Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - BF Garden Tax Credit Fund V L.P. | tm2119795d1_10k.htm |
| EX-32.B - EXHIBIT 32.B - BF Garden Tax Credit Fund V L.P. | tm2119795d1_ex32b.htm |
| EX-32.A - EXHIBIT 32.A - BF Garden Tax Credit Fund V L.P. | tm2119795d1_ex32a.htm |
| EX-31.B - EXHIBIT 31.B - BF Garden Tax Credit Fund V L.P. | tm2119795d1_ex31b.htm |
| EX-31.A - EXHIBIT 31.A - BF Garden Tax Credit Fund V L.P. | tm2119795d1_ex31a.htm |
| EX-4.C - EXHIBIT 4.C - BF Garden Tax Credit Fund V L.P. | tm2119795d1_ex4c.htm |
Exhibit 13
BF GARDEN TAX CREDIT FUND V L.P.
SERIES 47 THROUGH 49
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
MARCH 31, 2021 AND 2020
BF Garden 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 General Partner
BF Garden Tax Credit Fund V L.P.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of BF Garden Tax Credit Fund V L.P. - Series 47 through 49 (collectively, the "Partnership"), in total and for each series, as of March 31, 2021 and 2020, and the related statements of operations, changes in partners' capital (deficit) and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership, in total and for each series, as of March 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
We have served as the Partnership's auditor since 2004.
| /s/CohnReznick LLP | |
| COHNREZNICK LLP |
Bethesda, Maryland
June 28, 2021
F-3
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| BALANCE SHEETS |
| March 31, 2021 and 2020 |
| Total | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| INVESTMENTS IN OPERATING LIMITED | ||||||||
| PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 1,940,668 | 1,220,750 | ||||||
| Other assets | 4,493 | 106,411 | ||||||
| $ | 1,945,161 | $ | 1,327,161 | |||||
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 40 | $ | 9,343 | ||||
| Accounts payable - affiliates | 8,875,807 | 9,053,594 | ||||||
| Capital contributions payable | 101 | 101 | ||||||
| 8,875,948 | 9,063,038 | |||||||
| 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, 2021 and 2020 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 11,725,306 and 11,736,806 outstanding at March 31, 2021 and 2020, respectively | (6,652,256 | ) | (7,455,334 | ) | ||||
| General partner | (278,531 | ) | (280,543 | ) | ||||
| (6,930,787 | ) | (7,735,877 | ) | |||||
| $ | 1,945,161 | $ | 1,327,161 | |||||
(continued)
F-4
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| BALANCE SHEETS - CONTINUED |
| March 31, 2021 and 2020 |
| Series 47 | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| INVESTMENTS IN OPERATING LIMITED | ||||||||
| PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 1,054,904 | 496,126 | ||||||
| Other assets | 285 | - | ||||||
| $ | 1,055,189 | $ | 496,126 | |||||
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 38 | $ | 6,179 | ||||
| Accounts payable - affiliates | 2,982,346 | 3,386,708 | ||||||
| Capital contributions payable | - | - | ||||||
| 2,982,384 | 3,392,887 | |||||||
| 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, 2021 and 2020 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 3,459,434 and 3,467,934 outstanding at March 31, 2021 and 2020, respectively | (1,845,669 | ) | (2,812,811 | ) | ||||
| General partner | (81,526 | ) | (83,950 | ) | ||||
| (1,927,195 | ) | (2,896,761 | ) | |||||
| $ | 1,055,189 | $ | 496,126 | |||||
(continued)
F-5
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| BALANCE SHEET - CONTINUED |
| March 31, 2021 and 2020 |
| Series 48 | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| INVESTMENTS IN OPERATING LIMITED | ||||||||
| PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 235,196 | 398,271 | ||||||
| Other assets | 111 | - | ||||||
| $ | 235,307 | $ | 398,271 | |||||
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | 2,500 | ||||
| Accounts payable - affiliates | 1,689,776 | 1,834,383 | ||||||
| Capital contributions payable | - | - | ||||||
| 1,689,776 | 1,836,883 | |||||||
| 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, 2021 and 2020 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 2,283,872 and 2,284,372 outstanding at March 31, 2021 and 2020, respectively | (1,400,070 | ) | (1,384,253 | ) | ||||
| General partner | (54,399 | ) | (54,359 | ) | ||||
| (1,454,469 | ) | (1,438,612 | ) | |||||
| $ | 235,307 | $ | 398,271 | |||||
(continued)
F-6
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| BALANCE SHEET - CONTINUED |
| March 31, 2021 and 2020 |
| Series 49 | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| INVESTMENTS IN OPERATING LIMITED | ||||||||
| PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 650,568 | 326,353 | ||||||
| Other assets | 4,097 | 106,411 | ||||||
| $ | 654,665 | $ | 432,764 | |||||
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 2 | $ | 664 | ||||
| Accounts payable - affiliates | 4,203,685 | 3,832,503 | ||||||
| Capital contributions payable | 101 | 101 | ||||||
| 4,203,788 | 3,833,268 | |||||||
| 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, 2021 and 2020 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 5,982,000 and 5,984,500 outstanding at March 31, 2021 and 2020, respectively | (3,406,517 | ) | (3,258,270 | ) | ||||
| General partner | (142,606 | ) | (142,234 | ) | ||||
| (3,549,123 | ) | (3,400,504 | ) | |||||
| $ | 654,665 | $ | 432,764 | |||||
See notes to financial statements
F-7
| BF Garden Tax Credit Fund V L.P. - | |
| Series 47 through Series 49 | |
| STATEMENTS OF OPERATIONS | |
| Total | ||||||||
| 2021 | 2020 | |||||||
| Income | ||||||||
| Interest income | $ | 3,035 | $ | 8,383 | ||||
| Other income | 124,533 | 128,040 | ||||||
| Total income | 127,568 | 136,423 | ||||||
| Gain on sale of operating limited partnerships | 1,497,946 | 650,339 | ||||||
| Expenses and loss | ||||||||
| Professional fees | 129,691 | 102,604 | ||||||
| Partnership management fee | 619,730 | 783,807 | ||||||
| General and administrative expenses | 71,003 | 87,619 | ||||||
| 820,424 | 974,030 | |||||||
| NET INCOME (LOSS) | $ | 805,090 | $ | (187,268 | ) | |||
| Net income (loss) allocated to general partner | $ | 2,012 | $ | (468 | ) | |||
| Net income (loss) allocated to limited partner | $ | 803,078 | $ | (186,800 | ) | |||
| Net income (loss) per BAC | $ | 0.07 | $ | (0.02 | ) | |||
(continued)
F-8
| BF Garden Tax Credit Fund V L.P. - | |
| Series 47 through Series 49 | |
| STATEMENTS OF OPERATIONS - CONTINUED | |
| Series 47 | ||||||||
| 2021 | 2020 | |||||||
| Income | ||||||||
| Interest income | $ | 1,034 | $ | 2,731 | ||||
| Other income | 39,098 | 32,413 | ||||||
| Total income | 40,132 | 35,144 | ||||||
| Gain on sale of operating limited partnerships | 1,098,271 | 296,116 | ||||||
| Expenses and loss | ||||||||
| Professional fees | 35,157 | 28,515 | ||||||
| Partnership management fee | 111,686 | 225,105 | ||||||
| General and administrative expenses | 21,994 | 27,238 | ||||||
| 168,837 | 280,858 | |||||||
| NET INCOME (LOSS) | $ | 969,566 | $ | 50,402 | ||||
| Net income (loss) allocated to general partner | $ | 2,424 | $ | 126 | ||||
| Net income (loss) allocated to limited partner | $ | 967,142 | $ | 50,276 | ||||
| Net income (loss) per BAC | $ | 0.28 | $ | 0.01 | ||||
(continued)
F-9
| BF Garden Tax Credit Fund V L.P. - | |
| Series 47 through Series 49 | |
| STATEMENTS OF OPERATIONS - CONTINUED | |
| Series 48 | ||||||||
| 2021 | 2020 | |||||||
| Income | ||||||||
| Interest income | $ | 1,070 | $ | 2,724 | ||||
| Other income | 25,694 | 27,774 | ||||||
| Total income | 26,764 | 30,498 | ||||||
| Gain on sale of operating limited partnerships | 61,500 | 327,454 | ||||||
| Expenses and loss | ||||||||
| Professional fees | 32,571 | 27,252 | ||||||
| Partnership management fee | 52,830 | 106,169 | ||||||
| General and administrative expenses | 18,720 | 22,514 | ||||||
| 104,121 | 155,935 | |||||||
| NET INCOME (LOSS) | $ | (15,857 | ) | $ | 202,017 | |||
| Net income (loss) allocated to general partner | $ | (40 | ) | $ | 505 | |||
| Net income (loss) allocated to limited partner | $ | (15,817 | ) | $ | 201,512 | |||
| Net income (loss) per BAC | $ | (0.01 | ) | $ | 0.09 | |||
(continued)
F-10
| BF Garden Tax Credit Fund V L.P. - | |
| Series 47 through Series 49 | |
| STATEMENTS OF OPERATIONS - CONTINUED | |
| Series 49 | ||||||||
| 2021 | 2020 | |||||||
| Income | ||||||||
| Interest income | $ | 931 | $ | 2,928 | ||||
| Other income | 59,741 | 67,853 | ||||||
| Total income | 60,672 | 70,781 | ||||||
| Gain on sale of operating limited partnerships | 338,175 | 26,769 | ||||||
| Expenses and loss | ||||||||
| Professional fees | 61,963 | 46,837 | ||||||
| Partnership management fee | 455,214 | 452,533 | ||||||
| General and administrative expenses | 30,289 | 37,867 | ||||||
| 547,466 | 537,237 | |||||||
| NET INCOME (LOSS) | $ | (148,619 | ) | $ | (439,687 | ) | ||
| Net income (loss) allocated to general partner | $ | (372 | ) | $ | (1,099 | ) | ||
| Net income (loss) allocated to limited partner | $ | (148,247 | ) | $ | (438,588 | ) | ||
| Net income (loss) per BAC | $ | (0.02 | ) | $ | (0.07 | ) | ||
See notes to financial statements
F-11
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) |
| Year ended March 31, 2021 and 2020 |
| Limited | General | |||||||||||
| Total | partner | partner | Total | |||||||||
| Partners’ capital (deficit), March 31, 2019 | $ | (7,268,534 | ) | $ | (280,075 | ) | $ | (7,548,609 | ) | |||
| Net income (loss) | (186,800 | ) | (468 | ) | (187,268 | ) | ||||||
| Partners’ capital (deficit), March 31, 2020 | (7,455,334 | ) | (280,543 | ) | (7,735,877 | ) | ||||||
| Net income (loss) | 803,078 | 2,012 | 805,090 | |||||||||
| Partners’ capital (deficit), March 31, 2021 | $ | (6,652,256 | ) | $ | (278,531 | ) | $ | (6,930,787 | ) | |||
(continued)
F-12
| BF Garden Tax Credit Fund V L.P. - | ||
| Series 47 through Series 49 | ||
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED | ||
| Year ended March 31, 2021 and 2020 | ||
| Limited | General | |||||||||||
| Series 47 | partner | partner | Total | |||||||||
| Partners’ capital (deficit), March 31, 2019 | $ | (2,863,087 | ) | $ | (84,076 | ) | $ | (2,947,163 | ) | |||
| Net income (loss) | 50,276 | 126 | 50,402 | |||||||||
| Partners’ capital (deficit), March 31, 2020 | (2,812,811 | ) | (83,950 | ) | (2,896,761 | ) | ||||||
| Net income (loss) | 967,142 | 2,424 | 969,566 | |||||||||
| Partners’ capital (deficit), March 31, 2021 | $ | (1,845,669 | ) | $ | (81,526 | ) | $ | (1,927,195 | ) | |||
(continued)
F-13
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED |
| Year ended March 31, 2021 and 2020 |
| Limited | General | |||||||||||
| Series 48 | partner | partner | Total | |||||||||
| Partners’ capital (deficit), March 31, 2019 | $ | (1,585,765 | ) | $ | (54,864 | ) | $ | (1,640,629 | ) | |||
| Net income (loss) | 201,512 | 505 | 202,017 | |||||||||
| Partners’ capital (deficit), March 31, 2020 | (1,384,253 | ) | (54,359 | ) | (1,438,612 | ) | ||||||
| Net income (loss) | (15,817 | ) | (40 | ) | (15,857 | ) | ||||||
| Partners’ capital (deficit), March 31, 2021 | $ | (1,400,070 | ) | $ | (54,399 | ) | $ | (1,454,469 | ) | |||
(continued)
F-14
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED |
| Year ended March 31, 2021 and 2020 |
| Limited | General | |||||||||||
| Series 49 | partner | partner | Total | |||||||||
| Partners’ capital (deficit), March 31, 2019 | $ | (2,819,682 | ) | $ | (141,135 | ) | $ | (2,960,817 | ) | |||
| Net income (loss) | (438,588 | ) | (1,099 | ) | (439,687 | ) | ||||||
| Partners’ capital (deficit), March 31, 2020 | (3,258,270 | ) | (142,234 | ) | (3,400,504 | ) | ||||||
| Net income (loss) | (148,247 | ) | (372 | ) | (148,619 | ) | ||||||
| Partners’ capital (deficit), March 31, 2021 | $ | (3,406,517 | ) | $ | (142,606 | ) | $ | (3,549,123 | ) | |||
See notes to financial statements
F-15
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CASH FLOWS |
| Total | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | 805,090 | $ | (187,268 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
| Gain on sale of operating limited partnerships | (1,497,946 | ) | (650,339 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Other assets | 101,918 | - | ||||||
| Accounts payable and accrued expenses | (9,303 | ) | 9,000 | |||||
| Accounts payable - affiliates | (177,787 | ) | 691,517 | |||||
| Net cash provided by (used in) operating activities | (778,028 | ) | (137,090 | ) | ||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposition of operating limited partnerships | 1,497,946 | 650,339 | ||||||
| Net cash provided by investing activities | 1,497,946 | 650,339 | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 719,918 | 513,249 | ||||||
| Cash and cash equivalents, beginning | 1,220,750 | 707,501 | ||||||
| Cash and cash equivalents, end | $ | 1,940,668 | $ | 1,220,750 | ||||
(continued)
F-16
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CASH FLOWS - CONTINUED |
| Series 47 | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | 969,566 | $ | 50,402 | ||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
| Gain on sale of operating limited partnerships | (1,098,271 | ) | (296,116 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Other assets | (285 | ) | - | |||||
| Accounts payable and accrued expenses | (6,141 | ) | 6,179 | |||||
| Accounts payable - affiliates | (404,362 | ) | 196,371 | |||||
| Net cash provided by (used in) operating activities | (539,493 | ) | (43,164 | ) | ||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposition of operating limited partnerships | 1,098,271 | 296,116 | ||||||
| Net cash provided by investing activities | 1,098,271 | 296,116 | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 558,778 | 252,952 | ||||||
| Cash and cash equivalents, beginning | 496,126 | 243,174 | ||||||
| Cash and cash equivalents, end | $ | 1,054,904 | $ | 496,126 | ||||
(continued)
F-17
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CASH FLOWS - CONTINUED |
| Series 48 | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | (15,857 | ) | $ | 202,017 | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
| Gain on sale of operating limited partnerships | (61,500 | ) | (327,454 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Other assets | (111 | ) | - | |||||
| Accounts payable and accrued expenses | (2,500 | ) | 2,500 | |||||
| Accounts payable - affiliates | (144,607 | ) | (15,958 | ) | ||||
| Net cash provided by (used in) operating activities | (224,575 | ) | (138,895 | ) | ||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposition of operating limited partnerships | 61,500 | 327,454 | ||||||
| Net cash provided by investing activities | 61,500 | 327,454 | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (163,075 | ) | 188,559 | |||||
| Cash and cash equivalents, beginning | 398,271 | 209,712 | ||||||
| Cash and cash equivalents, end | $ | 235,196 | $ | 398,271 | ||||
(continued)
F-18
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through Series 49 |
| STATEMENTS OF CASH FLOWS - CONTINUED |
| Series 49 | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | (148,619 | ) | $ | (439,687 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
| Gain on sale of operating limited partnerships | (338,175 | ) | (26,769 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Other assets | 102,314 | - | ||||||
| Accounts payable and accrued expenses | (662 | ) | 321 | |||||
| Accounts payable - affiliates | 371,182 | 511,104 | ||||||
| Net cash provided by (used in) operating activities | (13,960 | ) | 44,969 | |||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposition of operating limited partnerships | 338,175 | 26,769 | ||||||
| Net cash provided by investing activities | 338,175 | 26,769 | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 324,215 | 71,738 | ||||||
| Cash and cash equivalents, beginning | 326,353 | 254,615 | ||||||
| Cash and cash equivalents, end | $ | 650,568 | $ | 326,353 | ||||
See notes to financial statements
F-19
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS
March 31, 2021 and 2020
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BF Garden Tax Credit Fund V L.P. (formerly known as Boston Capital Tax Credit Fund V L.P.) (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.
The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and does not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner have been assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.
A Registration Statement on Form S-11 and the related prospectus were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public 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.
F-20
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS
March 31, 2021 and 2020
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The BAC’s issued and outstanding in each series at March 31, 2021 and 2020 are as follows:
| Issued | Outstanding | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Series 47 | 3,478,334 | 3,478,334 | 3,459,434 | 3,467,934 | ||||||||||||
| Series 48 | 2,299,372 | 2,299,372 | 2,283,872 | 2,284,372 | ||||||||||||
| Series 49 | 6,000,000 | 6,000,000 | 5,982,000 | 5,984,500 | ||||||||||||
| 11,777,706 | 11,777,706 | 11,725,306 | 11,736,806 | |||||||||||||
F-21
F-21
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
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, 2021 and 2020.
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.
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.
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.
F-22
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.
F-23
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
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 2017 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.
F-24
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Net Income (Loss) per Beneficial Assignee Certificate
Net income (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, 2021 and 2020 are as follows:
| 2021 | 2020 | ||||||||
| Series 47 | 3,465,809 | 3,472,209 | |||||||
| Series 48 | 2,284,247 | 2,289,622 | |||||||
| Series 49 | 5,983,875 | 5,988,250 | |||||||
| 11,733,931 | 11,750,081 | ||||||||
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
F-25
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2021 and March 31, 2020, the Fund entered into several transactions with various former and current affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Asset Management Limited Partnership, and BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership) as follows:
The Fund originally incurred an annual fund management fee to Boston Capital Asset Management Limited Partnership, a former affiliate of the general partner. As part of the sale disclosed in Note A, the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner as of December 15, 2020, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of certain asset management and reporting fees paid by the operating limited partnerships. The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2021 and 2020 are as follows:
F-26
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE B - RELATED PARTY TRANSACTIONS - (continued)
| 2021 | |||||||||||||
| Gross Fund Management Fee | Asset Management and Reporting Fee | Fund Management Fee net of Asset Management and Reporting Fee | |||||||||||
| Series 47 | $ | 122,624 | $ | 10,938 | $ | 111,686 | |||||||
| Series 48 | 60,393 | 7,563 | 52,830 | ||||||||||
| Series 49 | 493,632 | 38,418 | 455,214 | ||||||||||
| $ | 676,649 | $ | 56,919 | $ | 619,730 | ||||||||
| 2020 | |||||||||||||
| Gross Fund Management Fee | Asset Management and Reporting Fee | Fund Management Fee net of Asset Management and Reporting Fee | |||||||||||
| Series 47 | $ | 243,117 | $ | 18,012 | $ | 225,105 | |||||||
| Series 48 | 141,388 | 35,219 | 106,169 | ||||||||||
| Series 49 | 511,104 | 58,571 | 452,533 | ||||||||||
| $ | 895,609 | $ | 111,802 | $ | 783,807 | ||||||||
F-27
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
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, 2021 and 2020, total fund management fees accrued were $8,875,807 and $9,053,594, respectively.
The fund management fees paid by the Fund for the years ended March 31, 2021 and 2020 are as follows:
| 2021 | 2020 | |||||||
| Series 47 | $ | 526,986 | $ | 46,746 | ||||
| Series 48 | 205,000 | 157,346 | ||||||
| Series 49 | 122,450 | - | ||||||
| $ | 854,436 | $ | 204,092 | |||||
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, 2021 and 2020, charged to each series’ operations are as follows:
| 2021 | 2020 | |||||||
| Series 47 | $ | 14,103 | $ | 18,937 | ||||
| Series 48 | 13,357 | 16,815 | ||||||
| Series 49 | 15,265 | 24,103 | ||||||
| $ | 42,725 | $ | 59,855 | |||||
F-28
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2021 and 2020, 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, 2021 and 2020 by series are as follows:
| 2021 | 2020 | ||||||||
| Series 47 | 4 | 7 | |||||||
| Series 48 | 2 | 4 | |||||||
| Series 49 | 17 | 22 | |||||||
| 23 | 33 | ||||||||
During the year ended March 31, 2021 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2021 is as follows:
| Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Partnership Proceeds from Disposition | Gain on Disposition | ||||||||||||||
| Series 47 | 3 | - | $ | 1,098,271 | $ | 1,098,271 | |||||||||||
| Series 48 | 2 | - | 61,500 | 61,500 | |||||||||||||
| Series 49 | 5 | - | 338,175 | 338,175 | |||||||||||||
| 10 | - | $ | 1,497,946 | $ | 1,497,946 | ||||||||||||
During the year ended March 31, 2020 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by Series for March 31, 2020 is as follows:
| Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Partnership Proceeds from Disposition | Gain on Disposition | ||||||||||||||
| Series 47 | 3 | 2 | $ | 296,116 | $ | 296,116 | |||||||||||
| Series 48 | 4 | 1 | 327,454 | 327,454 | |||||||||||||
| Series 49 | 1 | 1 | 26,769 | 26,769 | |||||||||||||
| 8 | 4 | $ | 650,339 | $ | 650,339 | ||||||||||||
F-29
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (continued)
The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.
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, 2021 and 2020, contributions are payable to operating limited partnerships as follows:
| 2021 | 2020 | |||||||
| Series 47 | $ | - | $ | - | ||||
| Series 48 | - | - | ||||||
| Series 49 | 101 | 101 | ||||||
| $ | 101 | $ | 101 | |||||
F-30
BF Garden Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2021 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 | $ | 48,344,537 | $ | 7,135,011 | $ | 2,970,934 | $ | 38,238,592 | ||||||||
| Cumulative distributions from operating limited partnerships | (266,608 | ) | (28,500 | ) | (18,606 | ) | (219,502 | ) | ||||||||
| Cumulative impairment loss in investments in operating limited partnerships | (32,206,478 | ) | (5,310,652 | ) | (2,249,326 | ) | (24,646,500 | ) | ||||||||
| Cumulative losses from operating limited partnerships | (15,871,451 | ) | (1,795,859 | ) | (703,002 | ) | (13,372,590 | ) | ||||||||
| Investments in operating limited partnerships per balance sheets | - | - | - | - | ||||||||||||
F-31
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (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). | (11,880,114 | ) | (769,653 | ) | (303,091 | ) | (10,807,370 | ) | ||||||||
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 331,285 | - | - | 331,285 | ||||||||||||
| Cumulative impairment loss in investments in operating limited partnerships | 32,206,478 | 5,310,652 | 2,249,326 | 24,646,500 | ||||||||||||
| Other | 336,086 | (89,809 | ) | (79,803 | ) | 505,698 | ||||||||||
| Equity per operating limited partnerships’ combined financial statements | $ | 20,608,918 | $ | 4,451,190 | $ | 1,866,432 | $ | 14,291,296 | ||||||||
F-32
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2020 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 | $ | 62,665,698 | $ | 12,363,803 | $ | 5,528,822 | $ | 44,773,073 | ||||||||
| Cumulative distributions from operating limited partnerships | (516,294 | ) | (166,080 | ) | (61,020 | ) | (289,194 | ) | ||||||||
| Cumulative impairment loss in investments in operating limited partnerships | (38,300,568 | ) | (8,724,000 | ) | (2,854,185 | ) | (26,722,383 | ) | ||||||||
| Cumulative losses from operating limited partnerships | (23,848,836 | ) | (3,473,723 | ) | (2,613,617 | ) | (17,761,496 | ) | ||||||||
| Investments in operating limited partnerships per balance sheets | - | - | - | - | ||||||||||||
F-33
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (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). | (12,838,449 | ) | (750,844 | ) | (1,002,710 | ) | (11,084,895 | ) | ||||||||
| 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 | 38,300,568 | 8,724,000 | 2,854,185 | 26,722,383 | ||||||||||||
| Other | 384,697 | (126,004 | ) | (50,367 | ) | 561,068 | ||||||||||
| Equity per operating limited partnerships’ combined financial statements | $ | 25,795,625 | $ | 7,847,152 | $ | 1,801,108 | $ | 16,147,365 | ||||||||
F-34
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2020 are as follows:
| COMBINED SUMMARIZED BALANCE SHEETS | ||||||||||||||||
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| ASSETS | ||||||||||||||||
| Buildings and improvements, net of accumulated depreciation | $ | 71,388,038 | $ | 14,164,825 | $ | 9,530,634 | $ | 47,692,579 | ||||||||
| Land | 9,101,508 | 1,950,947 | 1,451,241 | 5,699,320 | ||||||||||||
| Other assets | 8,097,265 | 1,278,528 | 737,279 | 6,081,458 | ||||||||||||
| $ | 88,586,811 | $ | 17,394,300 | $ | 11,719,154 | $ | 59,473,357 | |||||||||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
| Mortgages and construction loans payable | $ | 56,488,011 | $ | 11,382,001 | $ | 9,318,977 | $ | 35,787,033 | ||||||||
| Accounts payable and accrued expenses | 1,427,922 | 516,869 | 238,650 | 672,403 | ||||||||||||
| Other liabilities | 8,186,088 | 355,153 | 461,944 | 7,368,991 | ||||||||||||
| 66,102,021 | 12,254,023 | 10,019,571 | 43,828,427 | |||||||||||||
| PARTNERS’ CAPITAL | ||||||||||||||||
| BF Garden Tax Credit Fund V L.P. | 20,608,918 | 4,451,190 | 1,866,432 | 14,291,296 | ||||||||||||
| Other partners | 1,875,872 | 689,087 | (166,849 | ) | 1,353,634 | |||||||||||
| 22,484,790 | 5,140,277 | 1,699,583 | 15,644,930 | |||||||||||||
| $ | 88,586,811 | $ | 17,394,300 | $ | 11,719,154 | $ | 59,473,357 | |||||||||
F-35
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2019 are as follows:
| COMBINED SUMMARIZED BALANCE SHEETS | ||||||||||||||||
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| ASSETS | ||||||||||||||||
| Buildings and improvements, net of accumulated depreciation | $ | 106,780,964 | $ | 23,720,384 | $ | 12,446,561 | $ | 70,614,019 | ||||||||
| Land | 10,513,484 | 2,573,828 | 1,692,115 | 6,247,541 | ||||||||||||
| Other assets | 12,676,256 | 2,719,876 | 1,358,136 | 8,598,244 | ||||||||||||
| $ | 129,970,704 | $ | 29,014,088 | $ | 15,496,812 | $ | 85,459,804 | |||||||||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
| Mortgages and construction loans payable | $ | 90,024,070 | $ | 19,044,751 | $ | 12,742,531 | $ | 58,236,788 | ||||||||
| Accounts payable and accrued expenses | 1,716,220 | 416,564 | 229,469 | 1,070,187 | ||||||||||||
| Other liabilities | 10,100,095 | 384,136 | 479,938 | 9,236,021 | ||||||||||||
| 101,840,385 | 19,845,451 | 13,451,938 | 68,542,996 | |||||||||||||
| PARTNERS’ CAPITAL | ||||||||||||||||
| BF Garden Tax Credit Fund V L.P. | 25,795,625 | 7,847,152 | 1,801,108 | 16,147,365 | ||||||||||||
| Other partners | 2,334,694 | 1,321,485 | 243,766 | 769,443 | ||||||||||||
| 28,130,319 | 9,168,637 | 2,044,874 | 16,916,808 | |||||||||||||
| $ | 129,970,704 | $ | 29,014,088 | $ | 15,496,812 | $ | 85,459,804 | |||||||||
F-36
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2020 in which Series 47 through Series 49 had an interest as of December 31, 2020 are as follows:
| COMBINED SUMMARIZED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 14,035,217 | $ | 2,949,913 | $ | 2,227,118 | $ | 8,858,186 | ||||||||
| Interest and other | 237,583 | 33,376 | 33,683 | 170,524 | ||||||||||||
| 14,272,800 | 2,983,289 | 2,260,801 | 9,028,710 | |||||||||||||
| Expenses | ||||||||||||||||
| Interest | 1,413,678 | 252,798 | 114,649 | 1,046,231 | ||||||||||||
| Depreciation and amortization | 3,379,480 | 632,004 | 432,744 | 2,314,732 | ||||||||||||
| Taxes and insurance | 1,833,431 | 380,908 | 250,778 | 1,201,745 | ||||||||||||
| Repairs and maintenance | 2,339,154 | 531,343 | 417,052 | 1,390,759 | ||||||||||||
| Operating expenses | 4,993,486 | 973,241 | 721,953 | 3,298,292 | ||||||||||||
| Other expenses | 511,465 | 151,198 | 129,058 | 231,209 | ||||||||||||
| 14,470,694 | 2,921,492 | 2,066,234 | 9,482,968 | |||||||||||||
| NET INCOME (LOSS) | $ | (197,894 | ) | $ | 61,797 | $ | 194,567 | $ | (454,258 | ) | ||||||
| Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | $ | (776,438 | ) | $ | (157,102 | ) | $ | (29,526 | ) | $ | (589,810 | ) | ||||
| Net income (loss) allocated to other partners | $ | 578,544 | $ | 218,899 | $ | 224,093 | $ | 135,552 | ||||||||
F-37
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2019 in which Series 47 through Series 49 had an interest as of December 31, 2019 are as follows:
| COMBINED SUMMARIZED STATEMENTS OF OPERATIONS |
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 20,724,191 | $ | 4,803,398 | $ | 2,684,429 | $ | 13,236,364 | ||||||||
| Interest and other | 714,011 | 233,431 | 48,105 | 432,475 | ||||||||||||
| 21,438,202 | 5,036,829 | 2,732,534 | 13,668,839 | |||||||||||||
| Expenses | ||||||||||||||||
| Interest | 2,828,885 | 532,319 | 289,473 | 2,007,093 | ||||||||||||
| Depreciation and amortization | 5,031,104 | 1,064,608 | 596,152 | 3,370,344 | ||||||||||||
| Taxes and insurance | 2,163,136 | 441,119 | 299,370 | 1,422,647 | ||||||||||||
| Repairs and maintenance | 3,105,072 | 703,650 | 455,617 | 1,945,805 | ||||||||||||
| Operating expenses | 8,048,398 | 1,978,776 | 1,036,195 | 5,033,427 | ||||||||||||
| Other expenses | 643,043 | 172,730 | 141,557 | 328,756 | ||||||||||||
| 21,819,638 | 4,893,202 | 2,818,364 | 14,108,072 | |||||||||||||
| NET INCOME (LOSS) | $ | (381,436 | ) | $ | 143,627 | $ | (85,830 | ) | $ | (439,233 | ) | |||||
| Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | $ | (1,333,132 | ) | $ | (78,717 | ) | $ | (205,540 | ) | $ | (1,048,875 | ) | ||||
| Net income (loss) allocated to other partners | $ | 951,696 | $ | 222,344 | $ | 119,710 | $ | 609,642 | ||||||||
F-38
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2021 is reconciled as follows:
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Net income (loss) for financial reporting purposes | $ | 805,090 | $ | 969,566 | $ | (15,857 | ) | $ | (148,619 | ) | ||||||
| Accrued partnership management fee not deducted for income tax purposes | (177,787 | ) | (404,362 | ) | (144,607 | ) | 371,182 | |||||||||
| Other | 2,884,938 | 1,375,707 | 1,120,148 | 389,083 | ||||||||||||
| Excess of tax depreciation over book depreciation on operating limited partnership assets | (1,017,142 | ) | (163,332 | ) | (113,296 | ) | (740,514 | ) | ||||||||
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (776,438 | ) | (157,102 | ) | (29,526 | ) | (589,810 | ) | ||||||||
| Difference due to fiscal year for book purposes and calendar year for tax purposes | (3,527,032 | ) | (1,928,003 | ) | (505,298 | ) | (1,093,731 | ) | ||||||||
| Income (loss) for tax return purposes, December 31, 2020 | $ | (1,808,371 | ) | $ | (307,526 | ) | $ | 311,564 | $ | (1,812,409 | ) | |||||
F-39
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2020 is reconciled as follows:
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Net income (loss) for financial reporting purposes | $ | (187,268 | ) | $ | 50,402 | $ | 202,017 | $ | (439,687 | ) | ||||||
| Accrued partnership management fee not deducted for income tax purposes | 691,517 | 196,371 | (15,958 | ) | 511,104 | |||||||||||
| Other | (631,586 | ) | (279,008 | ) | (1,130,895 | ) | 778,317 | |||||||||
| Excess of tax depreciation over book depreciation on operating limited partnership assets | (1,263,571 | ) | (305,820 | ) | (144,088 | ) | (813,663 | ) | ||||||||
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (1,333,132 | ) | (78,717 | ) | (205,540 | ) | (1,048,875 | ) | ||||||||
| Difference due to fiscal year for book purposes and calendar year for tax purposes | (1,005,078 | ) | (401,181 | ) | (289,742 | ) | (314,155 | ) | ||||||||
| Income (loss) for tax return purposes, December 31, 2019 | $ | (3,729,118 | ) | $ | (817,953 | ) | $ | (1,584,206 | ) | $ | (1,326,959 | ) | ||||
F-40
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2021 are as follows:
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Investments in operating limited partnerships - tax return December 31, 2020 | $ | 14,628,461 | $ | 3,610,506 | $ | (146,032 | ) | $ | 11,163,987 | |||||||
| Impairment loss in investment in operating limited partnerships | (32,206,478 | ) | (5,310,652 | ) | (2,249,326 | ) | (24,646,500 | ) | ||||||||
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (11,880,114 | ) | (769,653 | ) | (303,091 | ) | (10,807,370 | ) | ||||||||
| Other | 29,458,131 | 2,469,799 | 2,698,449 | 24,289,883 | ||||||||||||
| Investments in operating limited partnerships - as reported | $ | - | $ | - | $ | - | $ | - | ||||||||
F-41
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
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, 2020 are as follows:
| Total | Series 47 | Series 48 | Series 49 | |||||||||||||
| Investments in operating limited partnerships - tax return December 31, 2019 | $ | 14,940,197 | $ | 3,276,811 | $ | (834,409 | ) | $ | 12,497,795 | |||||||
| Impairment loss in investment in operating limited partnerships | (38,300,568 | ) | (8,724,000 | ) | (2,854,185 | ) | (26,722,383 | ) | ||||||||
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (12,838,449 | ) | (750,844 | ) | (1,002,710 | ) | (11,084,895 | ) | ||||||||
| Other | 36,198,820 | 6,198,033 | 4,691,304 | 25,309,483 | ||||||||||||
| Investments in operating limited partnerships - as reported | $ | - | $ | - | $ | - | $ | - | ||||||||
F-42
| BF Garden Tax Credit Fund V L.P. - |
| Series 47 through 49 |
| NOTES TO FINANCIAL STATEMENTS - CONTINUED |
| March 31, 2021 and 2020 |
NOTE E- CASH EQUIVALENTS
Cash equivalents of $1,916,033 and $1,213,799 as of March 31, 2021 and 2020, respectively, include money market accounts with interest rates ranging from 0.05% to 1.00% 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, 2021.
NOTE G - CONTINGENCY
The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Partnership will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.
NOTE H - 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.
F-43