Document and Entity Information
Document and Entity Information | 6 Months Ended |
Sep. 29, 2018shares | |
Details | |
Registrant Name | AMERICAN TAX CREDIT PROPERTIES III LP |
Registrant CIK | 856,135 |
SEC Form | 10-Q |
Period End date | Sep. 29, 2018 |
Fiscal Year End | --03-30 |
Trading Symbol | atciiix |
Tax Identification Number (TIN) | 133,545,006 |
Number of common stock shares outstanding | 0 |
Filer Category | Non-accelerated Filer |
Current with reporting | Yes |
Small Business | true |
Emerging Growth Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | Q2 |
Entity Incorporation, State Country Name | Delaware |
Entity Address, Address Line One | 777 West Putnam Avenue |
Entity Address, City or Town | Greenwich |
Entity Address, State or Province | Connecticut |
Entity Address, Postal Zip Code | 6,830 |
City Area Code | (203) |
Local Phone Number | 869-0900 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 29, 2018 | Mar. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 13,022 | $ 4,009 |
Investment in Pemberwick Fund, a short duration bond fund | 266,943 | 309,296 |
Total assets | 279,965 | 313,305 |
Liabilities | ||
Accounts payable and accrued expenses | 14,298 | 21,771 |
Payable to general partner and affiliates | 2,628,732 | 2,614,191 |
Total Liabilities | 2,643,030 | 2,635,962 |
Partners' deficit | ||
General partner | (2,192,261) | (2,151,853) |
Limited partners (35,883 units of limited partnership interest outstanding) | (170,804) | (170,804) |
Total equity (deficit) | (2,363,065) | (2,322,657) |
Total liabilities and equity (deficit) | $ 279,965 | $ 313,305 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - shares | Sep. 29, 2018 | Mar. 30, 2018 |
Details | ||
Limited Partners' Capital Account, Units Outstanding | 35,883 | 35,883 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2018 | Sep. 29, 2017 | Sep. 29, 2018 | Sep. 29, 2017 | |
REVENUE | ||||
Interest | $ 1,931 | $ 2,065 | $ 3,729 | $ 4,781 |
TOTAL REVENUE | 1,931 | 2,065 | 3,729 | 4,781 |
EXPENSES | ||||
Administration fees | 4,796 | 4,796 | 9,593 | 9,593 |
Management fees | 4,796 | 4,796 | 9,593 | 9,593 |
Professional fees | 8,562 | 8,927 | 18,306 | 18,923 |
Printing, postage and other | 6,247 | 5,470 | 6,645 | 6,022 |
TOTAL EXPENSES | 24,401 | 23,989 | 44,137 | 44,131 |
NET LOSS | (22,470) | (21,924) | (40,408) | (39,350) |
NET LOSS ATTRIBUTABLE TO | ||||
General partner | (22,470) | (21,924) | (40,408) | (39,350) |
Limited partners | $ 0 | $ 0 | $ 0 | $ 0 |
NET LOSS per unit of limited partnership interest (35,883 units of limited partnership interest) | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 29, 2018 | Sep. 29, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Interest received | $ 3,466 | $ 4,782 |
Cash paid for administration fees | (4,645) | (235,271) |
Cash paid for management fees | (236,666) | |
Cash paid for professional fees | (26,451) | (24,338) |
Cash paid for printing, postage and other expenses | (5,973) | (11,737) |
Net cash used in operating activities | (33,603) | (503,230) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Redemptions from Pemberwick Fund | 46,000 | 470,000 |
Investments in Pemberwick Fund | (3,384) | (4,702) |
Net cash provided by investing activities | 42,616 | 465,298 |
Net increase (decrease) in cash and cash equivalents | 9,013 | (37,932) |
Cash and cash equivalents at beginning of period | 4,009 | 62,429 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 13,022 | 24,497 |
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Unrealized gain on investment in Pemberwick Fund included in interest revenue | 641 | 1,591 |
RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES | ||
NET LOSS | (40,408) | (39,350) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Loss on redemptions from Pemberwick Fund | 378 | 1,592 |
Unrealized gain on investment in Pemberwick Fund included in interest revenue | (641) | (1,591) |
Decrease in accounts payable and accrued expenses | (7,473) | (11,130) |
Increase (decrease) in payable to general partner and affiliates | 14,541 | (452,751) |
Net cash used in operating activities | $ (33,603) | $ (503,230) |
1. Basis of Presentation
1. Basis of Presentation | 6 Months Ended |
Sep. 29, 2018 | |
Notes | |
1. Basis of Presentation | 1. Basis of Presentation The accompanying unaudited financial statements of American Tax Credit Properties III L.P. (the Partnership) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the general partner of the Partnership (the General Partner), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2018 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the six months ended September 29, 2018 are not necessarily indicative of the results that may be expected for the entire year. As of March 31, 2018, the Partnership adopted Accounting Standards Update 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (the Update). In addition to other provisions, the Update requires that changes in the fair value of equity securities be recognized through net income (loss) in the statement of operations. Accordingly, the unrealized gain or loss on the Partnerships investment in Pemberwick Fund, a short duration bond fund (Pemberwick) is included in interest revenue in the accompanying unaudited statements of operations. Certain prior period balances have been reclassified to conform to the current period presentation. |
2. Investment in Local Partners
2. Investment in Local Partnerships | 6 Months Ended |
Sep. 29, 2018 | |
Notes | |
2. Investment in Local Partnerships | 2. Investment in Local Partnerships The Partnership initially acquired limited partner equity interests (the Local Partnership Interest or Local Partnership Interests) in forty-three partnerships (the Local Partnership or Local Partnerships) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the Advances) made to a certain Local Partnership and all of which has been paid. As of September 29, 2018, the Partnership holds a Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (Fulton Street Houses). The results of operations of Fulton Street Houses are provided by the general partner of Fulton Street Houses on an unaudited basis during interim periods. The Partnership has no legal obligation to fund any operating deficits of Fulton Street Houses. In the event the operations of Fulton Street Houses result in a loss, equity in loss of investment in Fulton Street Houses allocated to the Partnership is recognized to the extent of the Partnerships investment balance in Fulton Street Houses. Equity in loss in excess of the Partnerships investment balance in Fulton Street Houses is allocated to other partners capital in Fulton Street Houses. As a result of cumulative equity losses and distributions, the Partnerships investment in Fulton Street Houses reached a zero balance in a prior year. |
3. Investment in Pemberwick Fun
3. Investment in Pemberwick Fund | 6 Months Ended |
Sep. 29, 2018 | |
Notes | |
3. Investment in Pemberwick Fund | 3. Investment in Pemberwick Fund The Partnership carries its investment in Pemberwick at fair value. The fair value of the Partnerships investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (ASC) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access. Pemberwicks net asset value (NAV) is $9.99 per share as of September 29, 2018. The Partnership has recognized $58,051 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2018, which includes an unrealized loss of $1,976 as of September 29, 2018. |
4. Going Concern Considerations
4. Going Concern Considerations | 6 Months Ended |
Sep. 29, 2018 | |
Notes | |
4. Going Concern Considerations | 4. Going Concern Considerations As of September 29, 2018, the Partnerships current liabilities exceed its liquid assets by approximately $2,363,000; such deficit is the result of deferred Management Fees and Administration Fees totaling approximately $2,629,000. The General Partner and its asset management affiliate have historically not required the payment of such fees on a current basis and have agreed to continue to defer receipt of such fees until such time as the Partnership has liquid assets available for payment. Management of the Partnership believes that such deferral will provide the Partnership with the ability to meet its other obligations as they come due for at least the twelve month period beginning on October 16, 2018. |
5. Additional Information
5. Additional Information | 6 Months Ended |
Sep. 29, 2018 | |
Notes | |
5. Additional Information | 5. Additional Information Additional information, including the audited March 30, 2018 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended March 30, 2018 on file with the Securities and Exchange Commission. |
2. Investment in Local Partne_2
2. Investment in Local Partnerships: Capital Contributions (Details) | Sep. 29, 2018USD ($) |
Details | |
Capital contributions in the aggregate | $ 29,384,966 |
3. Investment in Pemberwick F_2
3. Investment in Pemberwick Fund (Details) | Sep. 29, 2018USD ($)$ / shares |
Details | |
Pemberwick Net Asset Value | $ / shares | $ 9.99 |
Aggregate interest revenue from investment in Pemberwick | $ 58,051 |
Unrealized loss | $ 1,976 |