UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended ~~December 31~~June 30, ~~2021~~2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 333-109898

BF GARDEN TAX CREDIT FUND V L.P.

(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

101 Arch Street, 13^th Floor Boston, Massachusetts 02110

(Address of principal executive offices) (Zip Code)

(888) 773-1487

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated Filer ☐
Non-accelerated filer ☒	Smaller Reporting Company ☒
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes ☐	No ☒

Table of Contents

BF GARDEN TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED ~~DECEMBER~~JUNE 3130, ~~2021~~2022

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-1410
		Condensed Statements of Changes in Partners’ Capital (Deficit)	1511-1814
		Condensed Statements of Cash Flows	1915-2218
		Notes to Condensed Financial Statements	2319-3026

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		3127-3631

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		3631

	Item 4. Controls and Procedures		3631

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		3832

	Item 1A. Risk Factors		3832

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		3832

	Item 3. Defaults Upon Senior Securities		3832

	Item 4. Mine Safety Disclosures		3832

	Item 5. Other Information		3832

	Item 6. Exhibits		3933

	Signatures		4034

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


	~~December~~June 3130,		March 31,
	~~2021~~2022		~~2021~~2022

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS

Cash and cash equivalents		1,~~366~~111,~~951~~399		1,~~940~~387,~~668~~978
Other assets		45,~~950~~569		4,~~493~~950
	$	1,~~371~~116,~~901~~968	$	1,~~945~~392,~~161~~928

LIABILITIES

Accounts payable and accrued expenses	$	—	$	40
Accounts payable affiliates (Note C)	$	1,062,609	$	1,497,001
Accounts payable affiliates (Note C)		2,652,892		8,875,807
Capital contributions payable		101		101
		21,~~652~~062,~~993~~710		81,~~875~~497,~~948~~102

PARTNERS’ CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and 11,725,306 outstanding as of December 31, 2021 and March 31, 2021.		(1,016,685)		(6,652,256)
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and 11,725,306 outstanding as of June 30, 2022 and March 31, 2022.		86,399		157,291
General Partner		(~~264~~32,~~407~~141)		(~~278~~261,~~531~~465)
		(154,~~281,092)~~258		(6104,~~930,787~~174)
	$	1,~~371~~116,~~901~~968	$	1,~~945~~392,~~161~~928

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47


	~~December~~June 3130,		March 31,
	~~2021~~2022		~~2021~~2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		~~260,846~~—		1261,~~054,904~~375
Other assets		—		~~285~~—
	$	~~260,846~~—	$	1261,~~055,189~~375

LIABILITIES

Accounts payable and accrued expenses	$	—	$	38
Accounts payable affiliates (Note C)	$	—	$	410,585
Accounts payable affiliates (Note C)		1,603,554		2,982,346
Capital contributions payable		—		—
		~~1,603,554~~—		2410,~~982,384~~585

PARTNERS’ CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and 3,459,434 outstanding as of December 31, 2021 and March 31, 2021.		(1,262,643)		(1,845,669)
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and 3,459,434 outstanding as of June 30, 2022 and March 31, 2022.		(152,220)		(72,129)
General Partner		~~(80~~152,~~065)~~220		(8177,~~526~~081)
		~~(1,342,708)~~—		(1149,~~927,195~~210)
	$	~~260,846~~—	$	1261,~~055,189~~375

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48


	~~December~~June 3130,		March 31,
	~~2021~~2022		~~2021~~2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		~~196~~181,~~863~~124		~~235~~189,~~196~~592
Other assets		—56		~~111~~—
	$	~~196~~181,~~863~~180	$	~~235~~189,~~307~~592

LIABILITIES

Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)	$	1,055,230	$	1,052,284
Accounts payable affiliates (Note C)		1,049,338		1,689,776
Capital contributions payable		—		—
		1,~~049~~055,~~338~~230		1,~~689~~052,~~776~~284

PARTNERS’ CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and 2,283,872 outstanding as of December 31, 2021 and March 31, 2021.		(799,581)		(1,400,070)
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and 2,283,872 outstanding as of June 30, 2022 and March 31, 2022.		(821,102)		(809,772)
General Partner		(52,~~894~~948)		(5452,~~399~~920)
		(~~852~~874,~~475~~050)		(1862,~~454,469~~692)
	$	~~196~~181,~~863~~180	$	~~235~~189,~~307~~592

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49


	~~December~~June 3130,		March 31,
	~~2021~~2022		~~2021~~2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		~~909~~930,~~242~~275		~~650~~937,~~568~~011
Other assets		45,~~950~~513		4,~~097~~950
	$	~~914~~935,~~192~~788	$	~~654~~941,~~665~~961

LIABILITIES

Accounts payable and accrued expenses	$	—	$	2
Accounts payable affiliates (Note C)	$	7,379	$	34,132
Accounts payable affiliates (Note C)		—		4,203,685
Capital contributions payable		101		101
		~~101~~7,480		434,~~203,788~~233

PARTNERS’ CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and 5,982,000 outstanding as of December 31, 2021 and March 31, 2021.		1,045,539		(3,406,517)
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and 5,982,000 outstanding as of June 30, 2022 and March 31, 2022.		1,059,721		1,039,192
General Partner		(131,~~448~~413)		(~~142~~131,~~606~~464)
		~~914~~928,~~091~~308		(3907,~~549,123)~~728
	$	~~914~~935,~~192~~788	$	~~654~~941,~~665~~961

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~December~~June 3130,

(Unaudited)


	~~2021~~2022		~~2020~~2021

Income
Interest income	$	~~145~~298	$	~~328~~217
Other income		107,~~363~~887		3740,~~118~~023
		108,~~508~~185		3740,~~446~~240

Gain on sale of operating limited partnerships		578,~~811,852~~374		36261,~~089~~937

Expenses
Professional fees		233,~~999~~078		2010,~~869~~100
Fund management fee, net (Note C)		8549,~~449~~892		~~155~~134,~~597~~901
General and administrative expenses		43104,~~113~~659		1527,~~391~~454
		~~152~~157,~~561~~629		~~191~~172,~~857~~455

NET INCOME (LOSS)	$	5(71,~~669,799~~070)	$	~~(118~~129,~~322)~~722

Net income (loss) allocated to assignees	$	5(70,~~655,625~~892)	$	~~(118~~129,~~027)~~398

Net income (loss) allocated to general partner	$	~~14,174~~(178)	$	~~(295)~~324

Net income (loss) per BAC	$	(.4801)	$	(.01)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~December~~June 3130,

(Unaudited)

Series 47


	~~2021~~2022		~~2020~~2021

Income
Interest income	$	39—	$	~~127~~70
Other income		~~1,550~~—		~~10,512~~813
		~~1,589~~—		~~10,639~~883

Gain on sale of operating limited partnerships		~~675,999~~—		712,~~690~~249

Expenses
Professional fees		71,~~999~~026		53,~~806~~367
Fund management fee, net (Note C)		~~18,064~~—		2620,~~724~~067
General and administrative expenses		1179,~~438~~266		46,~~742~~451
		3780,~~501~~292		3729,~~272~~885

NET INCOME (LOSS)	$	~~640~~(80,~~087~~292)	$	(1816,~~943~~753)

Net income (loss) allocated to assignees	$	~~638~~(80,~~487~~091)	$	(1816,~~896~~711)

Net income (loss) allocated to general partner	$	~~1,600~~(201)	$	(4742)

Net income (loss) per BAC	$	(.1802)	$	(.0100)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~December~~June 3130,

(Unaudited)

Series 48


	~~2021~~2022		~~2020~~2021

Income
Interest income	$	2948	$	8754
Other income		~~813~~—		~~10,513~~813
		~~842~~48		~~10,600~~867

Gain on sale of operating limited partnerships		~~676,000~~—		~~28,000~~—

Expenses
Professional fees		71,~~999~~026		53,~~141~~367
Fund management fee, net (Note C)		112,~~854~~946		1211,~~291~~854
General and administrative expenses		127,~~226~~434		3,~~581~~501
		3211,~~079~~406		2118,~~013~~722

NET INCOME (LOSS)	$	~~644~~(11,~~763~~358)	$	(17,~~587~~855)

Net income (loss) allocated to assignees	$	~~643~~(11,~~151~~330)	$	(17,~~543~~810)

Net income (loss) allocated to general partner	$	~~1,612~~(28)	$	44(45)

Net income (loss) per BAC	$	(.2800)	$	(.01)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~December~~June 3130,

(Unaudited)

Series 49


	~~2021~~2022		~~2020~~2021

Income
Interest income	$	77250	$	~~114~~93
Other income		87,~~000~~887		1638,~~093~~397
		8,~~077~~137		1638,~~207~~490

Gain on sale of operating limited partnerships		478,~~459,853~~374		~~399~~249,688

Expenses
Professional fees		81,~~001~~026		93,~~922~~366
Fund management fee, net (Note C)		5546,~~531~~946		~~116~~102,~~582~~980
General and administrative expenses		1917,~~449~~959		717,~~068~~502
		8265,~~981~~931		~~133~~123,~~572~~848

NET INCOME (LOSS)	$	420,~~384,949~~580	$	~~(116~~164,~~966)~~330

Net income (loss) allocated to assignees	$	420,~~373,987~~529	$	~~(116~~163,~~674)~~919

Net income (loss) allocated to general partner	$	~~10,962~~51	$	~~(292)~~411

Net income (loss) per BAC	$	.7300	$	(.~~01)~~03

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~CONDENSED~~Three ~~STATEMENTS~~Months OFEnded ~~OPERATIONS~~June 30, 2022 and 2021

Nine Months Ended December 31,

(Unaudited)


	~~2021~~		~~2020~~General
	Assignees		partner		Total
Income
Partners’ capital (deficit) April 1, 2022	$	157,291	$	(261,465)	$	(104,174)
Interest income	$	478	$	2,922

Other income		96,272		59,062
Contributions		—		229,502		229,502
		~~96,750~~		~~61,984~~

Net income (loss)		(70,892)		(178)		(71,070)
Gain on sale of operating limited partnerships		6,073,789		505,489


Partners’ capital (deficit), June 30, 2022	$	86,399	$	(32,141)	$	54,258
Expenses
Professional fees		86,245		115,797
Fund management fee, net (Note C)		329,589		481,424
General and administrative expenses		105,010		59,613
		520,844		656,834

NET INCOME (LOSS)	$	5,649,695	$	(89,361)

Net income (loss) allocated to assignees	$	5,635,571	$	(89,138)

Net income (loss) allocated to general partner	$	14,124	$	(223)

Net income (loss) per BAC	$	.48	$	(.01)


			General
	Assignees		partner		Total
Partners’ capital (deficit) April 1, 2021	$	(6,652,256)	$	(278,531)	$	(6,930,787)

Net income (loss)		129,398		324		129,722

Partners’ capital (deficit), June 30, 2021	$	(6,522,858)	$	(278,207)	$	(6,801,065)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF ~~OPERATIONS~~CHANGES ~~Nine~~IN ~~Months~~PARTNERS’ ~~Ended~~CAPITAL ~~December 31,~~(DEFICIT)

Three Months Ended June 30, 2022 and 2021

(Unaudited)

Series 47


			General
	Assignees		partner		Total
Series 47
Partners’ capital (deficit) April 1, 2022	$	(72,129)	$	(77,081)	$	(149,210)

Contributions		—		229,502		229,502

Net income (loss)		(80,091)		(201)		(80,292)

Partners’ capital (deficit), June 30, 2022	$	(152,220)	$	152,220	$	—


	~~2021~~		~~2020~~General
	Assignees		partner		Total
Income
Series 47
Interest income	$	144	$	988
Partners’ capital (deficit) April 1, 2021	$	(1,845,669)	$	(81,526)	$	(1,927,195)
Other income		7,814		13,413

		7,958		14,401
Net income (loss)		(16,711)		(42)		(16,753)

Gain on sale of operating limited partnerships		688,248		348,308
Partners’ capital (deficit), June 30, 2021	$	(1,862,380)	$	(81,568)	$	(1,943,948)

Expenses
Professional fees		26,688		30,541
Fund management fee, net (Note C)		57,195		90,650
General and administrative expenses		27,836		19,262
		111,719		140,453

NET INCOME (LOSS)	$	584,487	$	222,256

Net income (loss) allocated to assignees	$	583,026	$	221,700

Net income (loss) allocated to general partner	$	1,461	$	556

Net income (loss) per BAC	$	.17	$	.06

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~CONDENSED~~Three ~~STATEMENTS~~Months OFEnded ~~OPERATIONS~~June 30, 2022 and 2021

Nine Months Ended December 31,

(Unaudited)

Series 48


			General
	Assignees		partner		Total
Series 48
Partners’ capital (deficit) April 1, 2022	$	(809,772)	$	(52,920)	$	(862,692)

Contributions		—		—		—

Net income (loss)		(11,330)		(28)		(11,358)

Partners’ capital (deficit), June 30, 2022	$	(821,102)	$	(52,948)	$	(874,050)


	~~2021~~		~~2020~~General
	Assignees		partner		Total
Income
Series 48
Interest income	$	111	$	1,047
Partners’ capital (deficit) April 1, 2021	$	(1,400,070)	$	(54,399)	$	(1,454,469)
Other income		6,756		11,944

		6,867		12,991
Net income (loss)		(17,810)		(45)		(17,855)

Gain on sale of operating limited partnerships		676,000		61,500
Partners’ capital (deficit), June 30, 2021	$	(1,417,880)	$	(54,444)	$	(1,472,324)

Expenses
Professional fees		24,513		27,955
Fund management fee, net (Note C)		33,862		41,790
General and administrative expenses		22,498		17,084
		80,873		86,829

NET INCOME (LOSS)	$	601,994	$	(12,338)

Net income (loss) allocated to assignees	$	600,489	$	(12,307)

Net income (loss) allocated to general partner	$	1,505	$	(31)

Net income (loss) per BAC	$	.26	$	(.01)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF ~~OPERATIONS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December~~June 3130, 2022 and 2021

(Unaudited)

Series 49


	~~2021~~		~~2020~~General
	Assignees		partner		Total
Income
Series 49
Interest income	$	223	$	887
Partners’ capital (deficit) April 1, 2022	$	1,039,192	$	(131,464)	$	907,728
Other income		81,702		33,705

		81,925		34,592
Contributions		—		—		—

Gain on sale of operating limited partnerships		4,709,541		95,681
Net income (loss)		20,529		51		20,580

Expenses
Partners’ capital (deficit), June 30, 2022	$	1,059,721	$	(131,413)	$	928,308
Professional fees		35,044		57,301
Fund management fee, net (Note C)		238,532		348,984
General and administrative expenses		54,676		23,267
		328,252		429,552

NET INCOME (LOSS)	$	4,463,214	$	(299,279)

Net income (loss) allocated to assignees	$	4,452,056	$	(298,531)

Net income (loss) allocated to general partner	$	11,158	$	(748)

Net income (loss) per BAC	$	.74	$	(.05)


			General
	Assignees		partner		Total
Series 49
Partners’ capital (deficit) April 1, 2021	$	(3,406,517)	$	(142,606)	$	(3,549,123)

Net income (loss)		163,919		411		164,330

Partners’ capital (deficit), June 30, 2021	$	(3,242,598)	$	(142,195)	$	(3,384,793)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF ~~CHANGES~~CASH ~~IN PARTNERS' CAPITAL (DEFICIT)~~FLOWS

~~Nine~~Three Months Ended ~~December~~June 3130, ~~2021 and 2020~~

(Unaudited)


	2022		~~General~~2021
	Assignees		partner		Total
Cash flows from operating activities:
Total

Partners’ capital (deficit) April 1, 2021	$	(6,652,256)	$	(278,531)	$	(6,930,787)
Net income (loss)	$	(71,070)	$	129,722

Adjustments to reconcile net income (loss) to net cash used in operating activities
Net income (loss)		129,398		324		129,722
Gain on sale of operating limited partnerships		(78,374)		(261,937)

Changes in assets and liabilities
Partners' capital (deficit), June 30, 2021		(6,522,858)		(278,207)		(6,801,065)
(Increase) Decrease in other assets		(619)		(4,132)

Decrease in accounts payable and accrued expenses		—		(40)
Net income (loss)		(149,452)		(374)		(149,826)
Increase (Decrease) in accounts payable affiliates		(204,890)		(1,120,098)

Partners' capital (deficit), September 30, 2021		(6,672,310)		(278,581)		(6,950,891)
Net cash used in operating activities		(354,953)		(1,256,485)

Net income (loss)		5,655,625		14,174		5,669,799
Cash flows from investing activities:

Partners’ capital (deficit), December 31, 2021	$	(1,016,685)	$	(264,407)	$	(1,281,092)
Proceeds from the disposition of Operating Partnerships		78,374		261,937

Net cash provided by investing activities		78,374		261,937

DECREASE IN CASH AND CASH EQUIVALENTS		(276,579)		(994,548)

Cash and cash equivalents, beginning		1,387,978		1,940,668

Cash and cash equivalents, ending	$	1,111,399	$	946,120

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	229,502	$	—


			General
	Assignees		partner		Total
Total
Partners’ capital (deficit) April 1, 2020	$	(7,455,334)	$	(280,543)	$	(7,735,877)

Net income (loss)		(189,398)		(475)		(189,873)

Partners' capital (deficit), June 30, 2020		(7,644,732)		(281,018)		(7,925,750)

Net income (loss)		218,287		547		218,834

Partners' capital (deficit), September 30, 2020		(7,426,445)		(280,471)		(7,706,916)

Net income (loss)		(118,027)		(295)		(118,322)

Partners’ capital (deficit), December 31, 2020	$	(7,544,472)	$	(280,766)	$	(7,825,238)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		partner		Total
Series 47
Partners’ capital (deficit) April 1, 2021	$	(1,845,669)	$	(81,526)	$	(1,927,195)

Net income (loss)		(16,711)		(42)		(16,753)

Partners’ capital (deficit), June 30, 2021		(1,862,380)		(81,568)		(1,943,948)

Net income (loss)		(38,750)		(97)		(38,847)

Partners' capital (deficit), September 30, 2021		(1,901,130)		(81,665)		(1,982,795)

Net income (loss)		638,487		1,600		640,087

Partners’ capital (deficit), December 31, 2021	$	(1,262,643)	$	(80,065)	$	(1,342,708)


			General
	Assignees		partner		Total
Series 47
Partners’ capital (deficit) April 1, 2020	$	(2,812,811)	$	(83,950)	$	(2,896,761)

Net income (loss)		(50,595)		(127)		(50,722)

Partners’ capital (deficit), June 30, 2020		(2,863,406)		(84,077)		(2,947,483)

Net income (loss)		291,191		730		291,921

Partners' capital (deficit), September 30, 2020		(2,572,215)		(83,347)		(2,655,562)

Net income (loss)		(18,896)		(47)		(18,943)

Partners’ capital (deficit), December 31, 2020	$	(2,591,111)	$	(83,394)	$	(2,674,505)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		partner		Total
Series 48
Partners’ capital (deficit) April 1, 2021	$	(1,400,070)	$	(54,399)	$	(1,454,469)

Net income (loss)		(17,810)		(45)		(17,855)

Partners’ capital (deficit), June 30, 2021		(1,417,880)		(54,444)		(1,472,324)

Net income (loss)		(24,852)		(62)		(24,914)

Partners' capital (deficit), September 30, 2021		(1,442,732)		(54,506)		(1,497,238)

Net income (loss)		643,151		1,612		644,763

Partners’ capital (deficit), December 31, 2021	$	(799,581)	$	(52,894)	$	(852,475)


			General
	Assignees		partner		Total
Series 48
Partners’ capital (deficit) April 1, 2020	$	(1,384,253)	$	(54,359)	$	(1,438,612)

Net income (loss)		2,511		6		2,517

Partners’ capital (deficit), June 30, 2020		(1,381,742)		(54,353)		(1,436,095)

Net income (loss)		(32,361)		(81)		(32,442)

Partners' capital (deficit), September 30, 2020		(1,414,103)		(54,434)		(1,468,537)

Net income (loss)		17,543		44		17,587

Partners’ capital (deficit), December 31, 2020	$	(1,396,560)	$	(54,390)	$	(1,450,950)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		partner		Total
Series 49
Partners’ capital (deficit) April 1, 2021	$	(3,406,517)	$	(142,606)	$	(3,549,123)

Net income (loss)		163,919		411		164,330

Partners’ capital (deficit), June 30, 2021		(3,242,598)		(142,195)		(3,384,793)

Net income (loss)		(85,850)		(215)		(86,065)

Partners' capital (deficit), September 30, 2021		(3,328,448)		(142,410)		(3,470,858)

Net income (loss)		4,373,987		10,962		4,384,949

Partners’ capital (deficit), December 31, 2021	$	1,045,539	$	(131,448)	$	914,091


			General
	Assignees		partner		Total
Series 49
Partners’ capital (deficit) April 1, 2020	$	(3,258,270)	$	(142,234)	$	(3,400,504)

Net income (loss)		(141,314)		(354)		(141,668)

Partners’ capital (deficit), June 30, 2020		(3,399,584)		(142,588)		(3,542,172)

Net income (loss)		(40,543)		(102)		(40,645)

Partners' capital (deficit), September 30, 2020		(3,440,127)		(142,690)		(3,582,817)

Net income (loss)		(116,674)		(292)		(116,966)

Partners' capital (deficit), December 31, 2020	$	(3,556,801)	$	(142,982)	$	(3,699,783)

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December~~June 3130,

(Unaudited)


	2021		2020
Cash flows from operating activities:

Net income (loss)	$	5,649,695	$	(89,361)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(6,073,789)		(505,489)
Changes in assets and liabilities
(Increase) Decrease in other assets		(457)		100,000
Increase (Decrease) in accounts payable and accrued expenses		(40)		(4,843)
Increase (Decrease) in accounts payable affiliates		(6,222,915)		(338,941)

Net cash used in operating activities		(6,647,506)		(838,634)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		6,073,789		505,489

Net cash provided by investing activities		6,073,789		505,489

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(573,717)		(333,145)

Cash and cash equivalents, beginning		1,940,668		1,220,750

Cash and cash equivalents, ending	$	1,366,951	$	887,605

The accompanying notes are an integral part of these condensed statements

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 47


	~~2021~~2022		~~2020~~2021
Cash flows from operating activities:

Net income (loss)	$	~~584~~(80,~~487~~292)	$	~~222~~(16,~~256~~753)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		~~(688,248)~~—		(~~348~~12,~~308~~249)
Changes in assets and liabilities
(Increase) Decrease in other assets		~~285~~—		—144
Increase (Decrease) in accounts payable and accrued expenses		(38)		(3,679)
Decrease in accounts payable and accrued expenses		—		(38)
Increase (Decrease) in accounts payable affiliates		(1181,~~378,792~~083)		(~~431~~740,~~086~~920)

Net cash used in operating activities		(1261,~~482,306~~375)		(~~560~~769,~~817~~816)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		~~688,248~~—		~~348~~12,~~308~~249

Net cash provided by investing activities		~~688,248~~—		~~348~~12,~~308~~249

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(794,058)		(212,509)
DECREASE IN CASH AND CASH EQUIVALENTS		(261,375)		(757,567)

Cash and cash equivalents, beginning		1261,~~054,904~~375		~~496~~1,~~126~~054,904

Cash and cash equivalents, ending	$	~~260,846~~—	$	~~283~~297,~~617~~337

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	229,502	$	—

The accompanying notes are an integral part of these condensed statements

2016

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December~~June 3130,

(Unaudited)

Series 48


	~~2021~~2022		~~2020~~2021
Cash flows from operating activities:

Net income (loss)	$	~~601~~(11,~~994~~358)	$	(1217,~~338~~855)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		~~(676,000)~~—		~~(61,500)~~—
Changes in assets and liabilities
(Increase) Decrease in other assets		~~111~~(56)		—37
Increase (Decrease) in accounts payable and accrued expenses		—		(500)
Decrease in accounts payable and accrued expenses		—		—
Increase (Decrease) in accounts payable affiliates		~~(640~~2,~~438)~~946		~~(156~~11,~~460)~~854

Net cash used in operating activities		(~~714~~8,~~333~~468)		(~~230~~5,~~798~~964)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		~~676,000~~—		~~61,500~~—

Net cash provided by investing activities		~~676,000~~—		~~61,500~~—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(38,333)		(169,298)
DECREASE IN CASH AND CASH EQUIVALENTS		(8,468)		(5,964)

Cash and cash equivalents, beginning		~~235~~189,~~196~~592		~~398~~235,~~271~~196

Cash and cash equivalents, ending	$	~~196~~181,~~863~~124	$	~~228~~229,~~973~~232

Supplemental schedule of noncash investing and financing activities

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

The accompanying notes are an integral part of these condensed statements

2117

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December~~June 3130,

(Unaudited)

Series 49


	~~2021~~2022		~~2020~~2021
Cash flows from operating activities:

Net income (loss)	$	420,~~463,214~~580	$	~~(299~~164,~~279)~~330
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(478,~~709,541~~374)		(95249,~~681~~688)
Changes in assets and liabilities
(Increase) Decrease in other assets		(~~853~~563)		~~100~~(4,~~000~~313)
Increase (Decrease) in accounts payable and accrued expenses		(2)		(664)
Decrease in accounts payable and accrued expenses		—		(2)
Increase (Decrease) in accounts payable affiliates		(426,~~203,685~~753)		~~248~~(391,~~605~~032)

Net cash used in operating activities		(485,~~450,867~~110)		(47480,~~019~~705)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		478,~~709,541~~374		95249,~~681~~688

Net cash provided by investing activities		478,~~709,541~~374		95249,~~681~~688

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		258,674		48,662
DECREASE IN CASH AND CASH EQUIVALENTS		(6,736)		(231,017)

Cash and cash equivalents, beginning		~~650~~937,~~568~~011		~~326~~650,~~353~~568

Cash and cash equivalents, ending	$	~~909~~930,~~242~~275	$	~~375~~419,~~015~~551

Supplemental schedule of noncash investing and financing activities

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

The accompanying notes are an integral part of these condensed statements

2218

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE A - ORGANIZATION

BF Garden Tax Credit Fund V L.P. (formerly known as Boston Capital Tax Credit Fund V L.P.) (the "“Fund"”) was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("“Operating Partnerships"”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("“BACs"”) to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (the "“Prospectus"”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("“Offering"”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of ~~December~~June 3130, ~~2021~~2022, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of ~~December~~June 3130, ~~2021~~2022:


Series	Closing Date	BACs Sold	Equity Raised

Series 47	April 30, 2004	3,478,334	$	34,783,340
Series 48	August 12, 2004	2,299,372	$	22,993,720
Series 49	April 29, 2005	6,000,000	$	60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of ~~December~~June 3130, ~~2021~~2022 and for the three ~~and nine~~ months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership'’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

2319

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES – (continued)

The Fund'’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund'’s Annual Report on Form 10-K for the fiscal year ended March 31, ~~2021~~2022.

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, are as follows:


	~~2021~~2022		~~2020~~2021

Series 47	$	~~19,064~~—	$	2620,~~724~~067
Series 48		112,~~854~~946		1211,~~291~~854
Series 49		8446,~~331~~946		~~116~~102,~~582~~980
Total	$	~~115~~49,~~249~~892	$	~~155~~134,~~597~~901

The fund management fees paid for the three months ended ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021 are as follows:


	~~2021~~2022		~~2020~~2021

Series 47	$	~~676~~181,~~000~~083	$	~~348~~760,~~308~~987
Series 48		~~676,000~~—		~~205,000~~—
Series 49		377,~~992,915~~699		~~113~~495,~~181~~012
Total	$	5258,~~344,915~~782	$	~~666~~1,~~489~~255,999

~~The~~An ~~fund~~affiliate of the general partner has forgiven asset management fees ~~paid~~payable ~~for~~as a result of the ~~nine~~sales ~~months~~of all operating limited partnerships in one of the series. Total forgiveness of debt for the quarter ended ~~December~~June 3130, 2022 and 2021 was $229,502 and ~~2020~~$0, ~~are~~respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as ~~follows:~~an equity transaction instead of income to the Fund.


	2021		2020

Series 47	$	1,436,987	$	526,986
Series 48		676,000		205,000
Series 49		4,487,927		122,450
Total	$	6,600,914	$	854,436

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, the Fund had limited partnership interests in 1611 and 2820 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021 is as follows:


	~~2021~~2022	~~2020~~2021

Series 47	2—	53
Series 48	1	2
Series 49	1310	2115
Total	1611	2820

Under the terms of the Fund'’s investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

During the ~~nine~~three months ended ~~December~~June 3130, ~~2021~~2022, the Fund disposed of ~~seven~~two Operating Partnerships. A summary of the dispositions by series for the period ended ~~December~~June 3130, ~~2021~~2022 is as follows:


	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition

Series 47	2—	—	$	~~688,248~~—	$	~~688,248~~—
Series 48	1—	—		~~676,000~~—		~~676,000~~—
Series 49	42	—		478,~~709,541~~374		478,~~709,541~~374
Total	72	—	$	678,~~073,789~~374	$	678,~~073,789~~374

During the ~~nine~~three months ended ~~December~~June 3130, ~~2020~~2021, the Fund disposed of ~~five~~three Operating Partnerships. A summary of the dispositions by Series for the period ended ~~December~~June 3130, ~~2020~~2021 is as follows:


	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition

Series 47	21	—	$	~~348~~12,~~308~~249	$	~~348~~12,~~308~~249
Series 48	2—	—		~~61,500~~—		~~61,500~~—
Series 49	12	—		95249,~~681~~688		95249,~~681~~688
Total	53	—	$	~~505~~261,~~489~~937	$	~~505~~261,~~489~~937

The gain ~~(loss)~~ described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

2521

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

The Fund'’s fiscal year ends March 31st for each year, while all the Operating Partnerships'’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership'’s quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Nine~~Three Months Ended ~~September~~March 3031,

(Unaudited)

Total


	~~2021~~2022		~~2020~~2021

Revenues
Rental	$	4920,~~076,213~~624	$	102,~~225~~818,~~130~~744
Interest and other		~~132~~35,~~589~~418		~~426~~50,~~587~~673
		4956,~~208,802~~042		102,~~651~~869,~~717~~417

Expenses
Interest		~~534~~99,~~857~~968		1315,~~297,562~~640
Depreciation and amortization		1269,~~149,993~~191		2666,~~568,725~~976
Operating expenses		3718,~~011,494~~130		71,~~360~~958,~~204~~072
		41,~~696~~087,~~344~~289		112,~~226~~940,~~491~~688

NET INCOME (LOSS)	$	(~~487~~131,~~542~~247)	$	(~~574~~71,~~774~~271)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(~~482~~129,~~668~~935)	$	(~~569~~70,~~026~~558)

Net Income (loss) allocated to other Partners	$	(41,~~874~~312)	$	(~~5,748~~713)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership'’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

2622

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE D - ~~INVESTMENT~~INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Nine~~Three Months Ended ~~September~~March 3031,

(Unaudited)

Series 47


	~~2021~~2022		~~2020~~2021

Revenues
Rental	$	~~672,338~~—	$	1459,~~911,282~~664
Interest and other		~~2,366~~—		~~133~~3,~~697~~975
		~~674,704~~—		2463,~~044,979~~639

Expenses
Interest		~~123,649~~—		~~213~~51,~~241~~274
Depreciation and amortization		~~148,235~~—		~~418~~96,~~369~~489
Operating expenses		~~518,567~~—		1326,~~414,733~~447
		~~790,451~~—		2474,~~046,343~~210

NET INCOME (LOSS)	$	~~(115,747)~~—	$	(110,~~364~~571)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	~~(114,590)~~—	$	(110,~~350~~465)

Net Income (loss) allocated to other Partners	$	~~(1,157)~~—	$	(14106)

2723

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Nine~~Three Months Ended ~~September~~March 3031,

(Unaudited)

Series 48


	~~2021~~2022		~~2020~~2021

Revenues
Rental	$	~~257~~66,~~030~~830	$	~~963~~321,~~991~~228
Interest and other		61,~~145~~654		185,~~614~~235
		~~263~~68,~~175~~484		~~982~~326,~~605~~463

Expenses
Interest		258,~~643~~755		9018,~~030~~605
Depreciation and amortization		4214,~~094~~021		~~182~~61,~~393~~109
Operating expenses		~~217~~66,~~585~~043		~~683~~226,~~474~~119
		~~285~~88,~~322~~819		~~955~~305,~~897~~833

NET INCOME (LOSS)	$	(2220,~~147~~335)	$	2620,~~708~~630

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(2120,~~926~~132)	$	2620,~~441~~424

Net Income (loss) allocated to other Partners	$	(~~221~~203)	$	~~267~~206

2824

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Nine~~Three Months Ended ~~September~~March 3031,

(Unaudited)

Series 49


	~~2021~~2022		~~2020~~2021

Revenues
Rental	$	3853,~~146,845~~794	$	72,~~349~~037,~~857~~852
Interest and other		~~124~~33,~~078~~764		~~274~~41,~~276~~463
		3887,~~270,923~~558		72,~~624~~079,~~133~~315

Expenses
Interest		~~385~~91,~~565~~213		~~994~~245,~~291~~761
Depreciation and amortization		~~959~~255,~~664~~170		1509,~~967,963~~378
Operating expenses		2652,~~275,342~~087		51,~~261~~405,~~997~~506
		3998,~~620,571~~470		82,~~224~~160,~~251~~645

NET INCOME (LOSS)	$	(~~349~~110,~~648~~912)	$	(~~600~~81,~~118~~330)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(~~346~~109,~~152~~803)	$	(~~594~~80,~~117~~517)

Net Income (loss) allocated to other Partners	$	(31,~~496~~109)	$	(~~6,001~~813)

NOTE E - TAXABLE LOSS

The Fund'’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

2925

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~December~~June 3130, ~~2021~~2022

(Unaudited)

NOTE F - 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 Fund’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 ~~2016~~2018 remain open.

NOTE G - CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

NOTE H - 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, ~~other than the subsequent event discussed below,~~ no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

3026

Table of Contents

Item 2. Management'’s Discussion and Analysis of Financial Condition and Results of Operations

This Management'’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, ~~2021~~2022. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

BF Garden Tax Credit Fund V L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund V L.P. (the “Fund”), was organized as of October 15, 2003 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s General Partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund'’s primary source of funds is the proceeds of the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended ~~December~~June 3130, ~~2021~~2022 were $~~115~~53,~~249~~892 and total fund management fees accrued as of ~~December~~June 3130, ~~2021~~2022 were $21,~~652~~062,~~892~~609. During the quarter ended ~~December~~June 3130, ~~2021~~2022, $5258,~~344,915~~782 of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC holders in Series 47, Series 48 and Series 49, respectively, as of ~~December~~June 3130, ~~2021~~2022.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598. Series 47 has since sold its interest in 13all 15 of the Operating Partnerships ~~and 2 remain~~.

3127

Table of Contents

~~During the quarter ended December 31, 2021,~~ Series 47 ~~did not record any releases of capital contributions. Series 47~~ has released all payments of its capital contributions to the Operating Partnerships.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406. Series 48 has since sold its interest in 10 of the Operating Partnerships and 1 remains.

~~During the quarter ended December 31, 2021,~~ Series 48 ~~did not record any releases of capital contributions. Series 48~~ has released all payments of its capital contributions to the Operating Partnerships.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155. Series 49 has since sold its interest in 1114 of the Operating Partnerships and 1310 remain.

During the quarter ended ~~December~~June 3130, ~~2021~~2022, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of ~~December~~June 3130, ~~2021~~2022. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of ~~December~~June 3130, ~~2021~~2022, the Fund held limited partnership interests in 1611 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "“Qualified Occupancy."” Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and ~~nine~~three months ended ~~December~~June 3130, ~~2021~~2022 are as follows:


	3 Months				3 Months
	Gross Fund		3 Months		Fund Management Fee
	Management Fee		Reporting Fee		Net of Reporting Fee
Series 47	$	~~19,064~~—	$	~~1,000~~—	$	~~18,064~~—
Series 48		112,~~854~~946		—		112,~~854~~946
Series 49		8450,~~331~~946		284,~~800~~000		5546,~~531~~946
	$	~~115~~53,~~249~~892	$	294,~~800~~000	$	8549,~~449~~892

32The Fund’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Table of Contents


	9 Months				9 Months
	Gross Fund		9 Months		Fund Management Fee
	Management Fee		Reporting Fee		Net of Reporting Fee
Series 47	$	58,195	$	1,000	$	57,195
Series 48		35,562		1,700		33,862
Series 49		284,242		45,710		238,532
	$	377,999	$	48,410	$	329,589

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 47

As of ~~December~~June 3130, 2021 ~~and 2020~~, the average Qualified Occupancy was 100%. The series ~~had~~did anot ~~total~~have ofany 2 properties at ~~December~~June 3130, ~~2021, all of which were at 100% Qualified Occupancy~~2022.

For the nine month periods ended December 31, 2021 and 2020, Series 47 reflects a net loss from Operating Partnerships of $(115,747) and $(1,364), respectively, which includes depreciation and amortization of $148,235 and $418,369, respectively. This is an interim period estimate; it is not indicative of the final year-end results.28

In February 2020, the operating general partner of Countrybrook Champaign Limited Partnership entered into an agreement to sell the property, with cash proceeds to the investment partnerships of $184,857 and $9,590 for Series 47 and Series 49, respectively. Of the total proceeds received by the investment partnerships, $6,179 and $321 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $178,678 and $9,269 for Series 47 and Series 49, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $178,678, and $9,269 for Series 47 and Series 49, respectively, as of March 31, 2020. The Operating Partnership received additional proceeds in the amount of $7,690, and $399 for Series 47 and Series 49, respectively, as of December 31, 2020.

In July 2020, the investment general partners transferred their respective interests in Marble Falls Vistas Apartments, Limited Partnership, with cash proceeds to the investment partnerships of $332,681 and $97,319 for Series 47 and Series 49, respectively. Of the total proceeds received, $6,963 and $2,037 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $325,718 and $95,282 were returned to cash reserves held by Series 47 and Series 49, respectively. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $325,718 and $95,282 for Series 47 and Series 49, respectively as of December 31, 2020.

In September 2020, the investment general partner transferred its interest Marion Apartments – Osceola Limited Partnership, with cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 47. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of December 31, 2020.

In March 2021, the investment general partner transferred its interest in Parkland Manor Apartments Limited, with cash proceeds to the investment partnership of $749,963. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of March 31, 2021.

In June 2021, the investment general partner of BF Garden Tax Credit Fund IV - Series 45 and Series 47 transferred their respective interest in Dawn Springs Villa LP, L.P., with cash proceeds to the investment partnership of $22,749 and $12,249, for Series 45 and Series 47, respectively. These proceeds of $22,749 and $12,249, for Series 45 and Series 47, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2021.

Table of Contents

For the three month periods ended June 30, 2022 and 2021, Series 47 reflects a net loss from Operating Partnerships of $- and $(10,571), respectively, which includes depreciation and amortization of $- and $ 96,489, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2021, the investment general partner of Series 47 and Series 48 transferred their respective interest in Mayfair Park Apartments, LP, with cash proceeds to the investment partnership of $675,999 and $676,000, for Series 47 and Series 48, respectively. These proceeds of $675,999 and $676,000, for Series 47 and Series 48, respectively, were returned to cash reserves and recorded as a gain on transfer as of December 31, 2021.

In January 2022, the investment general partner transferred its interest in ~~Pecan~~Carrollton ~~Acres~~II ~~Limited~~Housing, ~~Partnership I~~LTD, with cash proceeds to the investment partnership of $19,~~199,000~~999. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of ~~January~~March 31, 2022.

In March 2022, the investment general partner transferred its interest in Pecan Acres Limited Partnership I, with cash proceeds to the investment partnership of $1,199,000. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of March 31, 2022.

Series 48

As of ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, the average Qualified Occupancy was 100%. The series had a total of 1 property at ~~December~~June 3130, ~~2021~~2022, which was at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, Series 48 reflects a net income (loss) from Operating Partnerships of $(2220,~~147~~335) and $26 20,~~708~~630, respectively, which includes depreciation and amortization of $42 14,~~094~~021 and $~~182~~ 61,~~393~~109, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2020, the investment general partner transferred its interest in P.D.C. Sixty Limited Partnership, with cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $33,500 were returned to cash reserves held by Series 48. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $33,500 as of June 30, 2020.

In November 2020, the investment general partner transferred its interest in Umatilla Links Associates Limited Partnership, with cash proceeds to the investment partnership of $30,000. Of the total proceeds received, $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,000 were returned to cash reserves held by Series 48. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $28,000 as of December 31, 2020.

In July 2022, the investment general partner transferred its interest in CTP Limited Partnership, with cash proceeds to the investment partnership of $9,999. These proceeds were returned to cash reserves held by Series 48 and recorded as a gain on transfer as of July 31, 2022.

Series 49

As of ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, the average Qualified Occupancy was 100%. The series had a total of 1310 properties at ~~December~~June 3130, ~~2021~~2022, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December~~June 3130, ~~2021~~2022 and ~~2020~~2021, Series 49 reflects a net loss from Operating Partnerships of $(~~349~~110,~~648~~912) and $(~~600~~81,~~118~~330), respectively, which includes depreciation and amortization of $~~959~~ 255,~~664~~170 and $1 509,~~967~~378,~~963,~~ respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In ~~February~~June ~~2020~~2021, the ~~operating~~investment general partner oftransferred ~~Countrybrook~~its ~~Champaign~~interest ~~Limited~~in ~~Partnership~~Linda ~~entered~~Villa ~~into an agreement to sell the property~~Apartment, with cash proceeds to the investment ~~partnerships~~partnership of $~~184~~205,~~857 and $9,590 for Series 47 and Series 49, respectively~~990. OfThese ~~the total~~ proceeds ~~received~~were by the investment partnerships, $6,179 and $321 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $178,678 and $9,269 for Series 47 and Series 49, respectively, will be returned to cash reserves. Aheld ~~gain~~by onSeries ~~the~~49 ~~sale of the Operating Partnership, net of the overhead~~ and ~~expense reimbursement, has been~~ recorded ~~in the amount of $178,678, and $9,269 for Series 47 and Series 49, respectively,~~ as ofa ~~March~~gain ~~31,~~on ~~2020.~~transfer ~~The Operating Partnership received additional proceeds in the amount of $7,690, and $399 for Series 47 and Series 49, respectively,~~ as of ~~December~~June 3130, ~~2020~~2021.

3429

Table of Contents

In March 2021, the investment general partner of BF Garden Tax Credit Fund IV - Series 44 and Series 49 transferred their respective interest in Post Oak East Apartments, L.P., with cash proceeds to the investment partnership of $715,894 and $210,826, for Series 44 and Series 49, respectively. Of the total proceeds received by the investment partnership, $20,664 and $6,082, for Series 44 and Series 49, respectively, represent reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $695,230 and $204,744, for Series 44 and Series 49, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Garden Grace Limited, with cash proceeds to the investment partnership of $10,000. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mauston Limited Partnership, with cash proceeds to the investment partnership of $11,549. From these proceeds $1,407 was applied to advances outstanding, and the remaining proceeds of $10,142 were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Kewaunee Limited Partnership, with cash proceeds to the investment partnership of $19,949. From these proceeds $2,341 was applied to advances outstanding, and the remaining proceeds of $17,608 were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In June 2021, the investment general partner transferred its interest in Linda Villa Apartment, with cash proceeds to the investment partnership of $205,990. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in Renaissance Village, with cash proceeds to the investment partnership of $43,698. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of June 30, 2021.

In October 2021, the investment general partner transferred its interest in Rosewood Place, L.L.C., with cash proceeds to the investment partnership of $949,953. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2021.

In December 2021, the investment general partner transferred its interest in Bristol Apartments, L.P., with cash proceeds to the investment partnership of $3,509,900. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2021.

In January 2022, the investment general partner transferred its interest in New Chester Townhouses, A Limited Partnership, with cash proceeds to the investment partnership of $46,500. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of ~~January~~March 31, 2022.

~~The~~In May 2022, the investment general partner ~~will~~transferred ~~continue~~its tointerest ~~monitor~~in ~~the~~Linden ~~following~~- ~~Operating~~Bartlesville ~~Partnerships~~Partners, ~~because~~Limited ofPartnership, ~~operational~~with orcash ~~other~~proceeds ~~issues.~~to ~~However~~the investment partnership of $74,999. ~~these~~These ~~Operating~~proceeds ~~Partnerships~~were ~~have~~returned ~~all~~to ~~exited~~cash ~~their~~reserves ~~LIHTC~~held ~~compliance~~by ~~period~~Series 49 and ~~there~~recorded isas ~~therefore~~a nogain ~~risk~~on totransfer ~~past~~as ~~credit~~of ~~delivery~~June 30, 2022.

35In June 2022, the investment general partner of BF Garden Tax Credit Fund IV - Series 46 and Series 49 transferred their respective interest in Linden - Shawnee Partners, Limited Partnership, with cash proceeds to the investment partnership of $21,624 and $3,375, for Series 46 and Series 49, respectively. These proceeds of $21,624 and $3,375, for Series 46 and Series 49, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2022.

~~Table~~In July 2022, the investment general partner transferred its interest in Maverick Fountainhead, L.P., with cash proceeds to the investment partnership of ~~Contents~~$14,999. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of July 31, 2022.

In July 2022, the investment general partner transferred its interest in Perryton Fountainhead L.P., with cash proceeds to the investment partnership of $33,599. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of July 31, 2022.

In July 2022, the investment general partner transferred its interest in Kaufman Fountainhead, L.P., with cash proceeds to the investment partnership of $35,999. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of July 31, 2022.

~~Perryton~~In ~~Fountainhead~~July 2022, the investment general partner transferred its interest in Cameron Fountainhead L.P., with cash proceeds to the investment partnership of $47,999. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of July 31, 2022.

~~Linden~~In -July ~~Shawnee~~2022, ~~Partners~~the investment general partner transferred its interest in Richwood Apartments, an Arkansas Limited Partnership, with cash proceeds to the investment partnership of $1,250. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of July 31, 2022.

The ~~Gardens~~investment general partner will continue to monitor the following Operating Partnership because of ~~Athens~~operational or other issues. LHowever, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.P.

Union Square Housing Partnership, A LA Limited Partnership

Off Balance Sheet Arrangements

None.

Principal Accounting Policies

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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. 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 will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Table of Contents

information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. 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 will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of 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 Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4

Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC'’s rules and forms and (ii) is accumulated and communicated to the Fund'’s management, including the Fund'’s Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

Table of Contents

(b)Changes in Internal Controls

There were no changes in the Fund’s or any series'’ internal controls over financial reporting that occurred during the quarter ended ~~December~~June 3130, ~~2021~~2022 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series'’ internal ~~controls~~control over financial reporting.

(c)Certifications

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.

3731

Table of Contents

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 1A.

Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, ~~2021~~2022.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not Applicable

Item 5.

Other Information

None

3832

Table of Contents

Item 6.

Exhibits

(a)Exhibits 31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith 31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith 32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith 32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith 101. The following materials from the BF Garden Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended ~~December~~June 3130, ~~2021~~2022 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners'’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith 104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

3933

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BF Garden Tax Credit Fund V L.P.
	By:	BF Garden Associates V L.L.C., it General Partner

		By:	Corporate Investment Holdings, Inc., its Manager


Date: February 11, 2022			By:	/s/ Gregory Voyentzie
Date: August 11, 2022			By:	/s/ Gregory Voyentzie
				Gregory Voyentzie
				President (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:


DATE:	SIGNATURE:	TITLE:

February 11, 2022	/s/ Gregory Voyentzie	President
August 11, 2022	/s/ Gregory Voyentzie	President
	Gregory Voyentzie	(Principal Executive Officer),Corporate Investment Holdings, Inc.

February 11, 2022	/s/ Marie Reynolds	Treasurer
August 11, 2022	/s/ Marie Reynolds	Treasurer
	Marie Reynolds	(Principal Accounting and Financial Officer),Corporate Investment Holdings, Inc.

4034

Filing Compare · BF Garden Tax Credit Fund V L.P.