Exhibit 13

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

BOSTON CAPITAL TAX CREDIT FUND V L.P. -

SERIES 47 THROUGH 49

 

MARCH 31, 2015 AND 2014

 

 

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-4
	STATEMENTS OF OPERATIONS	F-8
	STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-12
	STATEMENTS OF CASH FLOWS	F-16
	NOTES TO FINANCIAL STATEMENTS	F-20

 

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 Limited Partnership

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V Limited Partnership - Series 47 through Series 49 (the "Partnership"), in total and for each series, as of March 31, 2015 and 2014, and the related statements of operations, partners' capital (deficit) and cash flows for the total Partnership and for each series for each of the years in the two-year period ended March 31, 2015. The Partnership's management is responsible for these financial statements. 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 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 V Limited Partnership - Series 47 through Series 49, in total and for each series, as of March 31, 2015 and 2014, 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, 2015, in conformity with accounting principles generally accepted in the United States of America.

 

/s/CohnReznick LLP
COHNREZNICK LLP
Bethesda, Maryland
June 25, 2015

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS

March 31,

 

		Total
		2015				2014
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	9,150,371			$	18,402,830
OTHER ASSETS
Cash and cash equivalents			854,750				863,291
Deferred acquisition costs, net of accumulated amortization			540,313				1,740,938
Other assets			106,411				106,411
		$	10,651,845			$	21,113,470
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	843			$	843
Accounts payable - affiliates			5,783,781				4,770,953
Capital contributions payable			101				101
			5,784,725				4,771,897
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2015 and 2014 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, 2015 and 2014			5,116,155				16,561,921
General partner			(249,035	)			(220,348	)
			4,867,120				16,341,573
		$	10,651,845			$	21,113,470

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 47
		2015				2014
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	1,225,363			$	3,725,496
OTHER ASSETS
Cash and cash equivalents			218,870				98,908
Deferred acquisition costs, net of accumulated amortization			95,682				771,054
Other assets			-				-
		$	1,539,915			$	4,595,458
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	385			$	385
Accounts payable - affiliates			2,620,121				2,231,777
Capital contributions payable			-				-
			2,620,506				2,232,162
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2015 and 2014 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, 2015 and 2014			(1,001,181	)			2,434,096
General partner			(79,410	)			(70,800	)
			(1,080,591	)			2,363,296
		$	1,539,915			$	4,595,458

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 48
		2015				2014
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	1,272,550			$	3,069,704
OTHER ASSETS
Cash and cash equivalents			222,229				189,928
Deferred acquisition costs, net of accumulated amortization			109,847				416,864
Other assets			-				-
		$	1,604,626			$	3,676,496
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	115			$	115
Accounts payable - affiliates			1,545,420				1,307,040
Capital contributions payable			-				-
			1,545,535				1,307,155
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2015 and 2014 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, 2015 and 2014			109,705				2,414,179
General partner			(50,614	)			(44,838	)
			59,091				2,369,341
		$	1,604,626			$	3,676,496

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 49
		2015				2014
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	6,652,458			$	11,607,630
OTHER ASSETS
Cash and cash equivalents			413,651				574,455
Deferred acquisition costs, net of accumulated amortization			334,784				553,020
Other assets			106,411				106,411
		$	7,507,304			$	12,841,516
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	343			$	343
Accounts payable - affiliates			1,618,240				1,232,136
Capital contributions payable			101				101
			1,618,684				1,232,580
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2015 and 2014 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, 2015 and 2014			6,007,631				11,713,646
General partner			(119,011	)			(104,710	)
			5,888,620				11,608,936
		$	7,507,304			$	12,841,516

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS

 

Years ended March 31, 2015 and 2014

 

		Total
		2015				2014
Income
Interest income		$	2,048			$	2,084
Other income			3,444				-
Total income			5,492				2,084
Share of gain (loss) from operating limited partnerships			(1,559,433	)			(1,116,740	)
Expenses and loss
Professional fees			103,505				127,690
Partnership management fee			991,908				994,406
Amortization			580,311				686,596
General and administrative expenses			54,277				65,659
Impairment loss			8,190,511				8,356,538
			9,920,512				10,230,889
NET LOSS		$	(11,474,453	)		$	(11,345,545	)
Net loss allocated to general partner		$	(28,687	)		$	(28,363	)
Net loss allocated to limited partner		$	(11,445,766	)		$	(11,317,182	)
Net loss per BAC		$	(0.97	)		$	(0.96	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 47
		2015				2014
Income
Interest income		$	208			$	84
Other income			-				-
Total income			208				84
Share of gain (loss) from operating limited partnerships			(284,760	)			14,378
Expenses and loss
Professional fees			37,536				66,376
Partnership management fee			322,394				337,768
Amortization			257,019				333,656
General and administrative expenses			16,866				20,136
Impairment loss			2,525,520				2,797,009
			3,159,335				3,554,945
NET LOSS		$	(3,443,887	)		$	(3,540,483	)
Net loss allocated to general partner		$	(8,610	)		$	(8,851	)
Net loss allocated to limited partner		$	(3,435,277	)		$	(3,531,632	)
Net loss per BAC		$	(0.99	)		$	(1.02	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 48
		2015				2014
Income
Interest income		$	312			$	180
Other income			657				-
Total income			969				180
Share of gain (loss) from operating limited partnerships			(93,105	)			(136,000	)
Expenses and loss
Professional fees			25,904				24,413
Partnership management fee			217,273				209,564
Amortization			138,952				138,952
General and administrative expenses			13,460				16,262
Impairment loss			1,822,525				1,621,098
			2,218,114				2,010,289
NET LOSS		$	(2,310,250	)		$	(2,146,109	)
Net loss allocated to general partner		$	(5,776	)		$	(5,365	)
Net loss allocated to limited partner		$	(2,304,474	)		$	(2,140,744	)
Net loss per BAC		$	(1.00	)		$	(0.93	)

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 49
		2015				2014
Income
Interest income		$	1,528			$	1,820
Other income			2,787				-
Total income			4,315				1,820
Share of gain (loss) from operating limited partnerships			(1,181,568	)			(995,118	)
Expenses and loss
Professional fees			40,065				36,901
Partnership management fee			452,241				447,074
Amortization			184,340				213,988
General and administrative expenses			23,951				29,261
Impairment loss			3,842,466				3,938,431
			4,543,063				4,665,655
NET LOSS		$	(5,720,316	)		$	(5,658,953	)
Net loss allocated to general partner		$	(14,301	)		$	(14,147	)
Net loss allocated to limited partner		$	(5,706,015	)		$	(5,644,806	)
Net loss per BAC		$	(0.95	)		$	(0.94	)

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Years ended March 31, 2015 and 2014

 

		Limited				General
Total		partner				partner				Total
Partners’ capital (deficit), March 31, 2013		$	27,879,103			$	(191,985	)		$	27,687,118
Net loss			(11,317,182	)			(28,363	)			(11,345,545	)
Partners’ capital (deficit), March 31, 2014			16,561,921				(220,348	)			16,341,573
Net loss			(11,445,766	)			(28,687	)			(11,474,453	)
Partners’ capital (deficit), March 31, 2015		$	5,116,155			$	(249,035	)		$	4,867,120

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

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

 

Years ended March 31, 2015 and 2014

 

		Limited				General
Series 47		partner				partner				Total
Partners’ capital (deficit), March 31, 2013		$	5,965,728			$	(61,949	)		$	5,903,779
Net loss			(3,531,632	)			(8,851	)			(3,540,483	)
Partners’ capital (deficit), March 31, 2014			2,434,096				(70,800	)			2,363,296
Net loss			(3,435,277	)			(8,610	)			(3,443,887	)
Partners’ capital (deficit), March 31, 2015		$	(1,001,181	)		$	(79,410	)		$	(1,080,591	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

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

 

Year ended March 31, 2015 and 2014

  

		Limited				General
Series 48		partner				partner				Total
Partners’ capital (deficit), March 31, 2013		$	4,554,923			$	(39,473	)		$	4,515,450
Net loss			(2,140,744	)			(5,365	)			(2,146,109	)
Partners’ capital (deficit), March 31, 2014			2,414,179				(44,838	)			2,369,341
Net loss			(2,304,474	)			(5,776	)			(2,310,250	)
Partners’ capital (deficit), March 31, 2015		$	109,705			$	(50,614	)		$	59,091

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

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

 

Years ended March 31, 2015 and 2014

 

		Limited				General
Series 49		partner				partner				Total
Partners’ capital (deficit), March 31, 2013		$	17,358,452			$	(90,563	)		$	17,267,889
Net loss			(5,644,806	)			(14,147	)			(5,658,953	)
Partners’ capital (deficit), March 31, 2014			11,713,646				(104,710	)			11,608,936
Net loss			(5,706,015	)			(14,301	)			(5,720,316	)
Partners’ capital (deficit), March 31, 2015		$	6,007,631			$	(119,011	)		$	5,888,620

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS

 

Years ended March 31, 2015 and 2014

 

		Total
		2015				2014
Cash flows from operating activities
Net loss		$	(11,474,453	)		$	(11,345,545	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			1,559,433				1,116,740
Impairment loss			8,190,511				8,356,538
Distributions received from operating limited partnerships			182,829				50,476
Amortization			580,311				686,596
Changes in assets and liabilities
Other assets			(60,000	)			-
Accounts payable - affiliates			1,012,828				937,828
Net cash provided by (used in) operating activities			(8,541	)			(197,367	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships			-				-
Net cash used in investing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(8,541	)			(197,367	)
Cash and cash equivalents, beginning			863,291				1,060,658
Cash and cash equivalents, end		$	854,750			$	863,291

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 47
		2015				2014
Cash flows from operating activities
Net loss		$	(3,443,887	)		$	(3,540,483	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			284,760				(14,378	)
Impairment loss			2,525,520				2,797,009
Distributions received from operating limited partnerships			108,206				17,790
Amortization			257,019				333,656
Changes in assets and liabilities
Other assets			-				-
Accounts payable - affiliates			388,344				388,344
Net cash provided by (used in) operating activities			119,962				(18,062	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships			-				-
Net cash used in investing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			119,962				(18,062	)
Cash and cash equivalents, beginning			98,908				116,970
Cash and cash equivalents, end		$	218,870			$	98,908

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 48
		2015				2014
Cash flows from operating activities
Net loss		$	(2,310,250	)		$	(2,146,109	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			93,105				136,000
Impairment loss			1,822,525				1,621,098
Distributions received from operating limited partnerships			49,589				6,817
Amortization			138,952				138,952
Changes in assets and liabilities
Other assets			-				-
Accounts payable - affiliates			238,380				238,380
Net cash provided by (used in) operating activities			32,301				(4,862	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships			-				-
Net cash used in investing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			32,301				(4,862	)
Cash and cash equivalents, beginning			189,928				194,790
Cash and cash equivalents, end		$	222,229			$	189,928

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2015 and 2014

 

		Series 49
		2015				2014
Cash flows from operating activities
Net loss		$	(5,720,316	)		$	(5,658,953	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			1,181,568				995,118
Impairment loss			3,842,466				3,938,431
Distributions received from operating limited partnerships			25,034				25,869
Amortization			184,340				213,988
Changes in assets and liabilities
Other assets			(60,000	)			-
Accounts payable - affiliates			386,104				311,104
Net cash provided by (used in) operating activities			(160,804	)			(174,443	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships			-				-
Net cash used in investing activities			-				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(160,804	)			(174,443	)
Cash and cash equivalents, beginning			574,455				748,898
Cash and cash equivalents, end		$	413,651			$	574,455

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2015 and 2014

 

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, 2015 and 2014 are as follows:

 

		2015				2014
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

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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.

 

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 Fund recorded a valuation allowance of $120,000 and $60,000, respectively, as of March 31, 2015 and 2014.

 

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 sum of the total amount of the remaining tax credits and the estimated residual value of the 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, 2015 and March 31, 2014, of $8,190,511 and $8,356,538, 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.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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.

 

Recent Accounting Pronouncement

 

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

 

Accumulated amortization as of March 31, 2015 and 2014 is as follows:

 

		2015				2014
Series 47		$	-			$	-
Series 48			-				416,856
Series 49			-				-
		$	-			$	416,856

 

The amortization of deferred acquisition costs for each of the ensuing 2 years through March 31, 2017 are estimated to be $270,157 and $270,156 per year, for 2016 and 2017, respectively.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

 

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.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2015 and 2014 are as follows:

 

		2015				2014
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.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2015 and 2014, 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:

 

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 Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2015 and 2014, are as follows:

 

		2015
		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	388,344			$	65,950			$	322,394
Series 48			238,380				21,107				217,273
Series 49			511,104				58,863				452,241
		$	1,137,828			$	145,920			$	991,908

 

		2014
		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	388,344			$	50,576			$	337,768
Series 48			238,380				28,816				209,564
Series 49			511,104				64,030				447,074
		$	1,137,828			$	143,422			$	994,406

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE B - RELATED PARTY TRANSACTIONS - continued

 

All fund 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, 2015 and 2014, total fund management fees accrued were $5,783,781 and $4,770,953, respectively.

 

The fund management fees paid by the Fund for the years ended March 31, 2015 and 2014 are as follows:

 

		2015				2014
Series 47		$	-			$	-
Series 48			-				-
Series 49			125,000				200,000
		$	125,000			$	200,000

 

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, 2015 and 2014, charged to each series’ operations are as follows:

 

		2015				2014
Series 47		$	11,693			$	13,978
Series 48			10,038				11,520
Series 49			15,539				18,040
		$	37,270			$	43,538

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2015 and 2014, 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, 2015 and 2014 by series are as follows:

 

		2015				2014
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, 2015 and 2014, contributions are payable to operating limited partnerships as follows:

 

		2015				2014
Series 47		$	-			$	-
Series 48			-				-
Series 49			101				101
		$	101			$	101

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2015 are 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
Cumulative distributions from operating limited partnerships			(576,371	)			(191,091	)			(168,900	)			(216,380	)
Cumulative impairment loss in investments in operating limited partnerships			(42,163,860	)			(12,873,757	)			(7,293,356	)			(21,996,747	)
Cumulative losses from operating limited partnerships			(36,342,073	)			(11,539,487	)			(8,376,574	)			(16,426,012	)
Investments in operating limited partnerships per balance sheets			9,150,371				1,225,363				1,272,550				6,652,458

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).			(384,817	)			-				-				(384,817	)
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).			(11,034,070	)			(2,517,045	)			(900,720	)			(7,616,305	)
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			42,163,860				12,873,757				7,293,356				21,996,747
Other			76,918				57,028				11,548				8,342
Equity per operating limited partnerships’ combined financial statements		$	40,305,888			$	11,639,103			$	7,676,734			$	20,990,051

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2014 are 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
Cumulative distributions from operating limited partnerships			(393,542	)			(82,885	)			(119,311	)			(191,346	)
Cumulative impairment loss in investments in operating limited partnerships			(34,593,663	)			(10,766,590	)			(5,638,896	)			(18,188,177	)
Cumulative losses from operating limited partnerships			(34,842,640	)			(11,254,727	)			(8,283,469	)			(15,304,444	)
Investments in operating limited partnerships per balance sheets			18,402,830				3,725,496				3,069,704				11,607,630

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).			(384,817	)			-				-				(384,817	)
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).			(9,969,454	)			(1,839,476	)			(629,332	)			(7,500,646	)
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			34,593,663				10,766,590				5,638,896				18,188,177
Other			29,264				9,633				5,038				14,593
Equity per operating limited partnerships’ combined financial statements		$	43,005,112			$	12,662,243			$	8,084,306			$	22,258,563

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2014 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	221,109,640			$	74,345,658			$	52,823,045			$	93,940,937
Construction in progress			-				-				-				-
Land			22,528,233				8,589,687				6,709,244				7,229,302
Other assets			23,045,019				8,240,533				5,261,101				9,543,385
		$	266,682,892			$	91,175,878			$	64,793,390			$	110,713,624
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	184,519,223			$	65,418,898			$	47,143,108			$	71,957,217
Accounts payable and accrued expenses			2,902,923				1,143,510				589,050				1,170,363
Other liabilities			23,444,741				6,941,807				4,865,338				11,637,596
			210,866,887				73,504,215				52,597,496				84,765,176
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.			40,305,888				11,639,103				7,676,734				20,990,051
Other partners			15,510,117				6,032,560				4,519,160				4,958,397
			55,816,005				17,671,663				12,195,894				25,948,448
		$	266,682,892			$	91,175,878			$	64,793,390			$	110,713,624

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2013 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	229,554,175			$	77,219,525			$	54,774,362			$	97,560,288
Construction in progress			-				-				-				-
Land			22,528,233				8,589,687				6,709,244				7,229,302
Other assets			23,173,298				8,600,720				5,467,104				9,105,474
		$	275,255,706			$	94,409,932			$	66,950,710			$	113,895,064
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	187,840,479			$	66,652,213			$	47,942,380			$	73,245,886
Accounts payable and accrued expenses			2,858,028				1,129,287				524,936				1,203,805
Other liabilities			24,102,224				7,175,704				5,091,919				11,834,601
			214,800,731				74,957,204				53,559,235				86,284,292
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.			43,005,112				12,662,243				8,084,306				22,258,563
Other partners			17,449,863				6,790,485				5,307,169				5,352,209
			60,454,975				19,452,728				13,391,475				27,610,772
		$	275,255,706			$	94,409,932			$	66,950,710			$	113,895,064

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2014 in which Series 47 through Series 49 had an interest as of December 31, 2014 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	34,439,851			$	12,684,471			$	8,438,011			$	13,317,369
Interest and other			1,247,472				423,274				322,095				502,103
			35,687,323				13,107,745				8,760,106				13,819,472
Expenses
Interest			5,154,976				1,686,332				1,011,019				2,457,625
Depreciation and amortization			9,101,932				3,084,376				2,125,134				3,892,422
Taxes and insurance			4,378,282				1,867,176				1,013,370				1,497,736
Repairs and maintenance			5,312,979				2,040,772				1,373,149				1,899,058
Operating expenses			13,525,605				4,899,085				3,228,587				5,397,933
Other expenses			1,161,635				534,569				475,767				151,299
			38,635,409				14,112,310				9,227,026				15,296,073
NET LOSS		$	(2,948,086	)		$	(1,004,565	)		$	(466,920	)		$	(1,476,601	)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *		$	(2,564,049	)		$	(962,329	)		$	(364,493	)		$	(1,237,227	)
Net loss allocated to other partners		$	(384,037	)		$	(42,236	)		$	(102,427	)		$	(239,374	)

 

* Amount includes $677,569, $271,388 and $115,659 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

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, 2013 in which Series 47 through Series 49 had an interest as of December 31, 2013 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	33,900,863			$	12,507,781			$	8,331,295			$	13,061,787
Interest and other			1,086,331				392,469				195,871				497,991
			34,987,194				12,900,250				8,527,166				13,559,778
Expenses
Interest			5,226,635				1,651,204				1,046,860				2,528,571
Depreciation and amortization			9,084,301				3,091,482				2,133,886				3,858,933
Taxes and insurance			4,484,986				1,872,788				1,080,847				1,531,351
Repairs and maintenance			4,687,746				1,735,770				1,183,084				1,768,892
Operating expenses			12,563,058				4,488,770				2,895,478				5,178,810
Other expenses			1,108,783				472,282				533,562				102,939
			37,155,509				13,312,296				8,873,717				14,969,496
NET LOSS		$	(2,168,315	)		$	(412,046	)		$	(346,551	)		$	(1,409,718	)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$	(1,969,814	)		$	(438,753	)		$	(353,910	)		$	(1,177,151	)
Net loss allocated to other partners		$	(198,501	)		$	26,707			$	7,359			$	(232,567	)

 

* Amount includes $453,131, $217,910 and $182,033 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE D - 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, 2015 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net loss for financial reporting purposes		$	(11,474,453	)		$	(3,443,887	)		$	(2,310,250	)		$	(5,720,316	)
Accrued partnership management fee not deducted for income tax purposes			1,012,828				388,344				238,380				386,104
Other			978,945				730,420				29,844				218,681
Excess of tax depreciation over book depreciation on operating limited partnership assets			(1,755,416	)			(613,892	)			(418,965	)			(722,559	)
Impairment loss not recognized for tax purposes			8,190,511				2,525,520				1,822,525				3,842,466
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(1,064,616	)			(677,569	)			(271,388	)			(115,659	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			304,745				145,300				75,166				84,279
Loss for tax return purposes, December 31, 2014		$	(3,807,456	)		$	(945,764	)		$	(834,688	)		$	(2,027,004	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE D - 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, 2014 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net loss for financial reporting purposes		$	(11,345,545	)		$	(3,540,483	)		$	(2,146,109	)		$	(5,658,953	)
Accrued partnership management fee not deducted (deducted) for income tax purposes			937,828				388,344				238,380				311,104
Other			388,676				153,206				164,526				70,944
Excess of tax depreciation over book depreciation on operating limited partnership assets			(1,900,179	)			(612,182	)			(426,223	)			(861,774	)
Impairment loss not recognized for tax purposes			8,356,538				2,797,009				1,621,098				3,938,431
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(853,074	)			(453,131	)			(217,910	)			(182,033	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			223,561				180,844				45,998				(3,281	)
Loss for tax return purposes, December 31, 2013		$	(4,192,195	)		$	(1,086,393	)		$	(720,240	)		$	(2,385,562	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE D - 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, 2015 are as follows:

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2014		$	34,260,789			$	8,023,221			$	4,519,512			$	21,718,056
Impairment loss in investment in operating limited partnerships			(42,163,860	)			(12,873,757	)			(7,293,356	)			(21,996,747	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(11,034,070	)			(2,517,045	)			(900,720	)			(7,616,305	)
Other			28,087,512				8,592,944				4,947,114				14,547,454
Investments in operating limited partnerships - as reported		$	9,150,371			$	1,225,363			$	1,272,550			$	6,652,458

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE D - 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, 2014 are as follows:

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2013		$	37,713,579			$	8,934,295			$	5,316,265			$	23,463,019
Impairment loss in investment in operating limited partnerships			(34,593,663	)			(10,766,590	)			(5,638,896	)			(18,188,177	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(9,969,454	)			(1,839,476	)			(629,332	)			(7,500,646	)
Other			25,252,368				7,397,267				4,021,667				13,833,434
Investments in operating limited partnerships - as reported		$	18,402,830			$	3,725,496			$	3,069,704			$	11,607,630

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2015 and 2014

 

NOTE E- CASH EQUIVALENTS

 

Cash equivalents of $849,509 and $860,389 as of March 31, 2015 and 2014, respectively, include money market accounts with interest rates ranging from 0.10% to 0.35% per annum.

 

NOTE F - 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, 2015.

 

NOTE G - FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Fund’s financial instruments relate to other assets 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 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 note B for disclosure of the carrying amount and terms of these financial instruments.