3. Related Party Transactions

6 Months Ended

Sep. 30, 2017

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

(a) An annual asset management fee not to exceed 0.5% of the invested assets of the Partnership, as defined. “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 $27,025 and $51,500 were incurred during the six months ended September 30, 2017 and 2016, respectively, of which $112,200 and $0 were paid during the six months ended September 30, 2017 and 2016, respectively.

(b) A subordinated disposition fee in an amount equal to 1% of the sale price of real estate sold by the Local Limited Partnerships. Payment of this fee is subordinated to the Limited Partners receiving distributions equal to their capital contributions and their return on investment (as defined in the Partnership Agreement) and is payable only if services are rendered in the sales effort. No such fee was incurred for all periods presented.

(c) The Partnership reimburses the General Partner or its affiliates for operating expenses incurred on behalf of the Partnership. Operating expenses reimbursements paid were $57,523 and $59,776 during the six months ended September 30, 2017 and 2016, respectively.

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

	September 30, 2017		March 31, 2017

Asset management fee payable	$	1,544,932	$	1,630,107
Expenses paid by the General Partner or an affiliate on behalf of the Partnership		14,001		48,807
Total	$	1,558,933	$	1,678,914

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

The Partnership currently has insufficient working capital to fund its operations. Associates has agreed to continue providing advances sufficient enough to fund the operations and working capital requirements of the Partnership through November 30, 2018.

WNC HOUSING TAX CREDIT FUND VI LP SERIES 9 10-Q