FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2000
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 0-26048
WNC HOUSING TAX CREDIT FUND IV, L.P., Series 1
California 33-0563307
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626
(714) 662-5565
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes No X
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P. SERIES 1
(A California Limited Partnership)
INDEX TO FORM 10-Q
For the Quarter Ended September 30, 2000
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
September 30, 2000 and March 31, 2000...........................3
Statements of Operations
For the Three and Six Months Ended September 30, 2000 and 1999..4
Statement of Partners' Equity (Deficit)
For the Six Months Ended September 30, 2000.....................5
Statements of Cash Flows
For the Six Months Ended September 30, 2000 and 1999............6
Notes to Financial Statements........................................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................................12
Item 3. Quantitative and Qualitative Disclosures About Market Risk..........13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...................................................13
Item 6. Exhibits and Reports on Form 8-K....................................13
Signatures..................................................................14
2
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P. SERIES 1
(A California Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
---------------------- ---------------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 326,193 $ 310,214
Investments in limited partnerships (Note 2) 3,150,098 3,538,899
Other assets - 18,407
---------------------- ---------------------
$ 3,476,291 $ 3,867,520
====================== =====================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Payable to limited partnership $ 2,303 $ 2,303
Accrued fees and expenses due to
General Partner and affiliates (Note 3) 115,701 104,593
---------------------- ---------------------
Total liabilities 118,004 106,896
---------------------- ---------------------
Partners' equity (deficit):
General Partner (66,318) (62,295)
Limited Partners (10,000 units authorized,
10,000 units issued and outstanding) 3,424,605 3,822,919
---------------------- ---------------------
Total partners' equity 3,358,287 3,760,624
---------------------- ---------------------
$ 3,476,291 $ 3,867,520
====================== =====================
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P. SERIES 1
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended September 30, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
------------------------------ --------------------------------
Three Six Three Six
Months Months Months Months
------------ -------------- ------------- --------------
<S> <C> <C> <C> <C>
Interest income $ 4,853 $ 9,422 $ 3,946 $ 7,647
Miscellaneous income 4,200 4,200 - -
------------ -------------- ------------- --------------
9,053 13,622 3,946 7,647
------------ -------------- ------------- --------------
Operating expenses:
Amortization 7,124 14,248 7,124 14,248
Asset management fees (Note 3) 10,500 21,000 10,500 21,000
Other 16,224 20,509 8,986 14,707
------------ -------------- ------------- --------------
Total operating expenses 33,848 55,757 26,610 49,955
------------ -------------- ------------- --------------
Loss from operations (24,795) (42,135) (22,664) (42,308)
Equity in losses of limited
partnerships (Note 2) (180,101) (360,202) (191,007) (386,667)
------------ -------------- ------------- --------------
Net loss $ (204,896) $ (402,337) $ (213,671) $ (428,975)
============ ============== ============= ==============
Net loss allocated to:
General partner $ (2,049) $ (4,023) $ (2,137) $ (4,290)
============ ============== ============= ==============
Limited partners $ (202,847) $ (398,314) $ (211,534) $ (424,685)
============ ============== ============= ==============
Net loss per limited partner unit $ (20) $ (39) $ (21) $ (42)
============ ============== ============= ==============
Outstanding weighted limited 10,000 10,000 10,000 10,000
partner units
============ ============== ============= ==============
</TABLE>
See accompanying notes to financial statements
4
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P. SERIES 1
(A California Limited Partnership)
STATEMENT OF PARTNER' EQUITY (DEFICIT)
For the Six Months Ended September 30, 2000
(unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
---------------- ------------------- -----------------
<S> <C> <C> <C>
Partners' equity (deficit) at March 31, 2000 $ (62,295) $ 3,822,919 $ 3,760,624
Net loss (4,023) (398,314) (402,337)
---------------- ------------------- -----------------
Partners' equity (deficit) at September 30, 2000 $ (66,318) $ 3,424,605 $ 3,358,287
================ =================== =================
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P. SERIES 1
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Six Months Ended September 30, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
----------------- ------------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (402,337) $ (428,975)
Adjustments to reconcile net loss to net
cash used in operating activities:
Amortization 14,248 14,248
Equity in losses of limited partnerships 360,202 386,667
Change in other assets 18,407 -
Change in accrued fees and expenses due
to General Partner and affiliates 11,108 18,281
----------------- ------------------
Net cash provided by (used in) operating activities 1,628 (9,779)
----------------- ------------------
Cash flows from investing activities:
Distributions from limited partnerships 14,351 6,565
----------------- ------------------
Net cash provided by investing activities 14,351 6,565
----------------- ------------------
Net increase (decrease) in cash and cash equivalents 15,979 (3,214)
Cash and cash equivalents, beginning of period 310,214 341,350
----------------- ------------------
Cash and cash equivalents, end of period $ 326,193 $ 338,136
================= ==================
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION
Taxes paid $ 800 $ 800
================= ==================
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
The accompanying condensed consolidated unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q for quarterly
reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and six months ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the fiscal year
ending March 31, 2001. For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-K for the fiscal year ended March 31, 2000.
Organization
WNC Housing Tax Credit Fund IV, L.P., Series 1, a California Limited Partnership
(the "Partnership"), was formed on May 4, 1993 under the laws of the state of
California, and commenced operations on October 20, 1993. The Partnership was
formed to invest primarily in other limited partnerships (the "Local Limited
Partnerships") which own and operate multi-family housing complexes (the
"Housing Complex") that are eligible for low income housing credits. The local
general partners (the "Local General Partners") of each Local Limited
Partnership retain responsibility for maintaining, operating and managing the
Housing Complex.
The general partner is WNC Tax Credit Partners, IV, L.P. (the "General
Partner"), a California limited partnership. WNC & Associates, Inc. ("WNC") is
the general partner of the General Partner. Wilfred N. Cooper, Sr., through the
Cooper Revocable Trust, owns 66.8% of the outstanding stock of WNC. John B.
Lester, Jr. was the original limited partner of the Partnership and owns,
through the Lester Family Trust, 28.6% of the outstanding stock of WNC. Wilfred
N. Cooper, Jr., President of Associates, owns 2.1% of the outstanding stock of
Associates. The business of the Partnership is conducted primarily through
Associates as neither TCP IV nor the Partnership have employees of their own.
The Partnership Agreement authorized the sale of up to 10,000 units at $1,000
per Unit ("Units"). The offering of Units concluded in July 1994 at which time
10,000 Units in the amount of $10,000,000 had been accepted. The General Partner
has a 1% interest in operating profits and losses, taxable income and losses,
cash available for distribution from the Partnership and tax credits. The
limited partners will be allocated the remaining 99% of these items in
proportion to their respective investments.
After the limited partners have received proceeds from sale or refinancing equal
to their capital contributions and their return on investment (as defined in the
Partnership Agreement) and the General Partner has received proceeds equal to
its capital contribution and subordinated disposition fee (as described in Note
3) from the remainder, any additional sale or refinancing proceeds will be
distributed 90% to the limited partners (in proportion to their respective
investments) and 10% to the General Partner.
7
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Risks and Uncertainties
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes receive government financing or operating subsidies, they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests; limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are or will be subject
to mortgage indebtedness. If a Local Limited Partnership does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex and low-income housing credits. As a limited partner of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local Limited Partnerships, and will rely totally on the
Local General Partners of the Local Limited Partnerships for management of the
Local Limited Partnerships. The value of the Partnership's investments will be
subject to changes in national and local economic conditions, including
unemployment conditions, which could adversely impact vacancy levels, rental
payment defaults and operating expenses. This, in turn, could substantially
increase the risk of operating losses for the Housing Complexes and the
Partnership. In addition, each Local Limited Partnership is subject to risks
relating to environmental hazards and natural disasters, which might be
uninsurable. Because the Partnership's operations will depend on these and other
factors beyond the control of the General Partner and the Local General
Partners, there can be no assurance that the anticipated low income housing
credits will be available to Limited Partners.
In addition, Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting for Investments in Limited Partnerships
The Partnership accounts for its investments in limited partnerships using the
equity method of accounting, whereby the Partnership adjusts its investment
balance for its share of the Local Limited Partnership's results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership in acquiring the investments are capitalized as part of the
investment account and are being amortized over 30 years (see Note 2).
Offering Expenses
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred with selling limited
partnership interests in the Partnership. The General Partner is obligated to
pay all offering and organization costs in excess of 15% (including sales
commissions) of the total offering proceeds. Offering expenses are reflected as
a reduction of limited partners' capital and amounted to $1,356,705 at the end
of all periods presented.
8
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
(A California Limited Partnership)
NOTES TO FINANCIALS STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles 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 revenues and expenses during the reporting period.
Actual results could materially differ from those estimates.
Cash and Cash Equivalents
The Partnership considers all highly liquid investments with remaining
maturities of three months or less when purchased to be cash equivalents. The
Partnership had no cash equivalents as of September 30, 2000 and March 31, 2000.
Concentration of Credit Risk
At September 30, 2000, the Partnership maintained a cash balance at a certain
financial institution in excess of the maximum federally insured amounts.
Net Loss Per Limited Partner Unit
Net loss per limited partnership unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net loss per unit
includes no dilution and is computed by dividing loss available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Reporting Comprehensive Income
In June 1997, the FASB issued Statement of Financial Accounting Standards
("SFAS") No. 130, Reporting Comprehensive Income. This statement establishes
standards for reporting the components of comprehensive income and requires that
all items that are required to be recognized under accounting standards as
components of comprehensive income be included in a financial statement that is
displayed with the same prominence as other financial statements. Comprehensive
income includes net income as well as certain items that are reported directly
within a separate component of Partners' equity and bypass net income. The
Partnership adopted the provisions of this statement in 1998. For the periods
presented, the Partnership has no elements of other comprehensive income, as
defined by SFAS No. 130.
NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS
As of the periods presented, the Partnership had acquired limited partnership
interests in twenty-one Local Limited Partnerships, each of which owns one
housing complex, consisting of an aggregate of 812 apartment units. The
respective general partners of the Local Limited Partnerships manage the day to
day operations of the entities. Significant Local Limited Partnership business
decisions require approval from the Partnership. The Partnership, as a limited
partner, is generally entitled to 99%, as specified in the Local Limited
Partnership agreements, of the operating profits and losses, taxable income and
losses and tax credits of the Local Limited Partnerships.
Equity in losses of Local Limited Partnerships is recognized in the financial
statements until the related investment account is reduced to a zero balance.
Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the Partnership will resume
9
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
(A California Limited Partnership)
NOTES TO FINANCIALS STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS, continued
applying the equity method only after its share of such net income equals the
share of net losses not recognized during the period(s) the equity method was
suspended.
Following is a summary of the equity method activity of the investments in Local
Limited Partnerships for the periods presented below:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 2000 March 31, 2000
---------------------- -------------------
<S> <C> <C>
Investments per balance sheet,
beginning of period $ 3,538,899 $ 4,298,485
Capital contributions paid, net - (5,864)
Distributions received (14,351) (31,390)
Equity in losses of limited partnerships (360,202) (693,836)
Amortization of paid acquisition fees and costs (14,248) (28,496)
---------------------- -------------------
Investments per balance sheet,
end of period $ 3,150,098 $ 3,538,899
====================== ===================
</TABLE>
Selected financial information for the six months ended September 30 from the
unaudited combined financial statements of the limited partnership in which the
Partnership has invested as follows:
<TABLE>
<CAPTION>
2000 1999
-------------------- -------------------
<S> <C> <C>
Revenues $ 1,671,000 $ 1,645,000
-------------------- -------------------
Expenses:
Interest expense 453,000 490,000
Depreciation and amortization 528,000 540,000
Operating expenses 1,098,000 1,050,000
-------------------- -------------------
Total expenses 2,079,000 2,080,000
-------------------- -------------------
Net loss $ (408,000) $ (435,200)
==================== ===================
Net loss allocable to the Partnership $ (404,000) $ (429,000)
==================== ===================
Net loss recorded by the Partnership $ (360,000) $ (387,000)
==================== ===================
</TABLE>
10
<PAGE>
WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
(A California Limited Partnership)
NOTES TO FINANCIALS STATEMENTS - CONTINUED
For the Quarter Ended September 30, 2000
(unaudited)
NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS, continued
Certain Local Limited Partnerships have incurred significant operating losses
and over 50% of Local Limited Partnership have working capital deficiencies. In
the event these Local Limited Partnerships continue to incur significant
operating losses, additional capital contributions by the Partnership and/or the
Local General Partners may be required to sustain the operations of such Local
Limited Partnerships. If additional capital contributions are not made when they
are required, the Partnership's investment in certain of such Local Limited
Partnerships could be impaired and the loss and recapture of the related tax
credits could occur.
NOTE 3 - RELATED PARTY TRANSACTIONS
Under the terms of the Partnership Agreement the Partnership is obligated to the
General Partner or its affiliates for the following items:
(a) Annual Asset Management Fee. An annual asset management fee equal to the
greater amount of (i) $2,000 for each apartment complex, or (ii) 0.275% of
Gross Proceeds. The base fee amount will be adjusted annually based on
changes to the Consumer Price Index. However, in no event will the annual
asset management fee exceed 0.2% of the invested assets of the Local
Limited Partnerships, including the Partnership's allocable share of the
mortgages. Asset management fees of $21,000 were incurred for each of the
six months ended September 30, 2000 and 1999. The Partnership paid $12,500
and $0 of those asset management fees during the six months ended September
30, 2000 and 1999, respectively.
(b) A subordinated disposition fee in an amount equal to 1% of the sales price
of real estate sold. Payment of this fee is subordinated to the limited
partners receiving a preferred return of 16% through December 31, 2003 and
6% thereafter (as defined in the Partnership Agreement) and is payable only
if the General Partner or its affiliates render services in the sales
effort.
The accrued fees and advances due to General Partner and affiliates consists of
the following:
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
---------------------- --------------------
<S> <C> <C>
Reimbursement for expenses paid by the General
Partner or an affiliate $ 3,534 $ 926
Asset management fee payable 112,167 103,667
---------------------- --------------------
$ 115,701 $ 104,593
====================== ====================
</TABLE>
NOTE 4 - INCOME TAXES
The Partnership will not make a provision for income taxes since all items of
taxable income and loss will be allocated to the partners for inclusion in their
respective income tax returns.
NOTE 5 - COMMITMENTS AND CONTINGENCIES
One of the Local Limited Partnerships is currently undergoing an audit with the
Internal Revenue Service ("IRS"). The Partnership's original investment in the
Local Limited Partnership was $271,544. The outcome of the audit is currently
unknown; however, should the IRS's conclusions be less than favorable, the
Partnership could be subject to the disallowance of certain expenses and tax
credits, and the recapture of a portion of the tax credits previously taken
11
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This Quarterly Report contains forward-looking statements concerning the
Partnership's anticipated future revenues and earnings, adequacy of future cash
flow and related matters. These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including competition, as well
as those risks described in the Partnership's SEC reports, including the
Partnership's Form 10-K filed pursuant to the Securities and Exchange Act of
1934 on June 29, 2000.
The following discussion and analysis compares the results of operations for the
three and six months ended September 30, 2000 and 1999, and should be read in
conjunction with the condensed consolidated financial statements and
accompanying notes included within this report.
Financial Condition
The Partnership's assets at September 30, 2000 consisted primarily of $326,000
in cash and aggregate investments in the twenty-one Local Limited Partnerships
of $3,150,000. Liabilities at September 30, 2000 consisted primarily of $112,000
in accrued asset management fees.
Results of Operations
Three Months Ended September 30, 2000 Compared to Three Months Ended September
30, 1999. The Partnership's net loss for the three months ended September 30,
2000 was $(205,000), reflecting a decrease of $9,000 from the net loss
experienced for the three months ended September 30, 1999 of $(214,000). The
decline in net loss is primarily due to a decrease of $11,000 in certain losses
of the Local Limited Partnerships not recognized by the Partnership. The
investments in such Local Limited Partnerships had reached $0 at September 30,
2000. Since the Partnership's liability with respect to its investments is
limited, losses in excess of investment are not recognized.
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. The Partnership's net loss for the six months ended September 30, 2000 was
$(402,000), reflecting a decrease of $27,000 from the net loss experienced for
the six months ended September 30, 1999 of $(429,000). The decline in net loss
is primarily due to equity in losses from limited partnerships which decreased
by $27,000 to $(360,000) for the six months ended September 30, 2000 from
$(387,000) for the six months ended September 30, 1999. This decrease was a
result of the Partnership not recognizing certain losses of the Local Limited
Partnerships. The investments in such Local Limited Partnerships had reached $0
at September 30, 2000. Since the partnership's liability with respect to its
investments is limited, losses in excess of investment are not recognized.
Cash Flows
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. Net increase in cash during the six months ended September 30, 2000 was
$16,000 compared to a net decrease in cash for the six months ended September
30, 1999 of $3,000. The $19,000 increase was due primarily to an increase in
distributions received from certain Local Limited Partnerships of $8,000 and a
collection of a receivable of $18,000 offset by an increase in accrued fees and
expenses paid to the General Partner and affiliates of $7,000.
The Partnership expects its future cash flows, together with its net available
assets at September 30, 2000, to be sufficient to meet all currently foreseeable
future cash requirements.
12
<PAGE>
Item 3. Quantitative and Qualitative Disclosures about Market Risk
NOT APPLICABLE
Part II. Other Information
Item 1. Legal Proceedings
NONE
Item 6. Exhibits and Reports on Form 8-K
NONE
13
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WNC HOUSING TAX CREDIT FUND IV, L.P., Series 1
By: WNC Tax Credit Partners IV, L.P. General Partner of the Registrant
By: WNC & ASSOCIATES, INC. General Partner of WNC Tax Credit Partners IV, L.P.
By: /s/ Will N Cooper Jr.
Will N Cooper, Jr., President - Chief Operating Officer of
WNC & Associates, Inc.
Date: December 15, 2000
By: /s/ Michael L. Dickenson
Michael L. Dickenson, Vice President - Chief Financial Officer of
WNC & Associates, Inc.
Date: December 15, 2000
14
