Exhibit 13

BOSTON CAPITAL TAX CREDIT FUND III L.P.

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

MARCH 31, 2019 AND 2018

Boston Capital Tax Credit Fund III L.P.

Series 15 through Series 19

TABLE OF CONTENTS

	PAGE

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-3

FINANCIAL STATEMENTS

BALANCE SHEETS	F-4

STATEMENTS OF OPERATIONS	F-10

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-16

STATEMENTS OF CASH FLOWS	F-22

NOTES TO FINANCIAL STATEMENTS	F-28

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

Report of Independent Registered Public Accounting Firm

To the Partners

Boston Capital Tax Credit Fund III L.P.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund III L.P. (the “Partnership”), as of March 31, 2019 and 2018, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for each of the years in the two-year period ended March 31, 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of March 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

/s/ CohnReznick LLP
COHNREZNICK LLP

We have served as the Partnership’s auditor since 1992.

Bethesda, Maryland

June 20, 2019

F-3

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS

March 31, 2019 and 2018

	Total
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		1,055,755			1,632,938

	$	1,055,755		$	1,632,938

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	4,500		$	2,000
Accounts payable - affiliates		10,780,391			14,740,050
Capital contributions payable		18,554			26,447

		10,803,445			14,768,497

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 21,996,102 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and 21,695,581 and 21,778,581 outstanding at March 31, 2019 and 2018, respectively		(10,657,123	)		(11,248,474	)
General partner		909,433			(1,887,085	)

		(9,747,690	)		(13,135,559	)

	$	1,055,755		$	1,632,938

(continued)

F-4

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2019 and 2018

	Series 15
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		-			244,074

	$	-		$	244,074

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		-			3,034,436
Capital contributions payable		-			-

		-			3,034,436

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,870,500 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued 3,810,700 and 3,811,700 outstanding at March 31, 2019 and 2018, respectively		(2,439,314	)		(2,440,269	)
General partner		2,439,314			(350,093	)

		-			(2,790,362	)

	$	-		$	244,074

(continued)

F-5

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2019 and 2018

	Series 16
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		191,974			320,396

	$	191,974		$	320,396

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	2,000		$	2,000
Accounts payable - affiliates		7,814,843			7,890,441
Capital contributions payable		-			-

		7,816,843			7,892,441

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,429,402 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and 5,332,500 and 5,367,700 outstanding at March 31, 2019 and 2018, respectively		(7,082,013	)		(7,029,717	)
General partner		(542,856	)		(542,328	)

		(7,624,869	)		(7,572,045	)

	$	191,974		$	320,396

(continued)

F-6

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2019 and 2018

	Series 17
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		607,576			536,326

	$	607,576		$	536,326

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	2,500		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			7,893

		2,500			7,893

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,000,000 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued 4,938,247 and 4,956,447 outstanding at March 31, 2019 and 2018, respectively		971,233			895,356
General partner		(366,157	)		(366,923	)

		605,076			528,433

	$	607,576		$	536,326

(continued)

F-7

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2019 and 2018

	Series 18
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		256,205			351,136

	$	256,205		$	351,136

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,965,548			3,815,173
Capital contributions payable		18,554			18,554

		2,984,102			3,833,727

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,616,200 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued 3,558,134 and 3,586,734 outstanding at March 31, 2019 and 2018, respectively		(2,390,390	)		(3,137,537	)
General partner		(337,507	)		(345,054	)

		(2,727,897	)		(3,482,591	)

	$	256,205		$	351,136

(continued)

F-8

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2019 and 2018

	Series 19
	2019			2018
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-

OTHER ASSETS
Cash and cash equivalents		-			181,006

	$	-		$	181,006

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-

		-			-

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 4,080,000 issued to the assignees at March 31, 2019 and 2018		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued 4,056,000 and 4,056,000 outstanding at March 31, 2019 and 2018, respectively		283,361			463,693
General partner		(283,361	)		(282,687	)

		-			181,006

	$	-		$	181,006

See notes to financial statements

F-9

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS

Years ended March 31, 2019 and 2018

	Total
	2019		2018
Income
Interest income	$	12,501	$	5,610
Other income		134,679		55,601

Total income		147,180		61,211

Share of income from operating limited partnerships		1,056,413		1,127,941

Expenses
Professional fees		126,687		116,263
Partnership management fee		176,462		196,682
General and administrative expenses		188,399		118,425

		491,548		431,370

NET INCOME (LOSS)	$	712,045	$	757,782

Net income (loss) allocated to general partner	$	7,121	$	7,577

Net income (loss) allocated to limited partners	$	704,924	$	750,205

Net income (loss) per BAC	$	0.03	$	0.03

(continued)

F-10

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 15
	2019		2018
Income
Interest income	$	942	$	600
Other income		-		321

Total income		942		921

Share of income from operating limited partnerships		107,000		265,241

Expenses
Professional fees		25,826		24,161
Partnership management fee		21,998		29,382
General and administrative expenses		59,153		22,082

		106,977		75,625

NET INCOME (LOSS)	$	965	$	190,537

Net income (loss) allocated to general partner	$	10	$	1,905

Net income (loss) allocated to limited partners	$	955	$	188,632

Net income (loss) per BAC	$	0.00	$	0.05

(continued)

F-11

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 16
	2019			2018
Income
Interest income	$	1,330		$	1,293
Other income		1,888			2,080

Total income		3,218			3,373

Share of income from operating limited partnerships		70,000			262,894

Expenses
Professional fees		29,823			29,668
Partnership management fee		67,875			82,408
General and administrative expenses		28,344			28,326

		126,042			140,402

NET INCOME (LOSS)	$	(52,824	)	$	125,865

Net income (loss) allocated to general partner	$	(528	)	$	1,259

Net income (loss) allocated to limited partners	$	(52,296	)	$	124,606

Net income (loss) per BAC	$	(0.01	)	$	0.02

(continued)

F-12

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 17
	2019		2018
Income
Interest income	$	6,489	$	1,846
Other income		108,075		11,958

Total income		114,564		13,804

Share of income from operating limited partnerships		50,893		22,000

Expenses
Professional fees		27,678		22,700
Partnership management fee		36,643		(2,045	)
General and administrative expenses		24,493		24,610

		88,814		45,265

NET INCOME (LOSS)	$	76,643	$	(9,461	)

Net income (loss) allocated to general partner	$	766	$	(95	)

Net income (loss) allocated to limited partners	$	75,877	$	(9,366	)

Net income (loss) per BAC	$	0.02	$	(0.00	)

(continued)

F-13

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 18
	2019		2018
Income
Interest income	$	2,994	$	1,473
Other income		24,633		41,159

Total income		27,627		42,632

Share of income from operating limited partnerships		815,520		508,704

Expenses
Professional fees		23,058		21,770
Partnership management fee		39,845		55,827
General and administrative expenses		25,550		21,503

		88,453		99,100

NET INCOME (LOSS)	$	754,694	$	452,236

Net income (loss) allocated to general partner	$	7,547	$	4,522

Net income (loss) allocated to limited partners	$	747,147	$	447,714

Net income (loss) per BAC	$	0.21	$	0.12

(continued)

F-14

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 19
	2019			2018
Income
Interest income	$	746		$	398
Other income		83			83

Total income		829			481

Share of income from operating limited partnerships		13,000			69,102

Expenses
Professional fees		20,302			17,964
Partnership management fee		10,101			31,110
General and administrative expenses		50,859			21,904

		81,262			70,978

NET INCOME (LOSS)	$	(67,433	)	$	(1,395	)

Net income (loss) allocated to general partner	$	(674	)	$	(14	)

Net income (loss) allocated to limited partners	$	(66,759	)	$	(1,381	)

Net income (loss) per BAC	$	(0.02	)	$	(0.00	)

See notes to financial statements

F-15

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2019 and 2018

	Limited			General
Total	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	(11,998,679	)	$	(1,894,662	)	$	(13,893,341	)

Net income (loss)		750,205			7,577			757,782

Partners’ capital (deficit), March 31, 2018		(11,248,474	)		(1,887,085	)		(13,135,559	)

Contributions from partners		-			2,789,397			2,789,397

Distributions to partners		(113,573	)		-			(113,573	)

Net income (loss)		704,924			7,121			712,045

Partners’ capital (deficit), March 31, 2019	$	(10,657,123	)	$	909,433		$	(9,747,690	)

(continued)

F-16

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2019 and 2018

	Limited			General
Series 15	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	(2,628,901	)	$	(351,998	)	$	(2,980,899	)

Net income (loss)		188,632			1,905			190,537

Partners’ capital (deficit), March 31, 2018		(2,440,269	)		(350,093	)		(2,790,362	)

Contributions from partners		-			2,789,397			2,789,397

Distributions to partners		-			-			-

Net income (loss)		955			10			965

Partners’ capital (deficit), March 31, 2019	$	(2,439,314	)	$	2,439,314		$	-

(continued)

F-17

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2019 and 2018

	Limited			General
Series 16	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	(7,154,323	)	$	(543,587	)	$	(7,697,910	)

Net income (loss)		124,606			1,259			125,865

Partners’ capital (deficit), March 31, 2018		(7,029,717	)		(542,328	)		(7,572,045	)

Contributions from partners		-			-			-

Distributions to partners		-			-			-

Net income (loss)		(52,296	)		(528	)		(52,824	)

Partners’ capital (deficit), March 31, 2019	$	(7,082,013	)	$	(542,856	)	$	(7,624,869	)

(continued)

F-18

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2019 and 2018

	Limited			General
Series 17	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	904,722		$	(366,828	)	$	537,894

Net income (loss)		(9,366	)		(95	)		(9,461	)

Partners’ capital (deficit), March 31, 2018		895,356			(366,923	)		528,433

Contributions from partners		-			-			-

Distributions to partners		-			-			-

Net income (loss)		75,877			766			76,643

Partners’ capital (deficit), March 31, 2019	$	971,233		$	(366,157	)	$	605,076

(continued)

F-19

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2019 and 2018

	Limited			General
Series 18	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	(3,585,251	)	$	(349,576	)	$	(3,934,827	)

Net income (loss)		447,714			4,522			452,236

Partners’ capital (deficit), March 31, 2018		(3,137,537	)		(345,054	)		(3,482,591	)

Contributions from partners		-			-			-

Distributions to partners		-			-			-

Net income (loss)		747,147			7,547			754,694

Partners’ capital (deficit), March 31, 2019	$	(2,390,390	)	$	(337,507	)	$	(2,727,897	)

(continued)

F-20

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2019 and 2018

	Limited			General
Series 19	partners			partner			Total

Partners’ capital (deficit), March 31, 2017	$	465,074		$	(282,673	)	$	182,401

Net income (loss)		(1,381	)		(14	)		(1,395	)

Partners’ capital (deficit), March 31, 2018		463,693			(282,687	)		181,006

Contributions from partners		-			-			-

Distributions to partners		(113,573	)		-			(113,573	)

Net income (loss)		(66,759	)		(674	)		(67,433	)

Partners’ capital (deficit), March 31, 2019	$	283,361		$	(283,361	)	$	-

See notes to financial statements

F-21

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS

Years ended March 31, 2019 and 2018

	Total
	2019			2018
Cash flows from operating activities
Net income (loss)	$	712,045		$	757,782
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(1,056,413	)		(1,127,941	)
Changes in liabilities
Accounts payable and accrued expenses		2,500			(25,746	)
Accounts payable - affiliates		(1,170,262	)		(559,355	)

Net cash provided by (used in) operating activities		(1,512,130	)		(955,260	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,048,520			1,127,941

Net cash provided by investing activities		1,048,520			1,127,941

Cash flows from financing activities
Distributions to partners		(113,573	)		-

Net cash used in financing activities		(113,573	)		-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(577,183	)		172,681

Cash and cash equivalents, beginning		1,632,938			1,460,257

Cash and cash equivalents, end	$	1,055,755		$	1,632,938

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,789,397		$	-

(continued)

F-22

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 15
	2019			2018
Cash flows from operating activities
Net income (loss)	$	965		$	190,537
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(107,000	)		(265,241	)
Changes in liabilities
Accounts payable and accrued expenses		-			(6,246	)
Accounts payable - affiliates		(245,039	)		(4,858	)

Net cash provided by (used in) operating activities		(351,074	)		(85,808	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		107,000			265,241

Net cash provided by investing activities		107,000			265,241

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activities		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(244,074	)		179,433

Cash and cash equivalents, beginning		244,074			64,641

Cash and cash equivalents, end	$	-		$	244,074

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,789,397		$	-

(continued)

F-23

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 16
	2019			2018
Cash flows from operating activities
Net income (loss)	$	(52,824	)	$	125,865
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(70,000	)		(262,894	)
Changes in liabilities
Accounts payable and accrued expenses		-			2,000
Accounts payable - affiliates		(75,598	)		(135,370	)

Net cash provided by (used in) operating activities		(198,422	)		(270,399	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		70,000			262,894

Net cash provided by investing activities		70,000			262,894

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activities		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(128,422	)		(7,505	)

Cash and cash equivalents, beginning		320,396			327,901

Cash and cash equivalents, end	$	191,974		$	320,396

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	-		$	-

(continued)

F-24

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 17
	2019			2018
Cash flows from operating activities
Net income (loss)	$	76,643		$	(9,461	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(50,893	)		(22,000	)
Changes in liabilities
Accounts payable and accrued expenses		2,500			(14,000	)
Accounts payable - affiliates		-			-

Net cash provided by (used in) operating activities		28,250			(45,461	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		43,000			22,000

Net cash provided by investing activities		43,000			22,000

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activities		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		71,250			(23,461	)

Cash and cash equivalents, beginning		536,326			559,787

Cash and cash equivalents, end	$	607,576		$	536,326

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	-		$	-

(continued)

F-25

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 18
	2019			2018
Cash flows from operating activities
Net income (loss)	$	754,694		$	452,236
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(815,520	)		(508,704	)
Changes in liabilities
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(849,625	)		(419,127	)

Net cash provided by (used in) operating activities		(910,451	)		(475,595	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		815,520			508,704

Net cash provided by investing activities		815,520			508,704

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activities		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(94,931	)		33,109

Cash and cash equivalents, beginning		351,136			318,027

Cash and cash equivalents, end	$	256,205		$	351,136

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	-		$	-

(continued)

F-26

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2019 and 2018

	Series 19
	2019			2018
Cash flows from operating activities
Net income (loss)	$	(67,433	)	$	(1,395	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating limited partnerships		(13,000	)		(69,102	)
Changes in liabilities
Accounts payable and accrued expenses		-			(7,500	)
Accounts payable - affiliates		-			-

Net cash provided by (used in) operating activities		(80,433	)		(77,997	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		13,000			69,102

Net cash provided by investing activities		13,000			69,102

Cash flows from financing activities
Distributions to partners		(113,573	)		-

Net cash used in financing activities		(113,573	)		-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(181,006	)		(8,895	)

Cash and cash equivalents, beginning		181,006			189,901

Cash and cash equivalents, end	$	-		$	181,006

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	-		$	-

See notes to financial statements

F-27

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund III L.P. (the “Partnership” or “Fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).

Pursuant to the Securities Act of 1933, the fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.

F-28

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued and outstanding in each series as of March 31, 2019 and 2018 are as follows:

	Issued				Outstanding
	2019		2018		2019		2018
Series 15		3,870,500		3,870,500		3,810,700		3,811,700
Series 16		5,429,402		5,429,402		5,332,500		5,367,700
Series 17		5,000,000		5,000,000		4,938,247		4,956,447
Series 18		3,616,200		3,616,200		3,558,134		3,586,734
Series 19		4,080,000		4,080,000		4,056,000		4,056,000
		21,996,102		21,996,102		21,695,581		21,778,581

In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

F-29

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2019		2018
Series 15	$	-	$	12,394
Series 16		-		246
Series 17		-		-
Series 18		345		345
Series 19		-		25,120
	$	345	$	38,105

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2019 and 2018, the Fund did not record an impairment loss.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

F-30

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

F-31

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

F-32

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Funds’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2015 remain open.

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) per Beneficial Assignee Certificate

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2019 and 2018 are as follows:

	2019		2018
Series 15		3,811,450		3,826,100
Series 16		5,358,900		5,386,300
Series 17		4,951,897		4,961,322
Series 18		3,579,584		3,595,259
Series 19		4,056,000		4,058,025
		21,757,831		21,827,006

F-33

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Plan of Liquidation and Dissolution

On June 1, 2016, BAC Holders approved a Plan of Liquidation and Dissolution for the Partnership, (the “Plan”). Pursuant to the Plan, the general partner may, without further action by the BAC Holders, sell the remaining assets held by the Partnership. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold. Because the liquidation of the Partnership was not imminent, as of March 31, 2019, the financial statements are presented assuming the Partnership will continue as a going concern.

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2019 and 2018, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2019 and 2018, are as follows:

F-34

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

	2019
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	26,960	$	4,962	$	21,998
Series 16		80,085		12,210		67,875
Series 17		46,643		10,000		36,643
Series 18		65,895		26,050		39,845
Series 19		10,851		750		10,101
	$	230,434	$	53,972	$	176,462

	2018
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	58,744	$	29,362	$	29,382
Series 16		96,456		14,048		82,408
Series 17		53,052		55,097		(2,045	)
Series 18		89,577		33,750		55,827
Series 19		31,860		750		31,110
	$	329,689	$	133,007	$	196,682

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the years ended March 31, 2019 and 2018 was $2,789,397 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

The partnership management fees paid for the years ended March 31, 2019 and 2018 are as follows:

	2019		2018
Series 15	$	271,999	$	63,602
Series 16		155,683		231,826
Series 17		46,643		53,052
Series 18		915,520		508,704
Series 19		10,851		31,860
	$	1,400,696	$	889,044

F-35

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2019 and 2018, total partnership management fees accrued were $10,780,391 and $14,740,050, respectively.

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2019 and 2018 charged to each series’ operations are as follows:

	2019		2018
Series 15	$	54,781	$	16,661
Series 16		20,888		19,172
Series 17		18,132		16,854
Series 18		17,567		15,862
Series 19		46,668		15,689
	$	158,036	$	84,238

F-36

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

Accounts payable - affiliates at March 31, 2019 and 2018 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2019 and 2018, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2019 and 2018 by series are as follows:

	2019		2018
Series 15		-		9
Series 16		11		12
Series 17		2		4
Series 18		10		11
Series 19		-		3
		23		39

F-37

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

During the year ended March 31, 2019 the Fund disposed of sixteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2019 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain on
	Transferred		Partnership		Disposition *		Disposition
Series 15		8		1	$	107,000	$	107,000
Series 16		1		-		70,000		70,000
Series 17		2		-		43,000		50,893
Series 18		1		-		815,520		815,520
Series 19		3		-		13,000		13,000
Total		15		1	$	1,048,520	$	1,056,413

* Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17.

During the year ended March 31, 2018 the Fund disposed of fourteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2018 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain on
	Transferred		Partnership		Disposition		Disposition
Series 15		4		-	$	265,241	$	265,241
Series 16		5		-		262,894		262,894
Series 17		1		-		22,000		22,000
Series 18		-		1		508,704		508,704
Series 19		3		-		69,102		69,102
Total		13		1	$	1,127,941	$	1,127,941

F-38

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2019 and 2018 by series are as follows:

	2019		2018
Series 15	$	-	$	-
Series 16	-		-
Series 17		-		7,893
Series 18		18,554		18,554
Series 19		-		-
	$	18,554	$	26,447

F-39

Boston Capital Tax Credit Fund III L.P.-

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows:

	Total			Series 15		Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	7,854,676		$	-	$	2,591,038

Acquisition costs of operating limited partnerships		1,030,206			-		265,787

Syndication costs from operating limited partnerships		-			-		-

Cumulative distributions from operating limited partnerships		(35,967	)		-		(8,599	)

Cumulative impairment loss in investment in operating limited partnerships		(1,279,314	)		-		(333,505	)

Cumulative losses from operating limited partnerships		(7,569,601	)		-		(2,514,721	)

Investments in operating limited partnerships per balance sheets		-			-		-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A)		(105,114	)		-		(43,920	)

The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(155,881	)		-		(23,359	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		236,196			-		-

F-40

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15		Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(12,606,064	)		-		(4,883,010	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		51,842			-		33,845

Cumulative impairment loss in investment in operating limited partnerships		1,279,314			-		333,505

Other		(380,789	)		-		43,599

Equity per operating limited partnerships’ combined financial statements	$	(11,680,496	)	$	-	$	(4,539,340	)

F-41

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	1,721,225		$	3,542,413		$	-

Acquisition costs of operating limited partnerships		250,280			514,139			-

Syndication costs from operating limited partnerships		-			-			-

Cumulative distributions from operating limited partnerships		-			(27,368	)		-

Cumulative impairment loss in investment in operating limited partnerships		(322,505	)		(623,304	)		-

Cumulative losses from operating limited partnerships		(1,649,000	)		(3,405,880	)		-

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A)		(55,606	)		(5,588	)		-

The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(132,522	)		-			-

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		64,862			171,334			-

F-42

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(1,778,668	)		(5,944,386	)		-

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		6,706			11,291			-

Cumulative impairment loss in investment in operating limited partnerships		322,505			623,304			-

Other		(152,099	)		(272,289	)		-

Equity per operating limited partnerships’ combined financial statements	$	(1,724,822	)	$	(5,416,334	)	$	-

F-43

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		13,020,543		$	1,467,118		$	2,786,192

Acquisition costs of operating limited partnerships		1,726,379			191,597			293,893

Syndication costs from operating limited partnerships		(31,623	)		-			-

Cumulative distributions from operating limited partnerships		(40,425	)		(252	)		(8,599	)

Cumulative impairment loss in investment in operating limited partnerships		(1,881,446	)		(34,041	)		(333,505	)

Cumulative losses from operating limited partnerships		(12,793,428	)		(1,624,422	)		(2,737,981	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A)		(138,624	)		(14,246	)		(43,920	)

The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(208,552	)		(52,671	)		(23,359	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		357,921			18,909			-

F-44

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(19,817,505	)		(3,285,519	)		(4,909,316	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		105,239			53,151			34,091

Cumulative impairment loss in investment in operating limited partnerships		1,881,446			34,041			333,505

Other		(241,035	)		(101,375	)		179,860

Equity per operating limited partnerships’ combined financial statements	$	(18,061,110	)	$	(3,347,710	)	$	(4,429,139	)

F-45

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	2,120,191		$	5,178,705		$	1,468,337

Acquisition costs of operating limited partnerships		307,666			749,496			183,727

Syndication costs from operating limited partnerships		-			(31,623	)		-

Cumulative distributions from operating limited partnerships		(2,463	)		(27,368	)		(1,743	)

Cumulative impairment loss in investment in operating limited partnerships		(322,505	)		(963,351	)		(228,044	)

Cumulative losses from operating limited partnerships		(2,102,889	)		(4,905,859	)		(1,422,277	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A)		(55,606	)		(5,588	)		(19,264	)

The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(132,522	)		-			-

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		99,965			232,601			6,446

F-46

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(2,872,436	)		(6,077,395	)		(2,672,839	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		6,706			11,291			-

Cumulative impairment loss in investment in operating limited partnerships		322,505			963,351			228,044

Other		(50,946	)		(248,150	)		(20,424	)

Equity per operating limited partnerships’ combined financial statements	$	(2,682,334	)	$	(5,123,890	)	$	(2,478,037	)

F-47

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15		Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	8,358,500		$	-	$	3,569,640

Land		1,489,108			-		599,380

Other assets		3,656,349			-		1,931,974

	$	13,503,957		$	-	$	6,100,994

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	23,426,123		$	-	$	9,850,848

Accounts payable and accrued expenses		1,184,318			-		196,067

Other liabilities		1,288,223			-		571,979

		25,898,664			-		10,618,894
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(11,680,496	)		-		(4,539,340	)
Other partners		(714,211	)		-		21,440

		(12,394,707	)		-		(4,517,900	)

	$	13,503,957		$	-	$	6,100,994

F-48

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	927,584		$	3,861,276		$	-

Land		175,000			714,728			-

Other assets		821,299			903,076			-

	$	1,923,883		$	5,479,080		$	-

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	2,880,883		$	10,694,392		$	-

Accounts payable and accrued expenses		545,464			442,787			-

Other liabilities		123,234			593,010			-

		3,549,581			11,730,189			-
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(1,724,822	)		(5,416,334	)		-
Other partners		99,124			(834,775	)		-

		(1,625,698	)		(6,251,109	)		-

	$	1,923,883		$	5,479,080		$	-

F-49

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	12,594,247		$	1,336,447		$	4,469,768

Land		2,186,355			269,933			652,676

Other assets		5,189,673			1,240,791			2,003,378

	$	19,970,275		$	2,847,171		$	7,125,822

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	34,764,622		$	5,852,078		$	10,783,507

Accounts payable and accrued expenses		1,413,960			116,060			157,464

Other liabilities		2,184,814			109,334			589,241

		38,363,396			6,077,472			11,530,212
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(18,061,110	)		(3,347,710	)		(4,429,139	)
Other partners		(332,011	)		117,409			24,749

		(18,393,121	)		(3,230,301	)		(4,404,390	)

	$	19,970,275		$	2,847,171		$	7,125,822

F-50

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	1,556,272		$	4,774,203		$	457,557

Land		266,600			835,966			161,180

Other assets		620,829			1,005,956			318,719

	$	2,443,701		$	6,616,125		$	937,456

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	4,211,695		$	11,175,137		$	2,742,205

Accounts payable and accrued expenses		567,386			412,199			160,851

Other liabilities		280,313			647,845			558,081

		5,059,394			12,235,181			3,461,137
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,682,334	)		(5,123,890	)		(2,478,037	)
Other partners		66,641			(495,166	)		(45,644	)

		(2,615,693	)		(5,619,056	)		(2,523,681	)

	$	2,443,701		$	6,616,125		$	937,456

F-51

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15		Series 16
Revenue
Rental	$	4,525,264		$	-	$	2,051,554
Interest and other		65,379			-		19,960

		4,590,643			-		2,071,514
Expenses
Interest		593,513			-		216,785
Depreciation and amortization		1,086,987			-		460,933
Taxes and insurance		576,112			-		199,870
Repairs and maintenance		1,119,763			-		524,096
Operating expenses		1,914,238			-		805,819
Other expenses		67,851			-		7,914

		5,358,464			-		2,215,417

NET LOSS	$	(767,821	)	$	-	$	(143,903	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(810,437	)	$	-	$	(166,527	)

Net income (loss) allocated to other partners	$	42,616		$	-	$	22,624

F-52

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	842,135		$	1,631,575		$	-
Interest and other		15,306			30,113			-

		857,441			1,661,688			-
Expenses
Interest		127,006			249,722			-
Depreciation and amortization		238,976			387,078			-
Taxes and insurance		105,121			271,121			-
Repairs and maintenance		276,104			319,563			-
Operating expenses		347,561			760,858			-
Other expenses		4,000			55,937			-

		1,098,768			2,044,279			-

NET LOSS	$	(241,327	)	$	(382,591	)	$	-

Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(238,912	)	$	(404,998	)	$	-

Net income (loss) allocated to other partners	$	(2,415	)	$	22,407		$	-

F-53

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	6,919,800		$	1,153,677		$	2,125,114
Interest and other		136,457			23,128			25,896

		7,056,257			1,176,805			2,151,010
Expenses
Interest		757,006			92,829			238,102
Depreciation and amortization		1,748,660			297,243			501,821
Taxes and insurance		847,681			131,008			212,583
Repairs and maintenance		1,731,967			300,959			510,900
Operating expenses		2,976,456			541,718			896,468
Other expenses		66,377			-			7,914

		8,128,147			1,363,757			2,367,788

NET LOSS	$	(1,071,890	)	$	(186,952	)	$	(216,778	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(1,090,861	)	$	(183,370	)	$	(249,603	)

Net income (loss) allocated to other partners	$	18,971		$	(3,582	)	$	32,825

F-54

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	1,158,320		$	2,033,200		$	449,489
Interest and other		23,502			48,207			15,724

		1,181,822			2,081,407			465,213
Expenses
Interest		106,109			281,788			38,178
Depreciation and amortization		343,736			517,189			88,671
Taxes and insurance		154,864			300,593			48,633
Repairs and maintenance		217,152			585,277			117,679
Operating expenses		465,770			850,774			221,726
Other expenses		9,000			49,463			-

		1,296,631			2,585,084			514,887

NET LOSS	$	(114,809	)	$	(503,677	)	$	(49,674	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.	$	(113,659	)	$	(495,051	)	$	(49,178	)

Net income (loss) allocated to other partners	$	(1,150	)	$	(8,626	)	$	(496	)

F-55

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2019 is reconciled as follows:

	Total			Series 15			Series 16

Net income (loss) for financial reporting purposes	$	712,045		$	965		$	(52,824	)

Operating limited partnership rents received in advance		7,645			-			-

Accrued fund management fees not deducted (deducted) for tax purposes		(1,170,262	)		(245,039	)		(75,598	)

Other		2,359,263			-			707,013

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(810,437	)		-			(166,527	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(180,690	)		-			(88,430	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		3,390,569			3,051,644			15,366

Income (loss) for tax return purposes, year ended December 31, 2018	$	4,308,133		$	2,807,570		$	339,000

F-56

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

	Series 17			Series 18			Series 19

Net income (loss) for financial reporting purposes	$	76,643		$	754,694		$	(67,433	)

Operating limited partnership rents received in advance		7,645			-			-

Accrued fund management fees not deducted (deducted) for tax purposes		-			(849,625	)		-

Other		676,279			975,971			-

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(238,912	)		(404,998	)		-

Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,807	)		(86,453	)		-

Difference due to fiscal year for book purposes and calendar year for tax purposes		1,262			(1,125,076	)		1,447,373

Income (loss) for tax return purposes, year ended December 31, 2018	$	517,110		$	(735,487	)	$	1,379,940

F-57

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

	Total			Series 15			Series 16

Net income (loss) for financial reporting purposes	$	757,782		$	190,537		$	125,865

Operating limited partnership rents received in advance		7,685			-			331

Accrued fund management fees not deducted (deducted) for tax purposes		(559,355	)		(4,858	)		(135,370	)

Other		8,148,135			2,718,383			2,672,005

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,090,861	)		(183,370	)		(249,603	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(282,604	)		(834	)		(108,272	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(833,095	)		(227,703	)		(413,562	)

Income (loss) for tax return purposes, year ended December 31, 2017	$	6,147,687		$	2,492,155		$	1,891,394

F-58

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

	Series 17			Series 18			Series 19

Net income (loss) for financial reporting purposes	$	(9,461	)	$	452,236		$	(1,395	)

Operating limited partnership rents received in advance		4,899			2,049			406

Accrued fund management fees not deducted (deducted) for tax purposes		-			(419,127	)		-

Other		491,121			938,976			1,327,650

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(113,659	)		(495,051	)		(49,178	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(4,699	)		(79,199	)		(89,600	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(42,431	)		(59,746	)		(89,653	)

Income (loss) for tax return purposes, year ended December 31, 2017	$	325,770		$	340,138		$	1,098,230

F-59

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2019, are as follows:

	Total			Series 15		Series 16

Investments in operating limited partnerships - tax return December 31, 2018	$	(14,524,838	)	$	-	$	(6,249,737	)

Estimated share of loss for the three months ended March 31, 2019		(236,196	)		-		-

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		12,606,064			-		4,883,010

Impairment loss in investment in operating limited partnerships		(1,279,314	)		-		(333,505	)

Historic tax credits		-			-		-

Other		3,434,284			-		1,700,232

Investments in operating limited partnerships - as reported	$	-		$	-	$	-

F-60

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2019, are as follows:

	Series 17			Series 18			Series 19

Investments in operating limited partnerships - tax return December 31, 2018	$	(1,699,993	)	$	(6,575,108	)	$	-

Estimated share of loss for the three months ended March 31, 2019		(64,862	)		(171,334	)		-

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,778,668			5,944,386			-

Impairment loss in investment in operating limited partnerships		(322,505	)		(623,304	)		-

Historic tax credits		-			-			-

Other		308,692			1,425,360			-

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-61

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows:

	Total			Series 15			Series 16

Investments in operating limited partnerships - tax return December 31, 2017	$	(19,825,637	)	$	(3,229,489	)	$	(6,626,315	)

Estimated share of loss for the three months ended March 31, 2018		(357,921	)		(18,909	)		-

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		19,817,505			3,285,519			4,909,316

Impairment loss in investment in operating limited partnerships		(1,881,446	)		(34,041	)		(333,505	)

Historic tax credits		-			-			-

Other		2,247,499			(3,080	)		2,050,504

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-62

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows:

	Series 17			Series 18			Series 19

Investments in operating limited partnerships - tax return December 31, 2017	$	(2,141,413	)	$	(6,259,636	)	$	(1,568,784	)

Estimated share of loss for the three months ended March 31, 2018		(99,965	)		(232,601	)		(6,446	)

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,872,436			6,077,395			2,672,839

Impairment loss in investment in operating limited partnerships		(322,505	)		(963,351	)		(228,044	)

Historic tax credits		-			-			-

Other		(308,553	)		1,378,193			(869,565	)

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-63

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2019 and 2018

NOTE E - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2019.

NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

F-64

BOSTON CAPITAL TAX CREDIT FUND III L P 10-K