,704, $94,459, and $0 for Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE D

- RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

 

The Partnership’s net income (loss) for financial reporting purposes and income (loss) for income tax return purposes for the year ended March 31, 2012 is reconciled as follows:

 

		Total				Series 1				Series 2				Series 3
Net income (loss) for financial reporting purposes		$	(178,819	)		$	(44,374	)		$	(58,536	)		$	(26,872	)
Less: Excess of tax depreciation over book depreciation on operating limited partnership assets			(55,206	)			-				-				(55,206	)
Operating limited partnership loss not allowed for financial reporting under equity method of accounting			(207,647	)			-				-				(207,647	)
Other			1,728,403				-				-				1,728,403
Related party expenses			590				-				-				590
Difference due to fiscal year for book purposes and calendar year for tax purposes			7,069,132				2,742,175				2,018,297				(66,142	)
Accrued partnership management fees not deductible for tax purposes until paid			36,936				-				-				36,936
Income (loss) for income tax return purposes, year ended December 31, 2011		$	8,393,389			$	2,697,801			$	1,959,761			$	1,410,062

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s net income (loss) for financial reporting purposes and income (loss) for income tax return purposes for the year ended March 31, 2012 is reconciled as follows:

 

		Series 4				Series 5				Series 6
Net income (loss) for financial reporting purposes		$	5,411			$	(54,448	)		$	-
Less: Excess of tax depreciation over book depreciation on operating limited partnership assets			-				-				-
Operating limited partnership loss not allowed for financial reporting under equity method of accounting			-				-				-
Other			-				-				-
Related party expenses			-				-				-
Difference due to fiscal year for book purposes and calendar year for tax purposes			1,443,952				930,850				-
Accrued partnership management fees not deductible for tax purposes until paid			-				-				-
Income (loss) for income tax return purposes, year ended December 31, 2011		$	1,449,363			$	876,402			$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE D

- RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

 

The Partnership’s net income (loss) for financial reporting and income (loss) for income tax return purposes for the year ended March 31, 2011 is reconciled as follows:

 

		Total				Series 1				Series 2				Series 3
Net income (loss) for financial reporting purposes		$	(86,086	)		$	(39,354	)		$	(27,879	)		$	42,179
Less: Excess of tax depreciation over book depreciation on operating limited partnership assets			(151,386	)			-				-				(53,825	)
Operating limited partnership loss not allowed for financial reporting under equity method of accounting			(643,761	)			(101,965	)			(169,696	)			(205,937	)
Other			643,199				(7,381	)			(21,838	)			640,736
Related party expenses			21,253				-				-				(5,743	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			10,468				1,474				1,226				785
Accrued partnership management fees not deductible for tax purposes until paid			59,874				20,064				-				39,810
Income (loss) for income tax return purposes, year ended December 31, 2010		$	(146,439	)		$	(127,162	)		$	(218,187	)		$	458,005

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The Partnership’s net income (loss) for financial reporting and income (loss) for income tax return purposes for the year ended March 31, 2011 is reconciled as follows:

 

		Series 4				Series 5				Series 6
Net income (loss) for financial reporting purposes		$	(32,123	)		$	(28,909	)		$	-
Less: Excess of tax depreciation over book depreciation on operating limited partnership assets			742				(98,303	)			-
Operating limited partnership loss not allowed for financial reporting under equity method of accounting			(71,704	)			(94,459	)			-
Other			(27,470	)			59,152				-
Related party expenses			-				26,996				-
Difference due to fiscal year for book purposes and calendar year for tax purposes			5,332				1,651				-
Accrued partnership management fees not deductible for tax purposes until paid			-				-				-
Income (loss) for income tax return purposes, year ended December 31, 2010		$	(125,223	)		$	(133,872	)		$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012 are as follows:

 

		Total				Series 1				Series 2				Series 3
Investments in operating limited partnerships - tax return December 31, 2011		$	(3,430,200	)		$	-			$	-			$	(3,430,200	)
Add back losses not recognized under the equity method			2,025,513				-				-				2,025,513
Other			1,404,687				-				-				1,404,687
Investments in operating limited partnerships - as reported		$	-			$	-			$	-			$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012 are as follows:

 

Series 4

Series 5

Series 6

Investments in operating limited partnerships - tax return December 31, 2011

$

-

$

-

$

-

Add back losses not recognized under the equity method

-

-

-

Other

-

-

-

Investments in operating limited partnerships - as reported

$

-

$

-

$

-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011 are as follows:

 

		Total				Series 1				Series 2				Series 3
Investments in operating limited partnerships - tax return December 31, 2010		$	(12,131,129	)		$	(2,574,396	)		$	(2,236,402	)		$	(4,830,881	)
Add back losses not recognized under the equity method			12,925,270				2,752,056				3,530,515				3,267,836
Other			(794,141	)			(177,660	)			(1,294,113	)			1,563,045
Investments in operating limited partnerships - as reported		$	-			$	-			$	-			$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:

 

		Series 4				Series 5				Series 6
Investments in operating limited partnerships - tax return December 31, 2010		$	(1,434,838	)		$	(1,054,612	)		$	-
Add back losses not recognized under the equity method			1,576,044				1,798,819				-
Other			(141,206	)			(744,207	)			-
Investments in operating limited partnerships - as reported		$	-			$	-			$	-

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2012 and 2011

 

NOTE E - CONCENTRATION OF CREDIT RISK

 

The Partnership 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 Partnership 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, 2012.

 

NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

 

As of March 31, 2012, the Partnership’s financial instruments relate to accounts payable - affiliates. Management has not disclosed the fair value of the financial instruments because determination of such fair value is deemed to be impractical. The accounts payable - affiliates are owed to affiliates of the Partnership. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.