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 ~~September~~December 3031, 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 ~~SEPTEMBER~~DECEMBER 3031, 2022

TABLE OF CONTENTS

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

		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-107
		Condensed Statements of Changes in Partners’ Capital (Deficit)	15-18
		Condensed Statements of Cash Flows	19-22
		Notes to Condensed Financial Statements	23-31

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		32-36

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		3637

	Item 4. Controls and Procedures		3637

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		38

	Item 1A. Risk Factors		38

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		38

	Item 3. Defaults Upon Senior Securities		38

	Item 4. Mine Safety Disclosures		38

	Item 5. Other Information		38

	Item 6. Exhibits		39

	Signatures		40

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


	~~September~~December 3031,		March 31,
	2022		2022
ASSETS

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

OTHER ASSETS

Cash and cash equivalents		12,~~009~~097,~~146~~677		1,387,978
Other assets		~~5,091~~—		4,950
	$	12,~~014~~097,~~237~~677	$	1,392,928

LIABILITIES

Accounts payable affiliates (Note C)	$	~~9,731~~—	$	1,497,001
Capital contributions payable		~~101~~—		101
		~~9,832~~—		1,497,102

PARTNERS' CAPITAL (DEFICIT)
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 September 30, 2022 and March 31, 2022.		103,916		157,291
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, 2022 and March 31, 2022.		1,194,455		157,291
General Partner		~~900~~903,~~489~~222		(261,465)
		12,~~004~~097,~~405~~677		(104,174)
	$	12,~~014~~097,~~237~~677	$	1,392,928

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


	~~September~~December 3031,		March 31,
	2022		2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		261,375
Other assets		—		—
	$	—	$	261,375

LIABILITIES

Accounts payable affiliates (Note C)	$	—	$	410,585
Capital contributions payable		—		—
		—		410,585

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 September 30, 2022 and March 31, 2022.		(152,220)		(72,129)
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, 2022 and March 31, 2022.		(152,220)		(72,129)
General Partner		152,220		(77,081)
		—		(149,210)
	$	—	$	261,375

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


	~~September~~December 3031,		March 31,
	2022		2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		189,592
Other assets		—		—
	$	—	$	189,592

LIABILITIES

Accounts payable affiliates (Note C)	$	—	$	1,052,284
Capital contributions payable		—		—
		—		1,052,284

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 September 30, 2022 and March 31, 2022.		(879,491)		(809,772)
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, 2022 and March 31, 2022.		(879,491)		(809,772)
General Partner		879,491		(52,920)
		—		(862,692)
	$	—	$	189,592

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


	~~September~~December 3031,		March 31,
	2022		2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		12,~~009~~097,~~146~~677		937,011
Other assets		~~5,091~~—		4,950
	$	12,~~014~~097,~~237~~677	$	941,961

LIABILITIES

Accounts payable affiliates (Note C)	$	~~9,731~~—	$	34,132
Capital contributions payable		~~101~~—		101
		~~9,832~~—		34,233

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 September 30, 2022 and March 31, 2022.		1,135,627		1,039,192
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, 2022 and March 31, 2022.		2,226,166		1,039,192
General Partner		(~~131~~128,~~222~~489)		(131,464)
		12,~~004~~097,~~405~~677		907,728
	$	12,~~014~~097,~~237~~677	$	941,961

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 ~~September~~December 3031,

(Unaudited)


	2022		2021
Income
Interest income	$	14,~~467~~740	$	~~116~~145
Other income		—24,436		4510,~~886~~363
		129,~~467~~176		4610,~~002~~508

Gain on sale of operating limited partnerships		~~143~~1,~~845~~016,225		—5,811,852

Expenses
Professional fees		286,~~015~~748		5223,~~146~~999
Fund management fee, net (Note C)		29(75,~~747~~433)		~~109~~85,~~239~~449
General and administrative expenses		6920,~~989~~814		3443,~~443~~113
		~~127~~(47,~~751~~871)		~~195~~152,~~828~~561

NET INCOME (LOSS)	$	171,~~561~~093,272	$	~~(149~~5,~~826)~~669,799

Net income (loss) allocated to assignees	$	171,~~517~~090,539	$	~~(149~~5,~~452)~~655,625

Net income (loss) allocated to general partner	$	442,733	$	~~(374)~~14,174

Net income (loss) per BAC	$	.0009	$	(.~~01)~~48

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 ~~September~~December 3031,

(Unaudited)

Series 47


	2022		2021

Income
Interest income	$	—	$	3539
Other income		—		51,~~451~~550
		—		51,~~486~~589

Gain on sale of operating limited partnerships		—		—675,999

Expenses
Professional fees		—		157,~~322~~999
Fund management fee, net (Note C)		—		1918,064
General and administrative expenses		—		911,~~947~~438
		—		4437,~~333~~501

NET INCOME (LOSS)	$	—	$	~~(38~~640,~~847)~~087

Net income (loss) allocated to assignees	$	—	$	~~(38~~638,~~750)~~487

Net income (loss) allocated to general partner	$	—	$	~~(97)~~1,600

Net income (loss) per BAC	$	—	$	(.~~01)~~18

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 ~~September~~December 3031,

(Unaudited)

Series 48


	2022		2021

Income
Interest income	$	50—	$	2829
Other income		—		~~5,130~~813
		50—		~~5,158~~842

Gain on sale of operating limited partnerships		~~9,999~~—		—676,000

Expenses
Professional fees		~~8,926~~—		137,~~147~~999
Fund management fee, net (Note C)		~~982~~—		1011,~~154~~854
General and administrative expenses		~~58,677~~—		612,~~771~~226
		~~68,585~~—		3032,~~072~~079

NET INCOME (LOSS)	$	~~(58,536)~~—	$	~~(24~~644,~~914)~~763

Net income (loss) allocated to assignees	$	~~(58,389)~~—	$	~~(24~~643,~~852)~~151

Net income (loss) allocated to general partner	$	~~(147)~~—	$	~~(62)~~1,612

Net income (loss) per BAC	$	~~(.03)~~—	$	(.~~01)~~28

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 ~~September~~December 3031,

(Unaudited)

Series 49


	2022		2021

Income
Interest income	$	14,~~417~~740	$	5377
Other income		—24,436		358,~~305~~000
		129,~~417~~176		358,~~358~~077

Gain on sale of operating limited partnerships		~~133~~1,~~846~~016,225		—4,459,853

Expenses
Professional fees		196,~~089~~748		238,~~677~~001
Fund management fee, net (Note C)		28(75,~~765~~433)		8055,~~021~~531
General and administrative expenses		1120,~~312~~814		1719,~~725~~449
		59(47,~~166~~871)		~~121~~82,~~423~~981

NET INCOME (LOSS)	$	761,~~097~~093,272	$	~~(86~~4,~~065)~~384,949

Net income (loss) allocated to assignees	$	751,~~906~~090,539	$	~~(85~~4,~~850)~~373,987

Net income (loss) allocated to general partner	$	~~191~~2,733	$	~~(215)~~10,962

Net income (loss) per BAC	$	.0131	$	(.~~01)~~73

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)



	2022		2021
Income
Interest income	$	16,~~765~~505	$	~~333~~478
Other income		732,~~887~~323		8596,~~909~~272
		938,~~652~~828		8696,~~242~~750

Gain on sale of operating limited partnerships		~~222~~1,~~219~~238,444		~~261~~6,~~937~~073,789

Expenses
Professional fees		3137,~~093~~841		6286,~~246~~245
Fund management fee, net (Note C)		794,~~639~~206		~~244~~329,~~140~~589
General and administrative expenses		~~174~~195,~~648~~462		61105,~~897~~010
		~~285~~237,~~380~~509		~~368~~520,~~283~~844

NET INCOME (LOSS)	$	~~(53~~1,~~509)~~039,763	$	~~(20~~5,~~104)~~649,695

Net income (loss) allocated to assignees	$	~~(53~~1,~~375)~~037,164	$	~~(20~~5,~~054)~~635,571

Net income (loss) allocated to general partner	$	~~(134)~~2,599	$	~~(50)~~14,124

Net income (loss) per BAC	$	(.~~00)~~09	$	(.~~00)~~48

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 47



	2022		2021
Income
Interest income	$	—	$	~~105~~144
Other income		—		67,~~264~~814
		—		67,~~369~~958

Gain on sale of operating limited partnerships		—		12688,~~249~~248

Expenses
Professional fees		1,026		1826,~~689~~688
Fund management fee, net (Note C)		—		3957,~~131~~195
General and administrative expenses		79,266		1627,~~398~~836
		80,292		74111,~~218~~719

NET INCOME (LOSS)	$	(80,292)	$	~~(55~~584,~~600)~~487

Net income (loss) allocated to assignees	$	(80,091)	$	~~(55~~583,~~461)~~026

Net income (loss) allocated to general partner	$	(201)	$	~~(139)~~1,461

Net income (loss) per BAC	$	(.02)	$	(.~~02)~~17

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 48


	2022		2021
Income
Interest income	$	98	$	82111
Other income		—		56,~~943~~756
		98		6,~~025~~867

Gain on sale of operating limited partnerships		9,999		—676,000

Expenses
Professional fees		9,952		1624,~~514~~513
Fund management fee, net (Note C)		3,928		2233,~~008~~862
General and administrative expenses		66,111		1022,~~272~~498
		79,991		4880,~~794~~873

NET INCOME (LOSS)	$	(69,894)	$	~~(42~~601,~~769)~~994

Net income (loss) allocated to assignees	$	(69,719)	$	~~(42~~600,~~662)~~489

Net income (loss) allocated to general partner	$	(175)	$	~~(107)~~1,505

Net income (loss) per BAC	$	(.03)	$	(.~~02)~~26

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 49



	2022		2021
Income
Interest income	$	16,~~667~~407	$	~~146~~223
Other income		732,~~887~~323		7381,702
		938,~~554~~730		7381,~~848~~925

Gain on sale of operating limited partnerships		~~212~~1,~~220~~228,445		~~249~~4,~~688~~709,541

Expenses
Professional fees		2026,~~115~~863		2735,~~043~~044
Fund management fee, net (Note C)		~~75,711~~278		~~183~~238,~~001~~532
General and administrative expenses		2950,~~271~~085		3554,~~227~~676
		~~125~~77,~~097~~226		~~245~~328,~~271~~252

NET INCOME (LOSS)	$	961,~~677~~189,949	$	784,~~265~~463,214

Net income (loss) allocated to assignees	$	961,~~435~~186,974	$	784,~~069~~452,056

Net income (loss) allocated to general partner	$	~~242~~2,975	$	~~196~~11,158

Net income (loss) per BAC	$	.0220	$	.0174

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)

~~Six~~Nine Months Ended ~~September~~December 3031, 2022 and 2021

(Unaudited)


			General
	Assignees		partner		Total
Total	Assignees		partner		Total
Partners’ capital (deficit) April 1, 2022	$	157,291	$	(261,465)	$	(104,174)

Contributions		—		229,502		229,502

Net income (loss)		(70,892)		(178)		(71,070)

Partners’ capital (deficit), June 30, 2022		86,399		(32,141)		54,258

Contributions		—		932,586		932,586

Net income (loss)		17,517		44		17,561

Partners’ capital (deficit), September 30, 2022	$	103,916	$	900,489	$	1,004,405

Net income (loss)		1,090,539		2,733		1,093,272

Partners’ capital (deficit), December 31, 2022	$	1,194,455	$	903,222	$	2,097,677


			General
	Assignees		partner		Total
Total	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)
Partners’ capital (deficit), June 30, 2022		(6,522,858)		(278,207)		(6,801,065)

Net income (loss)		(149,452)		(374)		(149,826)

Partners’ capital (deficit), September 30, 2021	$	(6,672,310)	$	(278,581)	$	(6,950,891)

Net income (loss)		5,655,625		14,174		5,669,799

Partners’ capital (deficit), December 31, 2021	$	(1,016,685)	$	(264,407)	$	(1,281,092)

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)

~~Six~~Nine Months Ended ~~September~~December 3031, 2022 and 2021

(Unaudited)

Series 47


			General
	Assignees		partner		Total

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		—

Contributions		—		—		—

Net income (loss)		—		—		—

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

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2022	$	(152,220)	$	152,220	$	—


			General
	Assignees		partner		Total

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)
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)

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)

~~Six~~Nine Months Ended ~~September~~December 3031, 2022 and 2021

(Unaudited)

Series 48


			General
	Assignees		partner		Total

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)

Contributions		—		932,586		932,586

Net income (loss)		(58,389)		(147)		(58,536)

Partners’ capital (deficit), September 30, 2022	$	(879,491)	$	879,491	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2022	$	(879,491)	$	879,491	$	—


			General
	Assignees		partner		Total

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)
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)

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)

~~Six~~Nine Months Ended ~~September~~December 3031, 2022 and 2021

(Unaudited)

Series 49


			General
	Assignees		partner		Total

Partners’ capital (deficit) April 1, 2022	$	1,039,192	$	(131,464)	$	907,728

Contributions		—		—		—

Net income (loss)		20,529		51		20,580

Partners’ capital (deficit), June 30, 2022		1,059,721		(131,413)		928,308

Contributions		—		—		—

Net income (loss)		75,906		191		76,097

Partners’ capital (deficit), September 30, 2022	$	1,135,627	$	(131,222)	$	1,004,405

Net income (loss)		1,090,539		2,733		1,093,272

Partners’ capital (deficit), December 31, 2022	$	2,226,166	$	(128,489)	$	2,097,677


			General
	Assignees		partner		Total

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)
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

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)


	2022		2021
Cash flows from operating activities:

Net income (loss)	$	~~(53~~1,~~509)~~039,763	$	~~(20~~5,~~104)~~649,695
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(~~222~~1,~~219~~238,444)		(~~261~~6,~~937~~073,789)
Changes in assets and liabilities
(Increase) Decrease in other assets		~~(141)~~4,950		(~~3,576~~457)
Decrease in accounts payable and accrued expenses		—		(40)
Increase (Decrease) in accounts payable affiliates		(~~325~~334,~~182~~913)		(~~993~~6,~~249~~222,915)

Net cash used in operating activities		(~~601~~528,~~051~~644)		(16,~~278~~647,~~906~~506)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		~~222~~1,~~219~~238,343		~~261~~6,~~937~~073,789

Net cash provided by investing activities		~~222~~1,~~219~~238,343		~~261~~6,~~937~~073,789

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		~~(378~~709,~~832)~~699		(1573,~~016,969~~717)

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

Cash and cash equivalents, ending	$	12,~~009~~097,~~146~~677	$	~~923~~1,~~699~~366,951

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.	$	1,162,088	$	—

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 47


	2022		2021
Cash flows from operating activities:

Net income (loss)	$	(80,292)	$	~~(55~~584,~~600)~~487
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		(12688,~~249~~248)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		~~222~~285
Decrease in accounts payable and accrued expenses		—		(38)
Increase (Decrease) in accounts payable affiliates		(181,083)		(~~721~~1,~~856~~378,792)

Net cash used in operating activities		(261,375)		(~~789~~1,~~521~~482,306)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		—		12688,~~249~~248

Net cash provided by investing activities		—		12688,~~249~~248

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(261,375)		(~~777~~794,~~272~~058)

Cash and cash equivalents, beginning		261,375		1,054,904

Cash and cash equivalents, ending	$	—	$	~~277~~260,~~632~~846

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

Table of Contents

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 48


	2022		2021
Cash flows from operating activities:

Net income (loss)	$	(69,894)	$	~~(42~~601,~~769)~~994
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(9,999)		—(676,000)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		73111
Decrease in accounts payable and accrued expenses		—		—
Increase (Decrease) in accounts payable affiliates		(119,698)		23(640,~~708~~438)

Net cash used in operating activities		(199,591)		(18714,~~988~~333)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		9,999		—676,000

Net cash provided by investing activities		9,999		—676,000

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(189,592)		(1838,~~988~~333)

Cash and cash equivalents, beginning		189,592		235,196

Cash and cash equivalents, ending	$	—	$	~~216~~196,~~208~~863

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.	$	932,586	$	—

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

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 49


	2022		2021
Cash flows from operating activities:

Net income (loss)	$	961,~~677~~189,949	$	784,~~265~~463,214
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(~~212~~1,~~220~~228,445)		(~~249~~4,~~688~~709,541)
Changes in assets and liabilities
(Increase) Decrease in other assets		~~(141)~~4,950		(~~3,871~~853)
Decrease in accounts payable and accrued expenses		—		(2)
Increase (Decrease) in accounts payable affiliates		(2434,~~401~~132)		(~~295~~4,~~101~~203,685)

Net cash used in operating activities		(~~140~~67,~~085~~678)		(~~470~~4,~~397~~450,867)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		~~212~~1,~~220~~228,344		~~249~~4,~~688~~709,541

Net cash provided by investing activities		~~212~~1,~~220~~228,344		~~249~~4,~~688~~709,541

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		721,~~135~~160,666		~~(220~~258,~~709)~~674

Cash and cash equivalents, beginning		937,011		650,568

Cash and cash equivalents, ending	$	12,~~009~~097,~~146~~677	$	~~429~~909,~~859~~242

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

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~September~~December 3031, 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 ~~September~~December 3031, 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 ~~September~~December 3031, 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 ~~September~~December 3031, 2022 and for the three and ~~six~~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.

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 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, 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 ~~September~~December 3031, 2022 and 2021, are as follows:


	2022		2021

Series 47	$	—	$	19,064
Series 48		~~982~~—		11,854
Series 49		3227,~~630~~120		9584,~~931~~331
Total	$	3327,~~612~~120	$	~~126~~115,~~849~~249

The fund management fees paid for the quarters ended ~~September~~December 3031, 2022 and 2021 are as follows:


	2022		2021

Series 47	$	—	$	—676,000
Series 48		~~123,626~~—		—676,000
Series 49		3036,~~278~~851		—3,992,915
Total	$	~~153~~36,~~904~~851	$	—5,344,915

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS – (continued)

The fund management fees paid for the ~~six~~nine months ended ~~September~~December 3031, 2022 and 2021 are as follows:


	2022		2021

Series 47	$	181,083	$	~~760~~1,436,987
Series 48		123,626		—676,000
Series 49		~~107~~144,~~977~~828		~~495~~4,~~012~~487,927
Total	$	~~412~~449,~~686~~537	$	16,~~255~~600,~~999~~914

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in two of the series. Total forgiveness of debt for the ~~six~~nine months ended ~~September~~December 3031, 2022 and 2021 was $1,162,088 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~September~~December 3031, 2022 and 2021, the Fund had limited partnership interests in 53 and 2016 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at ~~September~~December 3031, 2022 and 2021 is as follows:


	2022	2021

Series 47	—	32
Series 48	—	21
Series 49	53	1513
Total	53	2016

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 ~~six~~nine months ended ~~September~~December 3031, 2022, the Fund disposed of ~~eight~~ten Operating Partnerships. A summary of the dispositions by series for the period ended ~~September~~December 3031, 2022 is as follows:


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

Series 47	—	—	$	—	$	—
Series 48	1	—		9,999		9,999
Series 49	79	—		~~212~~1,~~220~~228,344		~~212~~1,~~220~~228,445
Total	810	—	$	~~222~~1,~~219~~238,343	$	~~222~~1,~~219~~238,444

* Fund proceeds from disposition does not include $101, which was due to a write-off of capital contribution payable as of December 31, 2022, for Series 49.

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

During the ~~six~~nine months ended ~~September~~December 3031, 2021, the Fund disposed of ~~three~~seven Operating Partnerships. A summary of the dispositions by series for the period ended ~~September~~December 3031, 2021 is as follows:


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

Series 47	12	—	$	12688,~~249~~248	$	12688,~~249~~248
Series 48	—1	—		—676,000		—676,000
Series 49	24	—		~~249~~4,~~688~~709,541		~~249~~4,~~688~~709,541
Total	37	—	$	~~261~~6,~~937~~073,789	$	~~261~~6,~~937~~073,789

The gain 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.

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 ~~six~~nine months ended ~~June~~September 30, 2022.

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~June~~September 30,

(Unaudited)

Total


	2022		2021

Revenues
Rental	$	1804,~~120,326~~089	$	54,~~637~~076,~~489~~213
Interest and other		5131,~~843~~328		~~101~~132,~~345~~589
		1835,~~172,169~~417		54,~~738~~208,~~834~~802

Expenses
Interest		~~160~~79,~~659~~405		~~631~~534,~~280~~857
Depreciation and amortization		~~350~~208,~~594~~133		1,~~333~~149,~~950~~993
Operating expenses		~~818~~591,~~737~~302		3,~~916~~011,~~144~~494
		1878,~~329,990~~840		54,~~881~~696,~~374~~344

NET INCOME (LOSS)	$	(~~157~~43,~~821~~423)	$	(~~142~~487,~~540~~542)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(~~156~~42,~~243~~989)	$	(~~141~~482,~~115~~668)

Net Income (loss) allocated to other Partners	$	(~~1,578~~434)	$	(14,~~425~~874)

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.

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~June~~September 30,

(Unaudited)

Series 47


	2022		2021

Revenues
Rental	$	—	$	~~919~~672,~~328~~338
Interest and other		—		72,~~950~~366
		—		~~927~~674,~~278~~704

Expenses
Interest		—		~~102~~123,~~547~~649
Depreciation and amortization		—		~~192~~148,~~978~~235
Operating expenses		—		~~652~~518,~~893~~567
		—		~~948~~790,~~418~~451

NET INCOME (LOSS)	$	—	$	(21115,~~140~~747)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	—	$	(20114,~~929~~590)

Net Income (loss) allocated to other Partners	$	—	$	(~~211~~1,157)

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~June~~September 30,

(Unaudited)

Series 48


	2022		2021

Revenues
Rental	$	—	$	~~642~~257,~~456~~030
Interest and other		—		106,~~469~~145
		—		~~652~~263,~~925~~175

Expenses
Interest		—		3725,~~210~~643
Depreciation and amortization		—		~~122~~42,~~217~~094
Operating expenses		—		~~452~~217,~~239~~585
		—		~~611~~285,~~666~~322

NET INCOME (LOSS)	$	—	$	41(22,~~259~~147)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	—	$	40(21,~~846~~926)

Net Income (loss) allocated to other Partners	$	—	$	~~413~~(221)

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2022

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~June~~September 30,

(Unaudited)

Series 49


	2022		2021

Revenues
Rental	$	1804,~~120,326~~089	$	43,~~075~~146,~~705~~845
Interest and other		5131,~~843~~328		82124,~~926~~078
		1835,~~172,169~~417		43,~~158~~270,~~631~~923

Expenses
Interest		~~160~~79,~~659~~405		~~491~~385,~~523~~565
Depreciation and amortization		~~350~~208,~~594~~133		1959,~~018,755~~664
Operating expenses		~~818~~591,~~737~~302		2,~~811~~275,~~012~~342
		1878,~~329,990~~840		43,~~321~~620,~~290~~571

NET INCOME (LOSS)	$	(~~157~~43,~~821~~423)	$	(~~162~~349,~~659~~648)

Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(~~156~~42,~~243~~989)	$	(~~161~~346,~~032~~152)

Net Income (loss) allocated to other Partners	$	(~~1,578~~434)	$	(13,~~627~~496)

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.

Table of Contents

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 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 2018 remain open.

NOTE G - 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, no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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, 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 ~~September~~December 3031, 2022 were $3327,~~612~~120 and ~~total~~there were no fund management fees accrued as of ~~September~~December 3031, 2022 ~~were $9,731~~. During the quarter ended ~~September~~December 3031, 2022, $~~153~~36,~~904~~851 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 ~~September~~December 3031, 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 all 15 of the Operating Partnerships.

Table of Contents

As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the ~~six~~nine months ended ~~September~~December 3031, 2022 was $229,502 for Series 47. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

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 all 11 of the Operating Partnerships.

As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the ~~six~~nine months ended ~~September~~December 3031, 2022 was $932,586 for Series 48. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

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 1921 of the Operating Partnerships and 53 remain.

During the quarter ended ~~September~~December 3031, 2022, Series 49 ~~did~~applied ~~not~~$101 ~~record any releases~~ of ~~capital~~ contributions. ~~Series 49 has outstanding contributions~~ payable to 1a ~~Operating~~current ~~Partnership~~year indisposition ~~the~~and ~~amount~~has ofnow ~~$101,~~released asall payments of ~~September~~its ~~30,~~capital ~~2022. The remaining~~ contributions ~~will~~to ~~be released when~~ the Operating ~~Partnership have achieved the conditions set forth in their partnership agreement~~Partnerships.

Results of Operations

As of ~~September~~December 3031, 2022, the Fund held limited partnership interests in 5 3 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

Table of Contents

incurred and the reporting fees paid by the Operating Partnerships for the three and ~~six~~nine months ended ~~September~~December 3031, 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	$	—	$	—	$	—
Series 48		~~982~~—		—		~~982~~—
Series 49		3227,~~630~~120		3102,~~865~~553		28(75,~~765~~433)
	$	3327,~~612~~120	$	3102,~~865~~553	$	29(75,~~747~~433)


	69 Months				69 Months
	Gross Fund		69 Months		Fund Management Fee
	Management Fee		Reporting Fee		Net of Reporting Fee
Series 47	$	—	$	—	$	—
Series 48		3,928		—		3,928
Series 49		83110,~~576~~696		7110,~~865~~418		~~75,711~~278
	$	87114,~~504~~624	$	7110,~~865~~418	$	794,~~639~~206

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

The series did not have any properties at ~~September~~December 3031, 2022.

For the ~~six~~ nine-month periods ended ~~September~~December 3031, 2022 and 2021, Series 47 reflects a net loss from Operating Partnerships of $- and $(21 115,~~140~~747), respectively, which includes depreciation and amortization of $- and $ ~~192~~148,~~978~~235, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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.

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 Carrollton II Housing, LTD, with cash proceeds to the investment partnership of $9,999. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of 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

The series did not have any properties at ~~September~~December 3031, 2022.

Table of Contents

For the ~~six~~ nine-month periods ended ~~September~~December 3031, 2022 and 2021, Series 48 reflects a net income (loss) from Operating Partnerships of $- and $41(22,~~259~~147), respectively, which includes depreciation and amortization of $- and $~~122~~42,~~217~~094, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 September 30, 2022.

Series 49

The series had a total of 53 properties at ~~September~~December 3031, 2022.

For the ~~six~~ nine-month periods ended ~~September~~December 3031, 2022 and 2021, Series 49 reflects a net loss from Operating Partnerships of $(~~157~~43,~~821~~423) and $(~~162~~349,~~659~~648), respectively, which includes depreciation and amortization of $~~350~~208,~~594~~133 and $1959,~~018~~664,~~755,~~ respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 March 31, 2022.

In May 2022, the investment general partner transferred its interest in Linden - Bartlesville Partners, Limited Partnership, with cash proceeds to the investment partnership of $74,999. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of June 30, 2022.

In 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.

In July 2022, the investment general partner transferred its interest in Maverick Fountainhead, L.P., with cash proceeds to the investment partnership of $14,999. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of September 30, 2022.

Table of Contents

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 September 30, 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 September 30, 2022.

In 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 September 30, 2022.

In July 2022, 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 September 30, 2022.

~~The~~In November 2022, the investment general partner ~~will~~transferred ~~continue~~its tointerest ~~monitor~~in ~~the~~Rosehill ~~following~~Place ~~Operating~~of ~~Partnerships~~Topeka ~~because~~Two, ofL.L.C., ~~operational~~with orcash ~~other~~proceeds ~~issues.~~to ~~However~~the investment partnership of $278,938. ~~these~~These ~~Operating~~proceeds ~~Partnerships~~were ~~have~~returned ~~exited~~to ~~their~~cash ~~LIHTC~~reserves ~~compliance~~held ~~periods~~by Series 49 and ~~there~~recorded isas ~~therefore~~a nogain ~~risk~~on totransfer ~~past~~as ~~credit~~of ~~delivery~~December 31, 2022.

~~Rosehill~~In ~~Place~~December of2022, ~~Topeka~~the ~~Two~~investment general partner transferred its interest in Columbia Blackshear Senior Residences, L.LP.C, with cash proceeds to the investment partnership of $737,186. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2022. In addition, equity outstanding for the Operating Partnership in the amount of $101 for Series 49 was recorded as gain on the sale of the Operating Partnership as of December 31, 2022.

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

The Gardens of Athens, L.P.

~~Principal~~Critical Accounting ~~Policies~~Estimates

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.

Based on this guidance, management has determined that while the Operating Partnerships in which the Fund invests meet the definition of a VIE, the Operating Partnerships should not be consolidated with the Fund because the Fund does not have the power to direct the activities of the Operating Partnerships which are significant to their performance and is therefore not a primary beneficiary of the Operating Partnerships. 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.

Table of Contents

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4

Controls and Procedures

Table of Contents

(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.

(b)Changes in Internal Controls

There were no changes in the Fund’s or any series’ internal control over financial reporting that occurred during the quarter ended ~~September~~December 3031, 2022 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series’ internal 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.

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, 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

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 ~~September~~December 3031, 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).

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: November 10, 2022			By:	/s/ Gregory Voyentzie
Date: February 13, 2023			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:

November 10, 2022	/s/ Gregory Voyentzie	President
February 13, 2023	/s/ Gregory Voyentzie	President
	Gregory Voyentzie	(Principal Executive Officer),Corporate Investment Holdings, Inc.

November 10, 2022	/s/ Marie Reynolds	Treasurer
February 13, 2023	/s/ Marie Reynolds	Treasurer
	Marie Reynolds	(Principal Accounting and Financial Officer),Corporate Investment Holdings, Inc.

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