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~~Exhibit~~Bf 13bf

BF GARDEN TAX CREDIT FUND V L.P.

SERIES 47 THROUGH 49

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

MARCH 31, 2022 AND 2021

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

~~Table~~☒ ANNUAL ofREPORT ~~Contents~~PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

TABLE OF CONTENTS


		PAGE

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB No. 596)		F-3

FINANCIAL STATEMENTS

BALANCE SHEETS		F-4

STATEMENTS OF OPERATIONS		F-8

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)		F-12

STATEMENTS OF CASH FLOWS		F-16

NOTES TO FINANCIAL STATEMENTS		F-20

For the fiscal year ended March 31, 2023

~~Schedules~~☐ TRANSITION ~~not~~REPORT ~~listed~~PURSUANT ~~are~~TO ~~omitted~~SECTION ~~because~~13 ofOR ~~the~~15 ~~absence~~(d) ofOF ~~the~~THE ~~conditions~~SECURITIES ~~under~~EXCHANGE ~~which~~ACT ~~they~~OF ~~are required or because the information is included in the financial statements or the notes thereto.~~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)

Table of Contents

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

Report of Independent Registered Public Accounting Firm

To the General Partner

BF Garden Tax Credit Fund V L.P.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of BF Garden Tax Credit Fund V L.P. - Series 47 through 49 (collectively, the “Partnership”), in total and for each series, as of March 31, 2022 and 2021, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership, in total and for each series, as of March 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served as the Partnership’s auditor since 2004.

~~/s/CohnReznick~~101 ~~LLP~~Arch Street,13th ~~COHNREZNICK~~Floor ~~LLP~~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:

~~Bethesda,~~Title ~~Maryland~~of each class Trading Symbol(s) Name of each exchange on which registered None None None

June 24, 2022

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

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐

No ☒

~~F-3~~Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through Series 49

BALANCE SHEETS

March 31, 2022 and 2021


	Total
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		1,387,978		1,940,668
Other assets		4,950		4,493

	$	1,392,928	$	1,945,161

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	40
Accounts payable - affiliates		1,497,001		8,875,807
Capital contributions payable		101		101

		1,497,102		8,875,948

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 issued and 11,725,306 outstanding for both years		157,291		(6,652,256)
General partner		(261,465)		(278,531)

		(104,174)		(6,930,787)

	$	1,392,928	$	1,945,161

Yes ☐

No ☒

Indicate by check mark whether the registrant (~~continued~~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.

~~F-4~~Yes ☒ No ☐

Table of Contents

BFIndicate ~~Garden~~by ~~Tax~~check ~~Credit~~mark ~~Fund~~whether Vthe ~~L.P.~~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).

Series 47 through Series 49

BALANCE SHEETS - CONTINUED

March 31, 2022 and 2021


	Series 47
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		261,375		1,054,904
Other assets		—		285

	$	261,375	$	1,055,189

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	38
Accounts payable - affiliates		410,585		2,982,346
Capital contributions payable		—		—

		410,585		2,982,384

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,478,334 issued and 3,459,434 outstanding for both years		(72,129)		(1,845,669)
General partner		(77,081)		(81,526)

		(149,210)		(1,927,195)

	$	261,375	$	1,055,189

Yes ☒

No ☐

~~(continued)~~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.

FLarge accelerated filer ☐ Accelerated Filer ☐ Non-5accelerated filer ☒ Smaller Reporting Company ☒ Emerging Growth Company ☐

Table of Contents

BFIf ~~Garden~~an ~~Tax~~emerging ~~Credit~~growth ~~Fund~~company, Vindicate Lby 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.P. -☐

~~Series~~Indicate 47by ~~through~~check ~~Series~~mark 49whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

~~BALANCE~~If ~~SHEETS~~securities -are ~~CONTINUED~~registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

~~March~~Indicate ~~31,~~by ~~2022~~check ~~and~~mark ~~2021~~whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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


	Series 48
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		189,592		235,196
Other assets		—		111

	$	189,592	$	235,307

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable - affiliates		1,052,284		1,689,776
Capital contributions payable		—		—

		1,052,284		1,689,776

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,299,372 issued and 2,283,872 outstanding for both years		(809,772)		(1,400,070)
General partner		(52,920)		(54,399)

		(862,692)		(1,454,469)

	$	189,592	$	235,307

Yes ☐

No ☒

~~(continued)~~DOCUMENTS INCORPORATED BY REFERENCE

~~F-6~~None.

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through Series 49

BALANCE SHEETS - CONTINUED

March 31, 2022 and 2021


	Series 49
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		937,011		650,568
Other assets		4,950		4,097

	$	941,961	$	654,665

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	2
Accounts payable - affiliates		34,132		4,203,685
Capital contributions payable		101		101

		34,233		4,203,788

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 issued and 5,982,000 outstanding for both years		1,039,192		(3,406,517)
General partner		(131,464)		(142,606)

		907,728		(3,549,123)

	$	941,961	$	654,665

See notes to financial statements

F-7

Table of Contents

BF ~~Garden~~GARDEN ~~Tax~~TAX ~~Credit~~CREDIT ~~Fund~~FUND V L.P. -

~~Series~~FORM 4710-K ~~through~~ANNUAL ~~Series~~REPORT FOR THE 49YEAR ENDED MARCH 31, 2023

~~STATEMENTS~~TABLE OF ~~OPERATIONS~~CONTENTS

PART I
Item 1.	Business	1
Item 1A.	Risk Factors	2
Item 1B.	Unresolved Staff Comments	4
Item 2.	Properties	4
Item 3.	Legal Proceedings	6
Item 4.	Mine Safety Disclosures	6

PART II

Item 5.	Market for the Fund’s Limited Partnership Interests, Related Partner Matters and Issuer Purchases of Partnership Interests	7
Item 6.	[Reserved]	7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 8.	Financial Statements and Supplementary Data	12
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	12
Item 9A.	Controls and Procedures	12
Item 9B.	Other Information	13
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	13

PART III

Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	13
Item 11.	Executive Compensation	13
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters	14
Item 13.	Certain Relationships and Related Transactions, and Director Independence	14
Item 14.	Principal Accountant Fees and Services	15

PART IV

Item 15.	Exhibit and Financial Statement Schedules	16
Item 16.	Form 10-K Summary	17

	Signatures	18


	Total
	2022		2021
Income
Interest income	$	895	$	3,035
Other income		109,875		124,533

Total income		110,770		127,568

Gain on sale of operating limited partnerships		7,329,288		1,497,946

Expenses and loss
Professional fees		94,020		129,691
Partnership management fee		387,480		619,730
General and administrative expenses		131,945		71,003

		613,445		820,424

NET INCOME (LOSS)	$	6,826,613	$	805,090

Net income (loss) allocated to general partner	$	17,066	$	2,012

Net income (loss) allocated to limited partner	$	6,809,547	$	803,078

Net income (loss) per BAC	$	0.58	$	0.07

(continued)

F-8

Table of Contents

~~BF Garden Tax Credit Fund V~~PART ~~L.P. -~~I

~~Series~~Item 471. ~~through Series 49~~Business

~~STATEMENTS OF OPERATIONS - CONTINUED~~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.


	Series 47
	2022		2021
Income
Interest income	$	221	$	1,034
Other income		8,477		39,098

Total income		8,698		40,132

Gain on sale of operating limited partnerships		1,897,247		1,098,271

Expenses and loss
Professional fees		29,279		35,157
Partnership management fee		63,226		111,686
General and administrative expenses		35,455		21,994

		127,960		168,837

NET INCOME (LOSS)	$	1,777,985	$	969,566

Net income (loss) allocated to general partner	$	4,445	$	2,424

Net income (loss) allocated to limited partner	$	1,773,540	$	967,142

Net income (loss) per BAC	$	0.51	$	0.28

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 March 31, 2023, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Description of Business

The Fund’s principal business is to invest as a limited partner in other limited partnerships (~~continued~~the “Operating Partnerships”) each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the “Rehabilitation Tax Credit”). Section 236(f)(ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2023 the Fund had invested in 0 Operating Partnerships on behalf of Series 47; 0 Operating Partnerships on behalf of Series 48; and 3 Operating Partnerships on behalf of Series 49. A description of these Operating Partnerships is set forth in Item 2 herein.

~~F-9~~1

Table of Contents

BFThe ~~Garden~~business ~~Tax~~objectives ~~Credit~~of the Fund ~~V L.P. -~~are to:

~~Series 47~~(1) ~~through~~provide ~~Series 49~~current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor’s federal income tax liability from active, portfolio and passive income;

~~STATEMENTS~~(2) OFpreserve ~~OPERATIONS~~and -protect ~~CONTINUED~~the Fund’s capital and provide capital appreciation and cash distributions to limited partners through increases in value of the Fund’s investments and, to the extent applicable, increase in equity through periodic payments on the mortgage indebtedness with respect to the apartment complexes;

(3) provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and


	Series 48
	2022		2021
Income
Interest income	$	168	$	1,070
Other income		7,418		25,694

Total income		7,586		26,764

Gain on sale of operating limited partnerships		676,000		61,500

Expenses and loss
Professional fees		27,104		32,571
Partnership management fee		36,808		52,830
General and administrative expenses		27,897		18,720

		91,809		104,121

NET INCOME (LOSS)	$	591,777	$	(15,857)

Net income (loss) allocated to general partner	$	1,479	$	(40)

Net income (loss) allocated to limited partner	$	590,298	$	(15,817)

Net income (loss) per BAC	$	0.26	$	(0.01)

(4)

provide cash distributions (except with respect to the Fund’s investment in some non-profit Operating Partnerships) from capital transaction proceeds. The Operating Partnerships intend to hold the apartment complexes for appreciation in value. The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

Employees

The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.

~~(continued)~~Item 1A.Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

~~F-10~~An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

Table of Contents

BFPoor ~~Garden~~performance ~~Tax~~of ~~Credit~~one ~~Fund~~housing ~~V L~~complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.~~P. -~~

~~Series 47~~Each ~~through~~housing ~~Series~~complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 49years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

~~STATEMENTS~~- OFdifficulties ~~OPERATIONS~~in -obtaining ~~CONTINUED~~rent increases;

- limitations on cash distributions;


	Series 49
	2022		2021
Income
Interest income	$	506	$	931
Other income		93,980		59,741

Total income		94,486		60,672

Gain on sale of operating limited partnerships		4,756,041		338,175

Expenses and loss
Professional fees		37,637		61,963
Partnership management fee		287,446		455,214
General and administrative expenses		68,593		30,289

		393,676		547,466

NET INCOME (LOSS)	$	4,456,851	$	(148,619)

Net income (loss) allocated to general partner	$	11,142	$	(372)

Net income (loss) allocated to limited partner	$	4,445,709	$	(148,247)

Net income (loss) per BAC	$	0.74	$	(0.02)

limitations on sales or refinancing of Operating Partnerships;

- limitations on transfers of interests in Operating Partnerships;

- limitations on removal of local general partners;

~~See~~- ~~notes~~limitations toon ~~financial~~subsidy ~~statements~~programs; and

- possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

~~F-11~~No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes which exceed any cash distributed to them. For this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution. Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

Table of Contents

BFThe ~~Garden~~sale ~~Tax~~or ~~Credit~~refinancing ~~Fund~~of ~~V L.P. -~~the apartment complexes is dependent upon the following material factors:

~~Series 47~~- ~~through~~The ~~Series 49~~necessity of obtaining the consent of the operating general partners;

~~STATEMENTS~~- OFThe ~~CHANGES~~necessity INof ~~PARTNERS’~~obtaining ~~CAPITAL~~the approval of any governmental agency(~~DEFICIT~~ies) providing government assistance to the apartment complex; and

~~Year~~- ~~ended~~The ~~March 31,~~uncertainty ~~2022~~of ~~and~~the ~~2021~~market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have sufficient sources of cash to pay our existing liabilities.

We currently have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund’s working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B.Unresolved Staff Comments

Not applicable.

Item 2.Properties

The Fund has acquired a limited partnership interest in 3 Operating Partnerships in one series, identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated 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." The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus. The general partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.


	Limited		General
Total	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(7,455,334)	$	(280,543)	$	(7,735,877)

Net income (loss)		803,078		2,012		805,090

Partners’ capital (deficit), March 31, 2021		(6,652,256)		(278,531)		(6,930,787)

Net income (loss)		6,809,547		17,066		6,826,613

Partners’ capital (deficit), March 31, 2022	$	157,291	$	(261,465)	$	(104,174)

(continued)

F-12

Table of Contents

BF Garden Tax Credit Fund V L.P. -

~~Series 47~~PROPERTY ~~through~~PROFILE ~~Series~~AS OF MARCH 4931, 2023

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Year ended March 31, 2022 and 2021


	Limited		General
Series 47	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(2,812,811)	$	(83,950)	$	(2,896,761)

Net income (loss)		967,142		2,424		969,566

Partners’ capital (deficit), March 31, 2021		(1,845,669)		(81,526)		(1,927,195)

Net income (loss)		1,773,540		4,445		1,777,985

Partners’ capital (deficit), March 31, 2022	$	(72,129)	$	(77,081)	$	(149,210)

All properties in Series 47 have been disposed of.

~~(continued)~~All properties in Series 48 have been disposed of.

Remaining properties in Series 49

F-13

Mortgage

Qualified

Cap Con

Property

Balance as

Acq

Const

Occupancy

paid thru

Name

Location

Units

of 12/31/22

Date

Comp

3/31/23

Ridgeview Terrace Apartments

Mount Vernon, WA

3,180,710

01/05

08/05

100

1,768,991

The Gardens of Athens

Athens, TX

1,272,979

01/05

12/05

100

1,933,414

Union Square Apartments

Junction City, LA

820,510

02/05

09/05

100

733,891

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2022 and 2021


	Limited		General
Series 48	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(1,384,253)	$	(54,359)	$	(1,438,612)

Net income (loss)		(15,817)		(40)		(15,857)

Partners’ capital (deficit), March 31, 2021		(1,400,070)		(54,399)		(1,454,469)

Net income (loss)		590,298		1,479		591,777

Partners’ capital (deficit), March 31, 2022	$	(809,772)	$	(52,920)	$	(862,692)

(continued)

F-14

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2022 and 2021


	Limited		General
Series 49	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(3,258,270)	$	(142,234)	$	(3,400,504)

Net income (loss)		(148,247)		(372)		(148,619)

Partners’ capital (deficit), March 31, 2021		(3,406,517)		(142,606)		(3,549,123)

Net income (loss)		4,445,709		11,142		4,456,851

Partners’ capital (deficit), March 31, 2022	$	1,039,192	$	(131,464)	$	907,728

~~See notes to financial statements~~5

F-15

Table of Contents

~~BF Garden Tax Credit Fund V~~Item L3.~~P. -~~Legal Proceedings

~~Series 47 through Series 49~~None.

~~STATEMENTS~~Item 4.Mine OFSafety ~~CASH FLOWS~~Disclosures

Not Applicable


	Total
	2022		2021
Cash flows from operating activities
Net income (loss)	$	6,826,613	$	805,090
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(7,329,288)		(1,497,946)
Changes in assets and liabilities
Other assets		(457)		101,918
Accounts payable and accrued expenses		(40)		(9,303)
Accounts payable - affiliates		(7,378,806)		(177,787)

Net cash used in operating activities		(7,881,978)		(778,028)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		7,329,288		1,497,946

Net cash provided by investing activities		7,329,288		1,497,946

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(552,690)		719,918

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

Cash and cash equivalents, end	$	1,387,978	$	1,940,668

(continued)

F-16

Table of Contents

~~BF Garden Tax Credit Fund V~~PART ~~L.P. -~~II

~~Series~~Item 475.Market ~~through~~for ~~Series 49~~the Fund’s Limited Partnership Interests, Related Fund Matters and Issuer Purchases of Partnership Interests

~~STATEMENTS~~(a) OFMarket ~~CASH FLOWS - CONTINUED~~Information

The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

(b)

Approximate number of security holders

As of March 31, 2023, the Fund has 5,199 BAC holders for an aggregate of 11,777,706 BACs, at a subscription price of $10 per BAC, received and accepted.

The BACs were issued in series. Series 47 consists of 1,559 investors holding 3,478,334 BACs, Series 48 consists of 1,030 investors holding 2,299,372 BACs and Series 49 consists of 2,610 investors holding 6,000,000 BACs at March 31, 2023.

(c)

Dividend history and restriction

The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 15, 2003, through March 31, 2023.

The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC Holder.

Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate, or sooner. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

To date the Fund has not made any cash distributions to the limited partners.

Item 6.[Reserved]


	Series 47
	2022		2021
Cash flows from operating activities
Net income (loss)	$	1,777,985	$	969,566
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(1,897,247)		(1,098,271)
Changes in assets and liabilities
Other assets		285		(285)
Accounts payable and accrued expenses		(38)		(6,141)
Accounts payable - affiliates		(2,571,761)		(404,362)

Net cash used in operating activities		(2,690,776)		(539,493)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,897,247		1,098,271

Net cash provided by investing activities		1,897,247		1,098,271

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(793,529)		558,778

Cash and cash equivalents, beginning		1,054,904		496,126

Cash and cash equivalents, end	$	261,375	$	1,054,904

(continued)

F-17

Table of Contents

BFItem 7.Management’s ~~Garden~~Discussion ~~Tax~~and ~~Credit~~Analysis ~~Fund~~of ~~V L.P. -~~Financial Condition and Results of Operations

~~Series~~This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, 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 4727A ~~through~~of ~~Series~~the Securities Act of 1933, as amended, and Section 4921E 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 of this Report. 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.

~~STATEMENTS OF CASH FLOWS - CONTINUED~~Liquidity

The Fund’s primary source of funds is the proceeds of each Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.


	Series 48
	2022		2021
Cash flows from operating activities
Net income (loss)	$	591,777	$	(15,857)
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
Other assets		111		(111)
Accounts payable and accrued expenses		—		(2,500)
Accounts payable - affiliates		(637,492)		(144,607)

Net cash used in operating activities		(721,604)		(224,575)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		676,000		61,500

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

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(45,604)		(163,075)

Cash and cash equivalents, beginning		235,196		398,271

Cash and cash equivalents, end	$	189,592	$	235,196

Capital Resources

The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on January 2, 2004. As of March 31, 2023 the Fund had received and accepted subscriptions for $117,777,060 representing 11,777,706 BACs from investors admitted as BAC holders in Series 47 through Series 49 of the Fund. The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

(Series 47). The Fund commenced offering BACs in Series 47 on January 2, 2004. The Fund received and accepted subscriptions for $34,783,340 representing 3,478,334 BACs from investors admitted as BAC holders in Series 47. Offers and sales of BACs in Series 47 were completed and the last of the BACs in Series 47 were issued by the Fund on April 30, 2004.

~~(continued)~~During the fiscal year ended March 31, 2023, none of Series 47 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 2023, proceeds from the offer and sale of BACs in Series 47 had been used to invest in 15 Operating Partnerships in an aggregate amount of $26,407,255. As of March 31, 2023, all 15 of the properties has been disposed. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

(Series 48). The Fund commenced offering BACs in Series 48 on May 11, 2004. The Fund received and accepted subscriptions for $22,993,720 representing 2,299,372 BACs from investors admitted as BAC holders in Series 48. Offers and sales of BACs in Series 48 were completed and the last of the BACs in Series 48 were issued by the Fund on August 12, 2004.

~~F-18~~During the fiscal year ended March 31, 2023, none of Series 48 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 2023, proceeds from the offer and sale of BACs in Series 48 had been used to invest in 11 Operating Partnerships in an aggregate amount of $17,450,063. As of March 31, 2023, all 11 of the properties has been disposed. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

(Series 49). The Fund commenced offering BACs in Series 49 on August 24, 2004. The Fund received and accepted subscriptions for $60,000,000 representing 6,000,000 BACs from investors admitted as BAC holders in Series 49. Offers and sales of BACs in Series 49 were completed and the last of the BACs in Series 49 were issued by the Fund on April 29, 2005.

During the fiscal year ended March 31, 2023, none of Series 49 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 2023, proceeds from the offer and sale of BACs in Series 49 had been used to invest in 24 Operating Partnerships in an aggregate amount of $45,667,147. As of March 31, 2023, 21 of the properties has been disposed of and 3 remain. The Fund had completed payment of all installments of its capital contributions to all 24 of the Operating Partnerships. Series 49 had outstanding contributions payable to 1 Operating Partnership in the amount of $101 that was applied to additional gain on sale as of March 31, 2023.

Table of Contents

BFResults ~~Garden~~of ~~Tax Credit Fund V L.P. -~~Operations

~~Series~~The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal 47years ~~through~~ended ~~Series~~March 4931, 2023 and 2022, was $17,841, and $387,480, respectively.

~~STATEMENTS~~The OFFund’s ~~CASH~~investment ~~FLOWS~~objectives -do ~~CONTINUED~~not include receipt of significant cash flow 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 as of March 31, 2023.


	Series 49
	2022		2021
Cash flows from operating activities
Net income (loss)	$	4,456,851	$	(148,619)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(4,756,041)		(338,175)
Changes in assets and liabilities
Other assets		(853)		102,314
Accounts payable and accrued expenses		(2)		(662)
Accounts payable - affiliates		(4,169,553)		371,182

Net cash used in operating activities		(4,469,598)		(13,960)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		4,756,041		338,175

Net cash provided by investing activities		4,756,041		338,175

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		286,443		324,215

Cash and cash equivalents, beginning		650,568		326,353

Cash and cash equivalents, end	$	937,011	$	650,568

For the tax years ended December 31, 2022 and 2021, the series, in total, generated $(1,797,250) and $(3,488,771), respectively in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2023 and 2022, investments in Operating Partnerships for Series 47 was $0. Investments in Operating Partnership was affected by the way the Fund accounts for such investments, the equity method.

For the years ended March 31, 2023 and 2022, net income (loss) of the series was $(80,292) and $1,777,985, respectively. The major components of the current year amount were the general and administrative expenses.

~~See~~In ~~notes~~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 ~~financial~~the ~~statements~~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.

~~F-19~~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 as of March 31, 2023.

For the tax years ended December 31, 2022 and 2021, the series, in total, generated $693,363 and $(1,596,148), respectively in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2023 and 2022, investments in Operating Partnerships for Series 48 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for such investments, the equity method.

For the years ended March 31, 2023 and 2022, the net income (loss) of the series was $(69,894) and $591,777, respectively. The major components of the current year amount were the general and administrative expenses.

Table of Contents

BFIn ~~Garden~~December ~~Tax~~2021, ~~Credit~~the ~~Fund~~investment ~~V L~~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.P 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 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 47 ~~through~~48 49and recorded as a gain on transfer as of September 30, 2022.

~~NOTES TO~~(Series ~~FINANCIAL~~49). ~~STATEMENTS~~The series had a total of 3 properties as of March 31, 2023.

~~March~~ For the tax years ended December 31, 2022 and 2021, the series, in total, generated $(2,448,404) and $(6,837,504), respectively in passive income tax (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

~~NOTE A -~~As ~~ORGANIZATION~~of ~~AND~~March ~~SUMMARY~~31, OF2023 ~~SIGNIFICANT~~and ~~ACCOUNTING~~2022, ~~POLICIES~~investments in Operating Partnerships for Series 49 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for such investments, the equity method.

BFFor ~~Garden Tax Credit Fund V L.P. (formerly known as Boston Capital Tax Credit Fund V L.P.) (~~the ~~“Fund”)~~years ~~was~~ended ~~organized~~March ~~under the laws of the State of Delaware as of October 15~~31, ~~2003,~~2023 ~~for the purpose of acquiring, holding,~~ and ~~disposing of limited partnership interests in operating partnerships which acquire~~2022, ~~develop,~~the ~~rehabilitate,~~net ~~operate and own newly constructed, existing or rehabilitated low-~~income ~~apartment complexes~~ (~~“Operating Partnerships”~~loss). ~~Effective~~of asthe ofseries ~~December~~was 15$1, ~~2020~~170,845 ~~Corporate~~and ~~Investment Holdings~~$4, ~~Inc.~~456, ~~a Massachusetts corporation owned by BF Garden Companion Limited Partnership~~851, ~~a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P~~respectively. ~~Manning~~The asmajor ~~the~~components ~~sole manager~~ of the ~~Fund’s~~current ~~general~~year ~~partner,~~amount BFwere ~~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~~gain ~~member~~on sale of the ~~Fund’s~~operating ~~general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware~~ limited ~~liability~~partnerships ~~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~~administrative ~~replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion~~expenses. ~~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~~In ~~assignor~~June ~~limited~~2021, ~~partner was formed for~~ the ~~purpose~~investment ofgeneral ~~serving~~partner intransferred ~~that~~its ~~capacity~~interest ~~for the Fund and does not engage~~ in ~~any~~Linda ~~other~~Villa ~~business.~~Apartment, ~~Units~~with ofcash ~~beneficial~~proceeds ~~interest~~to in the ~~limited~~investment partnership ~~interest~~ of ~~the~~$205,990. ~~assignor~~These ~~limited~~proceeds ~~partner~~were ~~have~~returned ~~been~~to ~~assigned~~cash byreserves ~~the~~held ~~assignor limited partner~~ by ~~means~~Series of49 ~~beneficial assignee certificates (“BACs”) to investors~~ and ~~investors~~recorded ~~are~~as ~~entitled to all the rights and economic benefits of~~ a ~~limited~~gain ~~partner~~on oftransfer ~~the~~as ~~Fund, including rights to a percentage~~ of ~~the~~June ~~income~~30, ~~gains, losses, deductions, credits and distributions of the Fund~~2021.

AIn ~~Registration~~June ~~Statement~~2021, ~~on Form S-11 and~~ the ~~related~~investment ~~prospectus~~general ~~were~~partner ~~filed~~transferred ~~with~~its ~~the~~interest ~~Securities~~in ~~and~~Renaissance ~~Exchange Commission and became effective January 2~~Village, ~~2004 in connection~~ with acash ~~public~~proceeds ~~offering~~to inthe ~~one~~investment orpartnership ~~more series~~ of ~~a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at~~ $~~10 per BAC~~43,698. OnThese ~~August 10,~~proceeds ~~2004,~~were anreturned ~~amendment~~ to ~~Form S-11,~~cash ~~which~~reserves ~~registered~~held anby ~~additional~~Series ~~8,500,000~~49 ~~BACs~~and ~~for~~recorded ~~sale~~as toa ~~the~~gain ~~public~~on intransfer ~~one~~as ~~or more series became effective. As~~ of ~~December 31,~~June ~~2005~~30, ~~subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060~~2021.

~~The~~In ~~BAC’s~~October ~~issued~~2021, ~~and~~the ~~outstanding~~investment general partner transferred its interest in ~~each~~Rosewood ~~series~~Place, atL.L.C., ~~March~~with 31cash proceeds to the investment partnership of $949,953. ~~2022~~These proceeds were returned to cash reserves held by Series 49 and ~~2021~~recorded ~~are~~as a gain on transfer as ~~follows:~~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.


	Issued		Outstanding
	2022	2021	2022	2021
Series 47	3,478,334	3,478,334	3,459,434	3,459,434
Series 48	2,299,372	2,299,372	2,283,872	2,283,872
Series 49	6,000,000	6,000,000	5,982,000	5,982,000

	11,777,706	11,777,706	11,725,306	11,725,306

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.

FIn June 2022, the investment general partner of BF Garden Tax Credit Fund IV -20 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

BFIn ~~Garden~~July ~~Tax~~2022, ~~Credit~~the ~~Fund~~investment V 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.

~~Series 47~~In ~~through~~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.

~~NOTES TO~~In ~~FINANCIAL~~July ~~STATEMENTS~~2022, –the ~~CONTINUED~~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.

~~March 31,~~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 ~~2021~~recorded as a gain on transfer as of September 30, 2022.

~~NOTE A -~~In ~~ORGANIZATION~~November ~~AND~~2022, ~~SUMMARY~~the OFinvestment ~~SIGNIFICANT~~general ~~ACCOUNTING~~partner ~~POLICIES~~transferred -its ~~(Continued)~~interest in Rosehill Place of Topeka Two, L.L.C., with cash proceeds to the investment partnership of $278,938. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2022.

~~Investments~~In December 2022, the investment general partner transferred its interest in Columbia Blackshear Senior Residences, L.P., 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 ~~Limited~~Partnership ~~Partnerships~~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 ~~Fund~~investment ~~accounts~~general ~~for~~partner ~~its~~will ~~investments~~continue into ~~operating~~monitor ~~limited partnerships using~~ the ~~equity~~following ~~method,~~Operating ~~whereby~~Partnership ~~the~~because ~~Fund adjusts its investment cost for its share~~ of ~~each~~operational ~~operating limited partnership’s results of operations and for any distributions received~~ or ~~accrued~~other issues. However, ~~the~~this ~~Fund~~Operating ~~recognizes~~Partnership ~~the~~has ~~individual~~exited ~~operating~~its ~~limited~~LIHTC ~~partnership’s~~compliance ~~losses~~period ~~only~~and tothere ~~the~~is ~~extent~~therefore ~~that~~no ~~the~~risk ~~Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances~~ to ~~operating~~past ~~limited~~credit ~~partnerships~~delivery. ~~Unrecognized losses are suspended and offset against future individual operating limited partnership income.~~

~~After~~The ~~the~~Gardens ~~investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share~~ of ~~losses and~~Athens, ~~accordingly, a valuation allowance is recorded against the receivables~~L. ~~Accordingly, the Fund recorded a valuation allowance of $0 and $120,000 as of March 31, 2022 and 2021, respectively~~P.

~~The~~Critical ~~Fund~~Accounting reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.Estimates

~~Capital~~In ~~contributions~~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 ~~operating~~determine ~~limited~~which ~~partnerships~~entity ~~are~~should ~~adjusted~~consolidate bya ~~tax~~VIE ~~credit~~focuses ~~adjusters~~on control and economic factors. A ~~Tax~~VIE ~~credit~~is ~~adjusters~~a ~~are~~legal ~~defined~~structure asused ~~adjustments~~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 ~~operating~~direct ~~limited~~the ~~partnership~~activities ~~capital~~of ~~contributions~~the ~~due~~VIE that most significantly impact the VIE's economic performance and (2) the obligation to ~~reductions~~absorb inlosses ~~actual~~or ~~tax~~receive ~~credits~~benefits ~~from~~that ~~those~~could ~~originally~~potentially ~~projected~~be significant to the VIE. ~~The~~If ~~Fund~~multiple ~~records~~unrelated ~~tax~~parties ~~credit~~share ~~adjusters~~such power, as adefined, ~~reduction~~no inparty ~~investments~~will inbe ~~operating~~required ~~limited~~to ~~partnerships~~consolidate ~~and~~the ~~capital~~VIE. ~~contributions~~Further, ~~payable~~the guidance requires continual reconsideration of the primary beneficiary of a VIE.

~~The~~Based ~~operating~~on ~~limited~~this ~~partnerships~~guidance, ~~maintain~~management ~~their~~has ~~financial~~determined ~~statements~~that ~~based~~while onthe Operating Partnerships in which the Fund invests meet the definition of a ~~calendar year~~VIE, ~~and~~the Operating Partnerships should not be consolidated with the Fund ~~utilizes~~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 ~~March 31 year-end~~primary beneficiary of the Operating Partnerships. The Fund currently records ~~losses~~the ~~and~~amount ~~income~~of ~~from~~its ~~the~~investment ~~operating~~in ~~limited~~these partnerships as an asset on aits ~~calendar year~~balance ~~basis~~sheets, ~~which~~recognizes isits ~~not~~share ~~materially~~of ~~different~~partnership ~~from~~income or losses in the statements of operations, and ~~income~~discloses ~~generated~~how ifit 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 ~~operating~~risk ~~limited~~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 ~~utilized~~is amitigated ~~March 31 year-end~~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.

~~The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount~~Item 7A.Quantitative ~~The~~and ~~operating~~Qualitative ~~limited~~Disclosures ~~partnerships~~About ~~record~~Market ~~capital contributions from the Fund when received.~~Risk

InNot 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. 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 is required to consolidate the VIE.Applicable

~~F-21~~11

Table of Contents

BFItem 8. Financial ~~Garden~~Statements ~~Tax~~and ~~Credit~~Supplementary ~~Fund V L.P. -~~Data

~~Series~~The information required by this item is contained in Part 47IV, ~~through~~Item 15 49of this Annual Report on Form 10-K.

~~NOTES~~Item TO9.Changes ~~FINANCIAL~~in ~~STATEMENTS~~and –Disagreements ~~CONTINUED~~with Accountants on Accounting and Financial Disclosure

~~March 31, 2022 and 2021~~None

~~NOTE~~Item ~~A -~~9A.Controls ~~ORGANIZATION~~and ~~AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)~~Procedures

~~The Fund determines whether an entity is~~ (a) ~~VIE~~Evaluation ~~and whether it is the primary beneficiary at the date~~ of ~~initial~~Disclosure ~~involvement~~Controls ~~with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts~~ and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.Procedures

~~Based~~As onof ~~this~~the ~~guidance,~~end of the ~~operating~~period ~~limited~~covered ~~partnerships~~by inthis ~~which~~report, the Fund’s ~~invests~~general ~~meet~~partner, under the ~~definition~~supervision and with the participation of athe ~~VIE.~~Principal ~~However~~Executive Officer and Principal Financial Officer of Corporate Investment Holdings Inc., ~~management~~carried ~~does~~out ~~not~~an ~~consolidate~~evaluation of the effectiveness of the Fund’s ~~interests~~“disclosure controls and procedures” as defined in ~~these~~the ~~VIEs~~Securities ~~under~~Exchange ~~this~~Act ~~guidance,~~of as1934 itRules 13a-15 isand ~~not~~15d-15, ~~considered~~with respect to beeach ~~the~~series ~~primary~~individually, ~~beneficiary.~~as ~~The~~well ~~Fund~~as ~~currently~~the ~~records~~Fund ~~the~~as ~~amount~~a ofwhole. ~~its~~Based ~~investment~~on inthat ~~these~~evaluation, ~~operating~~the ~~limited~~Fund’s ~~partnerships~~Principal asExecutive anOfficer ~~asset~~and onPrincipal ~~its~~Financial ~~balance~~Officer ~~sheets,~~have ~~recognizes~~concluded ~~its~~that ~~share~~as of the ~~operating~~end ~~limited~~of ~~partnership~~the ~~income~~period orcovered ~~losses~~by inthis report, the ~~statements~~Fund’s ofdisclosure ~~operations,~~controls and ~~discloses~~procedures ~~how~~were iteffective ~~accounts~~to ~~for~~ensure ~~material~~that ~~types~~the ofinformation ~~these~~relating ~~investments~~to inany ~~its~~series ~~financial~~or ~~statements.~~the ~~The~~ Fund’s ~~balance~~as ina ~~investment~~whole inrequired ~~operating~~to ~~limited~~be ~~partnerships,~~disclosed ~~advances~~by toit ~~operating~~in ~~limited~~the ~~partnerships,~~reports ~~plus~~that it files or submits under the ~~risk~~Securities ofExchange ~~recapture~~Act of ~~tax~~1934 ~~credits~~(i) is ~~previously~~recorded, ~~recognized~~processed, onsummarized ~~these~~and ~~investments,~~reported ~~represents~~within ~~its~~the ~~maximum~~time ~~exposure~~periods tospecified ~~loss.~~in ~~The~~the ~~Fund~~SEC’s ~~exposure~~rules and toforms ~~loss~~and on(ii) is ~~these~~accumulated ~~operating~~and ~~limited~~communicated ~~partnerships~~to isthe ~~mitigated~~Fund’s bymanagement, including the ~~condition~~Fund’s ~~and~~Principal ~~financial~~Executive ~~performance~~Officer ofand ~~the~~Principal ~~underlying~~Financial ~~properties~~Officer, as ~~well~~appropriate, asto ~~the~~allow ~~strength~~timely ofdecisions ~~the~~regarding ~~operating~~required ~~general~~disclosure ~~partners~~with ~~and~~respect ~~their~~to ~~guarantee~~each ~~against~~series ~~credit~~individually, ~~recapture~~as well as the Fund as a whole.

~~Income~~(b) ~~Taxes~~Management’s Annual Report on Internal Control over Financial Reporting

~~The~~Management ~~Fund~~of ~~has~~the ~~elected~~Fund tois beresponsible ~~treated~~for asestablishing aand ~~pass-through~~maintaining ~~entity~~adequate ~~for~~internal ~~income~~control ~~tax~~over ~~purposes~~financial ~~and,~~reporting (as ~~such,~~defined isin ~~not~~Rule 13a-15(f) under ~~subject~~the toExchange ~~income~~Act) ~~taxes. Rather, all items~~ of ~~taxable~~each ~~income~~series individually, ~~deductions~~as ~~and~~well ~~tax~~as ~~credits~~the ~~are~~Fund ~~passed~~as ~~through~~a ~~to and are reported by its owners on their respective income tax returns~~whole. The Fund’s ~~federal~~internal ~~tax~~control ~~status~~system asover afinancial ~~pass-through~~reporting ~~entity~~ is ~~based~~designed ~~on its legal status as a Fund. Accordingly, the Fund is not required~~ to ~~take~~provide ~~any~~reasonable ~~tax~~assurance ~~positions in order~~ to ~~qualify~~the ~~as a pass-through entity. The~~ Fund’s ismanagement ~~required~~regarding ~~to file and does file tax returns with~~ the ~~Internal~~reliability ~~Revenue~~of ~~Service and other taxing authorities. Accordingly, these~~ financial ~~statements~~reporting ~~do not reflect a provision for income taxes~~ and the ~~Fund~~preparation ~~has~~of nofinancial ~~other~~statements ~~tax positions, which must be considered~~ for ~~disclosure.~~external ~~Income~~purposes ~~tax~~in ~~returns~~accordance ~~filed~~with byaccounting ~~the~~principles ~~Fund~~generally ~~are~~accepted ~~subject~~in ~~to examination by~~ the ~~Internal~~United ~~Revenue~~States ~~Service for a period~~ of ~~three years~~America. ~~While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2018 remain open.~~

~~Cash~~Due ~~and~~to ~~Cash~~inherent ~~Equivalents~~limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

~~Cash~~As ~~equivalents~~required ~~include~~by ~~money~~Section 404 ~~market~~of ~~accounts~~the ~~having~~Sarbanes-Oxley ~~original~~Act ~~maturities~~of at2002, ~~date~~management conducted an evaluation of ~~acquisition~~the effectiveness of ~~three months~~the orFund’s ~~less~~and each series’ internal control over financial reporting as of March 31, 2023. ~~The~~In ~~carrying~~making ~~value~~this ~~approximates~~assessment, ~~fair~~management ~~value~~used ~~because~~the criteria set forth by the Committee of Sponsoring Organizations of the ~~short~~Treadway ~~maturity~~Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this evaluation, management concluded the Fund’s internal control over financial reporting was effective as of ~~these~~March 31, ~~instruments~~2023 with respect to each series individually, as well as the Fund as a whole.

~~Fiscal Year~~(c) Changes in Internal Controls

~~For~~There ~~financial~~were ~~reporting~~no ~~purposes,~~changes in the Fund’s ~~uses~~or aany ~~March 31 year-end,~~Series’ ~~whereas~~internal ~~for~~control ~~income~~over ~~tax~~financial reporting ~~purposes,~~that ~~the~~occurred ~~Fund~~during ~~uses~~the aquarter ~~calendar~~ended March ~~year.~~31, ~~The~~2023 ~~operating~~that ~~limited~~materially ~~partnerships~~affected, ~~use~~or aare ~~calendar year~~reasonably ~~for~~likely ~~both~~to ~~financial~~materially ~~and~~affect, ~~income~~the ~~tax~~Fund’s or any series’ internal control over financial reporting.

~~F-22~~(d) 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 Annual Report on Form 10-K, are applicable to each series individually and the Fund as a whole.

Table of Contents

~~BF Garden Tax Credit Fund V~~Item L9B.~~P. -~~ Other Information

~~Series 47 through 49~~None

~~NOTES~~Item TO9C. ~~FINANCIAL~~Disclosure ~~STATEMENTS~~Regarding –Foreign ~~CONTINUED~~Jurisdictions that Prevent Inspections

~~March 31,~~Not ~~2022 and 2021~~Applicable

~~NOTE~~PART ~~A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)~~III

~~Net~~Item 10. ~~Income~~Directors, ~~(Loss)~~Executive ~~per~~Officers ~~Beneficial~~and ~~Assignee~~Corporate ~~Certificate~~Governance of the Fund

~~Net income~~ (~~loss~~a), ~~per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47~~(b), ~~48 and 49 at March 31~~(c), ~~2022~~ (d) and ~~2021 are as follows:~~(e)

The Fund has no directors or executive officers of its own. The following biographical information is presented for Corporate Investment Holdings, Inc., as the sole manager and sole member of the general partner and affiliates of such parties with principal responsibility for the Fund’s affairs.

Gregory Voyentzie, age 54, has served as Chief Executive Officer of BFIM since June 2018. Mr. Voyentzie joined BFIM in 1999 and has over 28 years of experience in the affordable housing industry. Prior to his current position, Mr. Voyentzie was an Executive Vice President of BFIM and co-lead of the Production group, where he maintained joint responsibility for establishing the strategic direction of the syndication platform, identifying and marketing new capital sources and selecting property-level investments. Mr. Voyentzie has held several other senior positions within BFIM and has been a member of the firm’s Investment Committee since 2005.

Marie Reynolds, age 57, is the Chief Financial Officer (CFO) and Chief Operating Officer (COO) of BFIM. Ms. Reynolds joined BFIM in 1995 and has 27 years of financial analysis and reporting experience within the affordable housing industry. In her role as CFO and COO of BFIM, Ms. Reynolds sets financial policy for BFIM and works with senior executives to set strategic direction and develop policies that have organization-wide impact. Ms. Reynolds was named BFIM’s CFO in 2014 and COO in 2020.

(f) Involvement in certain legal proceedings.

None.

(g) Promoters and control persons.

None.

(h) and (i)

The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.

The general partner of the Fund, BF Garden Associates V L.L.C., has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings, Inc. The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to the registrant at c/o Boston Financial Investment Management, LP, Attention: Investor Services Group, 101 Arch Street, 13th Floor, Boston, Massachusetts 02110.


	2022	2021
Series 47	3,459,434	3,465,809
Series 48	2,283,872	2,284,247
Series 49	5,982,000	5,983,875

	11,725,306	11,733,931

Item 11. Executive Compensation

(a), (b), (c), (d) and (e)

~~Use~~The Fund has no officers or directors and no compensation committee. However, under the terms of ~~Estimates~~the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2023 fiscal year:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.13

F-23

Table of Contents

1.An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, was accrued or paid to BF Garden ~~Tax~~Companion ~~Credit~~Limited ~~Fund~~Partnership ~~V L~~(formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner.P. The annual fund management fees charged to operations for the -year ended March 31, 2023 was $17,841.

~~Series~~Item 4712. ~~through~~Security 49Ownership of Certain Beneficial Owners and Management and Related Partner Matters

~~NOTES TO~~(a) ~~FINANCIAL~~Security ~~STATEMENTS~~ownership –of ~~CONTINUED~~certain beneficial owners.

As of March 31, ~~2022~~2023, ~~and~~11,777,706 ~~2021~~BACs had been issued. The following Series are known to have one investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.

NOTE B - RELATED PARTY TRANSACTIONS


Series 47	6.17	%
Series 48	6.94	%
Series 49	5.65	%

During the years ended March 31, 2022 and March 31, 2021, the Fund entered into several transactions with various former and current affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Asset Management Limited Partnership, and BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership) as follows:

The Fund originally incurred an annual fund management fee to Boston Capital Asset Management Limited Partnership, a former affiliate of the general partner. As part of the sale disclosed in Note A, the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner as of December 15, 2020, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of certain asset management and reporting fees paid by the operating limited partnerships. The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2022 and 2021 are as follows:


	2022
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 47	$	64,226	$	1,000	$	63,226
Series 48		38,508		1,700		36,808
Series 49		336,441		48,995		287,446

	$	439,175	$	51,695	$	387,480

(b)

Security ownership of management.

The general partner has a .25% interest in all profits, losses, credits and distributions of the Fund.


	2021
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 47	$	122,624	$	10,938	$	111,686
Series 48		60,393		7,563		52,830
Series 49		493,632		38,418		455,214

	$	676,649	$	56,919	$	619,730

(c)

Changes in control.

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.

~~All~~The ~~fund~~Fund ~~management~~has ~~fees~~no ~~will~~compensation beplans ~~paid,~~under ~~without~~which ~~interest, from available cash flow or the proceeds of sales or refinancing of the partnership’s~~ interests in ~~operating~~the ~~limited~~Fund ~~partnerships.~~are Asauthorized offor ~~March 31, 2022 and 2021, total fund management fees accrued were $1,497,001 and $8,875,807, respectively~~issuance.

~~F-24~~Item 13.Certain Relationships and Related Transactions, and Director Independence

(a)

Transactions with related persons

The Fund has no officers or directors. However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates for the period October 15, 2003 through March 31, 2023.

(b)

Review, Approval or Ratification of transactions with related persons.

The Fund response to Item 13(a) is incorporated herein by reference.

(c)

Promoters and certain control persons.

Not applicable.

(d)

Independence.

The Fund has no directors.

Table of Contents

BFItem 14.Principal ~~Garden~~Accountant ~~Tax~~Fees ~~Credit~~and ~~Fund V L.P. -~~Services

~~Series~~Fees paid to the Fund’s independent auditors for fiscal 47year ~~through~~2023 49were comprised of the following:

NOTES TO FINANCIAL STATEMENTS – CONTINUED


	Fee Type		Series 47		Series 48		Series 49
(1)		Audit Fees	$	—	$	8,175	$	25,275
(2)		Audit Related Fees		—		—		—
(3)		Tax Fees		—		—		3,100
(4)		All Other Fees		1,000		1,700		3,100

		Total	$	1,000	$	9,875	$	31,475

March 31, 2022 and 2021

NOTE B - RELATED PARTY TRANSACTIONS – (continued)

The fund management fees paid by the Fund for the years ended March 31, 2022 and 2021 are as follows:


	2022		2021
Series 47	$	2,635,987	$	526,986
Series 48		676,000		205,000
Series 49		4,505,994		122,450

	$	7,817,981	$	854,436

Fees paid to the Fund’s independent auditors for fiscal year 2022 were comprised of the following:


	Fee Type		Series 47		Series 48		Series 49
(1)		Audit Fees	$	20,691	$	18,516	$	29,543
(2)		Audit Related Fees		—		—		—
(3)		Tax Fees		3,000		3,000		3,000
(4)		All Other Fees		3,049		3,049		3,052

		Total	$	26,740	$	24,565	$	35,595

~~General~~(5)Audit and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2022 and 2021, charged to each series’ operations are as follows:Committee

The Fund has no Audit Committee. All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by Corporate Investment Holdings, Inc.


	2022		2021
Series 47	$	—	$	14,103
Series 48		—		13,357
Series 49		—		15,265

	$	—	$	42,725

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2022 and 2021, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2022 and 2021 by series are as follows:


	2022	2021
Series 47	—	4
Series 48	1	2
Series 49	12	17

	13	23

During the year ended March 31, 2022 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2022 is as follows:


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition		Disposition
Series 47	4	—	$	1,897,247	$	1,897,247
Series 48	1	—		676,000		676,000
Series 49	5	—		4,756,041		4,756,041

	10	—	$	7,329,288	$	7,329,288

F-25

Table of Contents

~~BF Garden Tax Credit Fund V~~PART ~~L.P. -~~IV

~~Series~~Item 4715. ~~through~~Exhibit and 49Financial Statement Schedules

~~NOTES~~(a) TO1 & ~~FINANCIAL~~2Financial ~~STATEMENTS~~Statements; –Filed ~~CONTINUED~~herein as Exhibit 13

~~March~~BF Garden Tax Credit V ~~31,~~L.P.; ~~2022~~filed ~~and~~herein ~~2021~~as Exhibit 13

~~NOTE C -~~Report ~~INVESTMENTS~~of INIndependent ~~OPERATING~~Registered ~~LIMITED~~Public ~~PARTNERSHIPS~~Accounting ~~– (continued)~~Firm

~~During~~Balance ~~the year ended March 31~~Sheets, ~~2021 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for~~ March 31, ~~2021~~2023 isand ~~as follows:~~2022

Statements of Operations for the years ended March 31, 2023 and 2022


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition		Disposition
Series 47	3	—	$	1,098,271	$	1,098,271
Series 48	2	—		61,500		61,500
Series 49	5	—		338,175		338,175

	10	—	$	1,497,946	$	1,497,946

Statements of Changes in Partners’ Capital (Deficit) for the years ended March 31, 2023 and 2022

Statements of Cash Flows for the years ended March 31, 2023 and 2022

~~The~~Notes to ~~gain~~Financial 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 abilityStatements, ~~for tax purposes~~March 31, to2023 ~~deduct~~and losses in excess of the Partnership’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.2022

~~Under~~Schedules ~~the~~not ~~terms~~listed ofare ~~the~~omitted ~~Fund’s~~because ~~investment~~of inthe ~~each~~absence ~~operating~~of ~~limited partnership,~~ the ~~Fund~~conditions isunder ~~required~~which tothey ~~make~~are ~~capital~~required ~~contributions~~or tobecause the ~~operating~~information ~~limited~~is ~~partnerships.~~included ~~These contributions are payable~~ in ~~installments~~the ~~over~~financial ~~several years~~statements ~~upon each operating limited partnership achieving specified levels of construction and/~~or ~~operations.~~the Atnotes ~~March 31, 2022 and 2021, contributions are payable to operating limited partnerships as follows:~~thereto.

(b) 1Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)


		2022		2021
	Exhibit No. 3 - Organizational Documents.
Series 47		$	—	$	—

Series 48			—		—
a.	Certificate of Limited Partnership of Boston Capital Tax Credit Fund V L.P. (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)
Series 49			101		101
https://www.sec.gov/Archives/edgar/data/1267425/000104746903034022/a2120679zex-3.txt

		$	101	$	101
	Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

a.	Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P. (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)
https://www.sec.gov/Archives/edgar/data/1267425/000104746903034022/a2120679zs-11.txt

b.	First Amendment to Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 8, 2018.)
https://www.sec.gov/Archives/edgar/data/1267425/000153442418000145/ex4-1.htm

c.	The Second Amendment to Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 23, 2019).
https://www.sec.gov/Archives/edgar/data/1267425/000114420419027926/tv522253_ex4-1.htm

d.	3.1 Certificate of Amendment to the Certificate of Limited Partnership of BF Garden Tax Credit Fund V L.P (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 2020).
https://www.sec.gov/Archives/edgar/data/1267425/000110465920136163/tm2038683d1_ex3-1.htm

e.	Description of Securities. (Incorporated by reference from Registrant's current report on Form 10-K as filed with the Securities and Exchange Commission on June 28, 2021).

F-26

Table of Contents

BF Garden Tax Credit Fund V L.P. -

https://www.sec.gov/Archives/edgar/data/1267425/000110465921086267/tm2119795d1_ex4c.htm

	Exhibit No. 10 - Material Contracts.

a.	Beneficial Assignee Certificate (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003).
https://www.sec.gov/Archives/edgar/data/1267425/000104746903034022/a2120679zex-10_a.txt

	Exhibit No. 13 - Financial Statements.

a.	Financial Statement of BF Garden Tax Credit Fund V L.P.; Filed herein.

	Exhibit No. 31 Certification 302

a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herein

b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herein

	Exhibit No. 32 Certification 906

a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herein

b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herein

	Exhibit No. 101

	The following materials from the BF Garden Tax Credit Fund V L.P. Annual Report on Form 10-K for the period ended March 31, 2023 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

	Exhibit No. 104

	Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2022 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	22,606,384	$	—	$	587,485	$	22,018,899

Cumulative distributions from operating limited partnerships		(75,466)		—		(1,561)		(73,905)

Cumulative impairment loss in investments in operating limited partnerships		(13,255,787)		—		—		(13,255,787)

Cumulative losses from operating limited partnerships		(9,275,131)		—		(585,924)		(8,689,207)

Investments in operating limited partnerships per balance sheets		—		—		—		—


	Total		Series 47		Series 48		Series 49
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A).		(379,148)		—		—		(379,148)

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,471,319)		—		(384,422)		(3,086,897)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		331,285		—		—		331,285

Cumulative impairment loss in investments in operating limited partnerships		13,255,787		—		—		13,255,787

Other		(85,346)		—		(4,739)		(80,607)

Equity per operating limited partnerships’ combined financial statements	$	9,651,259	$	—	$	(389,161)	$	10,040,420

Item 16.Form 10-K Summary

Not applicable.

~~F-27~~17

Table of Contents

~~BF Garden Tax Credit Fund V L.P. -~~SIGNATURES

~~Series 47~~Pursuant ~~through~~to 49the 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.

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	48,344,537	$	7,135,011	$	2,970,934	$	38,238,592

Cumulative distributions from operating limited partnerships		(266,608)		(28,500)		(18,606)		(219,502)

Cumulative impairment loss in investments in operating limited partnerships		(32,206,478)		(5,310,652)		(2,249,326)		(24,646,500)

Cumulative losses from operating limited partnerships		(15,871,451)		(1,795,859)		(703,002)		(13,372,590)

Investments in operating limited partnerships per balance sheets		—		—		—		—

BF Garden Tax Credit Fund V L.P.
By:	BF Garden Associates V L.L.C., its General Partner
	By:	Corporate Investment Holdings, Inc., its Manager


Date: June 21, 2023	By:	/s/ Gregory Voyentzie
		~~Total~~		~~Series 47~~		~~Series 48~~		~~Series 49~~
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).			(384,817)		—		—		(384,817)
		Gregory Voyentzie
		President (Principal Executive Officer)
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).			(11,880,114)		(769,653)		(303,091)		(10,807,370)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			331,285		—		—		331,285

Cumulative impairment loss in investments in operating limited partnerships			32,206,478		5,310,652		2,249,326		24,646,500

Other			336,086		(89,809)		(79,803)		505,698

Equity per operating limited partnerships’ combined financial statements		$	20,608,918	$	4,451,190	$	1,866,432	$	14,291,296

~~F-28~~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:

Table of Contents


DATE:	SIGNATURE:	TITLE:

June 21, 2023	/s/ Gregory Voyentzie	President (Principal Executive Officer), Corporate Investment Holdings, Inc.
	Gregory Voyentzie

June 21, 2023	/s/ Marie Reynolds	Treasurer (Principal Accounting and Financial Officer), Corporate Investment Holdings, Inc.
	Marie Reynolds

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	27,339,376	$	—	$	1,014,434	$	26,324,942
Land		2,161,940		—		105,000		2,056,940
Other assets		4,086,887		—		1,221,236		2,865,651

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	17,137,174	$	—	$	1,365,763	$	15,771,411
Accounts payable and accrued expenses		551,214		—		27,802		523,412
Other liabilities		2,449,956		—		1,397,826		1,052,130

		20,138,344		—		2,791,391		17,346,953
PARTNERS’ CAPITAL
BF Garden Tax Credit Fund V L.P.		9,651,259		—		(389,161)		10,040,420
Other partners		3,798,600		—		(61,560)		3,860,160

		13,449,859		—		(450,721)		13,900,580

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

~~F-29~~18

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	71,388,038	$	14,164,825	$	9,530,634	$	47,692,579
Land		9,101,508		1,950,947		1,451,241		5,699,320
Other assets		8,097,265		1,278,528		737,279		6,081,458

	$	88,586,811	$	17,394,300	$	11,719,154	$	59,473,357

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	56,488,011	$	11,382,001	$	9,318,977	$	35,787,033
Accounts payable and accrued expenses		1,427,922		516,869		238,650		672,403
Other liabilities		8,186,088		355,153		461,944		7,368,991

		66,102,021		12,254,023		10,019,571		43,828,427
PARTNERS’ CAPITAL
BF Garden Tax Credit
Fund V L.P.		20,608,918		4,451,190		1,866,432		14,291,296
Other partners		1,875,872		689,087		(166,849)		1,353,634

		22,484,790		5,140,277		1,699,583		15,644,930

	$	88,586,811	$	17,394,300	$	11,719,154	$	59,473,357

F-30

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2021 in which Series 47 through Series 49 had an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	4,549,001	$	—	$	267,321	$	4,281,680
Interest and other		141,793		—		6,614		135,179

		4,690,794		—		273,935		4,416,859

Expenses
Interest		476,374		—		35,019		441,355
Depreciation and amortization		1,307,863		—		56,085		1,251,778
Taxes and insurance		638,841		—		51,411		587,430
Repairs and maintenance		809,361		—		88,458		720,903
Operating expenses		1,952,740		—		122,101		1,830,639
Other expenses		21,222		—		2,200		19,022

		5,206,401		—		355,274		4,851,127

NET INCOME (LOSS)	$	(515,607)	$	—	$	(81,339)	$	(434,268)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(514,849)	$	—	$	(81,331)	$	(433,518)

Net income (loss) allocated to other partners	$	(758)	$	—	$	(8)	$	(750)

F-31

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 in which Series 47 through Series 49 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	14,035,217	$	2,949,913	$	2,227,118	$	8,858,186
Interest and other		237,583		33,376		33,683		170,524

		14,272,800		2,983,289		2,260,801		9,028,710
Expenses
Interest		1,413,678		252,798		114,649		1,046,231
Depreciation and amortization		3,379,480		632,004		432,744		2,314,732
Taxes and insurance		1,833,431		380,908		250,778		1,201,745
Repairs and maintenance		2,339,154		531,343		417,052		1,390,759
Operating expenses		4,993,486		973,241		721,953		3,298,292
Other expenses		511,465		151,198		129,058		231,209

		14,470,694		2,921,492		2,066,234		9,482,968

NET INCOME (LOSS)	$	(197,894)	$	61,797	$	194,567	$	(454,258)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(776,438)	$	(157,102)	$	(29,526)	$	(589,810)

Net income (loss) allocated to other partners	$	578,544	$	218,899	$	224,093	$	135,552

F-32

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the Fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2022 is reconciled as follows:


	Total		Series 47		Series 48		Series 49
Net income (loss) for financial reporting purposes	$	6,826,613	$	1,777,985	$	591,777	$	4,456,851

Accrued partnership management fee not deducted for income tax purposes		(7,378,806)		(2,571,761)		(637,492)		(4,169,553)

Other		(1,411,201)		—		(696,677)		(714,524)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(340,157)		—		(21,736)		(318,421)

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(514,849)		—		(81,331)		(433,518)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(9,104,023)		(2,694,995)		(750,689)		(5,658,339)

Income (loss) for tax return purposes, December 31, 2021	$	(11,922,423)	$	(3,488,771)	$	(1,596,148)	$	(6,837,504)


	Total		Series 47		Series 48		Series 49
Net income (loss) for financial reporting purposes	$	805,090	$	969,566	$	(15,857)	$	(148,619)

Accrued partnership management fee not deducted for income tax purposes		(177,787)		(404,362)		(144,607)		371,182

Other		2,884,938		1,375,707		1,120,148		389,083

Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,017,142)		(163,332)		(113,296)		(740,514)

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(776,438)		(157,102)		(29,526)		(589,810)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(3,527,032)		(1,928,003)		(505,298)		(1,093,731)

Income (loss) for tax return purposes, December 31, 2020	$	(1,808,371)	$	(307,526)	$	311,564	$	(1,812,409)

F-33

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN – (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:


	Total		Series 47		Series 48		Series 49
Investments in operating limited partnerships - tax return December 31, 2021	$	3,206,348	$	248,114	$	(1,673,812)	$	4,632,046

Impairment loss in investment in operating limited partnerships		(13,255,787)		—		—		(13,255,787)

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		(3,471,319)		—		(384,422)		(3,086,897)

Other		13,520,758		(248,114)		2,058,234		11,710,638

Investments in operating limited partnerships - as reported	$	—	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:


	Total		Series 47		Series 48		Series 49
Investments in operating limited partnerships - tax return December 31, 2020	$	14,628,461	$	3,610,506	$	(146,032)	$	11,163,987

Impairment loss in investment in operating limited partnerships		(32,206,478)		(5,310,652)		(2,249,326)		(24,646,500)

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		(11,880,114)		(769,653)		(303,091)		(10,807,370)

Other		29,458,131		2,469,799		2,698,449		24,289,883

Investments in operating limited partnerships - as reported	$	—	$	—	$	—	$	—

NOTE E- CASH EQUIVALENTS

Cash equivalents of $1,376,410 and $1,916,033 as of March 31, 2022 and 2021, respectively, include money market accounts with interest rates ranging from 0.05% to 0.85% per annum.

NOTE F - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2022.

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Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE G - CONTINGENCY

The outbreak of a novel strain of coronavirus (COVID-19) beginning in the first quarter of 2020 has caused significant volatility and business disruption in the U.S. economy. There has been no economic impact to the Partnership to date. However, the future economic impact of the business disruption caused by COVID-19 remains uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Partnership 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 no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

F-35

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