Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 29, 2016 | Oct. 21, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | AMERICAN TAX CREDIT TRUST SERIES I | |
Document Type | 10-Q | |
Document Period End Date | Sep. 29, 2016 | |
Trading Symbol | atctix | |
Amendment Flag | false | |
Entity Central Index Key | 897,315 | |
Current Fiscal Year End Date | --03-30 | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 29, 2016 | Mar. 30, 2016 |
Cash and liquid investments | ||
Cash and cash equivalents | $ 15,882 | $ 9,514 |
Investment in Pemberwick Fund, a short duration bond fund | 1,631,762 | 345,488 |
Total assets | 1,647,644 | 355,002 |
Liabilities | ||
Accounts payable and accrued expenses | 12,125 | 26,021 |
Payable to manager and affiliates | 728,684 | 694,861 |
Total liabilities | 740,809 | 720,882 |
Commitments and contingencies | ||
Owners' equity (deficit) | ||
Manager | (156,828) | (367,116) |
Beneficial owners (18,654 units of beneficial ownership interest outstanding) | 1,061,893 | |
Accumulated other comprehensive income | 1,770 | 1,236 |
Total equity (deficit) | 906,835 | (365,880) |
Total liabilities & equity (deficit) | $ 1,647,644 | $ 355,002 |
BALANCE SHEETS PARENTHETICAL
BALANCE SHEETS PARENTHETICAL - shares | Sep. 29, 2016 | Mar. 30, 2016 |
BALANCE SHEETS PARENTHETICAL | ||
Units of beneficial ownership interest outstanding | 18,654 | 18,654 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2016 | Sep. 29, 2015 | Sep. 29, 2016 | Sep. 29, 2015 | |
REVENUE | ||||
Interest | $ 2,769 | $ 868 | $ 3,741 | $ 1,727 |
Other income from local partnerships | 10,562 | 10,562 | ||
TOTAL REVENUE | 2,769 | 11,430 | 3,741 | 12,289 |
EXPENSES | ||||
Management fee | 15,555 | 32,136 | 36,277 | 64,609 |
Professional fees | 9,604 | 8,364 | 20,664 | 19,321 |
Printing, postage and other | 4,315 | 3,718 | 6,417 | 9,965 |
TOTAL EXPENSES | 29,474 | 44,218 | 63,358 | 93,895 |
LOSS PRIOR TO EQUITY IN INCOME OF INVESTMENT IN LOCAL PARTNERSHIPS AND GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | (26,705) | (32,788) | (59,617) | (81,606) |
Equity in income of investment in local partnerships | 21,320 | 73,504 | ||
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | (26,705) | (11,468) | (59,617) | (8,102) |
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | 1,331,798 | 2,250 | 1,331,798 | 2,250 |
NET INCOME (LOSS) | 1,305,093 | (9,218) | 1,272,181 | (5,852) |
NET INCOME (LOSS) ATTRIBUTABLE TO | ||||
Manager income (loss) | 243,200 | (93) | 210,288 | (59) |
Beneficial owners income (loss) | $ 1,061,893 | $ (9,125) | $ 1,061,893 | $ (5,793) |
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) | $ 56.93 | $ (0.49) | $ 56.93 | $ (0.31) |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2016 | Sep. 29, 2015 | Sep. 29, 2016 | Sep. 29, 2015 | |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
NET INCOME (LOSS) | $ 1,305,093 | $ (9,218) | $ 1,272,181 | $ (5,852) |
Other comprehensive income (loss) - investment in Pemberwick Fund | (321) | (87) | 534 | (812) |
COMPREHENSIVE INCOME (LOSS) | $ 1,304,772 | $ (9,305) | $ 1,272,715 | $ (6,664) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 29, 2016 | Sep. 29, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Interest received | $ 3,587 | $ 1,618 |
Cash paid for management fees | (2,454) | (2,497) |
Cash paid for professional fees | (34,560) | (22,251) |
Cash paid for printing, postage and other expenses | (6,417) | (10,835) |
Net cash used in operating activities | (39,844) | (33,965) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds in connection with sale of limited partner interests/local partnership properties | 1,331,798 | 2,250 |
Investments in Pemberwick Fund | (1,310,586) | (1,612) |
Redemptions from Pemberwick Fund | 25,000 | 21,000 |
Distributions received from local partnerships | 10,562 | |
Net cash provided by investing activities | 46,212 | 32,200 |
Net increase (decrease) in cash and cash equivalents | 6,368 | (1,765) |
Cash and cash equivalents at beginning of period | 9,514 | 18,886 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 15,882 | 17,121 |
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Unrealized gain (loss) on investment in Pemberwick Fund | $ 534 | $ (812) |
STATEMENTS OF CASH FLOWS - CONT
STATEMENTS OF CASH FLOWS - CONTINUED - USD ($) | 6 Months Ended | |
Sep. 29, 2016 | Sep. 29, 2015 | |
STATEMENTS OF CASH FLOWS - CONTINUED | ||
Net income (loss) | $ 1,272,181 | $ (5,852) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Equity in income of investment in local partnerships | (73,504) | |
Gain on sale of limited partner interests/local partnership properties | (1,331,798) | (2,250) |
Gain on redemptions from Pemberwick Fund | (154) | (109) |
Other income from local partnerships | (10,562) | |
Decrease in accounts payable and accrued expenses | (13,896) | (3,800) |
Increase in payable to manager and affiliates | 33,823 | 62,112 |
NET CASH USED IN OPERATING ACTIVITIES | $ (39,844) | $ (33,965) |
1. Basis of Presentation
1. Basis of Presentation | 6 Months Ended |
Sep. 29, 2016 | |
Notes | |
1. Basis of Presentation | 1. Basis of Presentation The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the Trust) 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 manager of the Trust (the Manager), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2016 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, 2016 are not necessarily indicative of the results that may be expected for the entire year. |
2. Investment in Local Partners
2. Investment in Local Partnerships | 6 Months Ended |
Sep. 29, 2016 | |
Notes | |
2. Investment in Local Partnerships | 2. Investment in Local Partnerships The Trust initially acquired limited partner equity interests (the Local Partnership Interest or Local Partnership Interests) in ten partnerships (the Local Partnership or Local Partnerships) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the Advances) made to certain Local Partnerships and all of which has been paid. As of September 29, 2016, the Trust holds a Local Partnership Interest in two Local Partnerships. The Trust has no legal obligation to fund any operating deficits of the remaining Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the Local General Partners) on an unaudited basis during interim periods. In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trusts investment balance in each Local Partnership. Equity in loss in excess of the Trusts investment balance in a Local Partnership is allocated to other partners capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships Properties and/or the Trusts Local Partnership Interests, the Trusts investment in local partnerships reached a zero balance in a prior year. During the six months ended September 29, 2016, the Trust sold its Local Partnership Interest in ACP Housing Associates, L.P. (ACP Housing) to an affiliate of the Local General Partner of ACP Housing; the Trust received $1,331,798 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2016. |
3. Investment in Pemberwick Fun
3. Investment in Pemberwick Fund | 6 Months Ended |
Sep. 29, 2016 | |
Notes | |
3. Investment in Pemberwick Fund | 3. Investment in Pemberwick Fund The Trust carries its investment in Pemberwick Fund, a short duration bond fund (Pemberwick) at estimated fair value. The fair value of the Trusts 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 Trust has the ability to access. Pemberwicks net asset value (NAV) is $10.06 per share as of September 29, 2016. An unrealized gain of $1,770 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of September 29, 2016. The Trust has earned $60,407 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2016. |
4. Additional Information
4. Additional Information | 6 Months Ended |
Sep. 29, 2016 | |
Notes | |
4. Additional Information | 4. Additional Information Additional information, including the audited March 30, 2016 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2016 on file with the Securities and Exchange Commission. |
2. Investment in Local Partne12
2. Investment in Local Partnerships: Capital Contributions (Details) | Sep. 29, 2016USD ($) |
Details | |
Capital contributions in the aggregate | $ 14,837,956 |
2. Investment in Local Partne13
2. Investment in Local Partnerships (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2016 | Sep. 29, 2015 | Sep. 29, 2016 | Sep. 29, 2015 | |
Proceeds in connection with sale of limited partner interests/local partnership properties | $ 1,331,798 | $ 2,250 | ||
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | $ 1,331,798 | $ 2,250 | 1,331,798 | $ 2,250 |
ACP Housing | ||||
Proceeds in connection with sale of limited partner interests/local partnership properties | 1,331,798 | |||
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | $ 1,331,798 | $ 1,331,798 |
3. Investment in Pemberwick F14
3. Investment in Pemberwick Fund (Details) | Sep. 29, 2016USD ($)$ / shares |
Details | |
Pemberwick Net Asset Value | $ / shares | $ 10.06 |
Unrealized gain reflected as accumulated other comprehensive income | $ 1,770 |
Aggregate interest revenue from investment in Pemberwick | $ 60,407 |