INDEPENDENCE TAX CREDIT PLUS LP III - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - August 3, 2012

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v2.4.0.6
Fair Value of Financial Instruments
 3 Months Ended
Jun. 30, 2012
Fair Value Of Financial Instruments [Abstract]  
Fair Value Disclosures Text Block

NOTE 3 – Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value:

Cash and Cash Equivalents, Investments Available-for-Sale and Cash Held in Escrow

The carrying amount approximates fair value.

Mortgage Notes Payable

The Partnership adopted FASB ASC 820 – “Fair Value Measurements” for financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

As permitted, we chose not to elect the fair value option as prescribed by FASB ASC 825 – “Financial Instruments” – Including an Amendment of ASC 320 – “Investments – Debt and Equity Securities”, for our financial assets and liabilities that had not been previously carried at fair value. Therefore, we did not elect to fair value any additional items under ASC 825.

The estimated fair value of financial instruments has been determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The following are financial instruments for which the Partnership's estimate of fair value differs from the carrying amounts:

    At June 30, 2012 At March 31, 2012 
    Carrying     Carrying     
    Amount Fair Value Amount Fair Value 
                
 LIABILITIES:             
  Mortgage notes $ 16,134,171 $ 8,052,623 $ 20,526,136 $ 9,428,398 
                

For the mortgage notes, fair value is calculated using present value cash flow models based on a discount rate. It was determined that the Tender Option Bond market, through which these bonds have been securitized in the past, continued to see a dramatic slowdown with limited liquidity and significantly reduced transaction levels. To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business. The discussions produced assumptions that were based on market conditions as well as the credit quality of the underlying property partnerships, which held the mortgage notes, to determine what discount rates to utilize.

    At June 30, 2012 At March 31, 2012 
    Carrying     Carrying     
    Amount Fair Value Amount Fair Value 
                
 LIABILITIES:             
  Mortgage notes $ 16,134,171 $ 8,052,623 $ 20,526,136 $ 9,428,398 
                

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