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 June 30, 1996
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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 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
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 X No
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<PAGE>
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1996
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TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $128,346,264 $111,836,578
OTHER ASSETS
Cash and cash equivalents 18,576,174 19,454,787
Investments 30,487,691 18,461,158
Notes receivable 14,406,473 14,869,904
Deferred acquisition costs 4,545,256 3,989,558
Prepaid expenses 6,211 6,211
Organization costs, net of
accumulated amortization (Note B) 400,414 388,935
Other assets 11,527,940 11,054,807
----------- -----------
$208,296,423 $180,061,938
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 134,590 $ 323,763
Syndication costs payable - 311,359
Accounts payable affiliates 598,974 481,404
Capital contributions payable (Note D) 39,131,827 34,424,761
----------- -----------
39,865,391 35,541,287
----------- -----------
1<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30, March 31,
1996 1996
(Unaudited) (Audited)
------------ ------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 30,000,000
authorized BACs; 20,852,414 issued and
outstanding as of June 30, 1996 168,501,375 144,569,903
General Partner (97,317) (76,226)
Unrealized gain (loss) on securities
available for sale, net 26,974 26,974
----------- -----------
168,431,032 144,520,651
----------- -----------
$208,296,423 $180,061,938
=========== ===========
The accompanying notes are an integral part of these statements.
2<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 20
---------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $27,972,038 $28,849,038
OTHER ASSETS
Cash and cash equivalents 592,142 1,306,675
Investments 656 218 711,761
Notes receivable 1,926,628 1,808,615
Deferred acquisition costs 98,231 98,231
Prepaid expenses 4,163 4,163
Organization costs, net of
accumulated amortization (Note B) 74,640 80,461
Other assets 396,845 341,307
---------- ----------
$31,720,905 $33,200,251
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 6,066 $ -
Syndication costs payable - -
Accounts payable affiliates 292,904 194,678
Capital contributions payable (Note D) 3,263,778 3,873,666
---------- ----------
3,562,748 4,068,344
---------- ----------
3<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
-----------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,866,700 issued and
outstanding as of June 30, 1996 28,207,034 29,171,047
General Partner (48,985) (39,248)
Unrealized gain (loss) on securities
for sale, net 108 108
---------- ----------
28,158,157 29,131,907
---------- ----------
$31 720,905 $33,200,251
========== ==========
The accompanying notes are an integral part of these statements.
4<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 21
----------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,876,443 $14,407,266
OTHER ASSETS
Cash and cash equivalents 1,310,006 1,398,907
Investments 573,033 479,502
Notes receivable 321,165 321,165
Deferred acquisition costs 7,785 7,785
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 45,698 50,438
Other assets 193,099 228,554
---------- ----------
$16,327,229 $16,893,617
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 4,710 $ -
Syndication costs payable - -
Accounts payable affiliates 202,610 146,150
Capital contributions payable (Note D) 2,004,264 2,042,344
---------- ----------
2,211,584 2,188,494
---------- ----------
5<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 1,892,700 issued and
outstanding as of June 30, 1996 14,135,676 14,719,259
General Partner (20,804) (14,909)
Unrealized gain (loss) on securities
for sale, net 773 773
---------- ----------
14,115,645 14,705,123
---------- ----------
$16,327,229 $16 893,617
========== ==========
The accompanying notes are an integral part of these statements.
6<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 22
---------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,823,927 $19,895,333
OTHER ASSETS
Cash and cash equivalents 1,463,696 1,686,347
Investments 519,651 454,939
Notes receivable 3,467,886 3,709,286
Deferred acquisition costs 76,172 169,557
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 44,174 47,308
Other assets 815,210 810,720
---------- ----------
$26,210,716 $26,773,490
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 10,311 $ 1,199
Syndication costs payable - -
Accounts payable affiliates 102,775 46,722
Capital contributions payable (Note D) 5,936,371 6,337,752
---------- ----------
6,049,457 6,385,673
---------- -----------
7<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
------------ ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 2,564,400 issued and
outstanding as of June 30, 1996 20,177,912 20,402,204
General Partner (17,477) (15,211)
Unrealized gain (loss) on securities
for sale, net 824 824
---------- ----------
20,161,259 20,387,817
---------- ----------
$26,210,716 $26 773,490
========== ==========
The accompanying notes are an integral part of these statements.
8 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 23
--------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $26,993,370 $27,189,858
OTHER ASSETS
Cash and cash equivalents 1,344,649 1,313,618
Investments 3,246,426 5,008,744
Notes receivable 4,005,558 3,902,391
Deferred acquisition costs 140,772 210,876
Prepaid expenses 2,048 2,048
Organization costs, net of
accumulated amortization (Note B) 52,882 56,150
Other assets 915,029 859,400
---------- ----------
$36,700,734 $38,543,085
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 3,124 $ -
Syndication costs payable - -
Accounts payable affiliates - 9,383
Capital contributions payable (Note D) 8,975,555 10,597,676
---------- ----------
8,978,679 10,607,059
---------- ----------
9<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,336,727 issued and
outstanding as of June 3, 1996 27,723,116 27,934,947
General Partner (7,692) (5,552)
Unrealized gain (loss) on securities
for sale, net 6,631 6,631
---------- ----------
27,722,055 27,936,026
---------- ----------
$36,700,734 $38,543,085
========== ==========
The accompanying notes are an integral part of these statements.
10<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 24
--------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,326,253 $10,012,941
OTHER ASSETS
Cash and cash equivalents 2,321,972 4,796,487
Investments 2,848,329 2,939,231
Notes receivable 1,787,023 1,800,402
Deferred acquisition costs 385,634 961,514
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 55,164 58,409
Other assets 1,991,973 2,131,218
---------- ----------
$24,716,348 $22,700,202
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 39,016 $ 236,334
Syndication costs payable - -
Accounts payable affiliates - 33,597
Capital contributions payable (Note D) 6,304,973 4,039,833
---------- ----------
6,343,989 4,309,764
---------- ----------
11<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
June 30 March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 2,169,878 issued and
outstanding as of June 30, 1996 18,369,434 18,387,332
General Partner (1,620) (1,439)
Unrealized gain (loss) on securities
for sale, net 4,545 4,545
---------- ----------
18,372,359 18,390,438
---------- ----------
$24,716,348 $22,700,202
========== ==========
The accompanying notes are an integral part of these statements.
12 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 25
--------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,801,432 $ 7,863,180
OTHER ASSETS
Cash and cash equivalents 5,967,113 7,307,862
Investments 5,970,365 7,981,391
Notes receivable 489,633 1,924,960
Deferred acquisition costs 872,577 1,902,287
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 47,196 49,818
Other assets 3,095,277 3,686,254
---------- ----------
$33,243,593 $30,715,752
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 5,793 $ 591
Syndication costs payable - -
Accounts payable affiliates 250 1,459
Capital contributions payable (Note D) 7,400,958 4,911,886
---------- ----------
7,407,001 4,913,936
---------- ----------
13<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,026,109 issued and
outstanding as of June 30, 1996 25,823,039 25,788,647
General Partner 789 405
Unrealized gain (loss) on securities
for sale, net 12,764 12,764
---------- ----------
25,836,592 25,801,816
---------- ----------
$33,243,593 $30,715,752
========== ==========
The accompanying notes are an integral part of these statements.
14 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 26
--------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,552,801 $ 3,618,962
OTHER ASSETS
Cash and cash equivalents 5,576,596 1,644,891
Investments 16,673,669 885,590
Notes receivable 2,408,580 1,403,085
Deferred acquisition costs 2,964,085 639,308
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 80,660 46,351
Other assets 4,120,507 2,997,354
---------- ----------
$39,376,898 $11,235,541
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 65,570 $ 85,639
Syndication costs payable - 301,976
Accounts payable affiliates 435 58,798
Capital contributions payable (Note D) 5,245,928 2,621,604
---------- ----------
5,311,933 3,068,017
---------- ----------
15 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
June 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,995,900 issued and
outstanding as of June 30, 1996 34,065,164 8,166,467
General Partner (1,528) (272)
Unrealized gain (loss) on securities
for sale, net 1,329 1,329
---------- ----------
34,064,965 8,167,524
---------- ----------
$39,376,898 $11,235,541
========== ==========
The accompanying notes are an integral part of these statements.
16<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
1996 1995
---- ----
Income
Interest income $ 375,974 $ 100,819
---------- --------
375,974 100,819
---------- --------
Share of loss from
Operating Expenses (1,867,573) (514,643)
---------- --------
Expenses
Professional fees 62,966 4,063
Fund management fee (Note C) 316,014 193,563
Amortization 22,830 11,652
General and administrative expenses
(Note C) 215,649 67,404
---------- --------
617,459 276,682
---------- --------
NET INCOME (LOSS) $(2,109,058) $ (690,506)
========== ========
Net income (loss) allocated to
limited partners $(2,087,967) $ (683,602)
========== ========
Net income (loss) allocated to
general partner $ (21,091) $ (6,904)
========== ========
Net income (loss) per BAC $ (.65) $ (.25)
========== ========
The accompanying notes are an integral part of these statements.
17<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 20
-----------------------
1996 1995
---- ----
Income
Interest income $ 17,615 $ 40,230
-------- --------
17,615 40,230
-------- --------
Share of loss from Operating
Partnerships (877,000) (313,124)
-------- --------
Expenses
Professional fees 623 577
Fund management fee (Note C) 93,226 65,484
Amortization 5,821 5,821
General and administrative expense (Note C) 14,695 18,945
-------- --------
114,365 90,827
-------- --------
NET INCOME (LOSS) $(973,750) $(363,721)
======== ========
Net income (loss) allocated to
limited partners $(964,013) $(360,084)
======== ========
Net income (loss) allocated to
general partner $ (9,737) $ (3,637)
======== ========
Net income (loss) per BAC $ (.25) $ (.09)
======== ========
The accompanying notes are an integral part of these statements.
18<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 21
-----------------------
1996 1995
---- ----
Income
Interest income $ 21,062 $ 16,824
-------- --------
21,062 16,824
-------- --------
Share of loss from Operating
Partnerships (530,822) (176,885)
-------- --------
Expenses
Professional fees 564 2,730
Fund management fee (Note C) 56,460 55,236
Amortization 4,739 2,750
General and administrative expense (Note C) 17,955 10,557
-------- --------
79,718 71,273
-------- --------
NET INCOME (LOSS) $(589,478) $(231,334)
======== ========
Net income (loss) allocated to
limited partners $(583,583) $(229,021)
======== ========
Net income (loss) allocated to
general partner $ (5,895) $ (2,313)
======== ========
Net income (loss) per BAC $ (.31) $ (.12)
======== ========
The accompanying notes are an integral part of these statements.
19 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 22
-----------------------
1996 1995
---- ----
Income
Interest income $ 12,605 $ 15,427
-------- -------
12,605 15,427
-------- -------
Share of loss from Operating
Partnerships (163,569) (24,634)
-------- -------
Expenses
Professional fees 7,311 543
Fund management fee (Note C) 52,376 57,305
Amortization 3,135 3,081
General and administrative expense (Note C) 12,772 12,577
-------- -------
75,594 73,506
-------- -------
NET INCOME (LOSS) $(226,558) $ (82,713)
======== =======
Net income (loss) allocated to
limited partners $(224,292) $ (81,886)
======== =======
Net income (loss) allocated to
general partner $ (2,266) $ (827)
======== =======
Net income (loss) per BAC $ (.08) $ (.03)
======== =======
The accompanying notes are an integral part of these statements.
20<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 23
-----------------------
1996 1995
---- ----
Income
Interest income $ 55,908 $ 28,338
-------- -------
55,908 28,338
-------- -------
Share of loss from Operating
Partnerships (159,596) -
-------- -------
Expenses
Professional fees 4,041 213
Fund management fee (Note C) 59,064 15,538
Amortization 3,268 -
General and administrative expense (Note C) 43,910 25,325
-------- -------
110,283 41,076
-------- -------
NET INCOME (LOSS) $(213,971) $ (12,738)
======== =======
Net income (loss) allocated to
limited partners $(211,831) $ (12,611)
======== =======
Net income (loss) allocated to
general partner $ (2,140) $ (127)
======== =======
Net income (loss) per BAC $ (.01) $ -
======== =======
The accompanying notes are an integral part of these statements.
21<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 24* SERIES 25* SERIES 26*
----------- ------------ -----------
1996 1996 1996
---- ---- ----
Income
Interest income $ 52,390 $ 121,033 $ 95,361
-------- ------- -------
52,390 121,033 95,361
-------- ------- -------
Share of loss from Operating
Partnerships (2,727) - (133,859)
-------- ------- -------
Expenses
Professional fees 8,976 11,149 30,302
Fund management fee (Note C) 30,948 19,497 4,443
Amortization 3,245 2,622 -
General and administrative expense
(Note C) 24,573 49,368 52,376
-------- ------- -------
67,742 82,636 87,121
-------- ------- -------
NET INCOME (LOSS) $ (18,079) $ 38,397 $(125,619)
======== ======= =======
Net income (loss) allocated to
limited partners $ (17,898) $ 38,013 $(124,363)
======== ======= =======
Net income (loss) allocated to
general partner $ (181) $ 384 $ (1,256)
======== ======= =======
Net income (loss) per BAC $ - $ - $ -
======== ======= =======
* Series 24, 25, and 26 did not commence operations until after June 30, 1995,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
22<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Partners' capital
(deficit)
April 1, 1996 $144,569,903 $(76,226) $ 26,974 $144,520,651
Capital contribu-
tions 30,013,000 - - 30,013,000
Selling commissions
and registration
costs (3,993,561) - - (3,993,561)
Net income (loss) (2,087,967) (21,091) - (2,109,058)
---------- ------- ------- -----------
Partners' capital
(deficit),
June 30, 1996 $168,501,375 $(97,317) $ 26,974 $168,431,032
=========== ======= ======= ===========
The accompanying notes are an integral part of these statements.
23 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1996 $29,171,047 $ (39,248) $ 108 $29,131,907
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (964,013) (9,737) - (973,750)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1996 $28,207,034 $ (48,985) $ 108 $28,158,157
=========== ======== ======= ==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1996 $14,719,259 $ (14,909) $ 773 $14,705,123
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (583,583) (5,895) - (589,478)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1996 $14,135,676 $ (20,804) $ 773 $14,115,645
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
24<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1996 $20,402,204 $ (15,211) $ 824 $20,387,817
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (224,292) (2,266) - (226,558)
---------- -------- ------ ----------
Partners' capital
(deficit),
June 30, 1996 $20,177,912 $ (17,477) $ 824 $20,161,259
========== ======== ======= ==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1996 $27,934,947 $ (5,552) $ 6,631 $27,936,026
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (211,831) (2,140) - (213,971)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1996 $27,723,116 $ (7,692) $ 6,631 $27,722,055
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
25 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1996 $18,387,332 $ (1,439) $ 4,545 $18,390,438
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (17,898) (181) - (18,079)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1996 $18,369,434 $ (1,620) $ 4,545 $18,372,359
========== ======== ======= ==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1996 $25,788,647 $ 405 $ 12,764 $25,801,816
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) 38,013 384 - 38,397
---------- ------- ------- ----------
Partners' capital
(deficit),
June 30, 1996 $25,823,039 $ 789 $ 12,764 $25,836,592
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
26 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1996 $ 8,166,467 $ (272) $ 1,329 $ 8,167,524
Capital contribu-
tions 30,013,000 - - 30,013,000
Selling commissions
and registration
costs (3,989,940) - - (3,989,940)
Net income (loss) (124,363) (1,256) - (125,619)
--------- ------ ------- ----------
Partners' capital
(deficit),
June 30, 1996 $34,065,164 $(1,528) $ 1,329 $34,064,965
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
27<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (2,109,058) $ (690,506)
Adjustments
Amortization 22,830 11,652
Share of loss from Operating
Partnerships 1,867,573 514,643
Changes in assets and liabilities
Decrease (Increase) in
organization costs (34,309) (13,831)
(Decrease) Increase in accounts
payable and accrued expenses (500,535) 16,717
Decrease (Increase) in prepaid
expenses - 2,020
Decrease (Increase) in accounts
receivable (423,354) 52,818
(Decrease) Increase in accounts
payable affiliates 117,571 (36,250)
----------- ----------
Net cash (used in) provided by
operating activities (1,059,282) (142,737)
----------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (3,043,990) (2,354,970)
Capital contributions paid to
Operating Partnerships (11,231,678) (5,058,372)
Advances to Operating Partnerships 463,431 (1,511,530)
Investments (12,026,533) (591,252)
------------ -----------
Net cash (used in) provided by
investing activities (25,838,770) (9,516,124)
----------- ----------
28<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,993,561) (3,533,151)
Capital contributions received 30,013,000 24,338,000
Net cash (used in) provided by ----------- ----------
financing activities 26,019,439 20,804,849
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (878,613) 11,145,988
Cash and cash equivalents, beginning 19,454,787 9,627,086
----------- ----------
Cash and cash equivalents, ending $ 18,576,174 $20,773,074
=========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 9,987,854 $ 7,495,535
=========== ==========
The accompanying notes are an integral part of these statements.
29<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (973,750) $ (363,721)
Adjustments
Amortization 5,821 5,821
Share of loss from Operating
Partnerships 877,000 313,124
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 6,066 1,667
Decrease (Increase ) in prepaid
expenses - 2,020
Decrease (Increase) in accounts
receivable (55,538) (166,466)
(Decrease) Increase in accounts
payable affiliates 98,226 (8,312)
---------- ----------
Net cash (used in) provided by
operating activities (42,175) (215,867)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (31,140)
Capital contributions paid to
Operating Partnerships (609,888) (420,018)
Advances to Operating Partnerships (118,013) (198,294)
Investments 55,543 731,775
---------- ----------
Net cash (used in) provided by
investing activities (672,358) 82,323
---------- ----------
30<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
-------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (13)
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - (13)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (714,533) (133,557)
Cash and cash equivalents, beginning 1,306,675 3,453,823
---------- ----------
Cash and cash equivalents, ending $ 592,142 $ 3,320,266
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
31<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (589,478) $ (231,334)
Adjustments
Amortization 4,739 2,750
Share of loss from Operating
Partnerships 530,822 176,885
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 4,710 1,274
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 35,455 (10,230)
(Decrease) Increase in accounts
payable affiliates 56,462 (1,462)
---------- ----------
Net cash (used in) provided by
operating activities 42,710 (62,117)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (15,138)
Capital contributions paid to
Operating Partnerships (38,080) (1,690,594)
Advances to Operating Partnerships - 494,796
Investments (93,531) 1,399,375
---------- ----------
Net cash (used in) provided by
investing activities (131,611) 188,439
---------- ----------
32<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
-----------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ---------
financing activities - -
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (88,901) 126,322
Cash and cash equivalents, beginning 1,398,907 1,697,368
---------- ----------
Cash and cash equivalents, ending $ 1,310,006 $ 1,823,690
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========= ==========
The accompanying notes are an integral part of these statements.
33<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (226,558) $ (82,713)
Adjustments
Amortization 3,135 3,081
Share of loss from Operating
Partnerships 163,569 24,634
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (5,337)
(Decrease) Increase in accounts
payable and accrued expenses 9,112 4,767
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (29,711) 2,400
(Decrease) Increase in accounts
payable affiliates 56,053 (7,990)
---------- ----------
Net cash (used in) provided by
operating activities 24,400 (61,158)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (6,615) (27,426)
Capital contributions paid to
Operating Partnerships (368,324) (905,783)
Advances to Operating Partnerships 241,400 306,933
Investments (64,712) (221,550)
---------- ----------
Net cash (used in) provided by
investing activities (198,251) (847,826)
---------- ----------
34<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
---------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (8,991)
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - (8,991)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (222,651) (917,975)
Cash and cash equivalents, beginning 1,686,347 3,002,412
---------- ----------
Cash and cash equivalents, ending $ 1,463,696 $ 2,084,437
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 334,278
=========== ==========
The accompanying notes are an integral part of these statements.
35<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (213,971) $ (12,738)
Adjustments
Amortization 3,268 -
Share of loss from Operating
Partnerships 159,596 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (8,494)
(Decrease) Increase in accounts
payable and accrued expenses (6,263) 9,009
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 19,371 227,114
(Decrease) Increase in accounts
payable affiliates - (18,486)
---------- ----------
Net cash (used in) provided by
operating activities (37,999) 196,405
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (4,896) (2,281,266)
Capital contributions paid to
Operating Partnerships (1,585,225) (2,041,977)
Advances to Operating Partnerships (103,167) (2,114,965)
Investments 1,762,318 (2,500,852)
---------- ----------
Net cash (used in) provided by
investing activities 69,030 (8,939,060)
---------- ----------
36<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,524,147)
Capital contributions received - 24,338,000
Net cash (used in) provided by ---------- ----------
financing activities - 20,813,853
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 31,031 12,071,198
Cash and cash equivalents, beginning 1,313,618 1,473,483
---------- ----------
Cash and cash equivalents, ending $ 1,344,649 $13,544,681
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 7,131,257
========== ==========
The accompanying notes are an integral part of these statements.
37<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24* Series 25* Series 26*
----------------------------------------
1996 1996 1996
---- ---- ----
Cash flows from operating activities:
Net income (loss) $ (18,079) $ (38,397) $ (125,619)
Adjustments
Amortization 3,245 2,622 -
Share of (income) loss from
operating partnerships 2,727 - 133,859
Changes in assets and liabilities
Decrease (Increase) in
organization costs - - (34,309)
(Decrease) Increase in accounts
payable and accrued expenses (197,317) 5,202 (322,045)
Decrease (Increase ) in prepaid
expenses - - -
Decrease (Increase) in accounts
receivable 139,245 590,977 (1,123,153)
(Decrease) Increase in accounts
payable affiliates (33,598) (1,209) (58,363)
---------- ---------- -----------
Net cash (used in) provided by
operating activities (103,777) 635,989 (1,529,630)
---------- ---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (92,604) (103,591) (2,836,284)
Capital contributions paid to
Operating Partnerships (2,382,415) (5,315,879) (931,867)
Advances to Operating Partnerships 13,379 1,435,327 (1,005,495)
Investments 90,902 2,011,026 (15,788,079)
---------- ---------- -----------
Net cash (used in) provided by
investing activities (2,370,738) (1,973,117) (20,561,725)
---------- ---------- -----------
38<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24* Series 25* Series 26*
----------------------------------------
1996 1996 1996
---- ---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,621) (3,989,940)
Capital contributions received - - 30,013,000
Net cash (used in) provided by ---------- --------- -----------
financing activities - (3,621) 26,023,060
---------- --------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (2,474,515) (1,340,749) 3,931,705
Cash and cash equivalents, beginning 4,796,487 7,307,862 1,644,891
---------- ---------- -----------
Cash and cash equivalents, ending $ 2,321,972 $ 5,967,113 $ 5,576,596
========== ========== ===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,194,309 $ 4,169,222 $ 2,624,323
========== ========== ===========
*Series 24, 25 and 26 did not commence operation until after June 30, 1995,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
39<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the
laws of the State of Delaware as of October 5, 1993, for the purpose of
acquiring, holding, and disposing of limited partnership interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated low-income
apartment complexes ("Operating Partnerships"). The general partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and John P.
Manning, the principals of Boston Capital Partners, Inc., is the sole
general partner of the general partner. The limited partner of the
general partner is Capital Investment Holdings, a general partnership
whose partners are certain officers and employees of Boston Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner is
BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective December 16, 1993 which covered the offering (the "Public
Offering") of the Fund's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public in one
or more series. One April 18, 1996 an amendment to Form S-16 which
registered an additional 10,000,000 BACs for sale to the public in one or more
series became effective offers and sales of BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25 and Series 26 were completed and
the last of the BACs in Series 20, Series 21, Series 22, Series 23, Series
24, Series 25 and Series 26 were issued by the Fund on June 24, 1994,
September 30, 1994, December 28, 1994, June 23, 1995, September 22, 1995,
December 29, 1995 and June 25, 1996, respectively. The Fund sold 3,866,700 of
Series 20 BACs, for a total of $38,667,000; 1,892,700 of Series 21 BACs for a
total of $18,927,000; 2,564,400 of Series 22 BACs for a total of $25,644,000;
3,336,727 of Series 23 BACs for a total of $33,366,000; 2,169,878 of Series 24
BACs for a total of $21,697,000; 3,029,109 of Series 25 BACs for a total
of $30,278,000; and 3,995,900 of Series 26 BACs for a total of $39,959,000.
The Fund is currently offering BACs for Series 27.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of June 30, 1996 and for the
three months then ended have been prepared by the Fund, without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. The Fund accounts for its investments in Operating Partnerships
using the equity method, whereby the Fund adjusts its investment cost for its
40<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
share of each Operating Partnership's results of operations and for any
distributions received or accrued. Costs incurred by the Fund in acquiring
the investments in the Operating Partnerships are capitalized to the
investment account.
The Fund's accounting and financial reporting policies are in conformity
with generally accepted accounting principles and include adjustments in
interim periods considered necessary for a fair presentation of the
results of operations. Such adjustments are of a normal recurring
nature. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principals have been condensed or omitted pursuant to such
rules and regulations. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of it's investment securities are to be
categorized as securities available for sale. Securities classified as
available for sale are those debt securities that the Fund purchased that may
be liquidated prior to the maturity date should the need arise. These
securities are carried at approximate fair market value. All of the
investments held by the Fund are tax-exempt municipal bonds.
The amortized cost of securities available for sale as of June 30,
1996 by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $19,083,982
Due after one year 11,376,735
----------
Total $30,460,717
==========
The fair market value of the securities is $30,487,691. The difference
being an unrealized gain on securities available for sale of $26,974, as
of June 30, 1996.
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of June 30,
1996 and 1995 the Fund has accumulated amortization of $118,976 and $37,807,
respectively.
41<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The breakdown of accumulated amortization within the fund is as follows:
1996 1995
---- ----
Series 20 $ 44,575 $21,291
Series 21 27,103 9,140
Series 22 19,968 7,376
Series 23 13,072 -
Series 24 9,014 -
Series 25 5,244 -
------- ------
$118,976 $37,807
======= ======
Series 26 organization costs will be amortized over 60 months beginning
July 1, 1996.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various affiliates
of the general partner, including Boston Capital Partners, Inc., Boston
Capital Services, Inc., and Boston Capital Communications Limited
Partnership as follows:
For the quarter ended June 30, 1996, Boston Capital Services, Inc.
received $669,260 for Series 26 as Dealer-Manager fees for marketing
advice and investment banking services performed at the time of the
Fund's offering of BACs. Series 20, Series 21, Series 22, Series 23, Series
24 and Series 25 completed payment of all Dealer-Manager fees prior to the
quarter ended June 30, 1996.
Boston Capital Partners, Inc. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the Fund's
acquisition of interest in the Operating Partnerships. During the quarter
ended June 30, 1996, Series 26 paid $2,551,105 for acquisition fees to Boston
Capital Partners, Inc. Series 20, Series 21, Series 22, Series 23, Series 24
and Series 25 completed payment of all acquisition fees prior to the quarter
ended June 30, 1996. Of the total acquisition fees and expenses incurred,
$98,231, $7,785, $76,172, $140,772, $385,634, $872,577 and $2,964,085 for
Series 20, Series 21, Series 22, Series 23,Series 24, Series 25 and Series 26
respectively, related to costs incurred in connection with the purchase of
interests in Operating Partnerships not finalized as of June 30, 1996.
42<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
An annual fund management fee based on .5 percent of the aggregate cost
of all apartment complexes owned by the Operating Partnerships, less the
amount of certain partnership management and reporting fees paid or
payable by the Operating Partnerships, has been paid or accrued to
Boston Capital Communications Limited Partnership.
The fund management fees charged to operations for the quarters ended
June 30, 1996 and 1995 are as follows:
1996 1995
---- ----
Series 20 $ 93,226 $ 65,484
Series 21 56,460 55,236
Series 22 52,376 57,305
Series 23 59,064 15,538
Series 24 30,948 -
Series 25 19,497 -
Series 26 4,443 -
------- -------
$316,014 $193,563
======= =======
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At June 30, 1996 and 1995, the Fund has limited partnership
interests in 135 and 72 Operating Partnerships, respectively, which own
or are constructing apartment complexes. The breakdown of Operating
Partnerships within the Fund at June 30, 1996 and 1995 is as
follows:
1996 1995
---- ----
Series 20 24 24
Series 21 15 14
Series 22 30 23
Series 23 22 11
Series 24 20 -
Series 25 13 -
Series 26 11 -
--- --
135 72
=== ==
43<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
Under the terms of the Fund's investment in each Operating Partnership, the
Fund is required to make capital contributions to the Operating Partnerships.
These contributions are payable in installments over several years upon each
Operating Partnership achieving specified levels of construction and/or
operations. The contributions payable at June 30, 1996 and 1995 are as
follows:
1996 1995
---- ----
Series 20 $ 3,263,778 $ 7,647,464
Series 21 2,004,264 3,813,416
Series 22 5,936,371 8,915,814
Series 23 8,975,555 7,784,903
Series 24 6,304,973 -
Series 25 7,400,958 -
Series 26 5,245,928 -
---------- ----------
$27,259,085 $28,161,597
========== ==========
The Fund's fiscal year ends March 31st for each year, while all the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to the provisions
of each Operating Partnership Agreement, financial results for each of the
Operating Partnerships are provided to the Fund within 45 days after the close
of each Operating Partnership's quarterly period. Accordingly, the current
financial results available for the Operating Partnerships are for the three
months ended March 31, 1996.
44<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 20
---------------------------
1996 1995
---- ----
Revenues
Rental $ 1,834,912 $ 523,758
Interest and other 78,327 65,793
--------- ---------
1,913,239 589,551
--------- ---------
Expenses
Interest 1,225,659 217,050
Depreciation and amortization 614,661 219,768
Operating expenses 958,777 469,020
--------- ---------
2,799,097 905,838
--------- ---------
NET LOSS $ (885,858) $ (316,287)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (877,000) $ (313,124)
========== ==========
Net loss allocated to
other partners $ (8,859) $ (3,163)
========== ==========
45<PAGE>
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 21
--------------------------
1996 1995
---- ----
Revenues
Rental $ 950,567 $ 122,733
Interest and other 33,110 16,388
--------- ---------
983,677 139,121
--------- ---------
Expenses
Interest 584,972 110,004
Depreciation and amortization 200,424 108,649
Operating expenses 729,103 99,140
--------- ---------
1,514,499 317,793
--------- ---------
NET INCOME (LOSS) $ (530,822) $ (178,672)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (525,514) $ (176,885)
========= =========
Net loss allocated to
other partners $ (5,308) $ (1,787)
========= =========
46 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 22
--------------------------
1996 1995
Revenues ---- ----
Rental $ 823,568 $ 88,992
Interest and other 47,722 9,529
--------- ---------
871,290 98,521
--------- ---------
Expenses
Interest 241,324 26,358
Depreciation and amortization 302,822 50,648
Operating expenses 492,365 46,398
--------- ---------
1,036,512 123,404
--------- ---------
NET INCOME (LOSS) $ (165,221) $ (24,883)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (163,569) $ (24,634)
========== ==========
Net loss allocated to
other partners $ (1,652) $ (249)
========== ==========
47<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 23* Series 24**
----------- ------------
1996 1996
Revenues ---- ----
Rental $ 510,515 $ 319,239
Interest and other 42,130 32,419
---------- ----------
552,645 351,658
---------- ----------
Expenses
Interest 209,688 105,836
Depreciation and amortization 144,078 65,118
Operating expenses 360,087 183,459
---------- ----------
713,853 354,413
---------- ----------
NET INCOME (LOSS) $ (161,208) $ (2,755)
========== ==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (159,596) $ (2,727)
========== ==========
Net income (loss) allocated to
other partners $ (1,612) $ (28)
========== ==========
* The Operating Partnerships acquired by Series 23 as of March 31, 1995 were
under construction, therefore they do not have comparative information to
report.
** Series 24 did not commence operations until after March 31, 1995, therefore
it does not have comparative information to report.
48<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 25* Series 26**
----------- -----------
1996 1995
Revenues ---- ----
Rental $ - $ 35,524
Interest and other - 347
--------- ---------
- 35,871
--------- ---------
Expenses
Interest - 70,639
Depreciation and amortization - 62,604
Operating expenses - 37,839
--------- ---------
- 171,082
--------- ---------
NET INCOME (LOSS) $ - $ (135,211)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ - $ (133,859)
========= =========
Net income (loss) allocated to
other partners $ - $ (1,353)
========= =========
* The Operating Partnerships acquired by Series 25 as of March 31, 1996 were
under construction, therefore they do have information to report.
** Series 26 did not commence operations until after March 31, 1995, therefore
it does not have comparative information to report.
49<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1996
(Unaudited)
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1997 is expected
to differ from its loss for financial reporting purposes primarily due
to accounting differences in depreciation incurred by the Operating
Partnerships. No provision or benefit for income taxes has been included in
these financial statements since taxable income or loss passes through to, and
is reportable by, the partners and assignees individually.
50<PAGE>
Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public Offering.
Other sources of liquidity will include (i) interest earned on capital
contributions held pending investment and on working capital and (ii)
cash distributions from operations of the Operating Partnerships in which the
Fund has and will invest. The Fund does not anticipate significant cash
distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee for Series 20, Series
21 and Series 22. Pursuant to the Partnership Agreement, such liabilities
will be deferred until the Fund receives sales of refinancing proceeds from
Operating partnerships which will be used to satisfy such liabilities. the
Fund's working capital and sources of liquidity coupled with affiliated party
liability accruals allow sufficient levels of liquidity to meet the third
party obligations of the Fund. The Fund is currently unaware if any trends
which would create insufficient liquidity to meet future third party
obligations.
Capital Resources
- -----------------
The fund offered BACs in a Public Offering declared effective by the
Securities and Exchange Commission on December 16, 1993. The Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, and
$30,278,000 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727,
2,169,878, 3,029,109 and 3,995,900 BACs from investors admitted as BAC Holders
in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25 and Series
26, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 24 Operating Partnerships in the amount of $28,227,695.
During the quarter ended June 30, 1996, $609,888 of Series 20 net
offering proceeds had been used to pay capital contributions. Series 20 net
offering proceeds in the amount of $1,248,360 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of June 30, 1996.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and
sales of BACs in Series 21 were completed on December 31, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 15 Operating Partnerships in the amount of $14,128,996.
51<PAGE>
During the quarter ended June 30, 1996, $38,080 of Series 21 net
offering proceeds had been used to pay capital contributions. Series 21 net
offering proceeds in the amount of $1,883,039 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
21 has invested in as of June 30, 1996.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 30 Operating Partnerships in the amount of $18,645,546.
During the quarter ended June 30, 1996, $368,324 of Series 22 net offering
proceeds had been used to pay capital contributions. Series 22 net offering
proceeds in the amount of $1,983,347 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series 22
has invested in as of June 30, 1996.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and
sales of BACs in Series 23 were completed on June 23, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $24,272,151.
During the quarter ended June 30, 1996, $1,585,225 of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $4,591,075 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of June 30, 1996.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and
sales of BACs in Series 24 were completed on September 22, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 20 Operating Partnerships in the amount of $13,542,896.
During the quarter ended June 30, 1996, $2,382,415 of Series 24 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 24 net offering proceeds in the amount of $5,170,301
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as of June 30, 1996.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers
and sales of BACs in Series 25 were completed on December 29, 1995. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 13 Operating Partnerships in the amount of $14,656,343.
52<PAGE>
During the quarter ended June 30, 1996, $5,315,879 of Series 25 net
offering proceeds had been used to pay initital and additional capital
contributions. Series 25 net offering proceeds in the amount of $7,400,958
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of June 30, 1996.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 11 Operating Partnerships in the amount of $6,720,074.
During the quarter ended June 30, 1996, $931,867 of Series 25 net
offering proceeds had been used to pay initital and additional capital
contributions. Series 26 net offering proceeds in the amount of $5,245,928
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of June 30, 1996.
Results of Operations
- ---------------------
As of June 30, 1996 and 1995 the Fund held limited partnership interests in
135 and 72 Operating Partnerships, respectively. In each instance the
Apartment Complex owned by the applicable Operating Partnership is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment
Complex which initially complied with the Minimum Set-Aside Test (i.e.,
occupancy by tenants with incomes equal to no more than a certain 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
hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and
each of the respective Apartment Complexes are described more fully in the
Prospectus or applicable report on Form 8-K. The General Partner believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary significantly
from those for the period ended June 30, 1996 as Series 22, Series 23,
Series 24, Series 25, and Series 26 continue to use the funds raised to invest
in partnership interests of additional Operating Partnerships and the Fund
begins to offer BACs in Series 27.
The Fund incurred a fund management fee to Boston Capital Communications
Limited Partnership in an amount equal to .5 percent of the aggregate cost of
the apartment complexes owned by the Operating Partnerships, less the amount
of certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter ended June
30, 1996 for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25
and Series 26 were $93,226, $56,460, $52,376, $59,064, $30,948, $19,497 and
$4,443 respectively.
53<PAGE>
The Fund's investment objectives do not include receipt of significant cash
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 20
- ---------
As of June 30, 1996 and 1995 the average Qualified Occupancy for the series
was 99.8% and 84.7%, respectively. The series had a total of 24 properties at
June 30, 1996. Out of the total 23 were at 100% qualified occupancy and 1 was
in active lease-up.
For the three months being reported Series 20 reflects a net loss from
Operating Partnerships of $877,000. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of $262,339.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 21
- ---------
As of June 30, 1996 and 1995 the average Qualified Occupancy for the series
was 89.3% and 69.4%, respectively. The series had a total of 15 properties at
June 30, 1996. Out of the total 10 were at 100% qualified occupancy and 3
were in active lease-up.
For the three months being reported Series 21 reflects a net loss from
Operating Partnerships of $525,514. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of $325,090.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 22
- ---------
As of June 30, 1996 and 1995 the average Qualified Occupancy for the series
was 91.6% and 74.5% respectively. The series had a total of 30 properties at
December 31, 1995. Out of the total 22 were at 100% qualified occupancy and 5
were in active lease-up. The series also had 1 property which was under
construction at June 30, 1996.
For the three months being reported Series 22 reflects a net loss from
Operating Partnerships of $163,569. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$139,253. This is an interim period estimate; it is not indicative of the
final year end results.
Series 23
- ---------
As of June 30, 1996 and 1995 the average Qualified Occupancy for the series
was 91.6% and 95.3%, respectively. The series had a total of 22 properties at
June 30, 1996. Out of the total 15 were at 100% qualified occupancy and 7
were in active lease-up.
54<PAGE>
For the three months being reported Series 23 reflects a net loss from
Operating Partnerships of $159,596. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
15,518. This is an interim period estimate; it is not indicative of the
final year end results.
Series 24
- ---------
As of June 30, 1996 the average Qualified Occupancy for the series was
87.1%. The series had a total of 20 properties at June 30, 1996. Out of
the total 9 were at 100% qualified occupancy and 4 were in active lease-up.
The series also had 5 properties which were under construction and 2
properties with multiple building, some of which were in lease-up and some of
which were under construction at June 30, 1996. Since all of the properties
in Series 24 were acquired after June 30, 1995 there is no comparative
information to report.
For the three months being reported Series 24 reflects a net loss from
Operating Partnerships of $2,727. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$62,461. This is an interim period estimate; it is not indicative of the
final year end results.
Series 25
- ---------
As of June 30, 1996 the average Qualified Occupancy for the series was 56%.
The series had a total of 13 properties at June 30, 1996. Out of the total 1
was in active lease-up and 12 were under construction. Since all of
the properties in Series 25 were acquired after June 30, 1995 there is no
comparative information to report.
For the three months being reported Series 25 does not reflect operations from
the Operating Partnerships. All of the Operating Partnerships were still
under construction in the first quarter and, therefore, have no information to
report.
Series 26
- ---------
As of June 30, 1996 the average Qualified Occupancy for the series was 62.9%.
The series had a total of 11 properties at June 30, 1996. Out of the total 1
was at 100% qualified occupancy and 6 were in active lease-up. The series
also had 4 properties which was under construction at June 30, 1996. Since
all of the properties in Series 26 were acquired after June 30, 1995 there is
no comparative information to report.
For the three months being reported Series 26 reflects a net loss from
Operating Partnerships of $133,859. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of $71,255. This
is an interim period estimate; it is not indicative of the final year end
results.
55 <PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
56<PAGE>
SIGNATURES
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 hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: August 19, 1996 By: /s/John P. Manning
-------------------
John P. Manning,
Partner & Principal Financial
Officer
57<PAGE>
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> JUN-30-1996
<TOTAL-ASSETS> 208,296,423
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 208,296,423
<TOTAL-REVENUES> 375,974
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,485,032)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,109,058)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
