INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

12 Months Ended

Mar. 31, 2023

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

Schedule of number of operating partnerships


	2023	2022
Series 47	—	—
Series 48	—	1
Series 49	3	12

	3	13

Schedule of number of operating partnerships disposed


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition *		Disposition
Series 47	—	—	$	—	$	—
Series 48	1	—		9,999		9,999
Series 49	9	—		1,228,344		1,228,445

	10	—	$	1,238,343	$	1,238,444

* Fund proceeds from disposition does not include $101, which was due to a write-off of capital contribution payable as of March 31, 2023, for Series 49.


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition		Disposition
Series 47	4	—	$	1,897,247	$	1,897,247
Series 48	1	—		676,000		676,000
Series 49	5	—		4,756,041		4,756,041

	10	—	$	7,329,288	$	7,329,288

Schedule of contributions are payable to operating limited partnerships


	2023		2022
Series 47	$	—	$	—
Series 48		—		—
Series 49		—		101

	$	—	$	101

Schedule of fund investments in the operating limited partnerships

The Fund’s investments in operating limited partnerships at March 31, 2023 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	4,436,296	$	—	$	—	$	4,436,296

Cumulative distributions from operating limited partnerships		(42,353)		—		—		(42,353)

Cumulative impairment loss in investments in operating limited partnerships		(3,637,406)		—		—		(3,637,406)

Cumulative losses from operating limited partnerships		(756,537)		—		—		(756,537)

Investments in operating limited partnerships per balance sheets		—		—		—		—


	Total		Series 47		Series 48		Series 49
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		(230,663)		—		—		(230,663)

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(526,069)		—		—		(526,069)

Cumulative impairment loss in investments in operating limited partnerships		3,637,406		—		—		3,637,406

Other		(78,975)		—		—		(78,975)

Equity per operating limited partnerships’ combined financial statements	$	2,801,699	$	—	$	—	$	2,801,699

The Fund’s investments in operating limited partnerships at March 31, 2022 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	22,606,384	$	—	$	587,485	$	22,018,899

Cumulative distributions from operating limited partnerships		(75,466)		—		(1,561)		(73,905)

Cumulative impairment loss in investments in operating limited partnerships		(13,255,787)		—		—		(13,255,787)

Cumulative losses from operating limited partnerships		(9,275,131)		—		(585,924)		(8,689,207)

Investments in operating limited partnerships per balance sheets		—		—		—		—


	Total		Series 47		Series 48		Series 49
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A).		(379,148)		—		—		(379,148)

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,471,319)		—		(384,422)		(3,086,897)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		331,285		—		—		331,285

Cumulative impairment loss in investments in operating limited partnerships		13,255,787		—		—		13,255,787

Other		(85,346)		—		(4,739)		(80,607)

Equity per operating limited partnerships’ combined financial statements	$	9,651,259	$	—	$	(389,161)	$	10,040,420

Schedule of combined summarized balance sheets of the operating limited partnerships

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	6,500,235	$	—	$	—	$	6,500,235
Land		880,000		—		—		880,000
Other assets		645,747		—		—		645,747

	$	8,025,982	$	—	$	—	$	8,025,982

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	5,274,199	$	—	$	—	$	5,274,199
Accounts payable and accrued expenses		83,583		—		—		83,583
Other liabilities		213,988		—		—		213,988

		5,571,770		—		—		5,571,770
PARTNERS’ CAPITAL
BF Garden Tax Credit
Fund V L.P.		2,801,699		—		—		2,801,699
Other partners		(347,487)		—		—		(347,487)

		2,454,212		—		—		2,454,212

	$	8,025,982	$	—	$	—	$	8,025,982

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	27,339,376	$	—	$	1,014,434	$	26,324,942
Land		2,161,940		—		105,000		2,056,940
Other assets		4,086,887		—		1,221,236		2,865,651

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	17,137,174	$	—	$	1,365,763	$	15,771,411
Accounts payable and accrued expenses		551,214		—		27,802		523,412
Other liabilities		2,449,956		—		1,397,826		1,052,130

		20,138,344		—		2,791,391		17,346,953
PARTNERS’ CAPITAL
BF Garden Tax Credit Fund V L.P.		9,651,259		—		(389,161)		10,040,420
Other partners		3,798,600		—		(61,560)		3,860,160

		13,449,859		—		(450,721)		13,900,580

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

Schedule of summarized statement of operations in operating partnerships

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2022 in which Series 47 through Series 49 had an interest as of December 31, 2022 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	1,094,527	$	—	$	—	$	1,094,527
Interest and other		23,370		—		—		23,370

		1,117,897		—		—		1,117,897

Expenses
Interest		97,286		—		—		97,286
Depreciation and amortization		288,061		—		—		288,061
Taxes and insurance		99,709		—		—		99,709
Repairs and maintenance		268,089		—		—		268,089
Operating expenses		442,756		—		—		442,756
Other expenses		5,500		—		—		5,500

		1,201,401		—		—		1,201,401

NET INCOME (LOSS)	$	(83,504)	$	—	$	—	$	(83,504)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(88,759)	$	—	$	—	$	(88,759)

Net income (loss) allocated to other partners	$	5,255	$	—	$	—	$	5,255

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2021 in which Series 47 through Series 49 had an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	4,549,001	$	—	$	267,321	$	4,281,680
Interest and other		141,793		—		6,614		135,179

		4,690,794		—		273,935		4,416,859
Expenses
Interest		476,374		—		35,019		441,355
Depreciation and amortization		1,307,863		—		56,085		1,251,778
Taxes and insurance		638,841		—		51,411		587,430
Repairs and maintenance		809,361		—		88,458		720,903
Operating expenses		1,952,740		—		122,101		1,830,639
Other expenses		21,222		—		2,200		19,022

		5,206,401		—		355,274		4,851,127

NET INCOME (LOSS)	$	(515,607)	$	—	$	(81,339)	$	(434,268)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(514,849)	$	—	$	(81,331)	$	(433,518)

Net income (loss) allocated to other partners	$	(758)	$	—	$	(8)	$	(750)

BF Garden Tax Credit Fund V L.P. 10-K