Related Party Transactions

9 Months Ended

Dec. 31, 2013

NOTE 3 - RELATED PARTY TRANSACTIONS

Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates the following fees:

	(a)	An annual asset management fee equal to 0.2% of the Invested Assets of the Partnership, as defined respectively. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership interests and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $34,310 and $41,390 were incurred during the nine months ended December 31, 2013 and 2012, respectively, of which $0 and $13,000 was paid during the nine months ended December 31, 2013 and 2012, respectively.

	(b)	The Partnership reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements paid were $0 and $13,000 during the nine months ended December 31, 2013 and 2012, respectively.

	(c)	A subordinated disposition fee in an amount equal to 1% of the sales price of real estate sold. Payment of this fee is subordinated to the limited partners receiving a preferred return of 12% through December 31, 2008 and 6% thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fee was incurred for all periods presented.

The accrued fees and expenses due to the General Partner and affiliates consist of the following at:

	December 31, 2013		March 31, 2013

Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	340,621	$	241,357
Advances made to the Partnership from the General Partner or affiliates		227,025		227,025
Asset management fee payable		736,111		701,801

Total	$	1,303,757	$	1,170,183

The General Partner and/or its affiliates do not anticipate that these accrued fees will be paid until such time as capital reserves are in excess of future foreseeable working capital requirements of the Partnership.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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WNC HOUSING TAX CREDIT FUND VI LP SERIES 5 10-Q