1. Organization, Purpose and Summary of Significant Accounting Policies: Investment in Local Partnerships (Policies)	12 Months Ended
Mar. 30, 2019
Policies
Investment in Local Partnerships	Investment in Local Partnerships During the years ended March 30, 2019 and 2018, the Partnership owned a Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (“Fulton Street Houses”). The Partnership accounts for its investment in Fulton Street Houses in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of Fulton Street Houses’ results of operations and by cash distributions received. Equity in loss of investment in Fulton Street Houses allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in Fulton Street Houses. Equity in loss in excess of the Partnership’s investment balance is allocated to other partners’ capital in Fulton Street Houses. Previously unrecognized equity in loss of Fulton Street Houses is recognized in the fiscal year in which equity in income is earned by Fulton Street Houses or additional investment is made by the Partnership. Distributions received subsequent to the elimination of the investment balance are recorded as other income from local partnership. As a result of cumulative equity losses and distributions, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year. The Partnership does not consolidate the accounts and activities of Fulton Street Houses, which is considered a Variable Interest Entity as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnership represents the maximum exposure to loss in connection with such investment. The Partnership's exposure to loss on Fulton Street Houses is mitigated by the condition and financial performance of the underlying Property as well as the financial strength of the general partner of the Fulton Street Houses (the “Fulton Street Houses Local General Partner”). In addition, the Fulton Street Houses partnership agreement grants the Fulton Street Houses Local General Partner the power to direct the activities that most significantly impact Fulton Street Houses’ economic success. As described above herein Note 1, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year. Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing.

1. Organization, Purpose and Summary of Significant Accounting Policies: Investment in Local Partnerships (Policies)

12 Months Ended

Mar. 30, 2019

Policies

Investment in Local Partnerships

During the years ended March 30, 2019 and 2018, the Partnership owned a Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (“Fulton Street Houses”). The Partnership accounts for its investment in Fulton Street Houses in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of Fulton Street Houses’ results of operations and by cash distributions received. Equity in loss of investment in Fulton Street Houses allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in Fulton Street Houses. Equity in loss in excess of the Partnership’s investment balance is allocated to other partners’ capital in Fulton Street Houses. Previously unrecognized equity in loss of Fulton Street Houses is recognized in the fiscal year in which equity in income is earned by Fulton Street Houses or additional investment is made by the Partnership. Distributions received subsequent to the elimination of the investment balance are recorded as other income from local partnership. As a result of cumulative equity losses and distributions, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year.

The Partnership does not consolidate the accounts and activities of Fulton Street Houses, which is considered a Variable Interest Entity as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnership represents the maximum exposure to loss in connection with such investment. The Partnership's exposure to loss on Fulton Street Houses is mitigated by the condition and financial performance of the underlying Property as well as the financial strength of the general partner of the Fulton Street Houses (the “Fulton Street Houses Local General Partner”). In addition, the Fulton Street Houses partnership agreement grants the Fulton Street Houses Local General Partner the power to direct the activities that most significantly impact Fulton Street Houses’ economic success. As described above herein Note 1, the Partnership’s investment in Fulton Street Houses reached a zero balance in a prior year.

Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing.

AMERICAN TAX CREDIT PROPERTIES III LP 10-K