Exhibit 13

 

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

BOSTON CAPITAL TAX CREDIT FUND V L.P. -

SERIES 47 THROUGH 49

 

MARCH 31, 2017 AND 2016

 

 

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 L.P.

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. - Series 47 through Series 49 (the "Partnership"), in total and for each series, as of March 31, 2017 and 2016, 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, 2017. 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 L.P. - Series 47 through Series 49, in total and for each series, as of March 31, 2017 and 2016, 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, 2017, in conformity with accounting principles generally accepted in the United States of America.

 

/s/CohnReznick LLP
COHNREZNICK LLP

 

Bethesda, Maryland

June 23, 2017

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS

March 31,

 

		Total
		2017				2016
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	517,469			$	2,460,506
OTHER ASSETS
Cash and cash equivalents			1,241,219				969,029
Deferred acquisition costs, net of accumulated amortization			-				120,582
Other assets			106,411				106,411
		$	1,865,099			$	3,656,528
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	343			$	843
Accounts payable - affiliates			7,990,511				6,921,609
Capital contributions payable			101				101
			7,990,955				6,922,553
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, 2017 and 2016 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 11,768,206 and 11,776,706 outstanding at March 31, 2017 and 2016, respectively			(5,849,339	)			(2,996,658	)
General partner			(276,517	)			(269,367	)
			(6,125,856	)			(3,266,025	)
		$	1,865,099			$	3,656,528

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 47
		2017				2016
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			373,138				251,317
Deferred acquisition costs, net of accumulated amortization			-				-
Other assets			-				-
		$	373,138			$	251,317
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	-			$	385
Accounts payable - affiliates			3,362,346				3,008,465
Capital contributions payable			-				-
			3,362,346				3,008,850
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, 2017 and 2016 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 3,478,334 outstanding at March 31, 2017 and 2016			(2,905,027	)			(2,673,931	)
General partner			(84,181	)			(83,602	)
			(2,989,208	)			(2,757,533	)
		$	373,138			$	251,317

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 48
		2017				2016
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			347,379				244,197
Deferred acquisition costs, net of accumulated amortization			-				-
Other assets			-				-
		$	347,379			$	244,197
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	-			$	115
Accounts payable - affiliates			1,987,717				1,783,800
Capital contributions payable			-				-
			1,987,717				1,783,915
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, 2017 and 2016 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 2,294,872 and 2,299,372 outstanding at March 31, 2017 and 2016, respectively			(1,585,475	)			(1,485,107	)
General partner			(54,863	)			(54,611	)
			(1,640,338	)			(1,539,718	)
		$	347,379			$	244,197

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS - CONTINUED

March 31,

 

		Series 49
		2017				2016
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	517,469			$	2,460,506
OTHER ASSETS
Cash and cash equivalents			520,702				473,515
Deferred acquisition costs, net of accumulated amortization			-				120,582
Other assets			106,411				106,411
		$	1,144,582			$	3,161,014
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	343			$	343
Accounts payable - affiliates			2,640,448				2,129,344
Capital contributions payable			101				101
			2,640,892				2,129,788
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, 2017 and 2016 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 5,995,000 and 5,999,000 outstanding at March 31, 2017 and 2016, respectively			(1,358,837	)			1,162,380
General partner			(137,473	)			(131,154	)
			(1,496,310	)			1,031,226
		$	1,144,582			$	3,161,014

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS

 

Years ended March 31, 2017 and 2016

 

		Total
		2017				2016
Income
Interest income		$	2,200			$	28,409
Other income			216,288				16,925
Total income			218,488				45,334
Share of gain (loss) from operating limited partnerships			(934,010	)			(348,157	)
Expenses and loss
Professional fees			95,497				123,287
Partnership management fee			897,079				1,027,906
Amortization			120,582				270,156
General and administrative expenses			71,834				60,393
Impairment loss			959,317				6,348,580
			2,144,309				7,830,322
NET LOSS		$	(2,859,831	)		$	(8,133,145	)
Net loss allocated to general partner		$	(7,150	)		$	(20,332	)
Net loss allocated to limited partner		$	(2,852,681	)		$	(8,112,813	)
Net loss per BAC		$	(0.24	)		$	(0.69	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 47
		2017				2016
Income
Interest income		$	366			$	350
Other income			100,661				7,875
Total income			101,027				8,225
Share of gain (loss) from operating limited partnerships			-				240,558
Expenses and loss
Professional fees			29,736				41,172
Partnership management fee			280,413				362,931
Amortization			-				47,840
General and administrative expenses			22,553				18,938
Impairment loss			-				1,454,844
			332,702				1,925,725
NET LOSS		$	(231,675	)		$	(1,676,942	)
Net loss allocated to general partner		$	(579	)		$	(4,192	)
Net loss allocated to limited partner		$	(231,096	)		$	(1,672,750	)
Net loss per BAC		$	(0.07	)		$	(0.48	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 48
		2017				2016
Income
Interest income		$	420			$	420
Other income			79,418				657
Total income			79,838				1,077
Share of gain (loss) from operating limited partnerships			-				113,977
Expenses and loss
Professional fees			25,959				36,010
Partnership management fee			135,960				222,873
Amortization			-				54,924
General and administrative expenses			18,539				15,516
Impairment loss			-				1,384,540
			180,458				1,713,863
NET LOSS		$	(100,620	)		$	(1,598,809	)
Net loss allocated to general partner		$	(252	)		$	(3,997	)
Net loss allocated to limited partner		$	(100,368	)		$	(1,594,812	)
Net loss per BAC		$	(0.04	)		$	(0.69	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 49
		2017				2016
Income
Interest income		$	1,414			$	27,639
Other income			36,209				8,393
Total income			37,623				36,032
Share of gain (loss) from operating limited partnerships			(934,010	)			(702,692	)
Expenses and loss
Professional fees			39,802				46,105
Partnership management fee			480,706				442,102
Amortization			120,582				167,392
General and administrative expenses			30,742				25,939
Impairment loss			959,317				3,509,196
			1,631,149				4,190,734
NET LOSS		$	(2,527,536	)		$	(4,857,394	)
Net loss allocated to general partner		$	(6,319	)		$	(12,143	)
Net loss allocated to limited partner		$	(2,521,217	)		$	(4,845,251	)
Net loss per BAC		$	(0.42	)		$	(0.81	)

 

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, 2017 and 2016

 

		Limited				General
Total		partner				partner				Total
Partners’ capital (deficit), March 31, 2015		$	5,116,155			$	(249,035	)		$	4,867,120
Net loss			(8,112,813	)			(20,332	)			(8,133,145	)
Partners’ capital (deficit), March 31, 2016			(2,996,658	)			(269,367	)			(3,266,025	)
Net loss			(2,852,681	)			(7,150	)			(2,859,831	)
Partners’ capital (deficit), March 31, 2017		$	(5,849,339	)		$	(276,517	)		$	(6,125,856	)

 

(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, 2017 and 2016

 

		Limited				General
Series 47		partner				partner				Total
Partners’ capital (deficit), March 31, 2015		$	(1,001,181	)		$	(79,410	)		$	(1,080,591	)
Net loss			(1,672,750	)			(4,192	)			(1,676,942	)
Partners’ capital (deficit), March 31, 2016			(2,673,931	)			(83,602	)			(2,757,533	)
Net loss			(231,096	)			(579	)			(231,675	)
Partners’ capital (deficit), March 31, 2017		$	(2,905,027	)		$	(84,181	)		$	(2,989,208	)

 

(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, 2017 and 2016

 

		Limited				General
Series 48		partner				partner				Total
Partners’ capital (deficit), March 31, 2015		$	109,705			$	(50,614	)		$	59,091
Net loss			(1,594,812	)			(3,997	)			(1,598,809	)
Partners’ capital (deficit), March 31, 2016			(1,485,107	)			(54,611	)			(1,539,718	)
Net loss			(100,368	)			(252	)			(100,620	)
Partners’ capital (deficit), March 31, 2017		$	(1,585,475	)		$	(54,863	)		$	(1,640,338	)

 

(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, 2017 and 2016

 

		Limited				General
Series 49		partner				partner				Total
Partners’ capital (deficit), March 31, 2015		$	6,007,631			$	(119,011	)		$	5,888,620
Net loss			(4,845,251	)			(12,143	)			(4,857,394	)
Partners’ capital (deficit), March 31, 2016			1,162,380				(131,154	)			1,031,226
Net loss			(2,521,217	)			(6,319	)			(2,527,536	)
Partners’ capital (deficit), March 31, 2017		$	(1,358,837	)		$	(137,473	)		$	(1,496,310	)

 

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, 2017 and 2016

 

		Total
		2017				2016
Cash flows from operating activities
Net loss		$	(2,859,831	)		$	(8,133,145	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			934,010				348,157
Impairment loss			959,317				6,348,580
Distributions received from operating limited partnerships			49,710				142,703
Amortization			120,582				270,156
Changes in assets and liabilities
Accounts payable and accrued expenses			(500	)			-
Accounts payable - affiliates			1,068,902				1,137,828
Net cash provided by (used in) operating activities			272,190				114,279
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			272,190				114,279
Cash and cash equivalents, beginning			969,029				854,750
Cash and cash equivalents, end		$	1,241,219			$	969,029

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 47
		2017				2016
Cash flows from operating activities
Net loss		$	(231,675	)		$	(1,676,942	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			-				(240,558	)
Impairment loss			-				1,454,844
Distributions received from operating limited partnerships			-				58,919
Amortization			-				47,840
Changes in assets and liabilities
Accounts payable and accrued expenses			(385	)			-
Accounts payable - affiliates			353,881				388,344
Net cash provided by (used in) operating activities			121,821				32,447
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			121,821				32,447
Cash and cash equivalents, beginning			251,317				218,870
Cash and cash equivalents, end		$	373,138			$	251,317

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 48
		2017				2016
Cash flows from operating activities
Net loss		$	(100,620	)		$	(1,598,809	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			-				(113,977	)
Impairment loss			-				1,384,540
Distributions received from operating limited partnerships			-				56,910
Amortization			-				54,924
Changes in assets and liabilities
Accounts payable and accrued expenses			(115	)			-
Accounts payable - affiliates			203,917				238,380
Net cash provided by (used in) operating activities			103,182				21,968
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			103,182				21,968
Cash and cash equivalents, beginning			244,197				222,229
Cash and cash equivalents, end		$	347,379			$	244,197

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2017 and 2016

 

		Series 49
		2017				2016
Cash flows from operating activities
Net loss		$	(2,527,536	)		$	(4,857,394	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of (gain) loss from operating limited partnerships			934,010				702,692
Impairment loss			959,317				3,509,196
Distributions received from operating limited partnerships			49,710				26,874
Amortization			120,582				167,392
Changes in assets and liabilities
Accounts payable and accrued expenses			-				-
Accounts payable - affiliates			511,104				511,104
Net cash provided by (used in) operating activities			47,187				59,864
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			47,187				59,864
Cash and cash equivalents, beginning			473,515				413,651
Cash and cash equivalents, end		$	520,702			$	473,515

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2017 and 2016

 

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, 2017 and 2016 are as follows:

 

				Issued								Outstanding
				2017				2016				2017				2016
	Series 47				3,478,334				3,478,334				3,478,334				3,478,334
	Series 48				2,299,372				2,299,372				2,294,872				2,299,372
	Series 49				6,000,000				6,000,000				5,995,000				5,999,000
					11,777,706				11,777,706				11,768,206				11,776,706

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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 as of March 31, 2017 and 2016.

 

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, 2017 and March 31, 2016, of $959,317 and $6,348,580, 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, 2017 and 2016

 

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, 2017 and 2016

 

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 has determined that there is no material impact to its financial statements as a result of this guidance.  

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 of $47,842 for Series 47, $54,923 for Series 48 and $46,810 for Series 49. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. The amortization of deferred acquisition for the year ended March 31, 2017 is estimated to be $120,582 for Series 49.

 

Accumulated amortization as of March 31, 2017 and 2016 is as follows:

 

		2017				2016
Series 47		$	-			$	-
Series 48			-				-
Series 49			120,582				-
		$	120,582			$	-

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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 2013 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, 2017 and 2016

 

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, 2017 and 2016 are as follows:

 

		2017				2016
Series 47			3,478,334				3,478,334
Series 48			2,298,247				2,299,372
Series 49			5,998,000				5,999,750
			11,774,581				11,777,456

 

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, 2017 and 2016

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2017 and 2016, 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, 2017 and 2016, are as follows:

 

		2017
		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	353,881			$	73,468			$	280,413
Series 48			203,917				67,957				135,960
Series 49			511,104				30,398				480,706
		$	1,068,902			$	171,823			$	897,079

 

		2016
		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	388,344			$	25,413			$	362,931
Series 48			238,380				15,507				222,873
Series 49			511,104				69,002				442,102
		$	1,137,828			$	109,922			$	1,027,906

 

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2017 and 2016, total fund management fees accrued were $7,990,511 and $6,921,609, respectively.

 

The fund management fees paid by the Fund for the years ended March 31, 2017 and 2016 are as follows:

 

		2017				2016
Series 47		$	-			$	-
Series 48			-				-
Series 49			-				-
		$	-			$	-

 

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, 2017 and 2016, charged to each series’ operations are as follows:

 

		2017				2016
Series 47		$	17,485			$	13,606
Series 48			15,159				11,827
Series 49			22,332				17,308
		$	54,976			$	42,741

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2017 and 2016, 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, 2017 and 2016 by series are as follows:

 

		2017				2015
Series 47			14				15
Series 48			10				11
Series 49			24				24
			48				50

 

During the year ended March 31, 2017 and 2016, the Fund disposed of two and zero Operating Partnerships, respectively. A summary of the dispositions by Series for March 31, 2017 is as follows:

 

		Operating Partnership Interest Transferred				Sale of Underlying Operating Partnership				Partnership Proceeds from Disposition				Gain/(Loss) on Disposition
Series 47			-				1			$	-			$	-
Series 48			-				1				-				-
Series 49			-				-				-				-
			-				2			$	-			$	-

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (continued)

 

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the 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, 2017 and 2016, contributions are payable to operating limited partnerships as follows:

 

		2017				2016
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, 2017 and 2016

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2017 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		$	84,142,212			$	23,784,467			$	15,066,148			$	45,291,597
Cumulative distributions from operating limited partnerships			(768,784	)			(250,010	)			(225,810	)			(292,964	)
Cumulative impairment loss in investments in operating limited partnerships			(49,980,719	)			(14,606,765	)			(8,894,814	)			(26,479,140	)
Cumulative losses from operating limited partnerships			(32,875,240	)			(8,927,692	)			(5,945,524	)			(18,002,024	)
Investments in operating limited partnerships per balance sheets			517,469				-				-				517,469

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (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).			(12,018,259	)			(2,898,636	)			(841,002	)			(8,278,621	)
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			49,980,719				14,606,765				8,894,814				26,479,140
Other			619,368				(86,527	)			(66,472	)			772,367
Equity per operating limited partnerships’ combined financial statements		$	39,048,106			$	11,621,602			$	7,987,340			$	19,439,164

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

		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			(719,074	)			(250,010	)			(225,810	)			(243,254	)
Cumulative impairment loss in investments in operating limited partnerships			(48,362,865	)			(14,280,759	)			(8,622,973	)			(25,459,133	)
Cumulative losses from operating limited partnerships			(36,690,230	)			(11,298,929	)			(8,262,597	)			(17,128,704	)
Investments in operating limited partnerships per balance sheets			2,460,506				-				-				2,460,506

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (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).			(12,018,345	)			(3,023,517	)			(1,133,931	)			(7,860,897	)
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			48,362,865				14,280,759				8,622,973				25,459,133
Other			786,272				(4,180	)			4,097				786,355
Equity per operating limited partnerships’ combined financial statements		$	39,540,107			$	11,253,062			$	7,493,139			$	20,793,906

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	186,283,548			$	59,585,266			$	39,693,966			$	87,004,316
Land			18,599,345				6,625,243				4,744,800				7,229,302
Other assets			17,655,542				5,864,937				3,410,869				8,379,736
		$	222,538,435			$	72,075,446			$	47,849,635			$	102,613,354
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	154,116,087			$	51,300,449			$	34,627,115			$	68,188,523
Accounts payable and accrued expenses			2,937,869				1,007,647				667,519				1,262,703
Other liabilities			16,470,525				3,773,605				2,351,962				10,344,958
			173,524,481				56,081,701				37,646,596				79,796,184
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.			39,048,106				11,621,602				7,987,340				19,439,164
Other partners			9,965,848				4,372,143				2,215,699				3,378,006
			49,013,954				15,993,745				10,203,039				22,817,170
		$	222,538,435			$	72,075,446			$	47,849,635			$	102,613,354

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2015 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	213,273,984			$	71,764,322			$	51,104,087			$	90,405,575
Land			22,528,233				8,589,687				6,709,244				7,229,302
Other assets			23,657,648				8,428,129				5,630,976				9,598,543
		$	259,459,865			$	88,782,138			$	63,444,307			$	107,233,420
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	181,729,095			$	64,414,239			$	46,634,276			$	70,680,580
Accounts payable and accrued expenses			2,799,503				1,052,189				595,133				1,152,181
Other liabilities			19,523,176				5,246,347				3,462,124				10,814,705
			204,051,774				70,712,775				50,691,533				82,647,466
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.			39,540,107				11,253,062				7,493,139				20,793,906
Other partners			15,867,984				6,816,301				5,259,635				3,792,048
			55,408,091				18,069,363				12,752,774				24,585,954
		$	259,459,865			$	88,782,138			$	63,444,307			$	107,233,420

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 in which Series 47 through Series 49 had an interest as of December 31, 2016 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	31,951,862			$	11,369,161			$	6,769,915			$	13,812,786
Interest and other			1,918,922				263,681				1,314,502				340,739
			33,870,784				11,632,842				8,084,417				14,153,525
Expenses
Interest			4,766,338				1,476,017				715,567				2,574,754
Depreciation and amortization			7,802,472				2,474,120				1,597,640				3,730,712
Taxes and insurance			4,007,496				1,635,088				794,840				1,577,568
Repairs and maintenance			5,797,945				1,636,286				2,180,074				1,981,585
Operating expenses			12,267,164				4,278,826				2,651,767				5,336,571
Other expenses			1,280,559				512,060				453,401				315,098
			35,921,974				12,012,397				8,393,289				15,516,288
NET INCOME (LOSS)		$	(2,051,190	)		$	(379,555	)		$	(308,872	)		$	(1,362,763	)
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. *		$	(2,903,946	)		$	(833,245	)		$	(665,198	)		$	(1,405,503	)
Net income (loss) allocated to other partners		$	852,756			$	453,690			$	356,326			$	42,740

 

* Amount includes $833,245, $665,198 and $471,493 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, 2017 and 2016

 

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, 2015 in which Series 47 through Series 49 had an interest as of December 31, 2015 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	35,019,463			$	12,936,708			$	8,629,304			$	13,453,451
Interest and other			944,205				357,483				219,816				366,906
			35,963,668				13,294,191				8,849,120				13,820,357
Expenses
Interest			5,084,931				1,696,490				995,534				2,392,907
Depreciation and amortization			9,108,132				3,067,244				2,132,788				3,908,100
Taxes and insurance			4,468,214				1,899,032				1,020,807				1,548,375
Repairs and maintenance			4,593,064				1,770,488				1,092,987				1,729,589
Operating expenses			12,771,054				4,448,372				3,124,793				5,197,889
Other expenses			1,193,064				511,533				470,279				211,252
			37,218,459				13,393,159				8,837,188				14,988,112
NET INCOME (LOSS)		$	(1,254,791	)		$	(98,968	)		$	11,932			$	(1,167,755	)
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. *		$	(1,332,432	)		$	(265,914	)		$	(119,234	)		$	(947,284	)
Net income (loss) allocated to other partners		$	77,641			$	166,946			$	131,166			$	(220,471	)

 

* Amount includes $506,472, $233,211 and $244,592 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, 2017 and 2016

 

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, 2017 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net loss for financial reporting purposes		$	(2,859,831	)		$	(231,675	)		$	(100,620	)		$	(2,527,536	)
Accrued partnership management fee not deducted for income tax purposes			1,068,902				353,881				203,917				511,104
Other			2,684,275				1,618,931				823,362				241,982
Excess of tax depreciation over book depreciation on operating limited partnership assets			(1,449,768	)			(496,570	)			(263,973	)			(689,225	)
Impairment loss not recognized for tax purposes			959,317				-				-				959,317
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(1,969,936	)			(833,245	)			(665,198	)			(471,493	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			(332,222	)			(142,829	)			(99,169	)			(90,224	)
Income (loss) for tax return purposes, December 31, 2016		$	(1,899,263	)		$	268,493			$	(101,681	)		$	(2,066,075	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net loss for financial reporting purposes		$	(8,133,145	)		$	(1,676,942	)		$	(1,598,809	)		$	(4,857,394	)
Accrued partnership management fee not deducted for income tax purposes			1,137,828				388,344				238,380				511,104
Other			643,561				98,021				702,591				(157,051	)
Excess of tax depreciation over book depreciation on operating limited partnership assets			(2,291,667	)			(878,883	)			(693,319	)			(719,465	)
Impairment loss not recognized for tax purposes			6,348,580				1,454,844				1,384,540				3,509,196
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(984,275	)			(506,472	)			(233,211	)			(244,592	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			(33,076	)			(36,182	)			(2,189	)			5,295
Income (loss) for tax return purposes, December 31, 2015		$	(3,312,194	)		$	(1,157,270	)		$	(202,017	)		$	(1,952,907	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2017 are as follows:

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2016		$	29,314,455			$	7,135,780			$	4,229,169			$	17,949,506
Impairment loss in investment in operating limited partnerships			(49,980,719	)			(14,606,765	)			(8,894,814	)			(26,479,140	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(12,018,259	)			(2,898,636	)			(841,002	)			(8,278,621	)
Other			33,201,992				10,369,621				5,506,647				17,325,724
Investments in operating limited partnerships - as reported		$	517,469			$	-			$	-			$	517,469

 

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

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, 2016 are as follows:

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2015		$	31,092,536			$	6,870,471			$	4,354,128			$	19,867,937
Impairment loss in investment in operating limited partnerships			(48,362,865	)			(14,280,759	)			(8,622,973	)			(25,459,133	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(12,018,345	)			(3,023,517	)			(1,133,931	)			(7,860,897	)
Other			31,749,180				10,433,805				5,402,776				15,912,599
Investments in operating limited partnerships - as reported		$	2,460,506			$	-			$	-			$	2,460,506

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2017 and 2016

 

NOTE E- CASH EQUIVALENTS

 

Cash equivalents of $1,228,957 and $961,467 as of March 31, 2017 and 2016, 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, 2017.

 

NOTE G - SUBSEQUENT EVENTS

 

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

 

NOTE H - 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.