Company Quick10K Filing
Boston Capital Tax Credit Fund V
10-Q 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-13
10-K 2019-03-31 Filed 2019-06-20
10-Q 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-13
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10-K 2018-03-31 Filed 2018-06-22
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10-K 2014-03-31 Filed 2014-06-20
10-Q 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-14
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10-K 2013-03-31 Filed 2013-06-27
10-Q 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-K 2012-03-31 Filed 2012-06-29
10-Q 2011-12-31 Filed 2012-02-14
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-K 2011-03-31 Filed 2011-06-29
10-Q 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-K 2010-03-31 Filed 2010-06-29
10-Q 2009-12-31 Filed 2010-02-16
8-K 2019-05-22 Enter Agreement, Shareholder Rights, Shareholder Vote, Exhibits
8-K 2018-06-25 Other Events, Exhibits
8-K 2018-05-03 Enter Agreement, Exhibits

BCTCV 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Part II - Other Information
EX-31 b510cert302jpm.htm
EX-31 b510cert302mnt.htm
EX-32 b510cert906jpm.htm
EX-32 b510cert906mnt.htm

Boston Capital Tax Credit Fund V Earnings 2019-12-31

Balance SheetIncome StatementCash Flow
403020100-102012201420172020
Assets, Equity
0.3-1.8-3.8-5.9-7.9-10.02012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

10-Q 1 b5121910q.htm BCTC V DECEMBER 2019 10-Q Boston Capital Tax Credit Fund V L

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

(Mark One)

(X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2019

or

( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        333-109898

 

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware

14-1897569

(State or other jurisdiction

(I.R.S. Employer

of incorporation or organization)

Identification No.)

 

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ý

No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer □

Accelerated Filer □

Non-accelerated filer ý

Smaller Reporting Company ý

Emerging Growth Company □

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes 

No ý

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND V L.P.

 

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED
DECEMBER 31, 2019

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 
   

Pages

 

Item 1. Condensed Financial Statements

   

Condensed Balance Sheets

4-7

   

Condensed Statements of Operations

8-15

   

Condensed Statements of Changes in 

Partners' Capital (Deficit)

 

16-19

   

Condensed Statements of Cash Flows

20-23

   

Notes to Condensed Financial 

Statements


24-32

     
 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of 

Operations



32-39

     
 

Item 3. Quantitative and Qualitative Disclosures About Market Risk


40

     
 

Item 4. Controls and Procedures

40

     

PART II - OTHER INFORMATION

 
     
 

Item 1. Legal Proceedings

41

     
 

Item 1A. Risk Factors

41

     
 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds


41

     
 

Item 3. Defaults Upon Senior Securities

41

     
 

Item 4. Mine Safety Disclosures

41

     
 

Item 5. Other Information

41

     
 

Item 6. Exhibits 

41

     
     
 

Signatures

42

   

 

 

     

 

 

 

Boston Capital Tax Credit Fund V L.P.

 

CONDENSED BALANCE SHEETS

(Unaudited)


December 31,
2019

March 31,
2019

ASSETS

     

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$          -


$          -

     

OTHER ASSETS

   
       
 

Cash and cash equivalents

884,394

707,501

 

Other assets

   106,411

    106,411

 

$    990,805

$    813,912

     

LIABILITIES

   
     
 

Accounts payable and accrued expenses

$      6,843

$        343

 

Accounts payable affiliates

9,048,250

8,362,077

 

Capital contributions payable

        101

        101

 

  9,055,194

  8,362,521

     

PARTNERS' CAPITAL (DEFICIT)

   
     

Assignees

   
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
11,777,706 issued and 11,754,506
outstanding as of December 31, 2019
and March 31, 2019.






(7,783,025)






(7,268,534)

General Partner

  (281,364)

  (280,075)

 

(8,064,389)

(7,548,609)

 

$    990,805

$    813,912

 

 

 

 

 

 




 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47


December 31,
2019

March 31,
2019

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$          -


$          -

     

OTHER ASSETS

   
 

Cash and cash equivalents

257,450

243,174

 

Other assets

          -

          -

 

$    257,450

$    243,174

     

LIABILITIES

   
     
 

Accounts payable and accrued expenses

$      3,250

$          -

 

Accounts payable affiliates

3,378,293

3,190,337

 

Capital contributions payable

          -

          -

 

  3,381,543

  3,190,337

     

PARTNERS' CAPITAL (DEFICIT)

   
     

Assignees

   

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
3,478,334 issued and 3,473,634
outstanding as of December 31, 2019
and March 31, 2019.






(3,039,575)






(2,863,087)

General Partner

   (84,518)

   (84,076)

 

(3,124,093)

(2,947,163)

 

$    257,450

$    243,174

 

 

 

 




 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48


December 31,
2019

March 31,
2019

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$          -


$          -

     

OTHER ASSETS

   
 

Cash and cash equivalents

355,066

209,712

 

Other assets

          -

          -

 

$    355,066

$    209,712

     

LIABILITIES

     
 

Accounts payable and accrued expenses

$      3,250

$          -

 

Accounts payable affiliates

1,965,230

1,850,341

 

Capital contributions payable

          -

          -

 

  1,968,480

  1,850,341

     

PARTNERS' CAPITAL (DEFICIT)

   
     

Assignees

   
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
2,299,372 issued and 2,291,372
outstanding as of December 31, 2019
and March 31, 2019.






(1,558,618)






(1,585,765)

General Partner

   (54,796)

   (54,864)

 

(1,613,414)

(1,640,629)

 

$    355,066

$    209,712

     

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed statements

 

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49


December 31,
2019

March 31,
2019

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$          -


$          -

     

OTHER ASSETS

   
 

Cash and cash equivalents

271,878

254,615

 

Other assets

    106,411

    106,411

 

$    378,289

$    361,026

     

LIABILITIES

   
     

Accounts payable and accrued expenses

$        343

$        343

 

Accounts payable affiliates

3,704,727

3,321,399

 

Capital contributions payable

        101

        101

 

  3,705,171

  3,321,843

     

PARTNERS' CAPITAL (DEFICIT)

   
     

Assignees

   
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
6,000,000 issued and 5,989,500
outstanding as of December 31, 2019
and March 31, 2019.






(3,184,832)






(2,819,682)

General Partner

  (142,050)

  (141,135)

 

(3,326,882)

(2,960,817)

 

$    378,289

$    361,026

     

 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

 

 


  2019


  2018

     

Income

 

Interest income

$      2,326

$      1,155

   Other income

     43,772

     18,285

 

     46,098

     19,440

Gain on disposition of
Operating Partnerships


    171,632


          -

     

Expenses

   
 

Professional fees

17,833

12,177

 

Fund management fee, net (Note C)

175,872

197,988

General and administrative expenses

     34,851

     29,865

 

    228,556

    240,030

     

NET INCOME (LOSS)

$   (10,826)

$  (220,590)

     

Net income (loss) allocated to
assignees


$   (10,800)


$  (220,039)

     

Net income (loss) allocated to
general partner


$       (26)


$      (551)

     

Net income (loss) per BAC

$      (.00)

$      (.02)

     






 

 

 

 

 

 

 

 

 










The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 47


  2019


  2018

     

Income

   
 

Interest income

$       671

$       371

   Other income

     9,414

     4,200

 

    10,085

     4,571

Gain on disposition of
Operating Partnerships


    30,516


          -

Expenses

   
 

Professional fees

2,366

3,999

 

Fund management fee, net (Note C)

62,652

60,602

 

General and administrative expenses

    10,546

     8,976

 

    75,564

    73,577

     

NET INCOME (LOSS)

$  (34,963)

$  (69,006)

     

Net income (loss) allocated to
assignees


$  (34,876)


$  (68,833)

     

Net income (loss) allocated to
general partner


$      (87)


$     (173)

     

Net income (loss) per BAC

$     (.01)

$     (.02)

     






 





 

 

 

 

 






The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 48


  2019


  2018

     

Income

   
 

Interest income

$       839

$       333

   Other income

     5,456

     4,200

 

     6,295

     4,533

Gain on disposition of
Operating Partnerships


   141,116


          -

Expenses

   
 

Professional fees

2,892

3,151

 

Fund management fee, net (Note C)

12,319

36,785

 

General and administrative expenses

     7,820

     6,823

 

    23,031

    46,759

     

NET INCOME (LOSS)

$   124,380

$  (42,226)

     

Net income (loss) allocated to
assignees


$   124,069


$  (42,121)

     

Net income (loss) allocated to
general partner


$       311


$     (105)

     

Net income (loss) per BAC

$       .05

$     (.02)

     





 

 

 

 



 









The accompanying notes are an integral part of these condensed statements

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 49


  2019


  2018

     

Income

 

Interest income

$        816

$        451

   Other income

     28,902

      9,885

 

     29,718

     10,336

Gain on disposition of
Operating Partnerships


          -


          -

Expenses

   
 

Professional fees

12,575

5,027

 

Fund management fee, net (Note C)

100,901

100,601

 

General and administrative expenses

     16,485

     14,066

 

    129,961

    119,694

     

NET INCOME (LOSS)

$  (100,243)

$  (109,358)

     

Net income (loss) allocated to
assignees


$   (99,993)


$  (109,085)

     

Net income (loss) allocated to
general partner


$      (250)


$      (273)

     

Net income (loss) per BAC

$      (.02)

$      (.02)

     








 

 

 








The accompanying notes are an integral part of these condensed statements

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

 

 


  2019


  2018

     

Income

 

Interest income

$      5,945

$      6,151

   Other income

     64,170

     47,694

 

     70,115

     53,845

Gain on disposition of
Operating Partnerships


    171,632


          -

Expenses

   
 

Professional fees

93,366

109,320

 

Fund management fee, net (Note C)

590,931

619,447

General and administrative expenses

     73,230

     83,932

 

    757,527

    812,699

     

NET INCOME (LOSS)

$  (515,780)

$  (758,854)

     

Net income (loss) allocated to
assignees


$  (514,491)


$  (756,957)

     

Net income (loss) allocated to
general partner


$    (1,289)


$    (1,897)

     

Net income (loss) per BAC

$      (.04)

$      (.06)

     






 

 

 

 

 

 

 

 










The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 47


  2019


  2018

     

Income

   
 

Interest income

$     1,912

$     1,939

   Other income

    14,760

    11,664

 

    16,672

    13,603

Gain on disposition of
Operating Partnerships


    30,516


          -

Expenses

   
 

Professional fees

25,435

35,546

 

Fund management fee, net (Note C)

176,004

178,518

 

General and administrative expenses

    22,679

    25,839

 

   224,118

   239,903

     

NET INCOME (LOSS)

$ (176,930)

$ (226,300)

     

Net income (loss) allocated to
assignees


$ (176,488)


$ (225,734)

     

Net income (loss) allocated to
general partner


$     (442)


$     (566)

     

Net income (loss) per BAC

$     (.05)

$     (.06)

     






 





 

 

 

 

 






The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 48


  2019


  2018

     

Income

   
 

Interest income

$     1,882

$     2,121

   Other income

     9,106

     7,901

 

    10,988

    10,022

Gain on disposition of
Operating Partnerships


    141,116


          -

Expenses

   
 

Professional fees

24,172

31,349

 

Fund management fee, net (Note C)

82,170

105,570

 

General and administrative expenses

    18,547

    20,386

 

   124,889

   157,305

     

NET INCOME (LOSS)

$    27,215

$ (147,283)

     

Net income (loss) allocated to
assignees


$    27,147


$ (146,915)

     

Net income (loss) allocated to
general partner


$        68


$     (368)

     

Net income (loss) per BAC

$       .01

$     (.06)

     





 

 

 

 



 









The accompanying notes are an integral part of these condensed statements

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 49


  2019


  2018

     

Income

   
 

Interest income

$      2,151

$      2,091

   Other income

     40,304

     28,129

 

     42,455

     30,220

Gain on disposition of
Operating Partnerships


          -


          -

Expenses

   
 

Professional fees

43,759

42,425

 

Fund management fee, net (Note C)

332,757

335,359

 

General and administrative expenses

     32,004

     37,707

 

    408,520

    415,491

     

NET INCOME (LOSS)

$  (366,065)

$  (385,271)

     

Net income (loss) allocated to
assignees


$  (365,150)


$  (384,308)

     

Net income (loss) allocated to
general partner


$      (915)


$      (963)

     

Net income (loss) per BAC

$      (.06)

$      (.06)

     








 

 

 








The accompanying notes are an integral part of these condensed statements

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(DEFICIT)
Nine Months Ended December 31, 2019 and 2018
(Unaudited)

 



Assignees


General
partner



Total

Total

     

Partners' capital
(deficit)
  April 1, 2018



$(6,351,484)



$(277,776)



$(6,629,260)

       

Net loss

  (285,505)

    (715)

  (286,220)

       

Partners' capital
(deficit),
  June 30, 2018



(6,636,989)



(278,491)



(6,915,480)

       

Net loss

  (251,413)

    (631)

  (252,044)

       

Partners' capital
(deficit),
  September 30, 2018



(6,888,402)



(279,122)



(7,167,524)

       

Net loss

  (220,039)

    (551)

  (220,590)

       

Partners' capital
(deficit),
  December 31, 2018



$(7,108,441)



$(279,673)



$(7,388,114)

 

 



Assignees


General
partner



Total

Total

     

Partners' capital
(deficit)
  April 1, 2019



$(7,268,534)



$(280,075)



$(7,548,609)

       

Net loss

  (206,534)

    (518)

  (207,052)

       

Partners' capital
(deficit),
  June 30, 2019



(7,475,068)



(280,593)



(7,755,661)

       

Net loss

  (297,157)

    (745)

  (297,902)

       

Partners' capital
(deficit),
  September 30, 2019



(7,772,225)



(281,338)



(8,053,563)

       

Net income (loss)

   (10,800)

     (26)

   (10,826)

       

Partners' capital
(deficit),
  December 31, 2019



$(7,783,025)



$(281,364)



$(8,064,389)

       

 

 

The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2019 and 2018
(Unaudited)

 

 



Assignees


General
partner



Total

Series 47

     

Partners' capital
(deficit)
  April 1, 2018



$(2,600,097)



$ (83,417)



$(2,683,514)

       

Net loss

   (88,361)

    (221)

   (88,582)

       

Partners' capital
(deficit),
  June 30, 2018



(2,688,458)



 (83,638)



(2,772,096)

       

Net loss

   (68,540)

    (172)

  (68,712)

       

Partners' capital
(deficit),
  September 30, 2018



(2,756,998)



 (83,810)



(2,840,808)

       

Net loss

   (68,833)

    (173)

   (69,006)

       

Partners' capital
(deficit),
  December 31, 2018



$(2,825,831)



$ (83,983)



$(2,909,814)

 

 

 



Assignees


General
partner



Total

Series 47

     

Partners' capital
(deficit)
  April 1, 2019



$(2,863,087)



$ (84,076)



$(2,947,163)

       

Net loss

   (57,317)

    (144)

   (57,461)

       

Partners' capital
(deficit),
  June 30, 2019



(2,920,404)



 (84,220)



(3,004,624)

       

Net loss

   (84,295)

    (211)

  (84,506)

       

Partners' capital
(deficit),
  September 30, 2019



(3,004,699)



 (84,431)



(3,089,130)

       

Net income (loss)

   (34,876)

     (87)

  (34,963)

       

Partners' capital
(deficit),
  December 31, 2019



$(3,039,575)



$ (84,518)



$(3,124,093)


The accompanying notes are an integral part of these condensed statements


Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2019 and 2018
(Unaudited)

 

 

 


Assignees

General
partner


Total

Series 48

     

Partners' capital
(deficit)
  April 1, 2018



$(1,417,187)



$ (54,441)



$(1,471,628)

Net loss

   (55,008)

    (138)

   (55,146)

       

Partners' capital
(deficit),
  June 30, 2018



(1,472,195)



 (54,579)



(1,526,774)

       

Net loss

   (49,786)

    (125)

   (49,911)

       

Partners' capital
(deficit),
  September 30, 2018



(1,521,981)



(54,704)



(1,576,685)

       

Net loss

   (42,121)

    (105)

   (42,226)

       

Partners' capital
(deficit),
  December 31, 2018



$(1,564,102)



$ (54,809)



$(1,618,911)

 


Assignees

General
partner


Total

Series 48

     

Partners' capital
(deficit)
  April 1, 2019



$(1,585,765)



$ (54,864)



$(1,640,629)

Net loss

   (34,987)

     (88)

   (35,075)

       

Partners' capital
(deficit),
  June 30, 2019



(1,620,752)



 (54,952)



(1,675,704)

       

Net loss

   (61,935)

    (155)

   (62,090)

       

Partners' capital
(deficit),
  September 30, 2019



(1,682,687)



 (55,107)



(1,737,794)

       

Net income (loss)

    124,069

      311

    124,380

       

Partners' capital
(deficit),
  December 31, 2019



$(1,558,618)



$ (54,796)



$(1,613,414)

 

 

 

The accompanying notes are an integral part of these condensed statements

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2019 and 2018
(Unaudited)

 

 

 


Assignees

General
partner


Total

Series 49

     

Partners' capital
(deficit)
  April 1, 2018



$(2,334,200)



$(139,918)



$(2,474,118)

       

Net loss

  (142,136)

    (356)

  (142,492)

       

Partners' capital
(deficit),
  June 30, 2018



(2,476,336)



(140,274)



(2,616,610)

Net loss

  (133,087)

    (334)

  (133,421)

       

Partners' capital
(deficit),
  September 30, 2018



(2,609,423)



(140,608)



(2,750,031)

Net loss

  (109,085)

    (273)

  (109,358)

       

Partners' capital
(deficit),
  December 31, 2018



$(2,718,508)



$(140,881)



$(2,859,389)

 

       
 


Assignees

General
partner


Total

Series 49

     

Partners' capital
(deficit)
  April 1, 2019



$(2,819,682)



$(141,135)



$(2,960,817)

       

Net loss

  (114,230)

    (286)

  (114,516)

       

Partners' capital
(deficit),
  June 30, 2019



(2,933,912)



(141,421)



(3,075,333)

Net loss

  (150,927)

    (379)

  (151,306)

       

Partners' capital
(deficit),
  September 30, 2019



(3,084,839)



(141,800)



(3,226,639)

       

Net income (loss)

  (99,993)

    (250)

  (100,243)

       

Partners' capital
(deficit),
  December 31, 2019



$(3,184,832)



$(142,050)



$(3,326,882)

       


The accompanying notes are an integral part of these condensed statements


Boston Capital Tax Credit Fund V L.P.


CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

 

2019

2018

Cash flows from operating activities:

   
     
 

Net income (loss)

$  (515,780)

$  (758,854)

 

Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities

   
 

Share of income from 
  Operating Partnerships


(171,632)


-

 

Changes in assets and liabilities

   
 

Increase in accounts
  payable and accrued expenses


6,500


-

 

Increase (Decrease) in accounts
  payable affiliates


    686,173


  (316,979)

       
 

Net cash provided by (used in) operating activities


      5,261


(1,075,833)

Cash flows from investing activities:

   
     

 Proceeds from the disposition of
      Operating Partnerships


    171,632


          -

     

   Net cash provided by
   investing activities


    171,632


          -

     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


    176,893


(1,075,833)

     

Cash and cash equivalents, beginning

    707,501

  1,914,566

     

Cash and cash equivalents, ending

$    884,394

$    838,733







 

 

 

 


 



 

 

The accompanying notes are an integral part of these condensed statements

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 47

 

2019

2018

Cash flows from operating activities:

   
     
 

Net income (loss)

$  (176,930)

$  (226,300)

Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities

 

Share of income from 
  Operating Partnerships


(30,516)


-

 

Changes in assets and liabilities

   
 

Increase in accounts
  payable and accrued expenses


3,250


-

 

Increase (Decrease) in accounts
  payable affiliates


    187,956


  (282,059)

       
 

Net cash provided by (used in) operating activities


   (16,240)


  (508,359)

     

Cash flows from investing activities:

   
     

 Proceeds from the disposition of
      Operating Partnerships


     30,516


          -

     

   Net cash provided by
   investing activities


     30,516


          -

     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


     14,276


  (508,359)

     

Cash and cash equivalents, beginning

    243,174

    776,230

     

Cash and cash equivalents, ending

$    257,450

$    267,871

     










 









The accompanying notes are an integral part of these condensed statements

 

 


Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 48

 

2019

2018

Cash flows from operating activities:

   

Net income (loss)

$    27,215

$ (147,283)

 

Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities

   
 

Share of income from 
  Operating Partnerships


(141,116)


-

 

Changes in assets and liabilities

   
 

Increase in accounts
  payable and accrued expenses


3,250


-

 

Increase (Decrease) in accounts
  payable affiliates


    114,889


  (276,995)

       
 

Net cash provided by (used in) operating activities


      4,238


  (424,278)

     

Cash flows from investing activities:

   
     

 Proceeds from the disposition of
      Operating Partnerships


    141,116


          -

     

   Net cash provided by
   investing activities


    141,116


          -

     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


    145,354


  (424,278)

     

Cash and cash equivalents, beginning

    209,712

    666,873

     

Cash and cash equivalents, ending

$    355,066

$    242,595

     

 





 

 

 










The accompanying notes are an integral part of these condensed statements

 

 

 

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 49

 

2019

2018

Cash flows from operating activities:

   
     
 

Net income (loss)

$  (366,065)

$  (385,271)

 

Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities

   
 

Share of income from 
  Operating Partnerships


-


-

 

Changes in assets and liabilities

   

Increase in accounts
  payable and accrued expenses


-


-

 

Increase (Decrease) in accounts
  payable affiliates


    383,328


    242,075

       
 

Net cash provided by (used in) operating activities


     17,263


  (143,196)

     

Cash flows from investing activities:

   
     

 Proceeds from the disposition of
      Operating Partnerships


          -


          -

     

   Net cash provided by
   investing activities


          -


          -

     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


     17,263


  (143,196)

     

Cash and cash equivalents, beginning

    254,615

    471,463

     

Cash and cash equivalents, ending

$    271,878

$    328,267

     








 









The accompanying notes are an integral part of these condensed statements

 

 

 

Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2019
(Unaudited)

NOTE A - ORGANIZATION

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"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be 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, (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, 2019, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2019:

 

Series

Closing Date

BACs Sold

Equity Raised

Series 47

April 30, 2004

3,478,334

$34,783,340

Series 48

August 12, 2004

2,299,372

$22,993,720

Series 49

April 29, 2005

6,000,000

$60,000,000

 

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

 

 

 

Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2019 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

 

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2019 and 2018 are as follows:

 

 

2019

2018

Series 47

$ 62,652

$ 62,652

Series 48

37,219

38,835

Series 49

127,776

127,776

Total

$227,647

$229,263

 

The fund management fees paid for the quarters ended December 31, 2019 and 2018 are as follows:

 

2019

2018

Series 47

$      -

$      -

Series 48

-

-

Series 49

      -

      -

Total

$      -

$      -

 

The fund management fees paid for the nine months ended December 31, 2019 and 2018 are as follows:

 

2019

2018

Series 47

$        -

$  470,015

Series 48

-

393,500

Series 49

        -

  141,253

Total

$        -

$1,004,768






 

 

 

 

 

 

 

 








Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

 

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2019 and 2018, the Fund had limited partnership interests in 42 and 45 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2019 and 2018 is as follows:

 

2019

2018

Series 47

11

12

Series 48

7

9

Series 49

24

24

Total

42

45

 

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

During the nine months ended December 31, 2019, the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for the period ended December 31, 2019 is as follows:

 

 

Operating Partnership Interest Transferred

 

Sale of Underlying Operating Partnership

 

Partnership Proceeds from Disposition

 

Gain/(Loss) on Disposition

Series 47

-

 

1

 

$

30,516

 

$

30,516

Series 48

1

 

1

   

141,116

   

141,116

Series 49

-

 

-

   

-

   

-

Total

1

 

2

 

$

171,632

 

$

171,632

 

During the nine months ended December 31, 2018, no Operating Partnerships were disposed.

 

The gain (loss) 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.

 

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2019.

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

Total

 

2019

2018

Revenues

   
 

Rental

$ 13,029,622

$ 13,734,315

 

Interest and other

    255,197

    328,969

 

 13,284,819

 14,063,284

     

Expenses

   
 

Interest

1,869,529

1,954,000

 

Depreciation and amortization

3,381,025

3,634,148

 

Operating expenses

  9,488,051

 9,506,824

 

 14,738,605

 15,094,972

     

NET LOSS

$(1,453,786)

$(1,031,688)

     

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$(1,439,249)


$(1,021,372)

     

Net loss allocated to other Partners

$   (14,537)

$   (10,316)

 

 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.



 

 

 

 

 

 

 

 

 

 

 

 

 

 







Boston Capital Tax Credit Fund V L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

Series 47

 

 

2019

2018

Revenues

   
 

Rental

$  3,860,219

$  4,139,341

 

Interest and other

     51,296

     77,533

 

  3,911,515

  4,216,874

     

Expenses

   
 

Interest

539,432

575,402

 

Depreciation and amortization

831,606

914,609

 

Operating expenses

  2,886,400

  2,938,201

 

  4,257,438

  4,428,212

     

NET LOSS

$  (345,923)

$  (211,338)

     

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$  (342,464)


$  (209,225)

     

Net loss allocated to other Partners

$    (3,459)

$    (2,113)

 

 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





Boston Capital Tax Credit Fund V L.P.

 

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

Series 48

 

2019

2018

Revenues

   
 

Rental

$  1,714,786

$  2,248,381

 

Interest and other

     28,443

     44,403

 

  1,743,229

  2,292,784

     

Expenses

   
 

Interest

214,581

272,056

 

Depreciation and amortization

425,126

597,719

 

Operating expenses

  1,249,939

  1,625,109

 

  1,889,646

  2,494,884

     

NET LOSS

$  (146,417)

$  (202,100)

     

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$  (144,953)


$  (200,079)

     

Net loss allocated to other Partners

$    (1,464)

$    (2,021)

 

 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

Series 49

 

2019

2018

Revenues

   
 

Rental

$  7,454,617

$  7,346,593

 

Interest and other

    175,458

    207,033

 

  7,630,075

  7,553,626

     

Expenses

   
 

Interest

1,115,516

1,106,542

 

Depreciation and amortization

2,124,293

2,121,820

 

Operating expenses

  5,351,712

  4,943,514

 

  8,591,521

  8,171,876

     

NET LOSS

$  (961,446)

$  (618,250)

     

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$  (951,832)


$  (612,068)

     

Net loss allocated to other Partners

$    (9,614)

$    (6,182)

 

 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2019
(Unaudited)

 

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

 

NOTE F - 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 partnership. 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 2015 remain open.

 

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.

 

Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

 

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.


Liquidity

The Fund's primary source of funds is the proceeds of the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

 

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended December 31, 2019 were $227,647 and total fund management fees accrued as of December 31, 2019 were $9,048,250. During the quarter ended December 31, 2019, none of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund.  The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of December 31, 2019.

 

Series 47

 

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598. Series 47 has since sold its interest in 4 of the Operating Partnerships and 11 remain.

 

During the quarter ended December 31, 2019, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

 

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406. Series 48 has since sold its interest in 4 of the Operating Partnerships and 7 remain.

 

During the quarter ended December 31, 2019, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

 

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155.

 

During the quarter ended December 31, 2019, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of December 31, 2019. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

 

Results of Operations

As of December 31, 2019, the Fund held limited partnership interests in 42 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

 

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 certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2019 are as follows:

3 Months
Gross Fund Management Fee


3 Months
Reporting Fee

3 Months
Fund Management Fee Net of Reporting Fee

Series 47

$ 62,652

$     -

$ 62,652

Series 48

37,219

24,900

12,319

Series 49

127,776

26,875

100,901

 

$227,647

$51,775

$175,872

9 Months
Gross Fund Management Fee


9 Months
Reporting Fee

9 Months
Fund Management Fee Net of Reporting Fee

Series 47

$187,956

$11,952

$176,004

Series 48

114,889

32,719

82,170

Series 49

383,328

50,571

332,757

$686,173

$95,242

$590,931

 

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 47

As of December 31, 2019 and 2018, the average Qualified Occupancy was 100%. The series had a total of 11 properties at December 31, 2019, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2019 and 2018, Series 47 reflects a net loss from Operating Partnerships of $(345,923) and $(211,338), respectively, which includes depreciation and amortization of $831,606 and $914,609, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In October 2017, the operating general partner of CP Continental Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on December 20, 2017. The sales price of the property was $8,100,000, which included the outstanding mortgage balance of approximately $5,656,256 and cash proceeds to the investment partnership of $194,672. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $189,672 were returned to cash reserves held by Series 47. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $189,672 as of December 31, 2017. In January 2018, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $51,515 which was returned to the cash reserves. In March 2019, the investment partnership received additional proceeds in the amount of $8,261, which was returned to the cash reserves.

 

In January 2019, the operating general partner of The Masters Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on November 15, 2019. The sales price of the property was $7,600,000, which included the outstanding mortgage balance of approximately $6,580,000. In addition, to cash proceeds from the sale, the operating/cash reserves/escrows of $182,922 were distributed after the sale, with cash proceeds to the investment partnerships of $33,766 and $33,766 for Series 47 and Series 48, respectively. Of the total proceeds received by the investment partnerships, $3,250 and $3,250 for Series 47 and Series 48, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $30,516 and $30,516 for Series 47 and Series 48, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $30,516, and $30,516 for Series 47 and Series 48, respectively, as of December 31, 2019.

 

Series 48

As of December 31, 2019 and 2018, the average Qualified Occupancy was 100%. The series had a total of 7 properties at December 31, 2019, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2019 and 2018, Series 48 reflects a net loss from Operating Partnerships of $(146,417) and $(202,100), respectively, which includes depreciation and amortization of $425,126 and $597,719, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In October 2019, the investment general partner transferred its interest in Wyndham-Emporia Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $782,095 and cash proceeds to the investment partnership of $140,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $110,600 were returned to cash reserves held by Series 48. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $110,600 as of December 31, 2019.

 

In January 2019, the operating general partner of The Masters Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on November 15, 2019. The sales price of the property was $7,600,000, which included the outstanding mortgage balance of approximately $6,580,000. In addition, to cash proceeds from the sale, the operating/cash reserves/escrows of $182,922 were distributed after the sale, with cash proceeds to the investment partnerships of $33,766 and $33,766 for Series 47 and Series 48, respectively. Of the total proceeds received by the investment partnerships, $3,250 and $3,250 for Series 47 and Series 48, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $30,516 and $30,516 for Series 47 and Series 48, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $30,516, and $30,516 for Series 47 and Series 48, respectively, as of December 31, 2019.

 

Series 49

As of December 31, 2019 and 2018, the average Qualified Occupancy was 100%. The series had a total of 24 properties at December 31, 2019, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2019 and 2018, Series 49 reflects a net loss from Operating Partnerships of $(961,446) and $(618,250), respectively, which includes depreciation and amortization of $2,124,293 and $2,121,820, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Rosewood Place, L.L.C. (Rosewood Senior) is a 144-unit apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during 2016, 2017 and 2018. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, L.L.C. expires on December 31, 2021.

 

Linden-Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Operations have been consistently below breakeven since the fourth quarter of 2014 due to low occupancy levels and the inability to increase rents due to unanticipated competition in the market. A debt modification was secured during 2016, which reduced annual debt service payments by approximately $11,000. The investment limited partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's obligation to fund deficits under the operating deficit guaranty expired; however, the operating general partner continues to fund deficits and confirmed its commitment to continue doing so. As of December 2019, occupancy is 85%. The 15-year low income housing tax credit compliance period with respect to Linden-Bartlesville Partners, L.P. expires on December 31, 2020.  

 

Linden-Shawnee Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Shawnee, OK. The property had below breakeven operations in 2019 due to low occupancy and elevated operating expenses. As of December 2019, occupancy is 90.74%. The investment limited partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner is under an operating deficit guarantee through the end of compliance. The 15-year low income housing tax credit compliance period with respect to Linden-Shawnee Partners, L.P. expires on December 31, 2020.

 

Rural Housing Partners of Kewaunee L.P. (Sunset Manor Apartments) is a 38-unit family property located in Kewaunee, WI. Due to low occupancy and insufficient rental income, the property has historically operated below breakeven. In 2019, occupancy has improved to average 92% with operations improving above breakeven status. The investment general partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Kewaunee, LP expired on December 31, 2019. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Rural Housing Partners of Kewaunee L.P. subsequent to December 31, 2019.

 

Perryton Fountainhead L.P. (La Mirage Villas Apartments) is a 48-unit family property located in Perryton, TX. Operations have been below breakeven in 2019 due to low occupancy. As of December 31, 2019, the property is averaging 74% occupancy. The investment limited partner will continue to work with the operating general partner to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with Perryton Fountainhead L.P. expires on December 31, 2021.

 

Off Balance Sheet Arrangements

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

 

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

 

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

 

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2019 and 2018. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

 

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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  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 will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Accounting Policies and Estimates - continued

 

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of 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 Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss.  The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

 

Change in Accounting Principle

 

In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), as amended by subsequent Accounting Standard Updates (collectively, "ASC 606").  The Partnership adopted ASC 606 during 2019 and applied the guidance on a retrospective basis. There was no impact as a result of the adoption of ASC 606 to recognize revenue on the financial statements of the Partnership as of and for the period ended December 31, 2019.

 

In August 2016, the FASB issued Accounting Standards Update 2016-15 Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.  The Partnership adopted the update on a retrospective basis.  The effect of the adoption was the application of an accounting policy election to classify distributions received from investees using the nature of the distribution approach.  The Partnership classifies distributions from tax credit investments as returns on investment because the design of the project entity is to generate tax credits and losses rather than income from operations.  Application of the accounting policy election had no impact on the presentation in the statement of cash flows in the current or prior reporting periods.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

   
 

Not Applicable

 

Item 4

Controls and Procedures

     
 

(a)

Evaluation of Disclosure Controls and Procedures

   

 

As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

 

 

(b)

Changes in Internal Controls

     
   

There were no changes in the Fund's or any Series' internal control over financial reporting that occurred during the quarter ended December 31, 2019 that materially affected, or are reasonably likely to materially affect, the Fund's or any Series' internal control over financial reporting.

     
 

(c)

Certifications

     
   

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each Series individually and the Fund as a whole.


 

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

   
 

None

   

Item 1A.

Risk Factors

   
 

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2019.

   

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

   
 

None

   

Item 3.

Defaults upon Senior Securities

   
 

None

   

Item 4.

Mine Safety Disclosures

   
 

Not Applicable

   

Item 5.

Other Information

   
 

None

   

Item 6.

Exhibits 

   
 

(a)Exhibits

   
 



   

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

BCTC V CERT 302

 

 

 

 

 

 

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

BCTC V CERT 302

 

 

 

 

 

 

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

BCTC V CERT 906

 

 

 

 

 

 

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

BCTC V CERT 906

   
   

101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

 

 

Boston Capital Tax Credit Fund V L.P.

 

By:

Boston Capital Associates V LLC,
General Partner

     
     

Date: February 13, 2020

 

By:

/s/ John P. Manning
John P. Manning

       
     

Managing Member

 

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:

SIGNATURE:

TITLE:

February 13, 2020

/s/ John P. Manning

John P. Manning

Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.

     

     
     
     
     
     

February 13, 2020

/s/ Marc N. Teal

Marc N. Teal

Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.