Item 1. Business
Gateway Tax Credit Fund, Ltd. ("Gateway") is a Florida limited partnership. The general partners are Raymond James Tax Credit Funds, Inc., the Managing General Partner, and Raymond James Partners, Inc. both of which are sponsors of Gateway Tax Credit Fund, Ltd. and wholly-owned subsidiaries of Raymond James Financial, Inc. Gateway was formed October 27, 1987 and commenced operations as of June 30, 1988 with the first admission of Limited Partners.
Gateway is engaged in only one industry segment, to acquire limited partnership interests in unaffiliated limited partnerships ("Project Partnerships"), each of which owns and operates one or more apartment complexes eligible for Low-Income Housing Tax Credits under Section 42 of the Internal Revenue Code ("Tax Credits"), received over a ten year period. Subject to certain limitations, Tax Credits may be used by Gateway's investors to reduce their income tax liability generated from other income sources. Gateway will terminate on December 31, 2040 or sooner, in accordance with the terms of its Limited Partnership Agreement. Gateway closed its initial offering of Limited Partnership Interests on March 1, 1990 after receiving capital contributions of $1,000 from the General Partners and $25,566,000 from Limited Partners.
Operating profits and losses, cash distributions from operations and Tax Credits are allocated 99% to the Limited Partners and 1% to the General Partners. Profit or loss and cash distributions from sales of interests in Project Partnerships will be allocated as described in the Limited Partnership Agreement.
Gateway has invested in 82 Project Partnerships, acquiring a 99% interest in these properties by becoming the sole limited partner in the Project Partnerships that own the properties. In October, 1996 Value Partners, Inc., an affiliate of Raymond James Tax Credit Funds, Inc., became the sole general partner of one of the Project Partnerships, Village Apartments of Sparta, Limited Partnership ("Sparta"). In October, 1997, Value Partners became the sole general partner of Village Apartments of Divernon ("Divernon") See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional details.
The primary sources of funds for the year ended March 31, 2000 were from the maturity of Treasury Notes for $417,000, interest income of $28,023 earned on cash and cash equivalents, and $32,526 in distributions received from Project Partnerships. As of March 31, 2000 Gateway had $823,494 of Cash and Cash Equivalents and $1,687,737 in investments in securities with annual maturities each year until 2004, which will be used to meet future annual operating needs of Gateway.
All Project Partnerships are government subsidized. Most have mortgage loans from the Farmers Home Administration (now called Rural Housing Services) ("RHS") under Section 515 of the Housing Act of 1949. These mortgage loans are made at low interest rates for multi-family housing in rural and suburban areas, with the requirement that the interest savings be passed on to low income tenants in the form of lower rents. A significant portion of the Project Partnerships also receive rental assistance from RECD to subsidize certain qualifying tenants.
The General Partners do not believe the Project Partnerships are subject to the risks generally associated with conventionally financed nonsubsidized apartment properties. Risks related to the operations of Gateway are described in detail on pages 21 through 33 of the Prospectus, as supplemented, under the caption "Risk Factors" which is incorporated herein by reference.
The investment objectives of Gateway are to:
1) Provide tax benefits to Limited Partners in the form of Tax Credits during the period in which each Project is eligible to claim tax credits; 2) Preserve and protect the capital contributions of Investors; 3) Participate in any capital appreciation in the value of the Projects; and 4) Provide passive losses to individual investors to offset passive income from other passive activities, and provide passive losses to corporate investors to offset business income.
The investment objectives and policies of Gateway are described in detail on pages 33 through 38 of the Prospectus, as supplemented, under the caption "Investment Objectives and Policies" which is incorporated herein by reference.
Gateway's goal was to invest in a diversified portfolio of Project Partnerships located in rural and suburban locations with a high demand for low income housing. As of March 31, 2000 the capital contributions raised from Limited Partner investors were successfully invested in Project Partnerships which met the investment criteria. Management anticipates that competition for tenants will only be with other low income housing projects, and not with conventionally financed housing. With significant number of rural American households living below the poverty level in substandard housing, management believes there will be a continuing demand for affordable low income housing for the foreseeable future.
Gateway has no direct employees. The General Partners have full and exclusive discretion in management and control of Gateway.
Item 2.
Item 2. Properties
Gateway owns interest in properties through 99% limited partnership interests in 82 Project Partnerships. There are no investments in individual Project Partnerships which are material to Gateway taken as a whole with the largest single investment comprising 12.5% of Gateway's total assets. The following table provides certain summary information regarding the Projects in which Gateway had an interest, excluding Sparta and Divernon, as of December 31, 1999: Item 2 - Properties (continued):
LOCATION OF # OF DATE PROPERTY PARTNERSHIP PROPERTY UNITS ACQUIRED COST OCCUP. - ----------- ----------- ----- -------- -------- ---- Laynecrest Medway, OH 48 6/88 1,862,433 92% Martindale Union, OH 30 6/88 1,182,271 90% La Villa Elena Bernalillo, NM 54 8/88 1,929,648 93% Rio Abajo Truth/Conseqnces, NM 42 9/88 1,776,810 74% Fortville II Fortville, IN 24 11/88 810,389 96% Summitville Summitville, IN 24 11/88 879,994 100% Suncrest Yanceyville, NC 40 12/88 2,137,725 100% Brandywine III Millsboro, DE 32 12/88 1,307,163 100% Concord IV Perryville, MD 32 12/88 1,361,686 84% Dunbarton Oaks III Georgetown, DE 32 12/88 1,343,681 100% Federal Manor Federalsburg, MD 32 12/88 1,459,626 100% Laurel Apts Laurel, DE 32 12/88 1,362,855 94% Mulberry Hill IV Easton, MD 16 12/88 737,742 100% Madison Madison, OH 40 12/88 1,467,368 98% Hannah's Mill Thomaston, GA 50 12/88 1,812,786 98% Longleaf Apts. Cairo, GA 36 12/88 1,192,946 97% Sylacauga Garden Sylacauga, AL 45 12/88 1,612,304 100% Monroe Family Monroe, GA 48 12/88 1,788,673 92% Clayfed Apartments Denver, CO 32 12/88 992,827 100% Westside Apts. Denver, CO 52 12/88 1,594,810 92% Casa Linda Silver City, NM 41 3/89 1,719,092 93% Rivermeade Yorktown, VA 80 3/89 3,046,646 97% Laurel Woods Ashland, VA 40 3/89 1,549,636 95% Keysville Keysville, VA 24 3/89 914,521 96% Crosstown Kalamazoo, MI 201 4/89 6,019,109 98% Riverside Apts. Demopolis, AL 40 5/89 1,427,318 100% Brookshire Apts. McDonough, GA 46 6/89 1,739,553 98% Sandridge Apts. Fernandina Beach, FL 46 6/89 1,632,755 94% Limestone Estates Limestone, ME 25 6/89 1,414,221 96% Eagle's Bay Beaufort, NC 40 6/89 1,953,694 100% Teton View Rigby, ID 40 6/89 1,790,273 98% Albany Albany, KY 24 7/89 935,747 96% Burkesville Burkesville, KY 24 7/89 913,773 100% Scotts Hill Scotts Hill, TN 12 7/89 505,653 100% Sage Gallup, NM 44 7/89 1,902,063 98% Claremont Cascade, ID 16 8/89 584,388 94% Middleport Middleport, NY 25 9/89 1,167,852 100% Oakwood Apts. Columbus, NE 24 9/89 1,000,448 100% Morgantown Morgantown, IN 24 9/89 959,783 100% Ashburn Housing Ashburn, GA 41 9/89 1,300,760 98% Cuthbert Elderly Cuthbert, GA 32 9/89 1,028,295 100% Sandhill Forest Melrose, FL 16 9/89 573,562 81% Oakwood Grove Crescent City, FL 36 9/89 1,240,722 89% Hastings Manor Hastings, FL 24 9/89 864,376 92% Lakewood Apts. Norfolk, NE 72 9/89 3,089,758 90% Robinhood Apts. Springfield, TN 48 9/89 1,813,011 100% Skyview Terrace Springfield, TN 48 9/89 1,510,581 92% Mabank 1988 Mabank, TX 42 9/89 1,356,519 100% Buena Vista Buena Vista, GA 25 9/89 814,227 100% Woodcroft Elizabethtown, NC 32 9/89 1,490,939 100% Spring Creek Quitman, GA 18 10/89 607,608 100% Spring Creek Cherokee, AL 24 11/89 637,653 88% Milton Elderly Milton, FL 43 11/89 1,346,208 100% Winder Apartments Winder, GA 48 11/89 1,762,725 98% Hunters Ridge Killen, AL 40 12/89 1,420,816 98% Stone Arbor Madison, NC 40 12/89 1,874,064 98% Greeneville Greeneville, TN 40 12/89 1,530,231 100% Centralia II Centralia, IL 24 12/89 976,228 88% Poteau IV Poteau, OK 32 12/89 716,016 94% Barling Barling, AR 48 12/89 1,152,864 100% Booneville Booneville, AR 50 12/89 1,682,587 98% Augusta Augusta, KS 66 12/89 2,381,719 100% Meadows Farmville, VA 40 12/89 1,588,193 98% Kenly Housing Kenly, NC 48 2/90 1,684,870 98% Fairview South Athens, TX 44 2/90 1,344,188 98% River Road Apts. Waggaman, LA 43 2/90 1,478,045 95% Middlefield Middlefield, OH 36 3/90 1,334,074 92% Floresville Floresvile, TX 40 3/90 1,310,902 100% Mathis Retirement Mathis, TX 36 3/90 1,084,390 100% Sabinal Housing Sabinal, TX 24 3/90 780,115 100% Kingsland Housing Kingsland, TX 34 3/90 1,161,004 100% Crestwood Villa II Crestline, OH 36 3/90 1,372,370 86% Poteau Prop. III Poteau, OK 19 4/90 583,005 100% Decatur Properties Decatur, AR 24 4/90 969,816 100% Broken Bow Prop II Broken Bow, OK 46 4/90 1,957,868 100% Turtle Creek II Grove, OK 42 4/90 1,558,446 95% Pleasant Valley Grangeville, ID 32 4/90 1,460,712 97% Hartwell Elderly Hartwell, GA 24 4/90 821,329 100% Pulaski Village Pulaski, VA 44 7/90 1,788,959 100% Southwood Apts. Jacksonville, TX 40 7/90 1,213,627 98% ----- ----------- 3,098 114,453,644 ===== ===========
The average effective rental per unit is $3,665 per year ($305 per month).
The average effective occupancy rate at December 31, 1999 was 95.0%
Item 2 - Properties (continued):
A summary of the cost of the properties, excluding Sparta and Divernon, as of December 31, 1999, 1999 and 1997 is as follows:
12/31/99 12/31/98 12/31/97 -------- -------- -------- Land $ 5,097,275 $ 5,097,275 $ 5,095,980 Land Improvements 1,984,638 1,701,048 1,152,320 Buildings 103,009,053 103,153,472 103,525,758 Furniture and Fixtures 4,362,678 4,282,982 4,186,682 ------------- ------------ ------------
Properties, at Cost 114,453,644 114,234,777 113,960,740 Less: Accum.Depreciation 38,866,674 34,872,322 31,367,608 ------------- ------------ ------------ Properties, Net $ 75,586,970 $ 79,362,455 $ 82,593,132 ============= ============ ============
Item 3.
Item 3. Legal Proceedings
Gateway is not a party to any material pending legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
As of March 31, 2000, no matters were submitted to a vote of security holders, through the solicitation of proxies or otherwise.
PART II
Item 5.
Item 5. Market for the Registrant's Securities and Related Security Holder Matters
(a) Gateway's Limited Partnership interests are not publicly traded. There is no market for the Registrant's Limited Partnership interests and it is unlikely that any will develop. No transfers of Limited Partnership Units are permitted without the prior written consent of the Managing General Partner. There have been several transfers over the last two years, with most being from individuals to their trusts or heirs. The Managing General Partner is not aware of the price at which the units are transferred. The conditions under which investors may transfer units is found under ARTICLE XII - "Transfer of a Limited Partnership Interest" on pages A-24 and A-25 of the Limited Partnership Agreement within the Prospectus, which is incorporated herein by reference. There have been no distributions paid to the Limited Partner investors over the last five years. (b) Approximate Number of Equity Security Holders:
Number of Record Holders Title of Class as of March 31, 2000
Limited Partnership Interest 2,104 General Partner Interest 2
Item 6.
Item 6. Selected Financial Data
2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Total Revenues $ 441,466 $ 457,380 $ 424,025 $ 249,627 $ 227,632
Net Loss (877,394) (975,308) (1,268,394) (1,766,212) (1,507,296)
Equity in Losses of Project Partnerships (490,163) (610,098) (905,818) (1,365,627) (1,135,565)
Total Assets 5,980,554 6,673,086 7,472,382 8,092,005 8,839,600
Investments In Project Partnerships 2,500,833 3,040,206 3,682,742 4,562,124 5,935,650
Per Limited Partnership Unit: (A)
Tax Credits 104.10 138.90 148.90 148.70 148.30 Portfolio Income 17.20 17.50 18.30 17.30 17.10 Passive Loss (135.00) (130.40) (133.00) (135.00) (127.80) Net Loss (33.98) (37.77) (49.12) (68.39) (58.37)
(A) The Tax information is as of December 31, the year end of the Partnership for tax purposes.
The above selected financial data should be read in conjunction with the financial statements and related notes appearing elsewhere in this report. This statement is not covered by the auditor's opinion included elsewhere in this report.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations -
Gateway commenced operations June 30, 1988. During the offering period, Gateway received $25,566,000 in capital contributions from investors. The proceeds available for investment from the capital contributions were used to acquire interests in Project Partnerships. At December 31, 1989, Gateway owned an interest in 65 Project Partnerships, and since December 31, 1990, Gateway has owned an interest in 82 Project Partnerships. There are no unusual events or trends to describe.
As disclosed on the Statements of Operations, interest income was comparable for the years ended March 31, 2000, 1999 and 1998. Total expense for the year ended March 31, 1999 increased to $882,619 as compared to $791,122 for the year ended March 31, 1998 primarily as a result of combining a full year of operating expenses of Divernon operating expenses. Total expense for the year ended March 31, 2000 was $829,145, which is comparable to March 31, 1999.
Equity in Losses of Project Partnerships for the year ended March 31, 2000 decreased from $610,098 for the year ended March 31, 1999 to $490,163 as a result of not including losses of $2,508,247, as these losses would reduce the investment in certain Project Partnerships below zero. The Equity in Losses of Project Partnerships decreased from $905,818 for the year ended March 31, 1998 to $610,098 for the year ended March 31, 1999 as a result of not including losses of $1,705,156, as these losses would reduce the investment in certain Project Partnerships below zero. In general, it is common in the real estate industry to experience losses for financial and tax reporting purposes because of the non-cash expenses of depreciation and amortization. (For the twelve months ending December 31, 1999, December 31, 1998, and December 31, 1997, the Project Partnerships reported depreciation and amortization expense of $4,052,357, $3,570,633, and $3,617,626, respectively). As a result, management expects Gateway will continue to report its equity in Project Partnerships as a loss for tax and financial reporting purposes.
Overall, management believes Gateway is operating as expected and the Project Partnerships are generating tax credits which meet projections. However, there are two Project Partnerships that have experienced significant operating problems which are described below. In addition, two Project Partnerships in Denver, Colorado have been significantly problematic in 1999 to warrant mentioning below. Management does not expect any material adverse effect to Gateway from these Project Partnerships.
On October 1, 1996 Value Partners, Inc. became the sole general partner of Village Apartments of Sparta Limited Partnership, replacing the former local general partners. Value Partners, Inc. is an affiliate of Raymond James Tax Credit Funds, Inc., the managing General Partner of Gateway. Sparta is a 24 unit property located in Sparta, Illinois in which Gateway invested as the sole limited partner on August 1, 1989. High vacancy rates due to the closure of a major area employer and excessive real estate taxes caused Sparta to experience operating cash shortages and deferred maintenance. Effective October 1, 1996, a problems resolution plan was executed between the mortgage lender (RHS) and Sparta. Under the terms of the plan, a new property management company was hired, Gateway agreed to loan Sparta approximately $35,000 in 1996, $11,500 in 1997 and an additional $2,500 in 1998 to pay delinquent real estate taxes and to complete various maintenance requirements. In 1999, Sparta had positive cash flows and no additional loans were needed. RHS reduced the loan payments for a 24 month period beginning October 1996. As of October 1998 Sparta is again making its full loan payments and as of December 1999 had an occupancy of 83%.
On October 1, 1997 Value Partners, Inc. became the sole general partner of Village Apartments of Divernon Limited Partnership ("Divernon"), replacing the former general partners. Value Partners, Inc. is an affiliate of RJ Credit Partners, Inc., the managing general partner of Gateway. Divernon is a 12 unit property located in Divernon, Illinois in which Gateway invested as the sole limited partner on October 1, 1989. The property's occupancy rate as of December 1999 was 100%. Gateway loaned Divernon $20,000 and $14,000 to cover the operating deficits for 1998 and 1999 respectively. It is projected to require additional loans from Gateway of approximately $20,000 per year. As of June 30, 1999, an updated workout plan with the FmHA was implemented.
Two Project Partnerships located in Denver, Colorado with the same general partner experienced cash shortages from operations in 1999 due to increasing maintenance needs. Both projects are 13 years old. The general partner is unable to obtain rent increases since the project's rents are more than market rent for the area. The general partner is considering refinancing the properties through HUD, where basic rents will remain unchanged, but the debt payment will be lower. Management does not expect any materially adverse effects to Gateway from the two Project Partnerships.
There were no cash distributions paid in the fiscal years ended March 31, 1998, 1999, and 2000 and management does not anticipate distributions in the foreseeable future.
Liquidity and Capital Resources -
Gateway's capital resources are used to pay General and Administrative operating costs including personnel, supplies, data processing, travel, and legal and accounting associated with the administration and monitoring of Gateway and the Project Partnerships. The capital resources are also used to pay the Asset Management Fee due the Managing General Partner, but only to the extent that Gateway's remaining resources are sufficient to fund Gateway's ongoing needs. (Payment of any Asset Management Fee due but unpaid at the time Gateway sells its interests in the Project Partnerships is subordinated to the investors return of their original capital contribution.)
The sources of funds to pay the operating costs are short term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries") which were purchased with funds set aside for this purpose, and cash distributed to Gateway from the operations of the Project Partnerships. At March 31, 2000, Gateway had $823,494 of short term investments (Cash and Cash Equivalents). It also had $1,687,737 in Zero Coupon Treasuries with maturities providing $439,000 in fiscal year 2000 increasing to $514,000 in fiscal year 2004. Management believes these sources of funds are sufficient to meet Gateway's current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
For the year ending March 31, 2000, Gateway received $107,675 in cash distributions from the Project Partnerships and it received $417,000 from the matured Zero Coupon Treasuries. The General and Administrative operating costs were $90,368 and the Asset Management Fee actually paid was $313,075.
Item 8.
Item 8. Financial Statements and Supplementary Data
INDEPENDENT AUDITOR'S REPORT
To the Partners of Gateway Tax Credit Fund, Ltd.
We have audited the accompanying combined balance sheets of Gateway Tax Credit Fund, Ltd. (a Florida Limited Partnership) as of March 31, 2000 and 1999 and the related combined statements of operations, partners' equity (deficit), and cash flows for each of the three years in the period ended March 31, 2000. These combined financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these combined financial statements based on our audits. We did not audit the financial statements of certain underlying Project Partnerships owned by Gateway Tax Credit Fund, Ltd. for each of the three years in the period ended March 31, 2000, the investments in which are recorded using the equity method of accounting. The investments in these partnerships total $2,462,751 and $2,975,533 as of March 31, 2000 and 1999, and the equity in their losses total $469,549, $352,106 and $715,504 for the years ended March 31, 2000, 1999 and 1998. Those financial statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for such underlying partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the combined financial statements referred to above present fairly, in all material respects, the financial position of Gateway Tax Credit Fund, Ltd. as of March 31, 2000 and 1999 and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2000, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 14(a)(2) in the index are presented for purposes of complying with the Securities and Exchange Commission's rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audits and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
As discussed in Note 2, two of the Project Partnerships, whose financial statements were audited by other auditors, changed their method of computing depreciation for the year ended December 31,1999.
/s/ Spence Marston, Bunch, Morris & Co. SPENCE, MARSTON, BUNCH, MORRIS & CO. CERTIFIED PUBLIC ACCOUNTANTS
Clearwater, Florida Date: July 5, 2000
PART I - Financial Information Item 1. Financial Statements GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) COMBINED BALANCE SHEETS
2000 1999 ---- ---- ASSETS Current Assets: Cash and Cash Equivalents $ 823,494 $ 661,293 Accounts Receivable 2,786 5,988 Investments in Securities 414,814 393,713 Prepaid Insurance 389 0 Tenant Security Deposits 5,413 156 ------------ ------------ Total Current Assets 1,246,896 1,061,150
Investments in Securities 1,272,923 1,553,325 Investments in Project Partnerships, Net 2,500,833 3,040,206 Replacement Reserves 7,795 14,692 Rental Property at Cost, Net 952,107 1,003,713 ------------ ------------ Total Assets $ 5,980,554 $ 6,673,086 ============ ============ LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners $ 341,758 $ 334,978 Accounts Payable 1,025 2,491 Accrued Real Estate Taxes 22,663 22,691 Tenant Security Deposits 6,500 5,400 Accrued Management Fees 0 0 ------------- ------------- Total Current Liabilities 371,946 365,560 ------------- ------------- Long-Term Liabilities: Payable to General Partners 2,663,740 2,480,135 Mortgage Notes Payable 1,247,442 1,252,123 ------------- ------------- Total Long Term Liabilities 3,911,182 3,732,258 ------------- ------------- Minority Interest in Local Limited Partnerships (16,713) (16,265) ------------ ------------
Partners' Equity (Deficit): Limited Partners (25,566 units outstanding at March 31, 2000 and 1999 1,920,987 2,789,607 General Partners (206,848) (198,074) ------------ ------------ Total Partners' Equity 1,714,139 2,591,533 ------------ ------------ Total Liabilities and Partners' Equity $ 5,980,554 $ 6,673,086 ============ ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
COMBINED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31,
2000 1999 1998 ---- ---- ---- Revenues: Rental $ 118,592 $ 116,094 $ 66,986 Interest Subsidy 57,789 82,706 64,337 Interest Income 261,385 254,766 212,496 Other 3,700 63,020 80,206 --------- --------- --------- Total Revenues 441,466 516,586 424,025
Expenses: Asset Management Fee-General Partner 496,681 498,294 499,712 General and Administrative: General Partner 39,066 27,713 30,235 Other 51,302 49,104 50,446 Rental Operating Expenses 82,549 94,459 74,898 Interest 87,299 136,477 75,713 Depreciation 55,563 54,471 38,887 Amortization 16,685 22,101 21,231 --------- --------- --------- Total Expenses 829,145 882,619 791,122
Loss Before Equity in Losses of Project Partnerships (387,679) (366,033) (367,097) Equity in Losses of Project Partnerships (490,163) (610,098) (905,818) Minority Interest in Loss of Combined Project Partnerships 448 823 4,521 ----------- ----------- ----------- Net Loss $ (877,394) $ (975,308) $(1,268,394) ============ ============ ============ Allocation of Net Loss: Limited Partners $ (868,620) $ (965,555) $(1,255,710) General Partners (8,774) (9,753) (12,684) ------------ ------------ ------------ $ (877,394) $ (975,308) $(1,268,394) ============ ============ ============ Net Loss Per Number of Limited Partnership Units $ (33.98) $ (37.77) $ (49.12) Number of Limited Partnership ============ ============ ============ Units Outstanding 25,566 25,566 25,566 ============ ============ ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General Limited Partners Partners (Deficit) Total --------- -------- -----
Balance at March 31, 1997 $ 5,010,872 $ (175,637) $ 4,835,235
Net Loss (1,255,710) (12,684) (1,268,394) ------------- ----------- -------------
Balance at March 31, 1998 3,755,162 (188,321) 3,566,841
Net Loss (965,555) (9,753) (975,308) ------------- ------------ -------------
Balance at March 31, 1999 2,789,607 (198,074) 2,591,533
Net Loss (868,620) (8,774) (877,394) ------------- ------------ -------------
Balance at March 31, 2000 $ 1,920,987 $ (206,848) $ 1,714,139 ============= ============ =============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) COMBINED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
2000 1999 1998 ---- ---- ---- Cash Flows from Operating Activities: Net Loss $(877,394) $(975,308) $(1,268,394) Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: Amortization 16,685 (37,105) 21,231 Depreciation 55,563 54,471 38,887 Distributions Included in Other Income (75,149) (55,973) (77,152) Accreted Interest Income on Investments in Securities (157,699) (177,094) (192,920) Equity in Losses of Project Partnerships 490,163 610,098 905,818 Minority Interest in Losses of Combined Project Partnerships (448) (823) (4,521) Interest Income from Redemption of Securities 216,270 189,196 161,703 Changes in Operating Assets and Liabilities: Increase (Decrease) in Accrued Management Fees 0 (21,900) 6,450 (Increase) Decrease in Accounts Receivable (30,798) (1,435) (894) (Increase) Decrease in Prepaid Insurance (389) 74 1,091 Decrease (Increase) in Accounts Payable (1,466) 1,991 500 Increase (Decrease) in Replacement Reserves 6,897 9,859 12,458 Decrease (Increase) in Security Deposits (4,157) 6,558 (1,070) Decrease (Increase) in Accrued Real Estate Taxes (28) 119 610 Increase in Payable to General Partners 224,384 177,890 201,613 ----------- ------------ ------------ Net Cash Used in Operating Activities (137,566) (219,382) (194,590) ------------ ------------ ----------- Cash Flows from Investing Activities: Distributions Received from Project Partnerships 107,675 125,516 100,935 Redemption of Investment in Securities 200,730 207,804 213,297 Purchase of Equipment (3,957) (17,048) (17,254) ------------ ----------- ----------- Net Cash Provided by Investing Activities 304,448 316,272 296,978 ----------- ----------- ----------- Cash Flows from Financing Activities: Principal Payment on Debt (4,681) (1,034) (948) Proceeds from Loan 0 20,070 0 Repayments to Affiliates 0 0 (2,237) ------------ ----------- ----------- Net Cash Provided by (Used In) Financing Activities (4,681) 19,036 (3,185) ------------ ----------- ----------- Increase in Cash and Cash Equivalents 162,201 115,926 99,203 Cash and Cash Equivalents at Beginning of Year 661,293 545,367 446,164 ------------ ----------- ----------- Cash and Cash Equivalents at End of Year $ 823,494 $ 661,293 $ 545,367 ============ =========== ===========
Supplemental Cash Flow Information:
Interest Paid $ 29,510 $ 53,771 $ 20,303 =========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS
March 31, 2000, 1999 AND 1998
NOTE 1 - ORGANIZATION:
Gateway Tax Credit Fund, Ltd. ("Gateway"), a Florida Limited Partnership, was formed October 27, 1987 under the laws of Florida. Operations commenced on June 30, 1988. Gateway invests, as a limited partner, in other limited partnerships ("Project Partnerships"), each of which owns and operates apartment complexes expected to qualify for Low-Income Housing Tax Credits. Gateway will terminate on December 31, 2040 or sooner, in accordance with the terms of the Limited Partnership Agreement. Gateway closed the offering on March 1, 1990 after receiving Limited and General Partner capital contributions of $25,566,000 and $1,000, respectively. The fiscal year of Gateway for reporting purposes ends on March 31.
Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and Managing General Partner, respectively. The Managing General Partner manages and controls the business of Gateway.
Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Limited Partners and 1% to the General Partners. Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
Combined Statements
The accompanying statements include, on a combined basis, the accounts of Gateway, Village Apartments of Sparta Limited Partnership and Village Apartments of Divernon Limited Partnership ("Combined Entities"), two Project Partnerships in which Gateway has invested. As of October 1, 1996 and October 1, 1997, respectively, an affiliate of Gateway's Managing General Partner, Value Partners, Inc. became the general partner of the Combined Entities. Since the general partner of the Combined Entities is now an affiliate of Gateway, these combined financial statements include the financial activity of the Combined Entities for the years ended December 31, 1998, 1999, and 2000 for Sparta and for the years ended December 31, 1998, 1999, and 2000 for Divernon. All significant intercompany balances and transactions have been eliminated. Gateway has elected to report the results of operations of the Combined Entities on a 3- month lag basis, consistent with the presentation of financial information of all Project Partnerships.
Basis of Accounting
Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.
Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships"), with the exception of the Combined Entities, using the equity method of accounting, because management believes that Gateway does not have a majority control of the major operating and financial policies of the Project Partnerships in which it invests, and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations. Under the equity method, the Investments in Project Partnerships initially include:
1) Gateway's capital contribution, 2) Acquisition fees paid to the General Partner for services rendered in selecting properties for acquisition, and 3) Acquisition expenses including legal fees, travel and other miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
1) Increased for equity in income or decreased for equity in losses of the Project Partnerships, 2) Decreased for cash distributions received from the Project Partnerships and, 3) Decreased for the amortization of the acquisition fees and expenses.
Amortization is calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets. The net amortization is as amortization expense on the Statements of Operations.
Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships. In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero. The suspended losses will be used to offset future income from the individual Project Partnerships.
Gateway recognizes a decline in the carrying value of its investment in the Project Partnerships when there is evidence of a non-temporary decline in the recoverable amount of the investment. There is a possibility that the estimates relating to reserves for non-temporary declines in carrying value of the investments in Project Partnerships may be subject to material near term adjustments.
Gateway, as a limited partner in the Project Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance and continued eligibility of tax credits. If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.
Cash and Cash Equivalents
It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents. Short-term investments are comprised of money market mutual funds. Capitalization and Depreciation
Land, buildings and improvements are recorded at cost. Depreciation is calculated using the modified accelerated cost recovery system method for financial and tax reporting purposes in amounts adequate to amortize costs over the lives of the applicable assets as follows:
Buildings 27-1/2 years Equipment 7 years
Expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the statement of income.
Rental Income
Rental income, principally from short-term leases on the Combined Entity's apartment units, is recognized as income under the accrual method as the rents become due.
Concentrations of Credit Risk
Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates.
Investment in Securities
Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115"). Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities. Gateway's intent is to hold all of its debt securities (U. S. Treasury Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations. Interest income is recognized ratably on the U.S. Treasury Strips using the effective yield to maturity.
Offering and Commission Costs
Offering and commission costs were charged against Limited Partners' Equity upon the admission of Limited Partners.
Income Taxes
No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.
Change in Accounting Principles
Two of the Project Partnerships changed their method of accounting for depreciating their buildings from the straight line to the declining balance method. The effect of this change was reported as a cumulative effect of a Change in Accounting Principle. The change increased the net losses reported by the Project Partnerships by $435.756.
Reclassifications
For comparability, the 1998 and 1999 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2000.
NOTE 3 - INVESTMENT IN SECURITIES:
The March 31, 2000 Balance Sheet includes Investments in Securities equal to $1,687,737 ($414,814 and $1,272,923). These investments consist of U. S. Treasury Security Strips at their cost, plus accreted interest income of $894,119. The estimated market value at March 31, 2000 of these debt securities is $2,044,000 resulting in a gross unrealized gain of $356,263.
As of March 31, 2000, the cost and accreted interest by contractual maturities is as follows:
Due within 1 year $ 414,814 After 1 year through 5 years 1,272,923 After 5 years through 10 years 0 ---------- Total Amount Carried on Balance Sheet $1,687,737 ==========
NOTE 4 - RELATED PARTY TRANSACTIONS:
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses as follows:
Asset Management Fee - The Managing General Partner is entitled to an annual asset management fee equal to 0.45% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations. Totals incurred for the years ended March 31, 2000, 1999 and 1998 were $496,681, $498,294 and $499,712 respectively.
General and Administrative Expenses - Raymond James Tax Credit Funds, Inc., the Managing General Partner, is reimbursed for general and administrative expenses of Gateway on an accountable basis. These expenses are included in the Statements of Operations. Totals incurred for the years ended March 31, 2000, 1999 and 1998 were $39,066, $27,713 and $30,235 respectively. NOTE 5 - RENTAL PROPERTY
A summary of the rental property is as follows at December 31, 1999: Accumulated Book Cost Depreciation Value ------ ------------ ----- Land $ 47,000 $ 0 $ 47,000 Buildings 1,421,429 526,671 894,758 Furniture and Appliances 49,991 39,642 10,349 --------- --------- --------- Net Book Value $1,518,420 $ 566,313 $ 952,107 ========== ========= =========
A summary of the rental property is as follows at December 31, 1998: Accumulated Book Cost Depreciation Value ------ ------------ ----- Land $ 47,000 $ 0 $ 47,000 Buildings 1,417,868 475,572 942,296 Furniture and Appliances 49,595 35,178 14,417 --------- --------- --------- Net Book Value $1,514,463 $ 510,750 $1,003,713 ========= ========= =========
NOTE 6 - MORTGAGE NOTE PAYABLE
The mortgage note payable for Sparta originated on December 1, 1998 in the amount of $843,253. The loan is at a stated interest rate of 6.125% for a period of 50 years, the loan also contains a provision for an interest subsidy which reduces the effective interest rate to 2.325%. At December 31, 1999 the development was in compliance with the terms of the subsidy agreement and is receiving the reduced rate which makes the monthly payments $1,925.75.
Expected maturities of the mortgage note payable are as follows:
Year Ending Amount ----------- ------ 12/31/00 $ 3,631 12/31/01 3,716 12/31/02 3,804 12/31/03 3,893 12/31/04 3,985 Thereafter 820,386 ----------- Total $ 839,415 ===========
The mortgage note payable for Divernon originated on October 2, 1989 in the amount of $416,113. The loan is at a stated interest rate of 8.75% for a period of 50 years, the loan also contains a provision for an interest subsidy which reduces the effective interest rate to 2.35%. At December 31, 1999 the development was in compliance with the terms of the subsidy agreement and is receiving the reduced rate which makes the monthly payment $883, including principal and interest. Expected maturities of the mortgage note payable are as follows:
Year Ending Amount ----------- ------ 12/31/00 $ 1,224 12/31/01 1,253 12/31/02 1,282 12/31/03 1,312 12/31/04 1,342 Thereafter 401,614 ----------- Total $ 408,027 ===========
NOTE 7 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Loss as described in the financial statements and the Partnership loss for tax purposes: 2000 1999 1998 ---- ---- ---- Net Loss per Financial Statements $ (877,394) $ (975,308) $(1,268,394)
Equity in Losses of Project Partnerships for tax purposes in excess of losses for financial statement purposes 208,931 (320,738) (293,716)
Losses suspended for financial reporting purposes (2,508,247) (1,705,156) (1,540,871)
Adjustments to convert March 31, fiscal year end to December 31, taxable year end 46,092 (37,870) (78,739)
Items Expensed for Financial Statement purposes not expensed for Tax purposes: Asset Management Fee 185,289 188,577 191,863 Amortization Expense (40,519) 18,615 25,774 Miscellaneous Income (55,973) (77,152) 0 ------------ ------------ ------------
Partnership loss for tax purposes as of December 31 $(3,041,821) $(2,909,032) $(2,964,083) ============ ============ ============
December 31, December 31, December 31, 1999 1998 1997 ------------ ------------ ----------- Federal Low Income Housing Tax Credits (Unaudited) $ 2,676,768 $ 3,587,428 $ 3,847,765 =========== =========== ===========
The Partnership's Investment in Project Partnerships is approximately $13,003,000 higher for financial reporting purposes than for tax return purposes because (i) annual tax depreciation expense is higher than financial depreciation, (ii) certain expenses are not deductible for tax return purposes and (iii) losses are suspended for financial purposes but not for tax return purposes.
NOTE 8 - INVESTMENTS IN PROJECT PARTNERSHIPS:
As of March 31, 2000, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 80 Project Partnerships, excluding the Combined Entities, which own and operate government assisted multi-family housing complexes.
Cash flows from operations are allocated according to each Partnership agreement. Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships, excluding the Combined Entities at March 31, 2000:
MARCH 31, 2000 MARCH 31, 1999 -------------- -------------- Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships $ 17,982,007 $ 17,982,007
Cumulative equity in losses of Project Partnerships (1) (16,598,559) (16,108,396)
Cumulative distributions received from Project Partnerships (621,503) (588,978) ------------- ------------- Investment in Project Partnerships before Adjustments 761,945 1,284,633
Excess of investment cost over the underlying assets acquired: Acquisition fees and expenses 2,254,715 2,254,715 Accumulated amortization of acquisition fees and expenses (515,827) (499,142) ------------ ------------
Investments in Project Partnerships $ 2,500,833 $ 3,040,206 ============= =============
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $8,576,100 for the year ended March 31, 2000 and cumulative suspended losses of $6,067,853 for the year ended March 31, 1999 are not included.
The Partnership's equity as reflected by the Project Partnerships of ($8,128,143) differs from the Partnership's Investments in Project Partnerships before acquisition fees and expenses and amortization of $761,945 primarily because of suspended losses on the Partnership's books.
NOTE 8 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships, excluding the Combined Entity beginning on the date of combination, on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of December 31 of each year: 1999 1998 1997 ---- ---- ---- SUMMARIZED BALANCE SHEETS Assets: Current assets $ 9,662,741 $ 9,270,553 $ 8,785,648 Investment properties, net 75,586,970 79,362,455 82,593,132 Other assets 154,521 178,232 231,981 ------------ ------------ ------------ Total assets $85,404,232 $88,811,240 $91,610,761 ============ ============ ============ Liabilities and Partners' Equity: Current liabilities $ 3,133,681 $ 2,914,481 $ 2,826,740 Long-term debt 91,844,099 92,201,499 92,538,821 ------------ ------------ ------------ Total liabilities 94,977,780 95,115,980 95,365,561 ------------ ------------ ------------ Partners' equity Gateway (8,128,143) (5,010,961) (2,619,695) General Partners (1,445,405) (1,293,779) (1,135,105) ------------ ------------ ------------ Total Partners' equity (9,573,548) (6,304,740) (3,754,800) ------------ ------------ ------------ Total liabilities and partners' equity $85,404,232 $88,811,240 $91,610,761 ============ ============ ============ SUMMARIZED STATEMENTS OF OPERATIONS Rental and other income $16,854,130 $16,856,180 $16,674,859 Expenses: ------------ ------------ ------------ Operating expenses 8,037,594 7,698,023 7,582,952 Interest expense 7,792,876 7,926,164 7,946,394 Depreciation and amortization 4,052,357 3,570,633 3,617,626 ------------ ------------ ------------ Total expenses 19,882,827 19,194,820 19,146,972 ------------ ------------ ------------ Net loss $(3,028,697) $(2,338,640) $(2,472,113) ============ ============ ============
Other partners' share of net loss $ (30,287) $ (23,387) $ (25,424) ============ ============ ============ Partnerships' share of net loss $(2,998,410) $(2,315,253) $(2,446,689) Suspended losses 2,508,247 1,705,156 1,540,871 ------------ ------------ ------------ Equity in Losses of Project Partnerships $ (490,163) $ (610,097) $ (905,818) ============ ============ ============ As of December 31, 1999, the largest Project Partnership constituted 6.9% and 7.3% of the combined total assets and combined total revenues. As of December 31, 1998, the largest Project Partnership constituted 6.7% and 7.3% of the combined total assets and combined total revenues.
Schoonover Boyer Gettman & Associates 110 Northwoods Blvd. Suite 200 Worthington, OH 43235 PHONE: 614-888-8000 FAX: 614-888-8634
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Crosstown Seniors Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) Kalamazoo, Michigan
We have audited the accompanying balance sheets of Crosstown Seniors Limited Dividend Housing Association Limited Partnership, (a Michigan limited partnership) as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Crosstown Seniors Limited Dividend Housing Association Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
/s/ Schoonover Boyer Gettman & Associates Certified Public Accountants
Columbus, Ohio January 28, 2000
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009 INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Clayfed Apartments Ltd. (a Colorado limited partnership) Denver, Colorado
We have audited the accompanying balance sheet of Clayfed Apartments, HUD Project No. C099-K094-007 (a Colorado limited partnership), as of December 31, 1998 and the related statements of income, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Clayfed Apartments, HUD Project No. C099-K094-007, at December 31, 1998 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, we have also issued a report dated February 26, 1999 on our consideration of the Clayfed Apartments internal control structure, a report dated February 26, 1999 on its compliance with laws and regulations, and reports dated February 26, 1999 on its compliance with major HUD program requirements, and specific requirements applicable to Affirmtive Fair Housing requirements.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on pages 11 to 14 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Clayfed Apartments, HUD Project No. C099-K094-007. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant
Denver, Colorado February 26, 1999
D W P Certified Public Accountants 820 16th Street, Suite 732 Denver, CO 80202 PHONE: 720-904-1394 FAX: 720-904-1396 INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners U.S. Department of Housing and Urban Development Clayfed Apartments HUD Field Office Director (a Colorado limited partnership)Denver Regional Office, Region VIII Denver, Colorado 633 17th Street, Denver, Colorado
We have audited the accompanying balance sheet of Clayfed Apartments, HUD Project No. C099-K094-007 (a Colorado limited partnership), as of December 31, 1999 and the related statements of income, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Clayfed Apartments, HUD Project No. C099-K094-007, at December 31, 1999 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, we have also issued a report dated April 27, 2000 on our consideration of the Clayfed Apartments internal control structure, a report dated April 27, 2000 on its compliance with laws and regulations, and reports dated April 27, 2000 on its compliance with major HUD program requirements, and specific requirements applicable to Affirmtive Fair Housing requirements.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on pages 11 to 14 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Clayfed Apartments, HUD Project No. C099-K094-007. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant
Denver, Colorado April 27, 2000
D W P Certified Public Accountants 9683 S Golden Eagle Ave. Highlands Ranch, CO 80126 PHONE: 303-683-8019 FAX: 303-683-8009 INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Westside Apartments, Ltd. (a Colorado limited partnership) Denver, CO
We have audited the accompanying balance sheet of Westside Apartments, Ltd., HUD Project No. C099-K001-004 (a Colorado limited partnership), as of December 31, 1998 and the related statements of income, changes in partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westside Apartments, Ltd., HUD Project No. C099-K001-004, at December 31, 1998 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, we have also issued a report dated February 22, 1999 on our consideration of the Westside Apartments, Ltd. internal control structure, a report dated February 22, 1999 on its compliance with laws and regulations, reports dated February 22, 1999 on its compliance with major HUD program requirements, and specific requirements applicable to Affirmative Fair Housing requirements.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on pages 11 to 14 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Westside Apartments, Ltd., HUD Project No. C099-K001-004. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant
Denver, Colorado February 22, 1999
D W P Certified Public Accountants 820 16th Street, Suite 732 Denver, CO 80202 PHONE: 720-904-1394 FAX: 720-904-1396 INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners U.S. Department of Housing and Urban Development Westside Apartments, Ltd.HUD Field Office Director (a Colorado limited partnership)Denver Regional Office, Region VIII Denver, Colorado 633 17th Street, Denver, Colorado
We have audited the accompanying balance sheet of Westside Apartments, Ltd., HUD Project No. C099-K001-004 (a Colorado limited partnership), as of December 31, 1999 and the related statements of income, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Westside Apartments, Ltd., HUD Project No. C099-K001-004, at December 31, 1999 and the results of its operations and changes in Partners' deficit and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with government auditing standards, we have also issued a report dated April 27, 2000 on our consideration of the Westside Apartments, Ltd. internal control structure, a report dated April 27, 2000 on its compliance with laws and regulations, reports dated April 27, 2000 on its compliance with major HUD program requirements, and specific requirements applicable to Affirmative Fair Housing requirements.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on pages 11 to 14 is presented for purposes of additional analysis which is not a required part of the basic financial statements of Westside Apartments, Ltd., HUD Project No. C099-K001-004. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Donald W. Prosser, P.C. Certified Public Accountant
Denver, Colorado April 27, 2000
Fentress, Brown, CPAs & Associates, LLC 6660 North High Street, Suite 3F Worthington, OH 43085-2537 PHONE: 614-825-0011 FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Rural Development Services Madison, Ltd. Servicing Office DBA Madison Woods ApartmentsWooster, Ohio Hudson, OH
We have audited the accompanying balance sheets of Madison, Ltd. (a limited partnership), DBA Madison Woods Apartments, Case No. 41-043-341595553, as of December 31, 1999 and 1998, and the related income statements, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Madison, Ltd., DBA Madison Woods Apartments, Case No. 41-043-341595553, at December 31, 1999 and 1998, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 7, 2000, on our consideration of Madison, Ltd.'s internal control and a report dated January 7, 2000, on its compliance with specific requirements applicable to Rural Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates Certified Public Accountants Worthington, Ohio January 7, 2000
Fentress, Brown, CPAs & Associates, LLC 6660 North High Street, Suite 3F Worthington, OH 43085-2537 PHONE: 614-825-0011 FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Rural Development Services Middlefield, Limited Servicing Office DBA Lakeview Village II Wooster, Ohio Hudson, Ohio
We have audited the accompanying balance sheets of Middlefield, Limited (a limited partnership), DBA Lakeview Village II, Case No. 41-028-341618469, as of December 31, 1999 and 1998, and the related income statements, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Middlefield, Limited, DBA Lakeview Village II, Case No. 41-028-341618469, at December 31, 1999 and 1998, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 7, 2000, on our consideration of Middlefield, Limited's internal control and a report dated January 7, 2000, on its compliance with specific requirements applicable to Rural Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates, LLC Certified Public Accountants Worthington, Ohio January 7, 2000
Henderson & Godbee, P.C. 3488 North Valdosta Road Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Ashburn Housing Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Ashburn Housing, Ltd. (a Limited Partnership), Federal ID No.: 58-1830643, as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ashburn Housing, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2000 on our consideration of Ashburn Housing, Ltd.'s internal control structure and a report dated January 24, 2000 on its compliance with laws and regulations.
/s/ Henderson &Godbee, P.C. Certified Public Accountants
January 24, 2000
Henderson &Godbee, P.C. 3488 North Valdosta Road Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Buena Vista Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Buena Vista Housing, Ltd. (a Limited Partnership), Federal ID No.: 58-1830642, as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Buena Vista Housing, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2000 on our consideration of the Buena Vista Housing Ltd.'s internal control structure and a report dated January 24, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C. Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C. 3488 North Valdosta Road Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Cuthbert Elderly Housing, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Cuthbert Elderly Housing, Ltd. (a limited partnership), Federal ID No.: 58-1830589, as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cuthbert Elderly Housing, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2000 on our consideration of the Cuthbert Elderly Housing Ltd.'s internal control structure and a report dated January 24, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C. Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C. 3488 North Valdosta Road Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Hannah's Mill Apartments, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Hannah's Mill Apartments, Ltd. (a limited partnership), Federal ID No.: 58-1786726, as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hannah's Mill Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2000 on our consideration of Hannah's Mill Apartments, Ltd.'s internal control structure and a report dated January 24, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C. Certified Public Accountants
January 24, 2000
Habif, Arogeti & Wynne, LLP 1073 West Peachtree Street N.E. Atlanta, GA 30309-3837 PHONE: 404-892-9651 FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Milton Elderly Housing, Ltd.
We have audited the accompanying balance sheets of MILTON ELDERLY HOUSING, LTD. (USDA Rural Development Case No.), a limited partnership, as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration's Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MILTON ELDERLY HOUSING, LTD. as of December 31, 1999 and 1998, and the results of its operations, its changes in partner's equity (deficit), and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2000 on our consideration of MILTON ELDERLY HOUSING, LTD.'s internal control and a report dated February 9, 2000 on its compliance with laws and regulations applicable to the financial statements.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 through 22 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP Certified Public Accountants
February 9, 2000
Henderson & Godbee, P.C. 3488 North Valdosta Road Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Winder Apartments, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Winder Apartments, Ltd. (A Limited Partnership), Federal ID No.: 58-1786693, as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit) and cash flows for the years then ended. The financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing Standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Winder Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2000 on our consideration of Winder Apartments, Ltd.'s internal control structure and a report dated January 24, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C. Certified Public Accountants
January 24,2000
Donald W. Causey & Associates, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 256-543-3707 FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sylacauga Garden Apartments III, Ltd. Sylacauga, Alabama
We have audited the accompanying balance sheets of Sylacauga Garden Apartments III, Ltd., a limited partnership, RHS Project No.: 01-061- 630953708 as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that the audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sylacauga Garden Apartments III, Ltd., RHS Project No.:01-061-630953708 as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and 1998, is presented for purposes of complying with the requirements of the Rural Housing Services and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 15, 2000 on our consideration of Sylacauga Garden Apartments III, Ltd.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C. Certified Public Accountants
February 15,2000
Pailet, Meunier and LeBlanc, L.L.P. 3421 N. Causeway Blvd., Suite 701 Metairie, LA 70002 PHONE: 504-837-0770 FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners RIVER ROAD APARTMENTS LIMITED
We have audited the accompanying balance sheets of RIVER ROAD APARTMENTS LIMITED, RHS PROJECT NO. 22-026-721099603 as of December 31, 1999 and 1998 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of RIVER ROAD APARTMENTS LIMITED as of December 31, 1999 and 1998 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 22, 2000 on our consideration of RIVER ROAD APARTMENTS LIMITED's internal control and a report dated February 22, 2000 on its compliance with laws and regulations applicable to the financial statements..
/s/ Pailet, Meunier and Le Blanc, L.L.P. Certified Public Accountants
Metairie, Louisiana February 22, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Sun Valley Apartments, A Division of Augusta Properties (A Limited Partnership) Fort Smith, Arkansas
We have audited the accompanying balance sheets of SUN VALLEY APARTMENTS, A DIVISION OF AUGUSTA PROPERTIES (A LIMITED PARTNERSHIP) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SUN VALLEY APARTMENTS, A DIVISION OF AUGUSTA PROPERTIES, (A LIMITED PARTNERSHIP) as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Booneville Properties, A Limited Partnership D/B/A Lani-K Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BOONEVILLE PROPERTIES, A LIMITED PARTNERSHIP, D/B/A LANI-K APARTMENTS as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BOONEVILLE PROPERTIES, A LIMITED PARTNERSHIP, D/B/A LANI-K APARTMENTS as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Barling Properties, A Limited Partnership D/B/A Barling Place Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BARLING PROPERTIES, A LIMITED PARTNERSHIP, D/B/A BARLING PLACE APARTMENTS as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BARLING PROPERTIES, A LIMITED PARTNERSHIP, D/B/A BARLING PLACE APARTMENTS as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Poteau Properties IV, A Limited Partnership D/B/A El Conquistador Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of POTEAU PROPERTIES IV, A LIMITED PARTNERSHIP, D/B/A EL CONQUISTADOR APARTMENTS as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of POTEAU PROPERTIES IV, A LIMITED PARTNERSHIP, D/B/A EL CONQUISTADOR APARTMENTS as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Turtle Creek Properties Phase II, A Limited Partnership D/B/A Mill Creek III Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of TURTLE CREEK PROPERTIES PHASE II, A LIMITED PARTNERSHIP, D/B/A MILL CREEK III APARTMENTS as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of TURTLE CREEK PROPERTIES PHASE II, A LIMITED PARTNERSHIP, D/B/A MILL CREEK III APARTMENTS as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
Baird, Kurtz, & Dobson 5000 Rogers Avenue, Suite 700 Fort Smith, AR 72903-2079 PHONE: 501-452-1040 FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners Broken Bow Properties II, A Limited Partnership D/B/A Oakwood Village II Apartments Fort Smith, Arkansas
We have audited the accompanying balance sheets of BROKEN BOW PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A OAKWOOD VILLAGE II APARTMENTS as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BROKEN BOW PROPERTIES II, A LIMITED PARTNERSHIP, D/B/A OAKWOOD VILLAGE II APARTMENTS as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 10, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
February 10, 2000
LaFollette, Jansa, Brandt & Co. LLP P.O. Box 945 - 622 S. Minnesota Avenue Sioux Falls, SD 57101-0945 PHONE: 605-336-0935 FAX: 605-336-0983
INDEPENDENT AUDITORS' REPORT ---------------------------- Partners of Lakewood Apartments Project Number 32-060-470717466
We have audited the accompanying balance sheets of Lakewood Apartments, a limited partnership, Project Number 32-060-470717466 as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Rural Development Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakewood Apartments as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 2, 2000, on our consideration of internal controls.
/s/ LaFollette, Jansa, Brandt & Co. LLP Certified Public Accountants & Consultants
Sioux Falls, South Dakota February 2, 2000
Henderson & Godbee, P.C. 3488 N. Valdosta Road P.O. Box 2241 Valdosta, GA 31604-2241 PHONE: 912-245-6040 FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Monroe Family, Ltd. Valdosta, Georgia
We have audited the accompanying balance sheets of Monroe Family, Ltd. (a Georgia limited partnership), Federal ID No. 58-1768407, as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Monroe Family, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 20, 2000 on our consideration of the Monroe Family, Ltd.'s internal control structure and a report dated January 20, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C. Certified Public Accountants
January 20, 2000
Regardie, Brooks & Lewis 7101 Wisconsin Avenue, Suite 1012 Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brandywine III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Brandywine III Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brandywine III Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000 on our consideration of Brandywine III Limited Partnership's internal control and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 25, 2000
Regardie, Brooks & Lewis 7101 Wisconsin Avenue, Suite 1012 Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Concord IV Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Concord IV Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Concord IV Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000 on our consideration of Concord IV Limited Partnership's internal control and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 25, 2000
Regardie, Brooks & Lewis 7101 Wisconsin Avenue, Suite 1012 Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Dunbarton Oaks III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Dunbarton Oaks III Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Dunbarton Oaks III Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital, and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000 on our consideration of Dunbarton Oaks III Limited Partnership's internal control and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 25, 2000
Regardie, Brooks & Lewis 7101 Wisconsin Avenue, Suite 1012 Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners, Federal Manor III Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Federal Manor III Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Federal Manor III Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000, on our consideration of Federal Manor III Limited Partnership's internal control and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 25, 2000
Regardie, Brooks & Lewis 7101 Wisconsin Avenue, Suite 1012 Bethesda, MD 20814 PHONE: 301-654-9000 FAX: 301-656-3056
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Laurel Apartments Limited Partnership Bethesda, Maryland
We have audited the accompanying balance sheets of Laurel Apartments Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Apartments Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital, and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000 on our consideration of Laurel Apartments Limited Partnership's internal control and on its compliance with laws and regulations.
/s/ Regardie, Brooks & Lewis Certified Public Accountants
February 25, 2000
Grana & Teibel, CPAs, P.C. 300 Corporate Parkway, Suite 116 North Amherst, NY 14226 PHONE: 716-862-4270 FAX: 716-862-0007
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Middleport Limited Partnership Case No. 37-032-161338763 and RD Rural Housing Director 166 Washington Avenue Batavia, New York 14020
We have audited the accompanying balance sheets of Middleport Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Middleport Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 18, 2000, on our consideration of Middleport Limited Partnership's internal control structure and a report dated January 18, 2000, on its compliance with laws and regulations.
/s/ Grana & Teibel, CPAs, P.C. Certified Public Accountants
January 18, 2000
Bernard Robinson & Company, L.L.P. 109 Muirs Chapel Road P.O. Box 19608 Greensboro, NC 27419-9608 PHONE: 336-294-4494 FAX: 336-547-0840
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Kenly Housing Associates Charlotte, North Carolina
We have audited the accompanying balance sheet of Kenly Housing Associates (a North Carolina limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kenly Housing Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 31, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Bernard Robinson & Company, L.L.P. Certified Public Accountants
January 31, 2000
Duggan, Joiner & Company 334 N.W. Third Avenue Ocala, FL 34475 PHONE: 352-732-0171 FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Oakwood Grove, Ltd.
We have audited the accompanying basic financial statements of Oakwood Grove, Ltd., as of and for the years ended December 31, 1999 and 1998, as listed in the table of contents. These basic financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Oakwood Grove, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 17, 2000 on our consideration of Oakwood Grove, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 10 to 16 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The information on pages 10 to 15 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The information on page 16, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.
/s/ Duggan, Joiner & Company Certified Public Accountants
January 17, 2000
Duggan, Joiner & Company 334 N.W. Third Avenue Ocala, FL 34475 PHONE: 352-732-0171 FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sandhill Forest, Ltd.
We have audited the accompanying basic financial statements of Sandhill Forest, Ltd., as of and for the years ended December 31, 1999 and 1998, as listed in the table of contents. These basic financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Sandhill Forest, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 17, 2000 on our consideration of Sandhill Forest, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 10 to 17 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The information on pages 10 to 16 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The information on page 17, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.
/s/ Duggan, Joiner & Company Certified Public Accountants
January 17, 2000
Dauby O'Connor & Zaleski LLC 698 Pro Med Lane Carmel, IN 46032 PHONE: 317-848-5700 FAX: 317-815-6140
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Laurel Woods Associates (A Virginia Limited Partnership)
We have audited the accompanying balance sheets of Laurel Woods Associates (A Virginia Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Woods Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 10, 2000, on our consideration of the Partnership's internal controls and a report dated February 10, 2000, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
This report is intended solely for the information of the Partners, management of Laurel Woods Associates and for filing with the RD and should not be used for any other purpose.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants
February 10, 2000 Carmel, Indiana
Dauby O'Connor & Zaleski LLC 698 Pro Med Lane Carmel, IN 46032 PHONE: 317-848-5700 FAX: 317-815-6140
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of The Meadows Associates (A Virginia Limited Partnership)
We have audited the accompanying balance sheets of The Meadows Associates (a Virginia Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Meadows Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 10, 2000, on our consideration of the Partnership's internal controls and a report dated February 10, 2000, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
This report is intended solely for the information of the Partners, management of The Meadows Associates and for filing with the RD and should not be used for any other purpose.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants
February 10, 2000 Carmel, Indiana
Dauby O'Connor & Zaleski LLC 698 Pro Med Lane Carmel, IN 46032 PHONE: 317-848-5700 FAX: 317-815-6140
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Rivermeade Associates (A Virginia Limited Partnership)
We have audited the accompanying balance sheets of Rivermeade Associates (a Virginia Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rivermeade Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 10, 2000, on our consideration of the Partnership's internal controls and a report dated February 10, 2000, on its compliance with laws and regulations.
The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski LLC Certified Public Accountants
February 10, 2000 Carmel, Indiana
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Greeneville Limited Partnership
I have audited the accompanying balance sheets of Greeneville Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Greeneville Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' deficit, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my report dated March 10, 2000 on my consideration of Greeneville Limited Partnership's internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA P.C.
March 10, 2000
Thomas C. Cunningham, CPA PC 23 Moore Street Bristol, VA 24201 PHONE: 540-669-5531 FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Pulaski Village Limited Partnership
I have audited the accompanying balance sheets of Pulaski Village Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pulaski Village Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' deficit, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my report dated March 10, 2000 on my consideration of Pulaski Village Limited Partnership's internal control over financial reporting and on my tests of its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA P.C.
March 10, 2000
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Kingsland Housing, Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Kingsland Housing, Ltd.- (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the related statements of income (loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kingsland Housing, Ltd.- (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and cash flows for the years then ended in conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2000, on our consideration of the internal control structure of Kingsland Housing, Ltd.-(A Texas Limited Partnership) and a report dated January 26, 2000, on its compliance with laws and regulations.
/s/ Lou Ann Montey and Associates, P.C. Certified Public Accountants
Austin, Texas January 26, 2000
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Mathis Retirement Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Mathis Retirement, Ltd.- (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the related statements of income (loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mathis Retirement, Ltd.- (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 30, 2000, on our consideration of the internal control structure of Mathis Retirement, Ltd.-(A Texas Limited Partnership) and a report dated January 30, 2000, on its compliance with laws and regulations.
/s/ Lou Ann Montey and Associates, P.C. Certified Public Accountants
Austin, Texas January 30, 2000
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, TX 78759 PHONE: 512-338-0044 FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Floresville Housing , Ltd.-(A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Floresville Housing Ltd.- (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the related statements of income (loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program, as issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Floresville Housing, Ltd.-(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and cash flows for the years then ended in conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 27, 2000, on our consideration of the internal control structure of Floresville Housing, Ltd.-(A Texas Limited Partnership) and a report dated January 27, 2000, on its compliance with laws and regulations.
/s/ Lou Ann Montey and Associates, P.C. Certified Public Accountants
Austin, Texas January 27, 2000
Simmons and Clubb 410 S. Orchard, Suite 156 Boise, ID 83705 PHONE: 208-336-6800 FAX: 208-343-2381
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Teton View Limited Partnership Boise, Idaho
We have audited the accompanying balance sheets of Teton View Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Teton View Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Teton View Limited Partnership's internal controls and compliance with laws and regulations.
The partnership's tax returns have been filed allowing the partners to claim a benefit of a low income housing tax credit. Because the compliance and qualification standards of the low income housing tax credit are not related to the interest credit agreement and loan agreement, and because the low income housing tax credit related to income taxes which are the responsibility of each individual partner, the scope of our audit was not designed or intended to audit the partnerships compliance with the low income housing tax credit laws. Accordingly, our audit cannot be relied upon to give assurance with regard to the partnerships compliance with any of the low income housing tax credit laws.
/s/ Roger Clubb Simmons and Clubb Certified Public Accountants
Boise, Idaho February 1, 2000
Simmons and Clubb 410 S. Orchard, Suite 156 Boise, ID 83705 PHONE: 208-336-6800 FAX: 208-343-2381
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Pleasant Valley Housing Limited Partnership Boise, Idaho
We have audited the accompanying balance sheet of Pleasant Valley Housing Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pleasant Valley Housing Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Pleasant Valley Housing Limited Partnership's internal controls and compliance with laws and regulations.
The partnership's tax returns have been filed allowing the partners to claim a benefit of a low income housing tax credit. Because the compliance and qualification standards of the low income tax housing tax credit are not related to the interest credit agreement and loan agreement, and because the low income housing tax credit related to income taxes which are the responsibility of each individual partner, the scope of our audit was not designed or intended to audit the partnerships compliance with the low income housing tax credit laws. Accordingly, our audit cannot be relied upon to give assurance with regard to the partnerships compliance with any of the low income housing tax credit laws.
/s/ Roger Clubb Simmons and Clubb Certified Public Accountants
Boise, Idaho February 1, 2000
Dixon Odom PLLC 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 336-889-5156 FAX: 336-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Eagles Bay Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Eagles Bay Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Eagles Bay Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 26, 2000 on our consideration of Eagles Bay Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon Odom PLLC Certified Public Accountants and Consultants
January 26, 2000
Dixon Odom PLLC 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 336-889-5156 FAX: 336-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Stone Arbor Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Stone Arbor Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stone Arbor Limited Partnership as of December 31, 1999 and 1998 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 26, 2000 on our consideration of Stone Arbor Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon Odom PLLC Certified Public Accountants and Consultants
January 26, 2000
Bernard Robinson & Company, L.L.P. P. O. Box 19608 - 109 Muirs Chapel Road Greensboro, NC 27419-9608 PHONE: 336-294-4494 FAX: 336-547-0840
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Suncrest Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Suncrest Limited Partnership (a North Carolina limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Suncrest Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 21, 2000, on our consideration of the Partnerships' internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Bernard Robinson & Co., L.L.P. Certified Public Accountants
January 21, 2000
Dixon Odom PLLC 1829 Eastchester Drive - P.O. Box 2646 High Point, NC 27261-2646 PHONE: 336-889-5156 FAX: 336-889-6168
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Woodcroft Limited Partnership Raleigh, North Carolina
We have audited the accompanying balance sheets of Woodcroft Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Woodcroft Limited Partnership as of December 31, 1999 and 1998 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 24, 2000 on our consideration of Woodcroft Limited Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Dixon Odom PLLC Certified Public Accountants and Consultants
January 24, 2000
Brockway, Gersbach & Niemeier, P.C. P.O. Box 4083 Temple, TX 76505-4083 PHONE: 254-773-9907 FAX: 254-773-1570
INDEPENDENT AUDITORS' REPORT ---------------------------- The Partners Mabank 1988 Limited Temple, Texas
We have audited the balance sheet of Mabank 1988 Limited (a Texas limited partnership), as of December 31, 1999 and 1998 and the related statements of partners' deficit, operations, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Mabank 1988 Limited as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 28, 2000 on our consideration of Mabank 1988 Limited's internal control and on its compliance with laws and regulations applicable to financial statements.
Our audits were made for the purpose of forming an opinion on the basic financial statement taken as a whole. The supplemental information on pages 10 through 16 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental information presented in the Year End Report/Analysis (Form FmHA 1930-8); Statement of Actual Budget and Income (Form 1930-7) for the year ended December 31, 1999, and the other Supplemental Data Required by the Rural Housing and Community Development Services, are presented for purposes of complying with the requirements of the Rural Housing and Community Development Services and are not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Brockway, Gersbach & Niemeier, P.C. Certified Public Accountants
January 28, 2000
Brannan, Bagwell and Mercer, P.C. Amsouth Center, Suite 804 200 Clinton Avenue Huntsville, AL 35801 PHONE: 256-536-4318 FAX: 256-533-7193
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Hunters Ridge, Ltd.
We have audited the accompanying balance sheet of Hunters Ridge, Ltd., (a limited partnership) as of December 31, 1999 and 1998, and the related Statement of Operations, Partners' Capital and Cash Flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards for financial and compliance audits issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hunters Ridge, Ltd. as of December 31, 1999 and 1998, and the results of its operations and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have issued a report dated February 27, 2000 on our consideration of Hunter's Ridge Ltd's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants.
/s/ Brannan, Bagwell and Mercer, P.C. Certified Public Accountants
February 23, 2000
Kenneth C. Boothe & Company, P.C. 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Casa Linda Limited Partnership
We have audited the accompanying balance sheets of Casa Linda Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Casa Linda Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 31, 2000, on our consideration of Casa Linda Limited Partnership's internal control structure and a report dated January 31, 2000, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on Pages 17 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Kenneth C. Boothe & Company, P.C. Certified Public Accountants
January 31, 2000 Big Spring, Texas
Kenneth C. Boothe & Company, P.C. 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners La Villa Elena, Ltd.. Limited Partnership
We have audited the accompanying balance sheets of La Villa Elena, Ltd. Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of La Villa Elena, Ltd. Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 31, 2000, on our consideration of La Villa Elena, Ltd. Limited Partnership's internal control structure and a report dated January 31, 2000, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on Pages 18 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Kenneth C. Boothe & Company, P.C. Certified Public Accountants
January 31, 2000 Big Spring, Texas
Kenneth C. Boothe & Company, P.C. 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Rio Abajo Apartments Limited Partnership
We have audited the accompanying balance sheets of Rio Abajo Apartments Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rio Abajo Apartments Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 31, 2000, on our consideration of Rio Abajo Apartments Limited Partnership's internal control structure and a report dated January 31, 2000, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on Pages 18 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Kenneth C. Boothe & Company, P.C. Certified Public Accountants
January 31, 2000 Big Spring, Texas
Kenneth C. Boothe & Company, P.C. 1001 East Farm Road 700 Big Spring, TX 79720 PHONE: 915-263-1324 FAX: 915-263-2124
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sage Limited Partnership
We have audited the accompanying balance sheets of Sage Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sage Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller General of the United States, we have also issued a report dated January 31, 2000, on our consideration of Sage Limited Partnership's internal control structure and a report dated January 31, 2000, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on Pages 18 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Kenneth C. Boothe & Company, P.C. Certified Public Accountants
January 31, 2000 Big Spring, Texas
Mesarvey, Russell & Co., LLC 3170 Presidential Drive Fairborn, OH 45324 PHONE: 937-320-1717 FAX: 937-320-1818
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Rural Development Services Laynecrest Associates Limited Partnership Hillsboro, Ohio
We have audited the accompanying balance sheets of Laynecrest Associates Limited Partnership RDS case No. 41-092-311254109 as of December 31, 1999 and 1998, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program". Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laynecrest Associates Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners' deficit, and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards we have also issued a report dated January 25, 2000, on our consideration of Laynecrest Associates Limited Partnership's internal controls and a report dated January 25, 2000 on its compliance with laws and regulations.
/s/ Mesarvey, Russell & Co. LLC A Limited Liability Company Independent Certified Public Accountants
January 25, 2000
Lead Auditor: Philip J. Lechner, Jr. , CPA Firm ID # 31-1613938
Mesarvey, Russell & Co., LLC 3170 Presidential Drive Fairborn, OH 45324 PHONE: 937-320-1717 FAX: 937-320-1818
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Rural Development Services Martindale Limited Partnership Hillsboro, Ohio
We have audited the accompanying balance sheets of Martindale Limited Partnership RDS Case No. 41-092-311153919, as of December 31, 1999 and 1998, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program". Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Martindale Limited Partnership at December 31, 1999 and 1998, and the results of its operations, changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2000 on our consideration of Martindale Limited Partnership's internal controls and a report dated January 26, 2000 on its compliance with laws and regulations.
/s/ Mesarvey, Russell & Co., LLC A Limited Liability Company Independent Certified Public Accountants
January 26, 2000
Lead Auditor: Philip J. Lechner, Jr., CPA Firm ID # 31-1613938
Johnson, Hickey & Murchison, P.C. 651 East Fourth Street, Suite 200 Chattanooga, TN 37403-1924 PHONE: 423-756-0052 FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT ---------------------------- To the General Partners of Robinhood Apartments, Ltd.
We have audited the accompanying balance sheets of Robinhood Apartments, Ltd. as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Robinhood Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
As discussed in Note 8, management has changed its method of computing depreciation for the year ended December 31, 1999.
In accordance with Government Auditing Standards, we have also issued our report dated January 19, 2000, on the Partnership's compliance and internal control over financial reporting.
/s/ Johnson, Hickey & Murchison, P.C. Certified Public Accountants
January 19, 2000
Johnson, Hickey & Murchison, P.C. 651 East Fourth Street, Suite 200 Chattanooga, TN 37403-1924 PHONE: 423-756-0052 FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT ---------------------------- To the General Partners of Skyview Terrace, Ltd.:
We have audited the accompanying balance sheets of Skyview Terrace, Ltd. as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Skyview Terrace, Ltd. as of December 31, 1999 and 1998, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.
As discussed in Note 9, management has changed its method of computing depreciation for the year ended December 31, 1999.
In accordance with Government Auditing Standards, we have also issued our report dated January 19, 2000, on the Partnership's compliance and internal control over financial reporting.
/s/ Johnson, Hickey & Murchison, P.C. Certified Public Accountants
January 19, 2000
Donald W. Causey & Associates, P.C. 516 Walnut Street - P.O. Box 775 Gadsden, AL 35902 PHONE: 256-543-3707 FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Riverside Apartments, Ltd. Demopolis, Alabama
We have audited the accompanying balance sheets of Riverside Apartments, Ltd., a limited partnership, RHS Project No.: 01-046-630978050 as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted the audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that the audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Riverside Apartments, Ltd., RHS Project No.: 01-046-630978050 as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 10 through 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental information presented in the Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and 1998, is presented for purposes of complying with the requirements of the Rural Housing Services and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated February 21, 2000 on our consideration of Riverside Apartments, Ltd.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C. Certified Public Accountants Gadsden, Alabama
February 21, 2000
Reznick, Fedder & Silverman Two Premier Plaza, 5th Floor 5605 Glenridge Drive Atlanta, GA 30342-1376 PHONE: 404-847-9447 FAX: 404-847-9495 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brookshire Apartments, L.P.
We have audited the accompanying balance sheets of Brookshire Apartments, L.P., RHS Project No.: 10-075-581765612, as of December 31, 1998 and 1997, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brookshire Apartments, L.P., RHS Project No.: 10-075-581765612 as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity (deficit) and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 28, 1999, on our consideration of Brookshire Apartments, L.P.'s internal control and on its compliance with laws and regulations applicable to the financial statemtns.
/s/ Reznick, Fedder & Silverman Certified Public Accountants
Atlanta, Georgia January 28, 1999
Habif, Arogeti & Wynne, LLP 1073 West Peachtree Street, N.E. Atlanta, GA 30309-3837 PHONE: 404-892-9651 FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Brookshire Apartments, L.P.
We have audited the accompanying balance sheet of BROOKSHIRE APARTMENTS, L.P., (USDA Rural Development Case No. 10-075-581765612), as of December 31, 1999, and the related statements of operations, changes in partners' accumulated deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of BROOKSHIRE APARTMENTS, L.P. as of December 31, 1998 were audited by other auditors whose report dated January 28, 1999 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration's Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BROOKSHIRE APARTMENTS, L.P. as of December 31, 1999, and the results of its operations, its changes in partners' accumulated deficit, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a reports dated January 21, 2000 on our consideration of BROOKSHIRE APARTMENTS, L.P.'s internal control and on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/sHabif, Arogeti & Wynne, LLP Certified Public Accountants Atlanta, Georgia
January 21, 2000
Reznick, Fedder & Silverman Two Premier Plaza, 5th Floor 5605 Glenridge Drive Atlanta, GA 30342-1376 PHONE: 404-847-9447 FAX: 404-847-9495
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sandridge Apartments, Ltd.
We have audited the accompanying balance sheets of Sandridge Apartments, Ltd., RHS Project No.: 058-17569-49, as of December 31, 1998 and 1997, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sandridge Apartments Ltd., RHS Project No.: 058-17569-49, as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity (deficit), and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 through 21 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports dated January 28, 1999, on our consideration of Sandridge Apartments, Ltd.'s internal control and its compliance with laws and regulations applicable to the financial statements.
/s/ Reznick, Fedder & Silverman Certified Public Accountants
Atlanta, Georgia January 28, 1999
Habif, Arogeti & Wynne, LLP 1073 West Peachtree Street, N.E. Atlanta, GA 30309-3837 PHONE: 404-892-9651 FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Sandridge Apartments, Ltd.
We have audited the accompanying balance sheet of SANDRIDGE APARTMENTS, LTD. (RHS Project No. 058-17569-49) as of December 31, 1999, and the related statements of operations, changes in partners' accumulated deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of SANDRIDGE APARTMENTS, LTD. as of December 31, 1998 were audited by other auditors whose report dated January 28, 1999 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration's Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued reports dated January 21, 2000 on our consideration of SANDRIDGE APARTMENTS, LTD.'s internal control and on its compliance with laws and regulations applicable to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SANDRIDGE APARTMENTS, LTD. as of December 31, 1999, and the results of its operations, its changes in partners' accumulated deficit, and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 12 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP Certified Public Accountants Atlanta, Georgia
January 21, 2000
Chester M. Kearney, CPA 12 Dyer Street Presque Isle, ME 04769-1550 PHONE: 207-764-3171 FAX: 207-764-6362
INDEPENDENT AUDITORS' REPORT ---------------------------- Limestone Estates Caribou, Maine
To the Partners
We have audited the accompanying balance sheets of Limestone Estates, (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Limestone Estates as of December 31, 1999 and 1998, and the results of its operations, partners' deficit and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 2, 2000 on our consideration of Limestone Estates' internal control over financial reporting and our tests of its compliance with certain provisions of laws and regulations.
/s/ Chester M. Kearney, CPA Certified Public Accountants
Presque Isle, Maine February 2, 2000
Habif, Arogeti & Wynne, LLP 1073 West Peachtree Street, N.E. Atlanta, GA 30309-3837 PHONE: 404-892-9651 FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners Longleaf Apartments, Ltd.
We have audited the accompanying balance sheets of LONGLEAF APARTMENTS, LTD. (USDA Rural Development Case No. 10-065-581788240) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' accumulated deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration's Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of LONGLEAF APARTMENTS, LTD. as of December 31, 1999 and 1998, and the results of its operations, its changes in partners' accumulated deficit, and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 10, 2000 on our consideration of LONGLEAF APARTMENTS, LTD.'s internal control and a report dated January 10, 2000 on its compliance with laws and regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion , is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP Certified Public Accountants Atlanta, Georgia
January 10, 2000
Fentress, Brown, CPAs & Associates, LLC 6660 North High Street, Suite 3F Worthington, OH 43085-2537 PHONE: 614-825-0011 FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Partners of Rural Development Services Crestwood Villa 2 Limited Partnership Servicing Office DBA Applewood Apartments Findlay, Ohio Mansfield, Ohio
We have audited the accompanying balance sheets of Crestwood Villa 2 Limited Partnership (a limited partnership), DBA Applewood Apartments, Case No. 41-017-341612174, as of December 31, 1999 and 1998, and the related income statements, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Crestwood Villa 2 Limited Partnership, DBA Applewood Apartments, Case No. 41-017-341612174,, at December 31, 1999 and 1998, and the results of its operations, and changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 14, 2000, on our consideration of Crestwood Villa 2 Limited Partnership's internal control and a report dated January 14, 2000, on its compliance with specific requirements applicable to Rural Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates, LLC Certified Public Accountants Worthington, Ohio January 14, 2000
Smith, Lambright & Associates, P.C. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Owners Fairview South, Ltd. 700 South Palestine Athens, Texas 75751
We have audited the accompanying Balance Sheet of Fairview South, Ltd. as of December 31, 1999 and 1998, and the related Statements of Income and Expenses, Changes in Partner's Equity (Deficit), and Cash Flows for the years then ended. These financial statements are the responsibility of Fairview South, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and "U.S. Department of Agriculture, Farmers Home Administration-Audit Program." Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fairview South, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 27, 2000 on our consideration of Fairview South, Ltd.'s compliance and internal control over financial reporting.
Our audit was performed for the purpose of forming an opinion on the financial statements of Fairview South Ltd., taken as a whole. The accompanying supplemental letter is presented for purposes of additional analysis as required by the U.S. Department of Agriculture, Rural Development Agency, and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the financial statements taken as a whole.
The Year 2000 supplementary information is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that Fairview South, Ltd. is or will become year 2000 compliant, that its year 2000 remediation efforts will be successful in whole or in part, or that parties with which it does business are or will become year 2000 compliant.
/s/ Smith, Lambright & Associates, P.C. Certified Public Accountants
February 27, 2000
Smith, Lambright & Associates, P.C. P.O. Box 912 - 505 E. Tyler Athens, TX 75751 PHONE: 903-675-5674 FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT ---------------------------- To the Owners Southwood Apartments, Ltd. 700 South Palestine Athens, Texas 75751
We have audited the accompanying Balance Sheet of Southwood Apartments, Ltd. as of December 31, 1999 and 1998, and the related Statements of Income and Expenses, Changes in Partner's Equity (Deficit), and Cash Flows for the years then ended. These financial statements are the responsibility of Southwood Apartments, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing standards, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and "U.S. Department of Agriculture, Farmers Home Administration-Audit Program." Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Southwood Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 25, 2000 on our consideration of Southwood Apartments, Ltd.'s compliance and on internal control over financial reporting.
Our audit was performed for the purpose of forming an opinion on the financial statements of the Southwood Apartments, Ltd., taken as a whole. The accompanying supplemental letter is presented for purposes of additional analysis as required by the U.S. Department of Agriculture, Rural Development Agency, and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
The Year 2000 supplementary information is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and do not express an opinion on it. In addition, we do not provide assurffance that Fairview South, Ltd. is or will become year 2000 compliant, that its year 2000 remediation efforts will be successful in whole or in part, or that parties with which it does business are or will become year 2000 compliant.
/s/ Smith, Lambright & Associates, P.C. Certified Public Accountants February 25, 2000
Lou Ann Montey and Associates, P.C. 8400 N. Mopac Expressway, Suite 304 Austin, Texas 78759 PHONE 512-338-0044 FAX-512-338-5395
INDEPENDENT AUDITORS' REPORT -------------------------------------------------- - --
To The Partners Sabinal Housing, Ltd. - (A Texas Limited Partnership) Burnet, Texas
We have audited the accompanying balance sheets of Sabinal Housing, Ltd. - (A Texas Limited Partnership) as of December 31, 1999 and 1998 and the related statement of income (loss), partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards as issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly, in all material respects, the financial position of Sabinal Housing, Ltd. - (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 1, 2000, on our consideration of the internal control structure of Sabinal Housing, Ltd. - (A Texas Limited Partnership) and a report dated February 1, 2000, on its compliance with laws and regulations.
Lou Ann Montey and Associates, P.C. Certified Public Accountants
Austin, Texas February 1, 2000
Item 9.
Item 9. Disagreements on Accounting and Financial Disclosures
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of Gateway
Gateway has no directors or executive officers. Gateway's affairs are managed and controlled by the Managing General Partner. Certain information concerning the directors and officers of the Managing General Partner are set forth below.
Raymond James Tax Credit Funds, Inc. - Managing General Partner
Raymond James Tax Credit Funds, Inc. is the Managing General Partner and is responsible for decisions pertaining to the acquisition and sale of Gateway's interests in the Project Partnerships and other matters related to the business operations of Gateway. The officers and directors of the Managing General Partner are as follows:
Ronald M. Diner, age 56, is President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc., with whom he has been employed since June 1983. Mr. Diner received an M.B.A. degree from Columbia University (1968) and a B.S. degree from Trinity College (1966). Prior to joining Raymond James & Associates, Inc., he managed the broker-dealer activities of Pittway Real Estate, Inc., a real estate development firm. He was previously a loan officer at Marine Midland Realty Credit Corp., and spent three years with Common, Dann & Co., a New York regional investment firm. He has served as a member of the Board of Directors of the Council for Rural Housing and Development, a national organization of developers, managers and syndicators of properties developed under the RECD Section 515 program, and is a member of the Board of Directors of the Florida Council for Rural Housing and Development. Mr. Diner has been a speaker and panel member at state and national seminars relating to the low-income housing credit.
J. Davenport Mosby, age 44, is a Vice President and a Director. He is a Senior Vice President of Raymond James & Associates, Inc. which he joined in 1982. Mr. Mosby received an MBA from the Harvard Business School (1982). He graduated magna cum laude with a BA from Vanderbilt University where he was elected to Phi Beta Kappa.
Teresa L. Barnes, age 53, is a Vice President. Ms. Barnes is a Senior Vice President of Raymond James & Associates, Inc., which she joined in 1969.
Sandra L. Furey, age 37, is Secretary, Treasurer. Ms. Furey has been employed by Raymond James & Associates, Inc. since 1980 and currently serves as Closing Administrator for the Gateway Tax Credit Funds.
Raymond James Partners, Inc. -
Raymond James Partners, Inc. has been formed to act as the general partner, with affiliated corporations, in limited partnerships sponsored by Raymond James Financial, Inc. Raymond James Partners, Inc. is a general partner for purposes of assuring that Gateway and other partnerships sponsored by affiliates have sufficient net worth to meet the minimum net worth requirements of state securities administrators.
Information regarding the officers and directors of Raymond James Partners, Inc., is included on pages 58 and 59 of the Prospectus under the section captioned "Management" (consisting of pages 56 through 59 of the Prospectus) which is incorporated herein by reference.
Item 11.
Item 11. Executive Compensation
Gateway has no directors or officers.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Neither of the General Partners, nor their directors and officers, own any units of the outstanding securities of Gateway as of March 31, 2000.
Gateway is a Limited Partnership and therefore does not have voting shares of stock. To the knowledge of Gateway, no person owns of record or beneficially, more than 5% of Gateway's outstanding units.
Item 13.
Item 13. Certain Relationships and Related Transactions
Gateway has no officers or directors. However, various kinds of compensation and fees are payable to the General Partners and their affiliates during the organization and operations of Gateway. Additionally, the General Partners will receive distributions from Gateway if there is cash available for distribution or residual proceeds as defined in the Partnership agreement. The amounts and kinds of compensation and fees are described on pages 13 to 15 of the Prospectus under the caption "Management Compensation", which is incorporated herein by reference. See Note 3 of Notes to Financial Statements in item 8 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partners and their affiliates during the years ended March 31, 1999, 1998 and 1997.
The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period. It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing. Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
The General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses as follows:
Asset Management Fee - The Managing General Partner is entitled to an annual asset management fee equal to 0.45% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships. The asset management fee will be paid only after all other expenses of Gateway have been paid. These fees are included in the Statements of Operations. Totals incurred for the years ended March 31, 2000, 1999 and 1998 were $496,681, $498,294, and $499,712 respectively.
General and Administrative Expenses - Raymond James Tax Credit Funds, Inc., the Managing General Partner, is reimbursed for general and administrative expenses of Gateway on an accountable basis. These expenses are included in the Statements of Operations. Totals incurred for the years ended March 31, 2000, 1999 and 1998 were $39,066, $27,713, and $30,235 respectively.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a.(1) Financial Statements
(2) Financial Statement Schedules -
Schedule III - Real Estate and Accumulated Depreciation of Property Owned by Project Partnerships
All other schedules are omitted because they are not applicable or not required, or because the required information is shown either in the financial statements or in the notes thereto.
(3) Exhibit Index - The following are included with Form S-11, Registration No. 33-18142 and amendments and supplements thereto previously filed with the Securities and Exchange Commission.
Table Number 1.1 Form of Soliciting Dealer Agreement 1.2 Form of Escrow Agreement between Gateway Tax Credit Fund, Ltd., and Southeast Bank 2.1 Purchase and Sale Agreement, dated June 30, 1988 pertaining to the acquisition of limited partnership interests in Martindale Limited Partnership 2.2 Purchase and Sale Agreement, dated June 30, 1988 pertaining to the acquisition of limited partnership interests in Laynecrest Associates Limited Partnership 2.3 Purchase and Sale Agreement, dated August 28, 1988 pertaining to the acquisition of limited partnership interests in La Villa Elena Limited Partnership 2.4 Purchase and Sale Agreement, date August 28, 1988 pertaining to the acquisition of limited partnership interests in Rio Abajo Limited Partnership 3.1 The form of Partnership Agreement of the Partnership is included as Exhibit "A" to the Prospectus 3.1.1 Amended Certificate of Limited Partnership of Gateway Tax Credit Fund, Ltd. 3.2 Articles of Incorporation of Raymond James Partners, Inc. 3.2.1 Bylaws of Raymond James Partners, Inc. 3.3 Articles of Incorporation of Raymond James Tax Credit Funds, Inc. 3.3.1 Bylaws of Raymond James Tax Credit Funds, Inc. 3.4 Amended and Restated Agreement and Certificate of Limited Partnership of Martindale Limited Partnership 3.5 Amended and Restated Agreement and Certificate of Limited Partnership of Laynecrest Associates Limited 3.6 Amended and Restated Agreement and Certificate of Limited Partnership of La Villa Elena Limited Partnership 3.7 Amended and Restated Agreement and Certificate of Limited Partnership of Rio Abajo Limited Partnership 3.8 Amended and Restated Agreement of Village Apartments of Fortville II, L.P. is included as Exhibit E to the document included as Exhibit 2.5 3.9 Amended and Restated Partnership Agreement of Village Apartments of Summitville II, L.P. is included as Exhibit E to the document included as Exhibit 2.6 3.10 Amended and Restated Partnership Agreement of Village Apartments of Madison, Ltd. is included as Exhibit E to the document included as Exhibit 2.7 3.11 Amended and Restated Partnership Agreement of Village Apartments of Monroe Family, Ltd. is included as Exhibit E to the document included as Exhibit 2.8 3.12 Amended and Restated Partnership Agreement of Village Apartments of Longleaf Apartments, Ltd. is included as Exhibit E to the document included as Exhibit 2.9 3.13 Amended and Restated Partnership Agreement of Village Apartments of Hannah's Mill Apartments, Ltd. is included as Exhibit E to the document included as Exhibit 2.10 3.14 Amended and Restated Partnership Agreement of Village Apartments of Sylacauga Garden Apartments III, Ltd. 3.15 Amended and Restated Partnership Agreement of Suncrest Limited Partnership is included as Exhibit E to the document included as Exhibit 2.12 3.16 Amended and Restated Partnership Agreement of Dunbarton Oaks III, Limited Partnership 3.17 Amended and Restated Partnership Agreement of Brandywine III Limited Partnership 3.18 Amended and Restated Partnership Agreement of Concord IV Limited Partnership 3.19 Amended and Restated Partnership Agreement of Mulberry Hill IV Associates Limited Partnership 3.20 Amended and Restated Partnership Agreement of Federal Manor Limited Partnership 3.21 Amended and Restated Partnership Agreement of Laurel Apartments Limited Partnership 3.22 Amended and Restated Partnership Agreement of Casa Linda Limited Partnership 3.23 Amended and Restated Partnership Agreement of Rivermeade Associates 3.24 Amended and Restated Partnership Agreement of Keysville Limited Partnership 3.25 Amended and Restated Partnership Agreement of Laurel Woods Associates 3.26 Amended and Restated Partnership Agreement of Meadows Associates 3.27 Amended and Restated Partnership Agreement of Riverside Apts., Ltd. 3.28 Amended and Restated Partnership Agreement of Limestone Estates, Ltd. 3.29 Amended and Restated Partnership Agreement of Sandridge Apts., Ltd. 3.30 Amended and Restated Partnership Agreement of Brookshire Apts., Ltd. 3.31 Amended and Restated Partnership Agreement of Teton View Apts., Ltd. 3.32 Amended and Restated Partnership Agreement of Eagle's Bay Ltd. Partnership 3.33 Amended and Restated Partnership Agreement of Sage, Ltd. 3.34 Amended and Restated Partnership Agreement of Albany, Ltd. 3.35 Amended and Restated Partnership Agreement of Burkesville, Ltd. 3.36 Amended and Restated Partnership Agreement of Scotts Hill, Ltd. 3.37 Amended and Restated Partnership Agreement of Claremont Housing, Ltd. 3.38 Amended and Restated Partnership Agreement of Village Apartments of Sparta Ltd. 3.39 Amended and Restated Partnership Agreement of Crosstown Seniors Limited Dividend Housing Association Ltd. 3.40 Amended and Restated Partnership Agreement of Village Apartments of Divernon Ltd. 3.41 Amended and Restated Partnership Agreement of Oakwood Apartments Ltd. 3.42 Amended and Restated Partnership Agreement of Middleport Ltd. 3.43 Amended and Restated Partnership Agreement of Village Apartments of Morgantown Ltd. 3.44 Amended and Restated Partnership Agreement of Lakewood Apartments Ltd. 3.45 Amended and Restated Partnership Agreement of Mabank 1988 Limited 3.46 Amended and Restated Partnership Agreement of Ashburn Housing Ltd. L.P. 3.47 Amended and Restated Partnership Agreement of Cuthbert Elderly Housing, Ltd. 3.48 Amended and Restated Partnership Agreement of Buena Vista Housing, Ltd. L.P. 3.49 Amended and Restated Partnership Agreement of Spring Creek Apts., Ltd. 3.50 Amended and Restated Partnership Agreement of Milton Elderly Housing, Ltd., L.P. 3.51 Amended and Restated Partnership Agreement of Sandhill Forest, Ltd. 3.52 Amended and Restated Partnership Agreement of Oakwood Grove, Ltd. 3.53 Amended and Restated Partnership Agreement of Hastings Manor, Ltd. 3.54 Amended and Restated Partnership Agreement of Robinhood Apts., Ltd. 3.55 Amended and Restated Partnership Agreement of Skyview Terrace Apts., Ltd. 3.56 Amended and Restated Partnership Agreement of Stone Arbor Ltd. 3.57 Amended and Restated Partnership Agreement of Woodcroft Ltd. 3.58 Amended and Restated Agreement of Limited Partnership of Winder Apartments, Ltd., L.P. 3.59 Amended and Restated Partnership Agreement of Spring Creek Apartments, Ltd. 3.60 Amended and Restated Agreement of Limited Partnership of Hunters Ridge, Ltd. 8.1 Tax opinion and consent of Schifino & Fleischer, P.A. 24.1 Consent of Spence, Marston & Bunch, Certified Public Accountants 24.2 The consent of Gerald D. Myers, CPA 24.3 The consent of Kenneth Leventhal & Company 24.4 The consent of Schifino & Fleischer, P.A., to all references made to them in the Prospectus included as a part of the Registration Statement of Gateway Tax Credit Fund, Ltd., and all amendments thereto, is included in their opinions filed as Exhibit 8.1 to the Registration Statement 28.1 Table VI (Acquisition of Properties by Program) of Appendix II to Industry Guide 5, Preparation of Registration Statements Relating to Interests in Real Estate Limited Partnerships
Prospectus dated March 2, 1988
b. Reports filed on Form 8-K - NONE
c. Exhibits filed with this Report - NONE
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1999
Apartment Properties
Mortgage Loan Partnership Location # of Units Balance - ----------- -------- ---------- -------------
Laynecrest Medway, OH 48 1,461,812 Martindale Union, OH 30 934,510 La Villa Elena Bernalillo, NM 54 1,470,278 Rio Abajo Truth or Consequences, NM 42 1,391,865 Fortville II Fortville, IN 24 672,973 Summitville Summitville, IN 24 734,117 Suncrest Yanceyville, NC 40 1,471,953 Brandywine III Millsboro, DE 32 1,087,455 Concord IV Perryville, MD 32 1,083,925 Dunbarton Oaks III Georgetown, DE 32 1,111,360 Federal Manor Federalsburg, MD 32 1,160,569 Laurel Apts Laurel, DE 32 1,128,655 Mulberry Hill IV Easton, MD 16 593,090 Madison Madison, OH 40 1,184,493 Hannah's Mill Thomaston, GA 50 1,468,584 Longleaf Apts. Cairo, GA 36 967,305 Sylacauga Garden Sylacauga, AL 45 1,412,634 Monroe Family Monroe, GA 48 1,462,228 Clayfed Apts. Denver, CO 32 985,418 Westside Apts. Denver, CO 52 1,597,588 Casa Linda Silver City, NM 41 1,376,247 Rivermeade Yorktown, VA 80 2,550,160 Laurel Woods Ashland, VA 40 1,275,220 Keysville Keysville, VA 24 755,447 Crosstown Kalamazoo, MI 201 4,515,514 Riverside Apts. Demopolis, AL 40 1,157,809 Brookshire Apts. McDonough, GA 46 1,391,537 Sandridge Apts. Fernandina Beach, FL 46 1,315,746 Limestone Estates Limestone, ME 25 1,151,612 Eagle's Bay Beaufort, NC 40 1,481,308 Teton View Rigby, ID 40 1,429,955 Albany Albany, KY 24 734,655 Burkesville Burkesville, KY 24 736,551 Scotts Hill Scotts Hill, TN 12 408,552 Sage Gallup, NM 44 1,473,978 Claremont Cascade, ID 16 439,893 Middleport Middleport, NY 25 949,574 Oakwood Apts. Columbus, NE 24 786,576 Morgantown Morgantown, IN 24 788,545 Ashburn Housing Ashburn, GA 41 1,055,478 Cuthbert Elderly Cuthbert, GA 32 821,962 Sandhill Forest Melrose, FL 16 467,836 Oakwood Grove Crescent City, FL 36 1,012,315 Hastings Manor Hastings, FL 24 700,157 Lakewood Apts. Norfolk, NE 72 2,436,671 Robinhood Apts. Springfield, TN 48 1,467,212 Skyview Terrace Springfield, TN 48 1,334,678 Mabank 1988 Mabank, TX 42 1,112,307 Buena Vista Buena Vista, GA 25 655,676 Woodcroft Elizabethtown, NC 32 1,154,809 Spring Creek Quitman, GA 18 491,023 Spring Creek Cherokee, AL 24 533,500 Milton Elderly Milton, FL 43 1,080,514 Winder Apartments Winder, GA 48 1,422,488 Hunters Ridge Killen, AL 40 1,169,095 Stone Arbor Madison, NC 40 1,486,820 Greeneville Greeneville, TN 40 1,202,325 Centralia II Centralia, IL 24 802,111 Poteau IV Poteau, OK 32 593,313 Barling Barling, AR 48 916,984 Booneville Booneville, AR 50 1,370,164 Augusta Augusta, KS 66 1,923,862 Meadows Farmville, VA 40 1,330,601 Kenly Housing Kenly, NC 48 1,334,873 Fairview South Athens, TX 44 1,065,485 River Road Apts. Waggaman, LA 43 1,136,561 Middlefield Middlefield, OH 36 1,086,067 Floresville Floresvile, TX 40 1,039,380 Mathis Retirement Mathis, TX 36 873,274 Sabinal Housing Sabinal, TX 24 605,410 Kingsland Housing Kingsland, TX 34 847,600 Crestwood Villa II Crestline, OH 36 1,089,236 Poteau Prop. III Poteau, OK 19 463,037 Decatur Properties Decatur, AR 24 774,321 Broken Bow Prop II Broken Bow, OK 46 1,482,455 Turtle Creek II Grove, OK 42 1,243,209 Pleasant Valley Grangeville, ID 32 1,149,553 Hartwell Elderly Hartwell, GA 24 671,237 Pulaski Village Pulaski, VA 44 1,387,645 Southwood Apts. Jacksonville, TX 40 953,164 ------------ $ 91,844,099 ============
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1999
Apartment Properties Cost At Acquisition -------------------- Net Improvements Buildings, Capitalized Improvements Subsequent to Partnership Land and Equipment Acquisition - ----------- ---- ------------- ----------------
Laynecrest 310,264 1,533,433 18,736 Martindale 243,665 928,824 9,782 La Villa Elena 128,000 1,672,703 128,945 Rio Abajo 88,500 1,610,884 77,426 Fortville II 25,000 780,355 5,034 Summitville 30,000 849,511 483 Suncrest 331,988 1,788,595 17,142 Brandywine III 105,508 1,154,434 47,221 Concord IV 120,440 1,198,338 42,908 Dunbarton Oaks III 123,135 1,205,530 15,016 Federal Manor 142,632 1,252,927 64,067 Laurel Apts 144,680 1,156,847 61,328 Mulberry Hill IV 55,379 652,234 30,129 Madison 60,000 1,378,177 29,191 Hannah's Mill 60,000 1,754,918 (2,132) Longleaf Apts. 54,700 1,135,966 2,280 Sylacauga Garden 70,000 1,521,755 20,549 Monroe Family 110,000 1,678,673 0 Clayfed Apts. 84,000 876,430 32,397 Westside Apts. 134,701 1,382,850 77,259 Casa Linda 153,730 1,518,228 47,134 Rivermeade 240,134 2,661,910 144,602 Laurel Woods 96,242 1,301,860 151,534 Keysville 30,000 793,750 90,771 Crosstown 408,338 5,164,734 446,037 Riverside Apts. 89,250 1,329,102 8,966 Brookshire Apts. 114,500 1,602,613 22,440 Sandridge Apts. 144,000 1,476,180 12,575 Limestone Estates 79,224 1,318,259 16,738 Eagle's Bay 175,735 1,752,762 25,197 Teton View 50,218 972,662 767,393 Albany 49,161 865,007 21,579 Burkesville 44,697 838,328 30,748 Scotts Hill 30,000 465,835 9,818 Sage 196,207 1,616,554 89,302 Claremont 23,500 505,789 55,099 Middleport 18,000 1,132,502 17,350 Oakwood Apts. 96,800 862,439 41,209 Morgantown 15,000 940,191 4,592 Ashburn Housing 35,000 1,265,760 0 Cuthbert Elderly 22,550 1,006,889 (1,144) Sandhill Forest 28,091 544,545 926 Oakwood Grove 44,712 1,191,986 4,024 Hastings Manor 18,000 839,600 6,776 Lakewood Apts. 207,700 2,754,382 127,676 Robinhood Apts. 50,500 1,752,851 9,660 Skyview Terrace 40,112 1,424,008 46,461 Mabank 1988 57,200 1,210,248 89,071 Buena Vista 11,390 804,816 (1,979) Woodcroft 82,500 1,402,798 5,641 Spring Creek 33,330 575,656 (1,378) Spring Creek 20,000 589,739 27,914 Milton Elderly 50,000 1,292,395 3,813 Winder Apartments 73,500 1,692,510 (3,285) Hunters Ridge 48,275 1,370,214 2,327 Stone Arbor 57,280 1,813,230 3,554 Greeneville 47,258 1,434,138 48,835 Centralia II 36,450 954,070 (14,292) Poteau IV 33,000 683,016 0 Barling 62,500 1,049,173 41,191 Booneville 32,500 1,650,087 0 Augusta 101,300 2,280,419 0 Meadows 102,342 1,455,858 29,993 Kenly Housing 25,000 1,588,636 71,234 Fairview South 103,909 1,218,102 22,177 River Road Apts. 138,000 1,340,045 0 Middlefield 70,700 1,250,957 12,417 Floresville 75,524 1,050,346 185,032 Mathis Retirement 37,127 1,041,038 6,225 Sabinal Housing 18,000 752,263 9,852 Kingsland Housing 30,000 894,081 236,923 Crestwood Villa II 54,000 1,317,395 975 Poteau Prop. III 18,350 564,655 0 Decatur Properties 24,300 945,516 0 Broken Bow Prop II 70,000 1,887,868 0 Turtle Creek II 45,000 1,513,446 0 Pleasant Valley 65,227 1,342,952 52,533 Hartwell Elderly 49,800 771,529 0 Pulaski Village 75,000 1,650,373 63,586 Southwood Apts. 46,189 1,153,440 13,998 ----------- ------------ ------------ $ 6,718,944 $103,953,119 $ 3,781,581 =========== ============ ============
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1999
Apartment Properties Gross Amount At Which Carried At December 31, 1999 -------------------- Buildings, Improvements Partnership Land and Equipment Total - ----------- ---- ------------- -----
Laynecrest 324,659 1,537,774 1,862,433 Martindale 251,096 931,175 1,182,271 La Villa Elena 128,000 1,801,648 1,929,648 Rio Abajo 89,795 1,687,015 1,776,810 Fortville II 25,000 785,389 810,389 Summitville 30,000 849,994 879,994 Suncrest 343,827 1,793,898 2,137,725 Brandywine III 105,508 1,201,655 1,307,163 Concord IV 131,161 1,230,525 1,361,686 Dunbarton Oaks III 127,805 1,215,876 1,343,681 Federal Manor 147,692 1,311,934 1,459,626 Laurel Apts 146,093 1,216,762 1,362,855 Mulberry Hill IV 58,371 679,371 737,742 Madison 60,000 1,407,368 1,467,368 Hannah's Mill 60,000 1,752,786 1,812,786 Longleaf Apts. 54,700 1,138,246 1,192,946 Sylacauga Garden 70,000 1,542,304 1,612,304 Monroe Family 110,000 1,678,673 1,788,673 Clayfed Apts. 84,000 908,827 992,827 Westside Apts. 134,701 1,460,109 1,594,810 Casa Linda 153,730 1,565,362 1,719,092 Rivermeade 251,734 2,794,912 3,046,646 Laurel Woods 106,742 1,442,894 1,549,636 Keysville 34,534 879,987 914,521 Crosstown 536,680 5,482,429 6,019,109 Riverside Apts. 93,089 1,334,229 1,427,318 Brookshire Apts. 114,750 1,624,803 1,739,553 Sandridge Apts. 144,000 1,488,755 1,632,755 Limestone Estates 79,224 1,334,997 1,414,221 Eagle's Bay 181,070 1,772,624 1,953,694 Teton View 87,187 1,703,086 1,790,273 Albany 49,161 886,586 935,747 Burkesville 44,697 869,076 913,773 Scotts Hill 30,000 475,653 505,653 Sage 196,207 1,705,856 1,902,063 Claremont 29,041 555,347 584,388 Middleport 18,000 1,149,852 1,167,852 Oakwood Apts. 96,800 903,648 1,000,448 Morgantown 15,000 944,783 959,783 Ashburn Housing 35,000 1,265,760 1,300,760 Cuthbert Elderly 22,550 1,005,745 1,028,295 Sandhill Forest 28,091 545,471 573,562 Oakwood Grove 44,712 1,196,010 1,240,722 Hastings Manor 18,000 846,376 864,376 Lakewood Apts. 254,531 2,835,227 3,089,758 Robinhood Apts. 50,500 1,762,511 1,813,011 Skyview Terrace 40,112 1,470,469 1,510,581 Mabank 1988 94,031 1,262,488 1,356,519 Buena Vista 11,390 802,837 814,227 Woodcroft 82,500 1,408,439 1,490,939 Spring Creek 33,330 574,278 607,608 Spring Creek 20,000 617,653 637,653 Milton Elderly 50,000 1,296,208 1,346,208 Winder Apartments 73,500 1,689,225 1,762,725 Hunters Ridge 48,275 1,372,541 1,420,816 Stone Arbor 57,280 1,816,784 1,874,064 Greeneville 47,258 1,482,973 1,530,231 Centralia II 36,450 939,778 976,228 Poteau IV 33,000 683,016 716,016 Barling 62,500 1,090,364 1,152,864 Booneville 32,500 1,650,087 1,682,587 Augusta 101,300 2,280,419 2,381,719 Meadows 105,846 1,482,347 1,588,193 Kenly Housing 25,000 1,659,870 1,684,870 Fairview South 111,841 1,232,347 1,344,188 River Road Apts. 138,000 1,340,045 1,478,045 Middlefield 70,700 1,263,374 1,334,074 Floresville 76,669 1,234,233 1,310,902 Mathis Retirement 37,127 1,047,263 1,084,390 Sabinal Housing 18,000 762,115 780,115 Kingsland Housing 30,000 1,131,004 1,161,004 Crestwood Villa II 54,000 1,318,370 1,372,370 Poteau Prop. III 18,350 564,655 583,005 Decatur Properties 24,300 945,516 969,816 Broken Bow Prop II 70,000 1,887,868 1,957,868 Turtle Creek II 45,000 1,513,446 1,558,446 Pleasant Valley 65,227 1,395,485 1,460,712 Hartwell Elderly 49,800 771,529 821,329 Pulaski Village 75,000 1,713,959 1,788,959 Southwood Apts. 46,189 1,167,438 1,213,627 ----------- ------------ ------------ $ 7,081,913 $107,371,731 $114,453,644 =========== ============ ============
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1999
Apartment Properties
Partnership Accumulated Depreciation Depreciable Life - ----------- ------------------------ ----------------
Laynecrest 864,101 5.0 - 27.5 Martindale 485,470 5.0 - 27.5 La Villa Elena 510,180 5.0 - 40.0 Rio Abajo 466,429 5.0 - 40.0 Fortville II 330,824 5.0 - 27.5 Summitville 363,025 5.0 - 27.5 Suncrest 488,627 5.0 - 40.0 Brandywine III 609,960 5.0 - 27.5 Concord IV 645,012 5.0 - 27.5 Dunbarton Oaks III 640,668 5.0 - 27.5 Federal Manor 650,411 5.0 - 27.5 Laurel Apts 660,483 5.0 - 27.5 Mulberry Hill IV 335,109 5.0 - 27.5 Madison 479,808 5.0 - 33.0 Hannah's Mill 662,524 5.0 - 30.0 Longleaf Apts. 443,392 5.0 - 30.0 Sylacauga Garden 714,888 5.0 - 27.5 Monroe Family 663,214 5.0 - 27.5 Clayfed Apts. 396,043 5.0 - 40.0 Westside Apts. 600,352 5.0 - 40.0 Casa Linda 422,645 5.0 - 40.0 Rivermeade 1,197,943 5.0 - 27.5 Laurel Woods 652,229 5.0 - 27.5 Keysville 396,695 5.0 - 27.5 Crosstown 1,808,826 5.0 - 40.0 Riverside Apts. 365,969 5.0 - 40.0 Brookshire Apts. 576,540 5.0 - 30.0 Sandridge Apts. 560,732 5.0 - 30.0 Limestone Estates 616,698 5.0 - 27.5 Eagle's Bay 434,117 5.0 - 50.0 Teton View 596,736 5.0 - 27.5 Albany 315,443 5.0 - 40.0 Burkesville 305,693 5.0 - 40.0 Scotts Hill 149,272 5.0 - 40.0 Sage 421,337 5.0 - 40.0 Claremont 228,982 5.0 - 27.5 Middleport 288,723 5.0 - 27.5 Oakwood Apts. 304,922 5.0 - 40.0 Morgantown 339,229 5.0 - 27.5 Ashburn Housing 441,110 5.0 - 30.0 Cuthbert Elderly 353,686 5.0 - 30.0 Sandhill Forest 165,309 5.0 - 35.0 Oakwood Grove 368,967 5.0 - 35.0 Hastings Manor 232,568 5.0 - 40.0 Lakewood Apts. 1,047,632 5.0 - 30.0 Robinhood Apts. 643,893 5.0 - 50.0 Skyview Terrace 591,439 5.0 - 50.0 Mabank 1988 425,070 5.0 - 35.0 Buena Vista 271,833 5.0 - 30.0 Woodcroft 328,589 5.0 - 50.0 Spring Creek 195,444 5.0 - 40.0 Spring Creek 180,724 5.0 - 30.0 Milton Elderly 447,535 5.0 - 30.0 Winder Apartments 600,694 5.0 - 50.0 Hunters Ridge 333,015 5.0 - 50.0 Stone Arbor 411,642 5.0 - 50.0 Greeneville 579,047 5.0 - 27.5 Centralia II 339,020 5.0 - 27.5 Poteau IV 272,193 5.0 - 25.0 Barling 457,201 5.0 - 25.0 Booneville 704,092 5.0 - 25.0 Augusta 966,584 5.0 - 25.0 Meadows 605,091 5.0 - 27.5 Kenly Housing 420,948 5.0 - 40.0 Fairview South 575,658 5.0 - 25.0 River Road Apts. 337,457 5.0 - 40.0 Middlefield 392,200 5.0 - 27.5 Floresville 344,376 5.0 - 50.0 Mathis Retirement 221,863 5.0 - 50.0 Sabinal Housing 164,288 5.0 - 50.0 Kingsland Housing 229,286 5.0 - 50.0 Crestwood Villa II 419,645 5.0 - 33.0 Poteau Prop. III 234,831 5.0 - 25.0 Decatur Properties 379,752 5.0 - 25.0 Broken Bow Prop II 643,066 5.0 - 25.0 Turtle Creek II 611,834 5.0 - 25.0 Pleasant Valley 499,000 5.0 - 27.5 Hartwell Elderly 268,973 5.0 - 27.5 Pulaski Village 676,609 5.0 - 27.5 Southwood Apts. 491,259 5.0 - 25.0 ----------- $38,866,674 ===========
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN AS OF DECEMBER 31, 1999
Reconciliation of Land, Building & Improvements current year changes:
Balance at beginning of period - December 31, 1998 $ 114,234,777 Additions during period: Acquisitions through foreclosure 0 Other acquisitions 0 Improvements, etc. 294,320 Other 0 --------- 294,320 Deductions during period: Cost of real estate sold 75,453 Other 0 --------- 75,453 ------------
Balance at end of period - December 31, 1999 $ 114,453,644 ==============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period - December 31, 1998 $ 34,872,322 Adjustment to Prior Year Less Accumulated Depreciation of real estate sold (75,453) Current year expense 4,069,805 ----------- Balance at end of period - December 31, 1999 $ 38,866,674 ===========
GATEWAY TAX CREDIT FUND, LTD. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE AS OF DECEMBER 31, 1999
# MONTHLY OF INTEREST DEBT TERM PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS) - ----------- ----- -------- -------- ------- ------- Laynecrest 48 1,461,812 10.63% 13,193 50 Martindale 30 934,510 9.50% 7,591 50 La Villa Elena 54 1,470,278 9.00% 11,397 50 Rio Abajo 42 1,391,865 9.50% 11,306 50 Fortville II 24 672,973 9.00% 5,214 50 Summitville 24 734,117 9.00% 5,691 50 Suncrest 40 1,471,953 9.00% 11,372 50 Brandywine III 32 1,087,455 9.00% 8,429 50 Concord IV 32 1,083,925 9.50% 8,822 50 Dunbarton Oaks III 32 1,111,360 9.00% 8,270 50 Federal Manor 32 1,160,569 9.00% 8,994 50 Laurel Apts 32 1,128,655 9.50% 9,191 50 Mulberry Hill IV 16 593,090 9.50% 4,822 50 Madison 40 1,184,493 9.50% 9,604 50 Hannah's Mill 50 1,468,584 9.50% 11,920 50 Longleaf Apts. 36 967,305 9.50% 7,852 50 Sylacauga Garden 45 1,412,634 9.00% 10,941 50 Monroe Family 48 1,462,228 9.00% 11,294 50 Clayfed Apartments 32 985,418 9.75% 8,985 35 Westside Apts. 52 1,597,588 9.50% 15,673 35 Casa Linda 41 1,376,247 9.50% 11,167 50 Rivermeade 80 2,550,160 8.75% 19,753 50 Laurel Woods 40 1,275,220 9.00% 9,677 50 Keysville 24 755,447 9.50% 6,137 50 Crosstown 201 4,515,514 7.88% 36,182 30 Riverside Apts. 40 1,157,809 9.25% 8,204 50 Brookshire Apts. 46 1,391,537 8.75% 10,486 50 Sandridge Apts. 46 1,315,746 9.00% 10,071 50 Limestone Estates 25 1,151,612 9.00% 8,910 50 Eagle's Bay 40 1,481,308 8.75% 11,153 50 Teton View 40 1,429,955 8.25% 10,261 50 Albany 24 734,655 9.00% 5,703 50 Burkesville 24 736,551 9.50% 5,996 50 Scotts Hill 12 408,552 8.75% 3,073 50 Sage 44 1,473,978 8.75% 11,087 50 Claremont 16 439,893 9.75% 3,750 50 Middleport 25 949,574 8.75% 7,144 50 Oakwood Apts. 24 786,576 9.50% 6,379 50 Morgantown 24 788,545 9.25% 6,226 50 Ashburn Housing 41 1,055,478 8.75% 7,935 50 Cuthbert Elderly 32 821,962 8.75% 6,189 50 Sandhill Forest 16 467,836 9.00% 3,615 50 Oakwood Grove 36 1,012,315 9.50% 8,215 50 Hastings Manor 24 700,157 9.00% 5,412 50 Lakewood Apts. 72 2,436,671 8.75% 18,332 50 Robinhood Apts. 48 1,467,212 9.75% 11,031 50 Skyview Terrace 48 1,334,678 8.50% 9,866 50 Mabank 1988 42 1,112,307 8.75% 8,345 50 Buena Vista 25 655,676 9.25% 5,187 50 Woodcroft 32 1,154,809 9.00% 8,912 50 Spring Creek 18 491,023 9.00% 4,591 50 Spring Creek 24 533,500 11.50% 5,223 50 Milton Elderly 43 1,080,514 9.25% 8,547 50 Winder Apartments 48 1,422,488 8.75% 10,709 50 Hunters Ridge 40 1,169,095 9.00% 9,032 50 Stone Arbor 40 1,486,820 9.25% 11,759 50 Greeneville 40 1,202,325 9.25% 9,511 50 Centralia II 24 802,111 8.75% 6,031 50 Poteau IV 32 593,313 9.00% 4,777 50 Barling 48 916,984 9.00% 7,382 50 Booneville 50 1,370,164 8.25% 10,250 50 Augusta 66 1,923,862 8.75% 14,465 50 Meadows 40 1,330,601 8.75% 10,010 50 Kenly Housing 48 1,334,873 8.75% 11,366 50 Fairview South 44 1,065,485 9.50% 8,648 50 River Road Apts. 43 1,136,561 8.75% 9,625 33 Middlefield 36 1,086,067 9.25% 8,579 50 Floresville 40 1,039,380 9.50% 8,466 50 Mathis Retirement 36 873,274 9.50% 7,082 50 Sabinal Housing 24 605,410 9.00% 4,674 50 Kingsland Housing 34 847,600 9.00% 6,554 50 Crestwood Villa II 36 1,089,236 9.00% 8,620 50 Poteau Prop. III 19 463,037 9.00% 3,569 50 Decatur Properties 24 774,321 8.75% 5,801 50 Broken Bow Prop II 46 1,482,455 8.75% 11,110 50 Turtle Creek II 42 1,243,209 9.00% 9,818 50 Pleasant Valley 32 1,149,553 8.75% 8,646 50 Hartwell Elderly 24 671,237 8.75% 5,045 50 Pulaski Village 44 1,387,645 9.25% 10,978 50 Southwood Apts. 40 953,164 8.75% 7,175 50 ------------ $ 91,844,099 ============
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds, Inc. Raymond James Tax Credit Funds, Inc.
Date: July 12, 2000 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 12, 2000 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused to be signed on its behalf by the undersigned hereunto duly authorized.
GATEWAY TAX CREDIT FUND, LTD. (A Florida Limited Partnership) By: Raymond James Tax Credit Funds, Inc. Managing General Partner
Date: July 12, 2000 By:/s/ Ronald M. Diner Ronald M. Diner President
Date: July 12, 2000 By:/s/ Sandra L. Furey Sandra L. Furey Secretary and Treasurer
Date: July 12, 2000 By:/s/ J. Davenport Mosby III J. Davenport Mosby III Sr. Vice President and Director