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, 1996
------------------
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
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
-----------------------------------------------
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
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $144,204,002 $111,836,578
OTHER ASSETS
Cash and cash equivalents 14,314,848 19,454,787
Investments 34,470,502 18,461,158
Notes receivable 11,385,105 14,869,904
Deferred acquisition costs 5,106,169 3,989,558
Prepaid expenses 8,932 6,211
Organization costs, net of
accumulated amortization (Note B) 464,457 388,935
Other assets 17,532,783 11,054,807
----------- -----------
$227,486,798 $180,061,938
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 1,022,826 $ 323,763
Syndication costs payable 3,756 311,359
Accounts payable affiliates 986,636 481,404
Capital contributions payable (Note D) 37,050,220 34,424,761
----------- -----------
39,063,438 35,541,287
----------- -----------
1<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 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; 23,313,114 issued and
outstanding as of September 30, 1996 188,503,948 144,569,903
General Partner (107,562) (76,226)
Unrealized gain (loss) on securities
available for sale, net 29,974 26,974
----------- -----------
188,423,360 144,520,651
----------- -----------
$227,486,798 $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
---------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,085,168 $28,849,038
OTHER ASSETS
Cash and cash equivalents 323,252 1,306,675
Investments 177,502 711,761
Notes receivable 945,003 1,808,615
Deferred acquisition costs 98,235 98,231
Prepaid expenses 6,884 4,163
Organization costs, net of
accumulated amortization (Note B) 68,818 80,461
Other assets 605,132 341,307
---------- ----------
$30,309,994 $33,200,251
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 3,756 $ -
Syndication costs payable - -
Accounts payable affiliates 384,167 194,678
Capital contributions payable (Note D) 1,757,409 3,873,666
---------- ----------
2,145,332 4,068,344
---------- ----------
3<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
-----------------------------
September 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 September 30, 1996 28,213,475 29,171,047
General Partner (48,921) (39,248)
Unrealized gain (loss) on securities
for sale, net 108 108
---------- ----------
28,164,662 29,131,907
---------- ----------
$30,309,994 $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
----------------------------
September 30 March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $12,980,338 $14,407,266
OTHER ASSETS
Cash and cash equivalents 981,420 1,398,907
Investments 679,787 479,502
Notes receivable 321,165 321,165
Deferred acquisition costs 53,731 7,785
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 40,959 50,438
Other assets 191,086 228,554
---------- ----------
$15,248,486 $16,893,617
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Syndication costs payable - -
Accounts payable affiliates 259,070 146,150
Capital contributions payable (Note D) 1,404,776 2,042,344
---------- ----------
1,663,846 2,188,494
---------- ----------
5<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
September 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 September 30, 1996 13,609,981 14,719,259
General Partner (26,114) (14,909)
Unrealized gain (loss) on securities
for sale, net 773 773
---------- ----------
13,584,640 14,705,123
---------- ----------
$15,248,486 $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
---------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,522,056 $19,895,333
OTHER ASSETS
Cash and cash equivalents 1,095,520 1,686,347
Investments 608,548 454,939
Notes receivable 2,669,275 3,709,286
Deferred acquisition costs 220,959 169,557
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 41,040 47,308
Other assets 804,438 810,720
---------- ----------
$23,961,836 $26,773,490
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 729 $ 1,199
Syndication costs payable - -
Accounts payable affiliates 162,904 46,722
Capital contributions payable (Note D) 3,861,909 6,337,752
---------- ----------
4,025,542 6,385,673
---------- -----------
7<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
September 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 September 30, 1996 19,955,196 20,402,204
General Partner (19,726) (15,211)
Unrealized gain (loss) on securities
for sale, net 824 824
---------- ----------
19,936,294 20,387,817
---------- ----------
$23,961,836 $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
--------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $26,829,118 $27,189,858
OTHER ASSETS
Cash and cash equivalents 2,900,109 1,313,618
Investments 104,752 5,008,744
Notes receivable 2,587,946 3,902,391
Deferred acquisition costs 143,562 210,876
Prepaid expenses 2,048 2,048
Organization costs, net of
accumulated amortization (Note B) 49,614 56,150
Other assets 958,960 859,400
---------- ----------
$33,576,109 $38,543,085
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Syndication costs payable - -
Accounts payable affiliates - 9,383
Capital contributions payable (Note D) 8,128,343 10,597,676
---------- ----------
8,978,679 10,607,059
---------- ----------
9<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
September 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 September 30, 1996 27,451,570 27,934,947
General Partner (10,435) (5,552)
Unrealized gain (loss) on securities
for sale, net 6,631 6,631
---------- ----------
27,447,766 27,936,026
---------- ----------
$33,576,109 $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
--------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,202,190 $10,012,941
OTHER ASSETS
Cash and cash equivalents 1,364,256 4,796,487
Investments 2,013,608 2,939,231
Notes receivable 1,798,363 1,800,402
Deferred acquisition costs 331,437 961,514
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 51,919 58,409
Other assets 1,937,127 2,131,218
---------- ----------
$23,698,900 $22,700,202
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 2,688 $ 236,334
Syndication costs payable - -
Accounts payable affiliates - 33,597
Capital contributions payable (Note D) 5,375,905 4,039,833
---------- ----------
5,378,593 4,309,764
---------- ----------
11<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
September 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 September 30, 1996 18,317,902 18,387,332
General Partner (2,140) (1,439)
Unrealized gain (loss) on securities
for sale, net 4,545 4,545
---------- ----------
18,320,307 18,390,438
---------- ----------
$23,698,900 $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
--------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,385,002 $ 7,863,180
OTHER ASSETS
Cash and cash equivalents 2,610,558 7,307,862
Investments 5,929,583 7,981,391
Notes receivable 489,633 1,924,960
Deferred acquisition costs 469,089 1,902,287
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 44,574 49,818
Other assets 5,107,613 3,686,254
---------- ----------
$35,036,052 $30,715,752
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 4,042 $ 591
Syndication costs payable - -
Accounts payable affiliates 250 1,459
Capital contributions payable (Note D) 9,154,777 4,911,886
---------- ----------
9,159,069 4,913,936
---------- ----------
13<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
September 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 September 30, 1996 25,863,026 25,788,647
General Partner 1,193 405
Unrealized gain (loss) on securities
for sale, net 12,764 12,764
---------- ----------
25,876,983 25,801,816
---------- ----------
$35,036,052 $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
--------------------------
September 30, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,494,316 $ 3,618,962
OTHER ASSETS
Cash and cash equivalents 2,967,430 1,644,891
Investments 17,434,598 885,590
Notes receivable 1,712,646 1,403,085
Deferred acquisition costs 2,448,039 639,308
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 89,922 46,351
Other assets 2,497,532 2,997,354
---------- ----------
$40,644,483 $11,235,541
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 13,577 $ 85,639
Syndication costs payable - 301,976
Accounts payable affiliates 435 58,798
Capital contributions payable (Note D) 6,692,455 2,621,604
---------- ----------
6,706,467 3,068,017
---------- ----------
15 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
September 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 September 30, 1996 33,938,271 8,166,467
General Partner (1,584) (272)
Unrealized gain (loss) on securities
for sale, net 1,329 1,329
---------- ----------
33,938,016 8,167,524
---------- ----------
$40,644,483 $11,235,541
========== ==========
The accompanying notes are an integral part of these statements.
16<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27
-------------
September 30,
1996
(Unaudited)
-------------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,494,316
OTHER ASSETS
Cash and cash equivalents 2,967,430
Investments 17,434,598
Notes receivable 1,712,646
Deferred acquisition costs 2,448,039
Prepaid expenses -
Organization costs, net of
accumulated amortization (Note B) 89,922
Other assets 2,497,532
----------
$40,644,483
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 13,577
Syndication costs payable -
Accounts payable affiliates 435
Capital contributions payable (Note D) 6,692,455
----------
6,706,467
----------
17 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
-------------
September 30,
1996
(Unaudited)
--------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 2,460,700 issued and
outstanding as of September 30, 1996 21,154,527
General Partner 165
Unrealized gain (loss) on securities
for sale, net -
----------
21,154,692
----------
$25,010,938
==========
* Series 27 did not commence operations until after march 31, 1996 therefore,
it does not have comparative information to report.
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 September 30,
(Unaudited)
1996 1995
---- ----
Income
Interest income $ 585,913 $ 273,191
---------- --------
585,913 273,191
---------- --------
Share of loss from
Operating Expenses (808,694) (287,334)
---------- --------
Expenses
Professional fees 122,810 77,997
Fund management fee (Note C) 385,876 255,697
Amortization 27,563 17,016
General and administrative expenses 265,433 91,580
---------- --------
801,682 442,560
---------- --------
NET INCOME (LOSS) $(1,024,463) $ (456,703)
========== ========
Net income (loss) allocated to
limited partners $(1,014,218) $ (452,136)
========== ========
Net income (loss) allocated to
general partner $ (10,245) $ (4,567)
========== ========
Net income (loss) per BAC $ (.59) $ (.21)
========== ========
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 September 30,
(Unaudited)
SERIES 20
-----------------------
1996 1995
---- ----
Income
Interest income $ 11,538 $ 53,351
-------- --------
11,538 53,351
-------- --------
Share of loss from Operating
Partnerships 113,151 (261,297)
-------- --------
Expenses
Professional fees 15,923 22,200
Fund management fee (Note C) 86,239 90,726
Amortization 5,821 5,821
General and administrative expense 10,201 9,590
-------- --------
118,184 128,337
-------- --------
NET INCOME (LOSS) $ 6,505 $(336,283)
======== ========
Net income (loss) allocated to
limited partners $ 6,440 $(332,920)
======== ========
Net income (loss) allocated to
general partner $ 65 $ (3,363)
======== ========
Net income (loss) per BAC $ (.04) $ (.09)
======== ========
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 September 30,
(Unaudited)
SERIES 21
-----------------------
1996 1995
---- ----
Income
Interest income $ 16,136 $ 31,952
-------- --------
16,136 31,952
-------- --------
Share of loss from Operating
Partnerships (460,985) (121,331)
-------- --------
Expenses
Professional fees 14,218 29,888
Fund management fee (Note C) 54,872 59,730
Amortization 4,739 4,739
General and administrative expense 12,327 4,369
-------- --------
86,156 98,726
-------- --------
NET INCOME (LOSS) $(531,005) $(188,105)
======== ========
Net income (loss) allocated to
limited partners $(525,695) $(186,224)
======== ========
Net income (loss) allocated to
general partner $ (5,310) $ (1,881)
======== ========
Net income (loss) per BAC $ (.36) $ (.10)
======== ========
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 September 30,
(Unaudited)
SERIES 22
-----------------------
1996 1995
---- ----
Income
Interest income $ 15,145 $ 26,818
-------- -------
15,145 26,818
-------- -------
Share of loss from Operating
Partnerships (144,547) (19,803)
-------- -------
Expenses
Professional fees 15,879 19,360
Fund management fee (Note C) 57,973 57,503
Amortization 3,135 3,188
General and administrative expense 18,577 5,667
-------- -------
95,564 85,718
-------- -------
NET INCOME (LOSS) $(224,966) $ (78,703)
======== =======
Net income (loss) allocated to
limited partners $(222,716) $ (77,916)
======== =======
Net income (loss) allocated to
general partner $ (2,250) $ (787)
======== =======
Net income (loss) per BAC $ (.08) $ (.03)
======== =======
The accompanying notes are an integral part of these statements.
22<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 23
-----------------------
1996 1995
---- ----
Income
Interest income $ 59,668 $ 144,325
-------- -------
59,668 144,325
-------- -------
Share of loss from Operating
Partnerships (237,187) 5,897
-------- -------
Expenses
Professional fees 13,837 6,549
Fund management fee (Note C) 59,814 47,738
Amortization 3,268 3,268
General and administrative expense 19,850 52,733
-------- -------
96,769 110,288
-------- -------
NET INCOME (LOSS) $(274,288) $ 39,934
======== =======
Net income (loss) allocated to
limited partners $(271,545) $ 39,535
======== =======
Net income (loss) allocated to
general partner $ (2,743) $ 399
======== =======
Net income (loss) per BAC $ (.08) $ .01
======== =======
The accompanying notes are an integral part of these statements.
23<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 24
-----------------------
1996 1995
---- ----
Income
Interest income $ 61,439 $ 16,744
-------- -------
61,439 16,744
-------- -------
Share of loss from Operating
Partnerships (24,955) -
-------- -------
Expenses
Professional fees 13,359 -
Fund management fee (Note C) 46,603 -
Amortization 3,245 -
General and administrative expense 25,329 19,491
-------- -------
88,536 19,491
-------- -------
NET INCOME (LOSS) $ (52,052) $ (2,747)
======== =======
Net income (loss) allocated to
limited partners $ (51,531) $ (2,720)
======== =======
Net income (loss) allocated to
general partner $ (521) $ (27)
======== =======
Net income (loss) per BAC $ (.02) $ -
======== =======
The accompanying notes are an integral part of these statements.
24
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 25* SERIES 26* SERIES 27*
----------- ------------ -----------
1996 1996 1996
---- ---- ----
Income
Interest income $ 118,959 $ 272,805 $ 30,223
-------- ------- -------
118,959 272,805 30,223
-------- ------- -------
Share of loss from Operating
Partnerships 35,788 (89,959) -
-------- ------- -------
Expenses
Professional fees 15,455 31,393 2,746
Fund management fee (Note C) 44,759 35,616 -
Amortization 2,622 4,733 -
General and administrative expense 51,492 116,671 10,986
-------- ------- -------
114,328 188,413 13,732
-------- ------- -------
NET INCOME (LOSS) $ 40,419 $ (5,567) $ 16,491
======== ======= =======
Net income (loss) allocated to
limited partners $ 40,015 $ (5,511) $ 16,326
======== ======= =======
Net income (loss) allocated to
general partner $ 404 $ (56) $ 165
======== ======= =======
Net income (loss) per BAC $ - $ - $ -
======== ======= =======
* Series 25, 26, and 27 did not commence operations until after September 30,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
25<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
1996 1995
---- ----
Income
Interest income $ 961,886 $ 374,007
---------- ---------
961,886 374,007
---------- ---------
Share of loss from
Operating Expenses (2,676,267) (911,180)
---------- ---------
Expenses
Professional fees 202,150 82,060
Fund management fee (Note C) 701,890 449,260
Amortization 50,393 28,669
General and administrative expenses 464,706 159,253
---------- ---------
1,419,139 719,242
---------- ---------
NET INCOME (LOSS) $(3,133,520) $(1,256,415)
========== =========
Net income (loss) allocated to
limited partners $(3,102,185) $(1,243,852)
========== =========
Net income (loss) allocated to
general partner $ (31,335) $ (12,563)
========== =========
Net income (loss) per BAC $ (1.45) $ (.45)
========== =========
The accompanying notes are an integral part of these statements.
26<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 20
-----------------------
1996 1995
---- ----
Income
Interest income $ 29,153 $ 93,580
-------- --------
29,153 93,580
-------- --------
Share of loss from Operating
Partnerships (763,849) (574,421)
-------- --------
Expenses
Professional fees 22,737 22,777
Fund management fee (Note C) 179,465 156,210
Amortization 11,642 11,642
General and administrative expense 18,705 28,535
-------- --------
232,549 219,164
-------- --------
NET INCOME (LOSS) $(967,245) $(700,005)
======== ========
Net income (loss) allocated to
limited partners $(957,572) $(693,005)
======== ========
Net income (loss) allocated to
general partner $ (9,673) $ (7,000)
======== ========
Net income (loss) per BAC $ (.39) $ (.18)
======== ========
The accompanying notes are an integral part of these statements.
27<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 21
-----------------------
1996 1995
---- ----
Income
Interest income $ 37,198 $ 48,775
--------- --------
37,198 48,775
--------- --------
Share of loss from Operating
Partnerships (991,807) (298,219)
--------- --------
Expenses
Professional fees 24,966 32,618
Fund management fee (Note C) 111,332 114,966
Amortization 9,479 7,490
General and administrative expense 20,097 14,926
--------- --------
165,874 170,000
--------- --------
NET INCOME (LOSS) $(1,120,483) $(419,444)
========= ========
Net income (loss) allocated to
limited partners $(1,109,278) $(415,250)
========= ========
Net income (loss) allocated to
general partner $ (11,205) $ (4,194)
========= ========
Net income (loss) per BAC $ (.67) $ (.22)
========= ========
The accompanying notes are an integral part of these statements.
28 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 22
-----------------------
1996 1995
---- ----
Income
Interest income $ 27,750 $ 42,245
-------- -------
27,750 42,245
-------- -------
Share of loss from Operating
Partnerships (308,116) (44,437)
-------- -------
Expenses
Professional fees 23,190 19,903
Fund management fee (Note C) 110,349 114,808
Amortization 6,269 6,269
General and administrative expense 31,349 18,243
-------- -------
171,157 159,223
-------- -------
NET INCOME (LOSS) $(451,523) $(161,415)
======== =======
Net income (loss) allocated to
limited partners $(447,008) $(159,801)
======== =======
Net income (loss) allocated to
general partner $ (4,515) $ (1,614)
======== =======
Net income (loss) per BAC $ (.17) $ (.06)
======== =======
The accompanying notes are an integral part of these statements.
29<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 23
-----------------------
1996 1995
---- ----
Income
Interest income $ 115,575 $ 172,663
-------- -------
115,575 172,663
-------- -------
Share of loss from Operating
Partnerships (396,783) 5,897
-------- -------
Expenses
Professional fees 17,878 6,762
Fund management fee (Note C) 118,878 63,276
Amortization 6,536 3,268
General and administrative expense 63,760 78,058
-------- -------
207,052 151,364
-------- -------
NET INCOME (LOSS) $(488,260) $ 27,196
======== =======
Net income (loss) allocated to
limited partners $(483,377) $ 26,924
======== =======
Net income (loss) allocated to
general partner $ (4,883) $ 272
======== =======
Net income (loss) per BAC $ (.14) $ .01
======== =======
The accompanying notes are an integral part of these statements.
30<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 24
-----------------------
1996 1995
---- ----
Income
Interest income $ 113,829 $ 16,744
-------- -------
113,829 16,744
-------- -------
Share of loss from Operating
Partnerships (27,682) -
-------- -------
Expenses
Professional fees 22,335 -
Fund management fee (Note C) 77,551 -
Amortization 6,490 -
General and administrative expense 49,902 19,491
-------- -------
156,278 19,491
-------- -------
NET INCOME (LOSS) $ (70,131) $ (2,747)
======== =======
Net income (loss) allocated to
limited partners $ (69,430) $ (2,720)
======== =======
Net income (loss) allocated to
general partner $ (701) $ (27)
======== =======
Net income (loss) per BAC $ (.02) $ -
======== =======
The accompanying notes are an integral part of these statements.
31
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 25* SERIES 26* SERIES 27*
----------- ------------ -----------
1996 1996 1996
---- ---- ----
Income
Interest income $ 239,992 $ 368,166 $ 30,223
-------- ------- -------
239,992 368,166 30,223
-------- ------- -------
Share of loss from Operating
Partnerships 35,788 (223,818) -
-------- ------- -------
Expenses
Professional fees 26,603 61,695 2,746
Fund management fee (Note C) 64,256 40,059 -
Amortization 5,244 4,733 -
General and administrative expense 100,860 169,047 10,986
-------- ------- -------
196,963 275,534 13,732
-------- ------- -------
NET INCOME (LOSS) $ 78,817 $(131,186) $ 16,491
======== ======= =======
Net income (loss) allocated to
limited partners $ 78,029 $(129,874) $ 16,326
======== ======= =======
Net income (loss) allocated to
general partner $ 788 $ (1,312) $ 165
======== ======= =======
Net income (loss) per BAC $ .03 $ (.03) $ -
======== ======= =======
* Series 25, 26, and 27 did not commence operations until after September 30,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
32<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 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 54,620,000 - - 54,620,000
Selling commissions
and registration
costs (7,583,771) - - (7,583,771)
Net income (loss) (3,102,184) (31,336) - (3,133,520)
---------- ------- ------- -----------
Partners' capital
(deficit),
September 30, 1996 $188,503,948 $(107,562) $ 26,974 $188,423,360
=========== ======= ======= ===========
The accompanying notes are an integral part of these statements.
33 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 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) (957,572) (9,673) - (967,245)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1996 $28,213,475 $ (48,921) $ 108 $28,164,662
=========== ======== ======= ==========
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) (1,109,278) (11,205) - (1,120,483)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1996 $13,609,981 $ (26,114) $ 773 $13,584,640
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
34<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 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) (447,008) (4,515) - (451,523)
---------- -------- ------ ----------
Partners' capital
(deficit),
September 30, 1996 $19,955,196 $ (19,726) $ 824 $19,936,294
========== ======== ======= ==========
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) (483,377) (4,883) - (488,260)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1996 $27,451,570 $ (10,435) $ 6,631 $27,447,766
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
35 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 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) (69,430) (701) - (70,131)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1996 $18,317,902 $ (2,140) $ 4,545 $18,320,307
========== ======== ======= ==========
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 (3,650) - - (3,650)
Net income (loss) 78,029 788 - 78,817
---------- ------- ------- ----------
Partners' capital
(deficit),
September 30, 1996 $25,863,026 $ 1,193 $ 12,764 $25,876,983
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
36 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 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 (4,111,322) - - (4,111,322)
Net income (loss) (129,874) (1,312) - (131,186)
--------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1996 $33,938,271 $(1,584) $ 1,329 $33,938,016
========== ====== ======= ==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1996 $ - $ - $ - $ -
Capital contribu-
tions 24,607,000 - - 24,607,000
Selling commissions
and registration
costs (3,468,799) - - (3,468,799)
Net income (loss) 16,326 165 - 16,491
--------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1996 $21,154,527 $ 165 $ - $21,154,692
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
37<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (3,133,520) $(1,256,415)
Adjustments
Amortization 50,393 28,669
Distributions from
Operating Partnerships 18 -
Share of loss from Operating
Partnerships 2,676,267 911,180
Changes in assets and liabilities
Decrease (Increase) in
organization costs (125,915) (57,801)
(Decrease) Increase in accounts
payable and accrued expenses 400,842 94,210
Decrease (Increase) in prepaid
expenses (2,721) (19,713)
Decrease (Increase) in accounts
receivable (6,432,675) (2,795,546)
(Decrease) Increase in accounts
payable affiliates 495,845 19,438
----------- ----------
Net cash (used in) provided by
operating activities (6,071,466) (3,075,978)
----------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (5,706,148) (4,569,841)
Capital contributions paid to
Operating Partnerships (27,874,008) (10,672,260)
Advances to Operating Partnerships 3,484,799 (8,301,793)
Investments (16,009,344) (8,886,252)
------------ -----------
Net cash (used in) provided by
investing activities (46,104,701) (32,430,146)
----------- ----------
38<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (7,583,772) (6,361,012)
Capital contributions received 54,620,000 46,035,000
Net cash (used in) provided by ----------- ----------
financing activities 47,036,228 39,673,988
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (5,139,939) 4,167,864
Cash and cash equivalents, beginning 19,454,787 9,627,086
----------- ----------
Cash and cash equivalents, ending $ 14,314,848 $13,794,950
=========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 18,155,562 $15,727,198
=========== ==========
The accompanying notes are an integral part of these statements.
39<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (967,245) $ (700,005)
Adjustments
Amortization 11,642 11,642
Distributions from
Operating Partnerships 18 -
Share of loss from Operating
Partnerships 763,849 574,421
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 3,756 -
Decrease (Increase ) in prepaid
expenses (2,721) (14,623)
Decrease (Increase) in accounts
receivable (263,825) (50,680)
(Decrease) Increase in accounts
payable affiliates 189,489 14,120
---------- ----------
Net cash (used in) provided by
operating activities (265,037) (165,125)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (35,955)
Capital contributions paid to
Operating Partnerships (2,116,257) (1,033,313)
Advances to Operating Partnerships 863,612 (815,504)
Investments 534,259 256,377
---------- ----------
Net cash (used in) provided by
investing activities (718,386) (1,628,395)
---------- ----------
40<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
-------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (271)
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - (271)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (983,423) (1,793,791)
Cash and cash equivalents, beginning 1,306,675 3,453,823
---------- ----------
Cash and cash equivalents, ending $ 323,252 $ 1,660,032
========== ==========
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.
41<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $(1,120,483) $ (419,444)
Adjustments
Amortization 9,479 7,490
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 991,807 298,219
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses - 40,533
Decrease (Increase ) in prepaid
expenses - (5,090)
Decrease (Increase) in accounts
receivable 37,468 (36,124)
(Decrease) Increase in accounts
payable affiliates 112,920 31,768
---------- ----------
Net cash (used in) provided by
operating activities 31,191 (82,648)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (19,201)
Capital contributions paid to
Operating Partnerships (248,393) (2,120,293)
Advances to Operating Partnerships - 687,829
Investments (200,285) 1,362,878
---------- ----------
Net cash (used in) provided by
investing activities (448,678) (88,787)
---------- ----------
42<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
-----------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (267)
Capital contributions received - -
Net cash (used in) provided by ---------- ---------
financing activities - (267)
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (417,487) (171,702)
Cash and cash equivalents, beginning 1,398,907 1,697,368
---------- ----------
Cash and cash equivalents, ending $ 981,420 $ 1,525,666
========== ==========
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.
43<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (451,523) $ (161,415)
Adjustments
Amortization 6,269 6,269
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 308,116 44,437
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (5,337)
(Decrease) Increase in accounts
payable and accrued expenses (470) 6,589
Decrease (Increase ) in prepaid
expenses - (9,855)
Decrease (Increase) in accounts
receivable (23,417) 1,569,823
(Decrease) Increase in accounts
payable affiliates 116,182 (7,989)
---------- ----------
Net cash (used in) provided by
operating activities (44,843) 1,442,522
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (8,276) (75,462)
Capital contributions paid to
Operating Partnerships (1,424,110) (1,796,576)
Advances to Operating Partnerships 1,040,011 723,441
Investments (153,609) (896,945)
---------- ----------
Net cash (used in) provided by
investing activities (545,984) (2,045,542)
---------- ----------
44<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
---------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (12,514)
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - (12,514)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (590,827) (615,534)
Cash and cash equivalents, beginning 1,686,347 3,002,412
---------- ----------
Cash and cash equivalents, ending $ 1,095,520 $ 2,386,878
========== ==========
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.
45<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (488,260) $ 27,196
Adjustments
Amortization 6,536 3,268
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 396,783 (5,897)
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (8,494)
(Decrease) Increase in accounts
payable and accrued expenses - (224,614)
Decrease (Increase ) in prepaid
expenses - (59,048)
Decrease (Increase) in accounts
receivable (24,560) (1,389,361)
(Decrease) Increase in accounts
payable affiliates (9,387) (18,461)
---------- ----------
Net cash (used in) provided by
operating activities (118,888) (1,675,411)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (7,686) (2,475,740)
Capital contributions paid to
Operating Partnerships (4,505,372) (5,722,078)
Advances to Operating Partnerships 1,314,445 (2,530,369)
Investments 4,903,992 (7,377,646)
---------- ----------
Net cash (used in) provided by
investing activities 1,705,379 (18,105,833)
---------- ----------
46<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,370,411)
Capital contributions received - 24,338,000
Net cash (used in) provided by ---------- ----------
financing activities - 20,967,589
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,586,491 1,186,345
Cash and cash equivalents, beginning 1,313,618 1,473,483
---------- ----------
Cash and cash equivalents, ending $ 2,900,109 $ 2,659,828
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $13,493,159
========== ==========
The accompanying notes are an integral part of these statements.
47<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (70,131) $ (2,747)
Adjustments
Amortization 6,490 -
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 27,682 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (43,970)
(Decrease) Increase in accounts
payable and accrued expenses (233,647) 271,702
Decrease (Increase ) in prepaid
expenses - (24,796)
Decrease (Increase) in accounts
receivable 194,091 (2,795,505)
(Decrease) Increase in accounts
payable affiliates (33,597) -
---------- ----------
Net cash (used in) provided by
operating activities (109,112) (2,595,316)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (151,691) (1,963,483)
Capital contributions paid to
Operating Partnerships (4,099,090) -
Advances to Operating Partnerships 2,039 (6,367,190)
Investments 925,623 (2,230,916)
---------- ----------
Net cash (used in) provided by
investing activities (3,323,119) (10,561,589)
---------- ----------
48<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (2,977,549)
Capital contributions received - 21,697,000
Net cash (used in) provided by ---------- ----------
financing activities - 18,719,451
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,432,231) 5,562,546
Cash and cash equivalents, beginning 4,796,487 -
---------- ----------
Cash and cash equivalents, ending $ 1,364,256 $ 5,562,546
========== ==========
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 $ 2,303,504
========== ==========
The accompanying notes are an integral part of these statements.
49<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25* Series 26* Series 27*
----------------------------------------
1996 1996 1996
---- ---- ----
Cash flows from operating activities:
Net income (loss) $ 78,817 $ (131,186) $ (16,491)
Adjustments
Amortization 5,244 4,733 -
Distributions from
Operating Partnerships - - -
Share of (income) loss from
operating partnerships (35,788) 223,818 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (48,304) (77,611)
(Decrease) Increase in accounts
payable and accrued expenses 3,451 (374,038) 1,001,790)
Decrease (Increase ) in prepaid
expenses - - -
Decrease (Increase) in accounts
receivable (1,421,359) 499,822 (5,430,895)
(Decrease) Increase in accounts
payable affiliates (1,209) (58,363) 179,810
---------- ---------- -----------
Net cash (used in) provided by
operating activities (1,370,844) 116,482 (4,310,415)
---------- ---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (149,478) (3,078,904) (2,310,113)
Capital contributions paid to
Operating Partnerships (6,660,466) (4,758,148) (4,062,172)
Advances to Operating Partnerships 1,435,327 (309,561) (861,074)
Investments 2,051,808 (16,549,008) (7,522,124)
---------- ---------- -----------
Net cash (used in) provided by
investing activities (3,322,809) (24,695,621) (14,755,483)
---------- ---------- -----------
50<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25* Series 26* Series 27*
---------- ---------- ----------
1996 1996 1996
---- ---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,651) (4,111,322) (3,468,799)
Capital contributions received - 30,013 000 24,607,000
Net cash (used in) provided by ---------- ---------- -----------
financing activities (3,651) 25,901,678 21,138,201
---------- ---------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (4,697,304) 1,322,539 2,072,303
Cash and cash equivalents, beginning 7,307,862 1,644,891 -
---------- ---------- -----------
Cash and cash equivalents, ending $ 2,610,558 $ 2,967,430 $ 2,072,303
========== ========== ===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 6,572,876 $ 5,713,731 $ 2,674,646
========== ========== ===========
*Series 25, 26 and 27 did not commence operation until after September 30,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
51<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 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, Series 26 and Series 27 were
completed and the last of the BACs in Series 20, Series 21, Series 22, Series
23, Series 24, Series 25, Series 26 and Series 27 were issued by the Fund on
June 24, 1994, September 30, 1994, December 28, 1994, June 23, 1995,
September 22, 1995, December 29, 1995, June 25, 1996, and September 17, 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; 3,026,109 of Series 25 BACs for a total of $30,248,000; 3,995,900
of Series 26 BACs for a total of $39,959,000; and 2,460,700 of Series 27 BACS
for a total of $24,607,000. The Fund is currently offering BACs for Series
28.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30, 1996 and for the
three and six 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
52<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 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 September 30,
1996 by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $26,081,556
Due after one year 8,361,972
----------
Total $34,443,528
==========
The fair market value of the securities is $34,470,502. The difference
being an unrealized gain on securities available for sale of $26,974, as
of September 30, 1996.
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of September 30,
1996 and 1995 the Fund has accumulated amortization of $146,540 and $53,829,
respectively.
53<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 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 $ 50,397 $27,112
Series 21 31,842 12,885
Series 22 23,103 10,564
Series 23 16,340 3,268
Series 24 12,259 -
Series 25 7,866 -
Series 26 4,733 -
------- ------
$146,540 $53,829
======= ======
Series 27 organization costs will be amortized over 60 months beginning
October 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 Asset Management L.P. (formerly
Boston Capital Communications Limited Partnership) as follows:
For the quarter ended September 30, 1996, Boston Capital Services, Inc.
received $365,585 for Series 27 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, Series 25 and Series 26 completed payment of all Dealer-Manager fees prior
to the quarter ended September 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 September 30, 1996, Series 27 paid $1,639,055 for acquisition fees to
Boston Capital Partners, Inc. Series 20, Series 21, Series 22, Series 23,
Series 24, Series 25 and Series 26 completed payment of all acquisition fees
prior to the quarter ended September 30, 1996. Of the total acquisition fees
and expenses incurred, $98,235, $7,785, $220,959, $143,562, $331,437,
$469,089, $2,448,039 and $1,341,117 for Series 20, Series 21, Series 22,
Series 23, Series 24, Series 25, Series 26 and Series 27, respectively,
related to costs incurred in connection with the purchase of interests in
Operating Partnerships not finalized as of September 30, 1996.
54<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 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 Asset Management L.P. (formerly Boston Capital Communications Limited
Partnership).
The fund management fees charged to operations for the quarters ended
September 30, 1996 and 1995 are as follows:
1996 1995
---- ----
Series 20 $ 86,239 $ 90,726
Series 21 54,872 59,730
Series 22 57,973 57,503
Series 23 59,814 47,738
Series 24 46,603 -
Series 25 44,759 -
Series 26 35,616 -
------- -------
$385,876 $255,697
======= =======
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 1996 and 1995, the Fund has limited partnership
interests in 147 and 90 Operating Partnerships, respectively, which own
or are constructing apartment complexes. The breakdown of Operating
Partnerships within the Fund at September 30, 1996 and 1995 is as
follows:
1996 1995
---- ----
Series 20 24 24
Series 21 14 14
Series 22 27 28
Series 23 22 21
Series 24 21 3
Series 25 16 -
Series 26 20 -
Series 27 3 -
--- --
147 90
=== ==
55<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 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 September 30, 1996 and 1995 are as
follows:
1996 1995
---- ----
Series 20 $ 1,757,409 $ 7,042,823
Series 21 1,724,211 3,383,718
Series 22 3,861,909 7,621,277
Series 23 6,128,343 15,563,594
Series 24 5,375,905 2,303,504
Series 25 9,154,777 -
Series 26 6,692,455 -
Series 27 2,674,646 -
---------- ----------
$37,369,655 $35,914,916
========== ==========
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 six
months ended June 30, 1996.
56<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 20
---------------------------
1996 1995
---- ----
Revenues
Rental $ 3,789,462 $ 1,193,034
Interest and other 170,227 102,344
--------- ---------
3,959,689 1,295,378
--------- ---------
Expenses
Interest 1,660,989 480,932
Depreciation and amortization 1,039,678 418,476
Operating expenses 2,030,585 976,193
--------- ---------
4,731,252 1,875,601
--------- ---------
NET LOSS $ (771,563) $ (580,223)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (763,849) $ (574,421)
========== ==========
Net loss allocated to
other partners $ (7,714) $ (5,802)
========== ==========
57<PAGE>
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 21
--------------------------
1996 1995
---- ----
Revenues
Rental $ 1,874,941 $ 294,663
Interest and other 86,456 30,452
--------- ---------
1,961,397 325,115
--------- ---------
Expenses
Interest 1,116,344 207,824
Depreciation and amortization 390,003 217,297
Operating expenses 1,476,826 201,226
--------- ---------
2,983,173 626,347
--------- ---------
NET INCOME (LOSS) $(1,021,776) $ (301,232)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,011,558) $ (298,219)
========= =========
Net loss allocated to
other partners $ (10,218) $ (3,013)
========= =========
58 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30. 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 22
--------------------------
1996 1995
Revenues ---- ----
Rental $1,694,295 $ 299,417
Interest and other 87,912 54,586
--------- ---------
1,782,207 354,003
--------- ---------
Expenses
Interest 490,855 79,151
Depreciation and amortization 604,748 154,162
Operating expenses 1,002,476 165,576
--------- ---------
2,098,079 398,889
--------- ---------
NET INCOME (LOSS) $ (315,872) $ (44,886)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (312,712) $ (44,437)
========= =========
Net loss allocated to
other partners $ (3,160) $ (449)
========= =========
59<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 23
----------------------------
1996 1995
Revenues ---- ----
Rental $ 1,368,625 $ 18,032
Interest and other 87,378 810
---------- ----------
1,456,003 18,842
---------- ----------
Expenses
Interest 634,015 -
Depreciation and amortization 313,510 -
Operating expenses 909,269 12,885
---------- ----------
1,856,794 12,885
---------- ----------
NET INCOME (LOSS) $ (400,791) $ 5,957
========== ==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (396,783) $ 5,897
========== ==========
Net income (loss) allocated to
other partners $ (4,008) $ 60
========== ==========
60<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30. 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 24*
------------------
1996
Revenues ----
Rental $ 631,753
Interest and other 50,169
---------
681,922
---------
Expenses
Interest 206,953
Depreciation and amortization 151,628
Operating expenses 374,791
---------
733,372
---------
NET INCOME (LOSS) $ (51,450)
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (50,935)
==========
Net loss allocated to
other partners $ (515)
==========
*Series 24 had not acquired any Operating Partnerships as of June 30, 1995,
therefore it does not have comparative information to report.
61<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 25* Series 26*
----------- -----------
1996 1995
Revenues ---- ----
Rental $ 145,776 $ 202,498
Interest and other 15,558 3,882
--------- ---------
161,334 206,380
--------- ---------
Expenses
Interest 33,543 155,633
Depreciation and amortization 16,003 151,320
Operating expenses 75,639 125,506
--------- ---------
125,185 432,459
--------- ---------
NET INCOME (LOSS) $ 36,149 $ (226,079)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 35,788 $ (223,818)
========= =========
Net income (loss) allocated to
other partners $ 361 $ (2,261)
========= =========
* Series 25 and Series 26 did not commence operations until after June 30,
1995, therefore they do not have comparative information to report.
62<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1996
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for
the six months ended June 30, 1996 and June 30, 1995 numerous variances, some
material in nature, exist. The variances are the result of a number of
factors including an increase in the number of Operating Partnerships owned,
an increase in the number which have completed construction, and an increase
in the number which have completed the lease-up phase.
In prior quarters three Operating Partnerships were admitted to the Fund
without an initial outlay of capital. One was admitted to Series 21 and
Series 22, and two were admitted solely to Series 22. These short form
admissions were an agreement between the Operating Partnership General
Partners and the General Partner, that upon further due diligence, the Fund
had the Option to purchase the Operating Partnerships if it was in the best
interest of the Fund. Subsequent studies indicated that the Operating
Partnerships would not generate the originally anticipated amount of credits,
and the General Partner elected to have the Fund's interest repurchased. As a
result the number of Operating Partnerships has decreased from the quarter
ended June 30, 1996 by one for Series 21 and by three for Series 22.
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.
63<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, $30,248,000,
$39,959,000 and $24,607,000 representing 3,866,700, 1,892,700, 2,564,400,
3,336,727, 2,169,878, 3,026,109, 3,995,900 and $2,460,700 BACs from investors
admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series
24, Series 25, Series 26 and Series 27, respectively. As of September 30,
1996 the Fund was offering BACs in Series 28 but had not admitted any
investors as BAC holders.
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 September 30, 1996, $1,506,369 of Series 20 net
offering proceeds had been used to pay capital contributions. Series 20 net
offering proceeds in the amount of $500,754 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of September 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 14 Operating Partnerships in the amount of $13,809,563.
64<PAGE>
During the quarter ended September 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 $1,661,207 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
21 has invested in as of September 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 27 Operating Partnerships in the amount of $17,650,471.
During the quarter ended September 30, 1996, $1,055,786 of Series 22 net
offering proceeds had been used to pay capital contributions. Series 22 net
offering proceeds in the amount of $1,704,068 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
22 has invested in as of September 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 September 30, 1996, $2,920,147 of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $3,004,861 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of September 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 21 Operating Partnerships in the amount of $14,330,502.
During the quarter ended September 30, 1996, $1,716,675 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 $3,377,864
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as of September 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 16 Operating Partnerships in the amount of $17,780,580.
65<PAGE>
During the quarter ended September 30, 1996, $4,278,051 of Series 25 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 25 net offering proceeds in the amount of $8,540,141
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of September 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 20 Operating Partnerships in the amount of $11,994,610.
During the quarter ended September 30, 1996, $3,826,281 of Series 26 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 26 net offering proceeds in the amount of $6,692,455
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of September 30,
1996.
Series 27
- ---------
The Fund commenced offering BACS in Series 27 on June 24, 1996. Offers and
sales of BACs in Series 27 were completed on September 17, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 3 Operating Partnerships in the amount of $6,736,818.
During the quarter ended September 30, 1996, $4,062,172 of Series 27 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 27 net offering proceeds in the amount of $2,674,646
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 27 has invested in as of September 30,
1996.
Results of Operations
- ---------------------
As of September 30, 1996 and 1995 the Fund held limited partnership interests
in 147 and 90 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.
66<PAGE>
The Fund's results of operations for future periods will vary significantly
from those for the period ended September 30, 1996 as Series 22, Series 23,
Series 24, Series 25, Series 26 and Series 27 continue to use the funds raised
to invest in partnership interests of additional Operating Partnerships and
the Fund begins to offer BACs in Series 28.
The Fund incurred a fund management fee to Boston Capital Asset Management
Limited Partnership (formerly Boston 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 September 30, 1996 for Series
20, Series 21, Series 22, Series 23, Series 24, Series 25 and Series 26 were
$89,239, $54,872, $57,973, $59,814, $46,603, $44,759 and $35,616 respectively.
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 September 30, 1996 and 1995 the average Qualified Occupancy for the
series was 99.8% and 90.5%, respectively. The series had a total of 24
properties at September 30, 1996. Out of the total 23 were at 100% qualified
occupancy.
For the six months being reported Series 20 reflects a net loss from
Operating Partnerships of $771,563. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$268,115. This is an interim period estimate; it is not indicative of the
final year end results.
During 1996, the Operating General Partner of Breeze Cove Limited Partnership
experienced financial difficulties. Shortly thereafter, the Operating General
Partner and its affiliated management company were replaced. The new
Operating General Partner and management company have conducted extensive
research and prepared budgets and summaries of the physical condition of the
Operating Partnership with the goal of improving the overall operations and
appearance of the property. Operations are anticipated to improve with the
change in management.
In August 1996, the General Partner was notified that Virginia Avenue Housing
Limited Partnership was named as defendant in a land encroachment complaint.
The Operating General Partner and its council are confident that the
partnership owns a clean title to all property in question, however, research
is being conducted into the title and title insurance.
67<PAGE>
Series 21
- ---------
As of September 30, 1996 and 1995 the average Qualified Occupancy for the
series was 91.5% and 69.4%, respectively. The series had a total of 14
properties at September 30, 1996. Out of the total 11 were at 100% qualified
occupancy and 2 were in active lease-up.
For the six 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 September 30, 1996 and 1995 the average Qualified Occupancy for the
series was 96.6% and 74.8% respectively. The series had a total of 27
properties at September 30, 1996. Out of the total 24 were at 100% qualified
occupancy and 2 were in active lease-up. The series also had 1 property which
was under construction at September 30, 1996.
For the six months being reported Series 22 reflects a net loss from
Operating Partnerships of $308,116. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$296,632. This is an interim period estimate; it is not indicative of the
final year end results.
Series 23
- ---------
As of September 30, 1996 and 1995 the average Qualified Occupancy for the
series was 97% and 80.5%, respectively. The series had a total of 22
properties at September 30, 1996. Out of the total 19 were at 100% qualified
occupancy and 2 were in active lease-up. The series also had 1 property which
was under construction at September 30, 1996.
For the three months being reported Series 23 reflects a net loss from
Operating Partnerships of $400,791. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of
$87,281. This is an interim period estimate; it is not indicative of the
final year end results.
Series 24
- ---------
As of September 30, 1996 the average Qualified Occupancy for the series was
91.9% and 87.5%, respectively. The series had a total of 21 properties at
September 30, 1996. Out of the total 14 were at 100% qualified occupancy and
1 was in active lease-up. The series also had 4 properties which were under
construction and 2 properties with multiple buildings, some of which were in
lease-up and some of which were under construction at September 30, 1996.
68<PAGE>
For the three months being reported Series 24 reflects a net loss from
Operating Partnerships of $51,450. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$100,178. This is an interim period estimate; it is not indicative of the
final year end results.
Series 25
- ---------
As of September 30, 1996 the average Qualified Occupancy for the series was
77.9%. The series had a total of 16 properties at September 30, 1996. Out of
the total 3 were at 100% Qualified Occupancy and 2 were in active lease-up.
The series also had 9 properties which were under construction and 2
properties with multiple buildings, some of which were in lease-up and some
of which were under construction at September 30, 1996. Since all of the
properties in Series 25 were acquired after September 30, 1995 there is no
comparative information to report.
For the six months being reported Series 25 reflects positive operations from
the Operating Partnerships of $36,149. This is an interim period estimate; it
is not indicative of the final year end results.
Series 26
- ---------
As of September 30, 1996 the average Qualified Occupancy for the series was
83.7%. The series had a total of 20 properties at September 30, 1996. Out of
the total 6 were at 100% qualified occupancy and 3 were in active lease-up.
The series also had 11 properties which was under construction at September
30, 1996. Since all of the properties in Series 26 were acquired after
September 30, 1995 there is no comparative information to report.
For the Six months being reported Series 26 reflects a net loss from Operating
Partnerships of $223,818. When adjusted for depreciation which is a non-cash
item, the Operating Partnerships reflect a net loss of $72,498. This is an
interim period estimate; it is not indicative of the final year end results.
Series 27
- ---------
As of September 30, 1996 the series was had a total of 3 properties all of
which were under construction. Since all of the properties in Series 27 were
acquired after September 30, 1995 there is no comparative information to
report.
69 <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
70<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: November 14, 1996 By:
-------------------
John P. Manning,
Partner & Principal Financial
Officer
71<PAGE>
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<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
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