CERTIFICATION OF CHIEF FINANCIAL OFFICER
                          OF CORPORATE GENERAL PARTNER

                 PURSUANT TO RULE 13a-14 AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert A. Bourne, the President and Treasurer of CNL Realty Corporation,  the
corporate  general  partner  of CNL  Income  Fund III Ltd.  (the  "registrant"),
certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of the registrant;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the registrant as of, and for, the periods presented in this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  for  the
         registrant and have:

                   (a) Designed  such  disclosure  controls and  procedures,  or
                   caused such disclosure controls and procedures to be designed
                   under our  supervision,  to ensure that material  information
                   relating  to  the  registrant,   including  its  consolidated
                   subsidiaries,  is made  known to us by  others  within  those
                   entities, particularly during the period in which this report
                   is being prepared;

                   (b)  Evaluated   the   effectiveness   of  the   registrant's
                   disclosure  controls  and  procedures  and  presented in this
                   report  our  conclusions   about  the  effectiveness  of  the
                   disclosure  controls  and  procedures,  as of the  end of the
                   period covered by this report based on such evaluation; and

                   (c)  Disclosed in this report any change in the  registrant's
                   internal  control  over  financial  reporting  that  occurred
                   during the  registrant's  most  recent  fiscal  quarter  (the
                   registrant's  fourth fiscal  quarter in the case of an annual
                   report) that has materially affected, or is reasonably likely
                   to materially affect, the registrant's  internal control over
                   financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

                   (a) All significant  deficiencies and material  weaknesses in
                   the design or  operation of internal  control over  financial
                   reporting which are reasonably likely to adversely affect the
                   registrant's ability to record, process, summarize and report
                   financial information; and

                   (b)  Any  fraud,  whether  or  not  material,  that  involves
                   management or other employees who have a significant  role in
                   the registrant's internal control over financial reporting.

Date:  May 7, 2004




/s/ Robert A. Bourne
___________________________
Robert A. Bourne
President and Treasurer