Delaware | 06-6385350 |
(State or Other Jurisdiction of Organization) | (I.R.S. Employer Incorporation or Identification No.) |
Richman American Credit Corp. | |
777 West Putnam Avenue | |
Greenwich, Connecticut | 06830 |
(Address of Principal Executive Offices) | (Zip Code) |
Table of Contents | ||
Page | ||
Item 1. | Financial Statements. | |
Balance Sheets | 3 | |
Statements of Operations and Comprehensive Income (Loss) | 4 | |
Statements of Cash Flows | 5 | |
Notes to Financial Statements | 7 | |
Item 2. | Management's Discussion and Analysis of | 9 |
Item 3. | Quantitative and Qualitative Disclosure About Market Risk. | 11 |
Item 4. | Controls and Procedures. | 12 |
September 29, | March 30, | |||||||
2017 | 2017 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 24,753 | $ | 22,904 | ||||
Investment in Pemberwick Fund, a short duration bond fund | 1,980,075 | 1,314,600 | ||||||
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$ | 2,004,828 | $ | 1,337,504 | |||||
LIABILITIES AND OWNERS' EQUITY (DEFICIT) | ||||||||
Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 13,345 | $ | 24,615 | ||||
Payable to manager and affiliates | 276,816 | 456,082 | ||||||
290,161 | 480,697 | |||||||
Commitments and contingencies | ||||||||
Owners' equity (deficit) | ||||||||
Manager | (148,686 | ) | (157,271 | ) | ||||
Beneficial owners (18,654 units of beneficial ownership interest outstanding) | 1,867,902 | 1,018,017 | ||||||
Accumulated other comprehensive loss | (4,549 | ) | (3,939 | ) | ||||
1,714,667 | 856,807 | |||||||
$ | 2,004,828 | $ | 1,337,504 |
December 30, | March 30, | |||||||
2017 | 2017 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 25,332 | $ | 22,904 | ||||
Investment in Pemberwick Fund, a short duration bond fund | 1,693,824 | 1,314,600 | ||||||
$ | 1,719,156 | $ | 1,337,504 | |||||
LIABILITIES AND OWNERS' EQUITY (DEFICIT) | ||||||||
Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 19,683 | $ | 24,615 | ||||
Payable to manager and affiliates | 417 | 456,082 | ||||||
20,100 | 480,697 | |||||||
Commitments and contingencies | ||||||||
Owners' equity (deficit) | ||||||||
Manager | (148,832 | ) | (157,271 | ) | ||||
Beneficial owners (18,654 units of beneficial ownership interest outstanding) | 1,853,452 | 1,018,017 | ||||||
Accumulated other comprehensive loss | (5,564 | ) | (3,939 | ) | ||||
1,699,056 | 856,807 | |||||||
$ | 1,719,156 | $ | 1,337,504 |
Three Months Ended September 29, 2017 | Six Months Ended September 29, 2017 | Three Months Ended September 29, 2016 | Six Months Ended September 29, 2016 | |||||||||||||
REVENUE | ||||||||||||||||
Interest | $ | 5,861 | $ | 10,151 | $ | 2,769 | $ | 3,741 | ||||||||
TOTAL REVENUE | 5,861 | 10,151 | 2,769 | 3,741 | ||||||||||||
EXPENSES | ||||||||||||||||
Management fee | 8,903 | 23,619 | 15,555 | 36,277 | ||||||||||||
Professional fees | 7,842 | 24,511 | 9,604 | 20,664 | ||||||||||||
Printing, postage and other | 2,350 | 3,551 | 4,315 | 6,417 | ||||||||||||
TOTAL EXPENSES | 19,095 | 51,681 | 29,474 | 63,358 | ||||||||||||
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | (13,234 | ) | (41,530 | ) | (26,705 | ) | (59,617 | ) | ||||||||
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | 900,000 | 1,331,798 | 1,331,798 | |||||||||||||
NET INCOME (LOSS) | (13,234 | ) | 858,470 | 1,305,093 | 1,272,181 | |||||||||||
�� | ||||||||||||||||
Other comprehensive income (loss) - investment in Pemberwick Fund | (610 | ) | (610 | ) | (321 | ) | 534 | |||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (13,844 | ) | $ | 857,860 | $ | 1,304,772 | $ | 1,272,715 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO | ||||||||||||||||
Manager | $ | (132 | ) | $ | 8,585 | $ | 243,200 | $ | 210,288 | |||||||
Beneficial owners | (13,102 | ) | 849,885 | 1,061,893 | 1,061,893 | |||||||||||
$ | (13,234 | ) | $ | 858,470 | $ | 1,305,093 | $ | 1,272,181 | ||||||||
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) | $ | (0.70 | ) | $ | 45.56 | $ | 56.93 | $ | 56.93 |
Three Months Ended December 30, 2017 | Nine Months Ended December 30, 2017 | Three Months Ended December 30, 2016 | Nine Months Ended December 30, 2016 | |||||||||||||
REVENUE | ||||||||||||||||
Interest | $ | 7,010 | $ | 17,161 | $ | 3,775 | $ | 7,516 | ||||||||
TOTAL REVENUE | 7,010 | 17,161 | 3,775 | 7,516 | ||||||||||||
EXPENSES | ||||||||||||||||
Management fee | 8,903 | 32,522 | 14,716 | 50,993 | ||||||||||||
Professional fees | 9,221 | 33,732 | 9,423 | 30,087 | ||||||||||||
Printing, postage and other | 3,482 | 7,033 | 2,272 | 8,689 | ||||||||||||
TOTAL EXPENSES | 21,606 | 73,287 | 26,411 | 89,769 | ||||||||||||
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | (14,596 | ) | (56,126 | ) | (22,636 | ) | (82,253 | ) | ||||||||
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | 900,000 | 1,331,798 | ||||||||||||||
NET INCOME (LOSS) | (14,596 | ) | 843,874 | (22,636 | ) | 1,249,545 | ||||||||||
Other comprehensive loss - investment in Pemberwick Fund | (1,015 | ) | (1,625 | ) | (6,493 | ) | (5,959 | ) | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (15,611 | ) | $ | 842,249 | $ | (29,129 | ) | $ | 1,243,586 | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO | ||||||||||||||||
Manager | $ | (146 | ) | $ | 8,439 | $ | (226 | ) | $ | 210,062 | ||||||
Beneficial owners | (14,450 | ) | 835,435 | (22,410 | ) | 1,039,483 | ||||||||||
$ | (14,596 | ) | $ | 843,874 | $ | (22,636 | ) | $ | 1,249,545 | |||||||
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) | $ | (.77 | ) | $ | 44.79 | $ | (1.21 | ) | $ | 55.72 |
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Interest received | $ | 10,242 | $ | 3,587 | ||||
Cash paid for | ||||||||
Management fees | (202,885 | ) | (2,454 | ) | ||||
Professional fees | (32,636 | ) | (34,560 | ) | ||||
Printing, postage and other expenses | (6,696 | ) | (6,417 | ) | ||||
Net cash used in operating activities | (231,975 | ) | (39,844 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds in connection with sale of limited partner interests/local partnership properties | 900,000 | 1,331,798 | ||||||
Investments in Pemberwick Fund | (710,176 | ) | (1,310,586 | ) | ||||
Redemptions from Pemberwick Fund | 44,000 | 25,000 | ||||||
Net cash provided by investing activities | 233,824 | 46,212 | ||||||
Net increase in cash and cash equivalents | 1,849 | 6,368 | ||||||
Cash and cash equivalents at beginning of period | 22,904 | 9,514 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 24,753 | $ | 15,882 | ||||
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Unrealized gain (loss) on investment in Pemberwick Fund | $ | (610 | ) | $ | 534 |
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Interest received | $ | 18,211 | $ | 7,362 | ||||
Cash paid for | ||||||||
Management fees | (488,187 | ) | (3,675 | ) | ||||
Professional fees | (37,409 | ) | (39,306 | ) | ||||
Printing, postage and other expenses | (8,288 | ) | (6,536 | ) | ||||
Net cash used in operating activities | (515,673 | ) | (42,155 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds in connection with sale of limited partner interests/local partnership properties | 900,000 | 1,331,798 | ||||||
Investments in Pemberwick Fund | (717,899 | ) | (1,314,360 | ) | ||||
Redemptions from Pemberwick Fund | 336,000 | 25,000 | ||||||
Net cash provided by investing activities | 518,101 | 42,438 | ||||||
Net increase in cash and cash equivalents | 2,428 | 283 | ||||||
Cash and cash equivalents at beginning of period | 22,904 | 9,514 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 25,332 | $ | 9,797 | ||||
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Unrealized loss on investment in Pemberwick Fund | $ | (1,625 | ) | $ | (5,959 | ) |
2017 | 2016 | |||||||
RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES | ||||||||
Net income | $ | 858,470 | $ | 1,272,181 | ||||
Adjustments to reconcile net income to net cash used in operating activities | ||||||||
Gain on sale of limited partner interests/local partnership properties | (900,000 | ) | (1,331,798 | ) | ||||
(Gain) loss on redemptions from Pemberwick Fund | 91 | (154 | ) | |||||
Decrease in accounts payable and accrued expenses | (11,270 | ) | (13,896 | ) | ||||
Increase (decrease) in payable to manager and affiliates | (179,266 | ) | 33,823 | |||||
NET CASH USED IN OPERATING ACTIVITIES | $ | (231,975 | ) | $ | (39,844 | ) |
2017 | 2016 | |||||||
RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES | ||||||||
Net income | $ | 843,874 | $ | 1,249,545 | ||||
Adjustments to reconcile net income to net cash used in operating activities | ||||||||
Gain on sale of limited partner interests/local partnership properties | (900,000 | ) | (1,331,798 | ) | ||||
(Gain) loss on redemptions from Pemberwick Fund | 1,050 | (154 | ) | |||||
Decrease in accounts payable and accrued expenses | (4,932 | ) | (7,066 | ) | ||||
Increase (decrease) in payable to manager and affiliates | (455,665 | ) | 47,318 | |||||
NET CASH USED IN OPERATING ACTIVITIES | $ | (515,673 | ) | $ | (42,155 | ) |
1. | Basis of Presentation |
2. | Investment in Local Partnerships |
3. | Investment in Pemberwick Fund |
4. | Additional Information |
· | Registrant accounts for its investment in Vision in accordance with the equity method of accounting. |
· | Registrant does not consolidate the accounts and activities of Vision, which is considered a Variable Interest Entity as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810; Subtopic 10 because Registrant is not considered the primary beneficiary. Registrant's investment balance in Vision represents the maximum exposure to loss in connection with such investment. Vision's partnership agreement grants the Vision Local General Partner the power to direct the activities that most significantly impact Vision's economic success. As a result of cumulative equity losses and distributions, Registrant's investment in Vision reached a zero balance in a prior year. |
Item 1. | Legal Proceedings. | |
None. | ||
Item 1A. | Risk Factors. | |
Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item. | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | |
None. | ||
Item 3. | Defaults Upon Senior Securities. | |
None. | ||
Item 4. | Mine Safety Disclosures. | |
Not applicable. | ||
Item 5. | Other Information. | |
Item 6. | Exhibits. | |
Exhibit 31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. | |
Exhibit 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. | |
Exhibit 32.1 | Section 1350 Certification of Chief Executive Officer. | |
Exhibit 32.2 | Section 1350 Certification of Chief Financial Officer. | |
Exhibit 101.ins | - XBRL Instance.* | |
Exhibit 101.xsd | - XBRL Schema.* | |
Exhibit 101.cal | - XBRL Calculation.* | |
Exhibit 101.def | - XBRL Definition.* | |
Exhibit 101.lab | - XBRL Label.* | |
Exhibit 101.pre | - XBRL Presentation.* |
AMERICAN TAX CREDIT TRUST, A DELAWARE | ||
STATUTORY BUSINESS TRUST SERIES I | ||
By: Richman American Credit Corp. | ||
The Manager | ||
Dated: | /s/Brian Myers | |
By: Brian Myers | ||
Chief Executive Officer | ||
Dated: | /s/James Hussey | |
By: James Hussey | ||
Chief Financial Officer | ||
Dated: | /s/Richard Paul Richman | |
By: Richard Paul Richman | ||
Sole Director |