GATEWAY TAX CREDIT FUND III LTD

CIK:0000881716|SEC Filings

STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS (Unaudited) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012 Series 7 [Member]	Sep. 30, 2011 Series 7 [Member]	Sep. 30, 2012 Series 7 [Member]	Sep. 30, 2011 Series 7 [Member]	Sep. 30, 2012 Series 8 [Member]	Sep. 30, 2011 Series 8 [Member]	Sep. 30, 2012 Series 8 [Member]	Sep. 30, 2011 Series 8 [Member]	Sep. 30, 2012 Series 9 [Member]	Sep. 30, 2011 Series 9 [Member]	Sep. 30, 2012 Series 9 [Member]	Sep. 30, 2011 Series 9 [Member]	Sep. 30, 2012 Series 10 [Member]	Sep. 30, 2011 Series 10 [Member]	Sep. 30, 2012 Series 10 [Member]	Sep. 30, 2011 Series 10 [Member]	Sep. 30, 2012 Series 11 [Member]	Sep. 30, 2011 Series 11 [Member]	Sep. 30, 2012 Series 11 [Member]	Sep. 30, 2011 Series 11 [Member]
Revenues:
Distribution Income	$ 30,967	$ 12,512	$ 44,723	$ 34,715	$ 3,760	$ 0	$ 7,674	$ 8,047	$ 9,149	$ 868	$ 12,114	$ 8,762	$ 8,410	$ 6,893	$ 9,617	$ 10,275	$ 9,648	$ 2,569	$ 14,518	$ 4,649	$ 0	$ 2,182	$ 800	$ 2,982
Total Revenues	30,967	12,512	44,723	34,715	3,760	0	7,674	8,047	9,149	868	12,114	8,762	8,410	6,893	9,617	10,275	9,648	2,569	14,518	4,649	0	2,182	800	2,982
Expenses:
Asset Management Fee - General Partner	44,927	54,894	92,353	113,856	9,015	10,579	18,029	23,490	15,624	19,677	33,747	39,806	9,207	10,030	18,414	21,344	6,852	7,813	13,705	15,626	4,229	6,795	8,458	13,590
General and Administrative:
Other	256,383	89,203	277,190	111,950	64,577	23,621	70,147	29,549	53,697	24,477	59,262	30,465	47,252	16,324	51,114	20,547	44,627	12,412	47,515	15,696	46,230	12,369	49,152	15,693
Total Expenses	301,310	144,097	369,543	225,806	73,592	34,200	88,176	53,039	69,321	44,154	93,009	70,271	56,459	26,354	69,528	41,891	51,479	20,225	61,220	31,322	50,459	19,164	57,610	29,283
Loss Before Equity in Loss of Project Partnerships and Other Income	(270,343)	(131,585)	(324,820)	(191,091)	(69,832)	(34,200)	(80,502)	(44,992)	(60,172)	(43,286)	(80,895)	(61,509)	(48,049)	(19,461)	(59,911)	(31,616)	(41,831)	(17,656)	(46,702)	(26,673)	(50,459)	(16,982)	(56,810)	(26,301)
Equity in Income (Loss) of Project Partnerships	6,093	(34,280)	(8,941)	(65,236)			0	0			0	0			0	0	0	(10,810)	0	(17,368)	6,093	(23,470)	(8,941)	(47,868)
Gain on Sale of Project Partnerships	750,464	137,061	834,895	323,384	96,444	6,977	96,444	120,876	638,340	0	707,028	19,875	15,680	4,169	15,680	56,718	0	26,145	15,743	26,145	0	99,770	0	99,770
Interest Income	92	54	174	98	45	27	86	48	13	6	20	12	7	6	14	10	8	4	15	8	19	11	39	20
Net Income (Loss)	486,306	(28,750)	501,308	67,155	26,657	(27,196)	16,028	75,932	578,181	(43,280)	626,153	(41,622)	(32,362)	(15,286)	(44,217)	25,112	(41,823)	(2,317)	(30,944)	(17,888)	(44,347)	59,329	(65,712)	25,621
Allocation of Net Income (Loss):
Limited Partners	480,680	(54,966)	487,981	29,819	26,392	(26,924)	15,868	75,172	572,149	(43,276)	619,641	(45,348)	(32,139)	(15,326)	(43,875)	18,222	(41,818)	(28,176)	(38,598)	(43,592)	(43,904)	58,736	(65,055)	25,365
General Partners	5,626	26,216	13,327	37,336	265	(272)	160	760	6,032	(4)	6,512	3,726	(223)	40	(342)	6,890	(5)	25,859	7,654	25,704	(443)	593	(657)	256
Net Income (Loss)	$ 486,306	$ (28,750)	$ 501,308	$ 67,155	$ 26,657	$ (27,196)	$ 16,028	$ 75,932	$ 578,181	$ (43,280)	$ 626,153	$ (41,622)	$ (32,362)	$ (15,286)	$ (44,217)	$ 25,112	$ (41,823)	$ (2,317)	$ (30,944)	$ (17,888)	$ (44,347)	$ 59,329	$ (65,712)	$ 25,621
Net Income (Loss) Per Limited Partnership Unit (in dollars per unit)					$ 2.54	$ (2.59)	$ 1.53	$ 7.23	$ 57.33	$ (4.34)	$ 62.09	$ (4.54)	$ (5.14)	$ (2.45)	$ (7.02)	$ 2.91	$ (8.29)	$ (5.59)	$ (7.65)	$ (8.64)	$ (8.56)	$ 11.46	$ (12.69)	$ 4.95
Number of Limited Partnership Units Outstanding (in units)					10,395	10,395	10,395	10,395	9,980	9,980	9,980	9,980	6,254	6,254	6,254	6,254	5,043	5,043	5,043	5,043	5,127	5,127	5,127	5,127

STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012 Series 7 [Member]	Sep. 30, 2011 Series 7 [Member]	Sep. 30, 2012 Series 8 [Member]	Sep. 30, 2011 Series 8 [Member]	Sep. 30, 2012 Series 9 [Member]	Sep. 30, 2011 Series 9 [Member]	Sep. 30, 2012 Series 10 [Member]	Sep. 30, 2011 Series 10 [Member]	Sep. 30, 2012 Series 11 [Member]	Sep. 30, 2011 Series 11 [Member]
Cash Flows from Operating Activities:
Net Income (Loss)	$ 501,308	$ 67,155	$ 16,028	$ 75,932	$ 626,153	$ (41,622)	$ (44,217)	$ 25,112	$ (30,944)	$ (17,888)	$ (65,712)	$ 25,621
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Equity in Loss of Project Partnerships	8,941	65,236	0	0	0	0	0	0	0	17,368	8,941	47,868
Gain on Sale of Project Partnerships	(834,895)	(323,384)	(96,444)	(120,876)	(707,028)	(19,875)	(15,680)	(56,718)	(15,743)	(26,145)	0	(99,770)
Distribution Income	(44,723)	(34,715)	(7,674)	(8,047)	(12,114)	(8,762)	(9,617)	(10,275)	(14,518)	(4,649)	(800)	(2,982)
Changes in Operating Assets and Liabilities:
Increase (Decrease) in Payable to General Partners	216,478	(33,217)	38,734	20,414	74,109	(64,511)	40,350	8,534	33,584	(9,235)	29,701	11,581
Net Cash Used in Operating Activities	(152,891)	(258,925)	(49,356)	(32,577)	(18,880)	(134,770)	(29,164)	(33,347)	(27,621)	(40,549)	(27,870)	(17,682)
Cash Flows from Investing Activities:
Distributions Received from Project Partnerships	44,720	40,164	7,674	8,047	12,114	8,762	9,617	10,275	14,518	10,098	797	2,982
Net Proceeds from Sale of Project Partnerships	834,895	323,384	96,444	120,876	707,028	19,875	15,680	56,718	15,743	26,145	0	99,770
Net Cash Provided by Investing Activities	879,615	363,548	104,118	128,923	719,142	28,637	25,297	66,993	30,261	36,243	797	102,752
Increase (Decrease) in Cash and Cash Equivalents	726,724	104,623	54,762	96,346	700,262	(106,133)	(3,867)	33,646	2,640	(4,306)	(27,073)	85,070
Cash and Cash Equivalents at Beginning of Year	1,640,469	1,653,835	831,096	770,297	134,550	231,397	140,755	142,196	141,006	153,660	393,062	356,285
Cash and Cash Equivalents at End of Period	2,367,193	1,758,458	885,858	866,643	834,812	125,264	136,888	175,842	143,646	149,354	365,989	441,355
Supplemental disclosure of non-cash activities:
Increase in Distribution Payable	834,895	323,384	96,444	120,876	707,028	19,875	15,680	56,718	15,743	26,145	0	99,770
Distribution to Limited Partners	(834,895)	(323,384)	(96,444)	(120,876)	(707,028)	(19,875)	(15,680)	(56,718)	(15,743)	(26,145)	0	(99,770)
Increase in Receivable - Other	459,635	0	1,895	0	64,921	0	334,265	0	58,554	0	0	0
Increase in Deferred Gain on Sale of Project Partnerships	(446,113)	0	(895)	0	(62,606)	0	(326,436)	0	(56,176)	0	0	0
Decrease in Payable to General Partners	(13,522)	0	(1,000)	0	(2,315)	0	(7,829)	0	(2,378)	0	0	0
Total supplemental disclosure of non-cash activities	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2012	Mar. 31, 2012
Current Assets:
Cash and Cash Equivalents	$ 2,367,193	$ 1,640,469
Receivables - Other	459,635	15,743
Total Current Assets	2,826,828	1,656,212
Investments in Project Partnerships, net	176,758	185,696
Total Assets	3,003,586	1,841,908
Current Liabilities:
Payable to General Partners	3,659,411	3,429,410
Distribution Payable	1,981,293	1,146,399
Deferred Gain on Sale of Project Parnerships	446,113	15,743
Total Current Liabilities	6,086,817	4,591,552
Partners' Equity (Deficit):
Limited Partners	(3,098,979)	(2,752,065)
General Partners	15,748	2,421
Total Partners' Equity (Deficit)	(3,083,231)	(2,749,644)
Total Liabilities and Partners' Deficit	3,003,586	1,841,908
Series 7 [Member]
Current Assets:
Cash and Cash Equivalents	885,858	831,096
Receivables - Other	1,895	0
Total Current Assets	887,753	831,096
Investments in Project Partnerships, net	0	0
Total Assets	887,753	831,096
Current Liabilities:
Payable to General Partners	1,096,006	1,056,272
Distribution Payable	779,956	683,512
Deferred Gain on Sale of Project Parnerships	895	0
Total Current Liabilities	1,876,857	1,739,784
Partners' Equity (Deficit):
Limited Partners	(997,211)	(916,635)
General Partners	8,107	7,947
Total Partners' Equity (Deficit)	(989,104)	(908,688)
Total Liabilities and Partners' Deficit	887,753	831,096
Series 8 [Member]
Current Assets:
Cash and Cash Equivalents	834,812	134,550
Receivables - Other	64,921	0
Total Current Assets	899,733	134,550
Investments in Project Partnerships, net	0	0
Total Assets	899,733	134,550
Current Liabilities:
Payable to General Partners	1,344,331	1,267,906
Distribution Payable	794,477	87,450
Deferred Gain on Sale of Project Parnerships	62,606	0
Total Current Liabilities	2,201,414	1,355,356
Partners' Equity (Deficit):
Limited Partners	(1,308,749)	(1,221,362)
General Partners	7,068	556
Total Partners' Equity (Deficit)	(1,301,681)	(1,220,806)
Total Liabilities and Partners' Deficit	899,733	134,550
Series 9 [Member]
Current Assets:
Cash and Cash Equivalents	136,888	140,755
Receivables - Other	334,265	0
Total Current Assets	471,153	140,755
Investments in Project Partnerships, net	0	0
Total Assets	471,153	140,755
Current Liabilities:
Payable to General Partners	785,815	737,636
Distribution Payable	127,428	111,748
Deferred Gain on Sale of Project Parnerships	326,436	0
Total Current Liabilities	1,239,679	849,384
Partners' Equity (Deficit):
Limited Partners	(768,682)	(709,127)
General Partners	156	498
Total Partners' Equity (Deficit)	(768,526)	(708,629)
Total Liabilities and Partners' Deficit	471,153	140,755
Series 10 [Member]
Current Assets:
Cash and Cash Equivalents	143,646	141,006
Receivables - Other	58,554	15,743
Total Current Assets	202,200	156,749
Investments in Project Partnerships, net	0	0
Total Assets	202,200	156,749
Current Liabilities:
Payable to General Partners	293,055	257,093
Distribution Payable	53,888	38,145
Deferred Gain on Sale of Project Parnerships	56,176	15,743
Total Current Liabilities	403,119	310,981
Partners' Equity (Deficit):
Limited Partners	(200,996)	(146,655)
General Partners	77	(7,577)
Total Partners' Equity (Deficit)	(200,919)	(154,232)
Total Liabilities and Partners' Deficit	202,200	156,749
Series 11 [Member]
Current Assets:
Cash and Cash Equivalents	365,989	393,062
Receivables - Other	0	0
Total Current Assets	365,989	393,062
Investments in Project Partnerships, net	176,758	185,696
Total Assets	542,747	578,758
Current Liabilities:
Payable to General Partners	140,204	110,503
Distribution Payable	225,544	225,544
Deferred Gain on Sale of Project Parnerships	0	0
Total Current Liabilities	365,748	336,047
Partners' Equity (Deficit):
Limited Partners	176,659	241,714
General Partners	340	997
Total Partners' Equity (Deficit)	176,999	242,711
Total Liabilities and Partners' Deficit	$ 542,747	$ 578,758