SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1996 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-26200
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Boston Capital Tax Credit Fund IV L.P.
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(Exact name of registrant as specified in its charter)
Massachusetts 04-3208648
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(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, MA 02108-4406
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(Address of Principal executive offices) (Zip Code)
Fund's telephone number, including area code: (617)624-8900
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Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
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None None
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Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
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(Title of Class)
Indicate by check mark whether the Fund (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 twelve months (or for
such shorter period that the Fund 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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Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not<PAGE>
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. __
|XX|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Fund are incorporated by reference:
Form 10-K
Parts Document
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Parts I, III January 3, 1994 Prospectus,
as supplemented
Parts II, IV Form 8-K dated February 1, 1995
Form 8-K dated March 9, 1995
Form 8-K dated October 13, 1995
Form 8-K dated February 29, 1996
<PAGE>
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 1996
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the Fund's Limited
Partnership Interests and Related
Partnership Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis
of Financial Condition and Results
of Operations
Item 8. Financial Statements and Supplementary
Data
Item 9. Changes in and Disagreements with
Accountants on Accounting and
Financial Disclosure
PART III
Item 10. Directors and Executive Officers
of the Fund
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K
Signatures <PAGE>
PART I
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Item 1. Business
Organization
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Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited
partnership formed under the Delaware Revised Uniform Limited Partnership
Act as of October 5, 1993. The General Partner of the Fund is Boston
Capital Associates IV L.P., a Delaware limited partnership. C & M
Associates, d/b/a 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.
The Assignor Limited Partner was formed for the purpose of serving
in that capacity for the Fund and will not engage in any other business.
Units of beneficial interest in the Limited Partnership Interest of the
Assignor Limited Partner will be assigned by the Assignor Limited Partner
by means of beneficial assignee certificates ("BACs") to investors and
investors will be entitled to all the rights and economic benefits of a
Limited Partner of the Fund including rights to a percentage of the
income, gains, losses, deductions, credits and distributions of the Fund.
A Registration Statement on Form S-11 and the related prospectus, as
supplemented (the "Prospectus") were filed with the Securities and
Exchange Commission and became effective December 16, 1993 in connection
with a public offering ("Offering") in one or more series of a minimum of
250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On 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. As of
March 31, 1996, subscriptions had been received and accepted by the General
Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25
and Series 26 for 17,851,114 BACs, representing capital contributions of
$178,495,000.
The Offering, including information regarding the issuance of BACs
in series, is described on pages 144 to 149 of the Prospectus, as
supplemented, under the caption "The Offering", which is incorporated
herein by reference.
Description of Business
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The Fund's principal business is to invest as a limited partner in
other limited partnerships (the "Operating Partnerships") each of which
will own or lease and will operate an Apartment Complex exclusively or
partially for low- and moderate-income tenants. Each Operating
Partnership in which the Fund will invest will own Apartment Complexes
1 <PAGE>
which are completed, newly-constructed, under construction or
rehabilitation, or to-be constructed or rehabilitated, and which are
expected to receive Government Assistance. Each Apartment Complex is
expected to qualify for the low-income housing tax credit under Section
42 of the Code (the "Federal Housing Tax Credit"), thereby providing tax
benefits over a period of ten to twelve years in the form of tax credits
which investors may use to offset income, subject to certain strict
limitations, from other sources. Certain Apartment Complexes may also
qualify for the historic rehabilitation tax credit under Section 48 of
the Code (the "Rehabilitation Tax Credit"). The Federal Housing Tax
Credit and the Government Assistance programs are described on pages 64
to 88 of the Prospectus, as supplemented, under the captions "Tax Credit
Programs" and "Government Assistance Programs," which is incorporated
herein by reference. Section 236 (f) (ii) of the National Housing Act,
as amended, in Section 101 of the Housing and Urban Development Act of
1965, as amended, each provide for the making by HUD of rent supplement
payments to low income tenants in properties which receive other forms of
federal assistance such as Tax Credits. The payments for each tenant,
which are made directly to the owner of their property, generally are in
such amounts as to enable the tenant to pay rent equal to 30% of the
adjusted family income. Some of the Apartment Complexes in which the
Partnership has invested are receiving such rent supplements from HUD.
HUD has been in the process of converting rent supplement assistance to
assistance paid not to the owner of the Apartment Complex, but directly
to the individuals. At this time, the Partnership is unable to predict
whether Congress will continue rent supplement programs payable directly
to owners of the Apartment Complex.
As of March 31, 1996 the Fund had invested in 24 Operating Partnerships
on behalf of Series 20, 15 Operating Partnership on behalf of Series 21, 30
Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on
behalf of Series 23, 15 Operating Partnerships on behalf of Series 24,
5 Operating Partnerships on behalf of Series 25 and 7 Operating Partnerships
on behalf of Series 26. A description of these Operating Partnerships is set
forth in Item 2 herein.
The business objectives of the Fund are to:
(1) provide current tax benefits to Investors in the form of
Federal Housing Tax Credits and in limited instances, a small
amount of Rehabilitation Tax Credits, which an Investor may
apply, subject to certain strict limitations, against the
investor's federal income tax liability from active, portfolio
and passive income;
(2) preserve and protect the Fund's capital and provide capital
appreciation and cash distributions through increases in value
of the Fund's investments and, to the extent applicable, equity
buildup through periodic payments on the mortgage indebtedness
with respect to the Apartment Complexes.
(3) provide tax benefits in the form of passive losses which an
Investor may apply to offset his passive income (if any); and
2 <PAGE>
(4) provide cash distributions (except with respect to the Fund's
investment in certain Non-Profit Operating Partnerships) from
Capital Transaction proceeds. The Operating Partnerships
intend to hold the Apartment Complexes for appreciation in
value. The Operating Partnerships may sell the Apartment
Complexes after a period of time if financial conditions in the
future make such sales desirable and if such sales are
permitted by government restrictions.
The business objectives and investment policies of the Fund are
described more fully on pages 49 to 61 of the Prospectus, as
supplemented, under the caption "Investment Objectives and Acquisition
Policies," which is incorporated herein by reference.
Employees
- ---------
The Fund does not have any employees. Services are performed by the
General Partner and its affiliates and agents retained by them.
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 118 Operating
Partnerships in seven series, identified in the table set forth below. The
Apartment Complex owned by the 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." The Operating Partnership and the respective
Apartment Complex is described more fully in the Prospectus. The General
Partner believes that there is adequate casualty insurance on the property.
Please refer to Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations" for a more detailed discussion
of operational difficulties experienced by certain of the Operating
Partnerships.
3 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Ashbury Sioux Falls,
Apartments SD 48 $1,341,817 4/94 6/94 100% $ 776,117
Bennetts Bennetsville,
Pointe Apts. SC 32 1,356,354 3/94 8/94 100% 208,251
Bradley Bradley,
Manor AR 25 805,930 8/94 3/95 100% 182,044
Breeze Port Washington,
Cove Apts. WI 64 2,854,332 5/94 10/94 96% 2,553,466
Cascades Sterling,
Commons Apts. VA 320 15,934,407 6/94 10/95 100% 7,036,098
Clarksville Clarksville,
Estates MO 32 704,731 6/94 9/94 100% 142,639
Club
Goldenrod II Orlando,
Apartments FL 220 7,691,859 4/94 6/95 100% 2,221,543
College
Greene Chili,
Senior Apts NY 110 3,820,685 3/95 8/95 100% 1,580,849
Concordia St. Croix,
Manor I VI 22 1,478,576 8/94 7/95 100% 464,630
Coushatta
Seniors II Coushatta,
Apartments LA 24 718,558 5/94 3/94 100% 175,182
East Douglas Bloomington,
Apartments IL 51 2,156,036 7/94 12/95 68%* 1,281,690
Edison Lane Edison,
Apartments GA 24 725,448 9/94 10/95 83%* 166,128
Evergreen Macedon,
Hills Apts. NY 72 2,844,485 8/94 1/95 100% 627,660
4 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Fairoaks Rincon,
Lane Apts. GA 44 1,424,516 7/94 5/95 100% 339,284
Floral
Acres II Waggaman,
LA 32 $ 1,043,311 5/94 8/94 100% $ 228,457
Forest Glen Vidalia,
Village GA 46 1,341,790 7/94 2/95 100% 310,582
Gardenview Houston,
Apartments TX 309 -0- 6/94 9/95 92%* 1,191,760
Harrisonburg Harrisonburg,
Seniors Apts. LA 24 698,354 5/94 1/94 100% 176,621
Hillside Cynthiana,
Apartments KY 48 836,766 10/94 4/95 100% 643,850
Kristine Bakersfield,
Apartments CA 60 1,385,571 10/94 10/94 100% 311,675
Northfield Jackson,
Apts. MS 120 2,689,993 6/94 5/95 100% 3,241,973
Parkside Avondale,
Apartments AZ 54 716,378 12/94 1/94 100% 179,774
Riverview Franklinton,
Apartments LA 47 1,721,808 4/94 10/94 100% 370,000
Shady Lane Winnfield,
Senior Apts. LA 32 957,686 5/94 10/93 100% 189,312
* Property was in lease-up phase as of March 31, 1996.
5 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 21
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
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Atlantic Atlantic City,
City Apts. NJ 153 $5,750,000 9/94 10/95 100% $2,500,000
Black River Black River Falls,
Run WI 48 125,000 10/94 12/94 97% 292,795
Cattaraugus Cattaraugus,
Manor NY 24 1,146,696 8/94 4/95 91% 213,018
Creekside
at Tasker's Frederick,
Chance MD 120 4,309,428 10/94 9/95 28%* 2,471,093
Crosby Crosby,
Country Apts. MN 24 855,601 2/95 12/94 95% -0-
Forest Glen
at Sully Centreville,
Station VA 119 4,564,596 11/94 9/95 26%* 2,649,450
Fort Winslow,
Halifax ME 24 1,189,244 9/94 1/95 100% 289,085
Havelock Havelock,
Manor Apts. NC 60 1,871,171 12/94 10/95 100% 300,796
Holly Buchanan,
Village GA 24 721,666 8/94 6/95 100% 167,320
Liveoak Union Springs,
Village AL 24 750,041 10/94 7/95 83%* 149,022
Lookout Covington,
Ridge Apts. KY 30 694,950 12/94 12/94 100% 637,373
Pinedale Menomonie,
Apartments II WI 60 -0- 10/94 12/94 100% 869,798
Pumphouse Chippewa,
Crossing II
Apartments WI 48 946,317 10/94 12/94 100% 692,840
6 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 21
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
The Woods Campton,
Apartments NH 20 $1,049,642 8/94 10/94 100% $269,500
Tower View Tower City,
Apartments PA 24 1,142,844 11/94 5/95 87%* 198,980
* Property was in lease-up phase as of March 31, 1996.
7 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
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Albemarle Hertford,
Village Apts. NC 36 $1,498,457 1/95 9/94 100% $ 321,628
Apple Edmond,
Village Apts. OK 159 2,913,744 11/94 3/96 44%* -0-
Bayou Riverview,
Crossing Apts. FL 209 7,682,437 11/94 1/96 59%* 1,712,422
Bellwood Ford City,
Gardens PA 28 1,262,915 6/95 9/95 100% 228,876
Black River Black River Falls,
Run Apts. WI 48 1,200,000 4/95 12/94 97% 330,172
Clarendon Summerton,
Court Apts. SC 40 1,463,044 10/94 4/96 100% 340,737
Club II Orlando,
Goldenrod Apts.FL 220 7,691,859 3/95 6/95 100% 1,271,449
Cobblestone Fuquay,
Apartments NC 33 1,428,936 1/95 5/94 100% 326,054
Concordia St. Croix,
Manor II VI 20 1,508,245 1/95 11/95 100% 251,309
Concordia St. Croix,
Manor III VI 20 1,366,124 2/95 12/95 100% 162,719
Crosby Crosby,
Country Apts. MN 24 855,601 12/95 12/94 75% -0-
Drakes
Branch Drakes Branch,
Elderly Apts. VA 32 1,278,375 1/95 6/95 65%* 208,560
Elks Towers Litchfield,
Apartments IL 27 120,407 10/95 U/C N/A 500,000
Fonda Fonda,
Terrace Apts. NY 24 1,052,065 12/94 10/94 100% 259,387
8
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Kimbark Longmont,
1200 Apts. CO 48 1,766,280 9/95 12/95 100% 166,711
Kingsway Swedsboro,
Apartments NJ 36 $1,497,938 7/95 6/95 100% $ 46,290
Lake Street Girard,
Apartments PA 32 1,371,077 4/95 9/95 100% 257,688
Leroy Le Roy,
Housing L.P. IL 36 897,336 4/95 12/94 100% -0-
Lost Tree Branson,
Apartments MO 88 1,658,110 4/95 6/95 100% 474,948
Maplewood Sacramento,
Apartments KY 12 439,292 8/95 9/95 100% 85,758
Marksville Marksville,
Square Apts. LA 32 676,693 1/95 1/96 100% 268,848
Monroe North Aurora,
Landings IL 11 533,263 4/95 1/94 100% -0-
Neshoba Philadelphia,
County Apts. MS 24 855,224 7/95 8/35 100% 182,022
Philadelphia Philadelphia,
Square Apts. MS 16 547,344 7/95 8/95 100% 108,764
Quankey Halifax,
Hills Apts. NC 24 1,025,903 1/95 3/95 100% 200,496
Richmond Richmond,
Square Apts. MO 32 988,033 12/94 2/95 100% 818,770
Salem Wood Salemburg,
Apartments NC 24 984,499 1/95 12/94 100% 181,355
The Birches Old Orchard Beach,
ME 88 2,597,843 1/95 3/96 14%* 520,671
9 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Troy Villa Troy,
Apartments MO 64 $2,158,955 12/94 6/95 100% $1,576,811
Twin City Festus,
Villa MO 48 2,378,933 1/95 11/95 100% 590,883
* Property was in lease-up phase as of March 31, 1996.
UC=Property was under construction as of March 31, 1996.
10 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Apple Edmond,
Village Apts. OK 159 $2,913,744 11/94 3/96 44%* $ 988,835
Bayou Riverview,
Crossing Apts FL 209 7,682,437 2/95 11/95 59%* 2,568,632
Concordia St. Croix,
Manor II VI 20 1,508,245 1/95 11/95 100% 251,310
Concordia St. Croix,
Manor III VI 20 1,366,124 2/95 12/95 100% 162,719
Columbia Hempstead,
Commons Apts. NY 32 1,397,621 5/95 5/94 100% 951,257
Country Hill Cedar Rapids,
Apts.Phase II IA 92 2,200,000 8/95 U/C 34%* 881,508
Great Pines Hurleyville,
Apts. NY 26 1,038,041 7/95 12/95 58%* -0-
Heatheridge Barling,
Estates ** AR 27 865,736 7/95 11/95 100% 600,323
Ithaca Ithaca,
Apts. I MI 28 692,419 11/95 7/95 100% 139,407
Kimbark Longmont,
1200 Apts. CO 48 1,766,280 9/95 12/95 100% 500,131
Mathis Mathis,
Apartments TX 32 923,768 1/95 1/95 100% 146,030
Mid City Jersey City,
Apartments NJ 58 3,175,335 9/95 6/94 100% 113,679
Orange
Grove Orange Grove,
Seniors Apts. TX 24 677,459 1/95 2/95 100% 104,728
Philmont Philmont,
Terrace Apts. LA 32 1,503,856 5/95 5/95 100% 370,750
Pensione K CA 129 568,268 9/95 U/C N/A -0-
11 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Riverview St. Louis,
Apartments MO 42 641,048 8/95 12/95 42%* 916,381
South Hills Bellevue,
Apartments NE 72 $1,895,000 6/95 2/96 27%* $1,363,180
St. Peters St. Peters,
Villa MO 54 2,483,394 7/95 3/96 79%* 1,283,351
The Birches Old Orchard Beach,
ME 88 2,597,843 1/95 3/96 14%* 520,672
Twin City Festus,
Villa MO 40 2,378,933 2/95 11/95 100% 590,883
Village Kansas City,
Woods Est. KS 45 1,854,966 5/94 12/95 42%* 900,000
Vinsett Van Buren,
Estates ** AR 10 ** 7/95 11/95 100% **
Woodland Roland,
Hills OK 10 334,064 7/95 6/95 100% 219,626
* Property was in lease-up phase as of March 31, 1996.
UC=Property was under construction as of March 31, 1996.
** Two properties which make up one Operating Partnership named Barlee
Properties L.P. with 27 units. Entire mortgage balance and contributions are
listed with Heathridge Estates.
12 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 24
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Brooks Blue Ridge,
Summit Apts. GA 36 $ 3,150 12/95 U/C N/A $ 223,280
Brownsville Brownsville,
Apartments TN 36 1,212,064 9/95 9/95 100% 200,827
Century Bismark,
East Apts. IV ND 24 640,000 8/95 8/95 100% 299,972
Century Bismark,
East Apts. V ND 24 640,000 11/95 9/95 83%* 299,972
Crow River Hutchinson,
Villa MN 56 2,328,878 12/95 6/95 100% -0-
Edenfield Millen,
Apartments GA 48 -0- 1/96 U/C N/A 200,292
Elm Street Yonkers,
Apartments NY 35 -0- 1/96 1/96 17%* 25
Lake Fargo,
Apartments I ND 24 624,693 8/95 7/95 91%* 299,972
Lakeway Zwolle,
Apartments LA 32 882,615 11/95 4/96 100% 110,902
Laurelwood High Point,
Apartments NC 100 -0- 2/96 U/C N/A 617,302
New Hilltop Laurens,
Apartments SC 72 1,741,639 11/95 11/95 100% 369,127
North Columbia,
Hampton PL. MO 36 1,524,176 11/95 3/96 N/A 817,827
Park Meadow Gaylord,
Apartments MI 80 180,388 9/95 U/C N/A 240,000
13 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 24
PROPERTY PROFILE AS OF MARCH 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Stanton Stanton,
Village Apts. TN 40 1,221,472 9/95 9/95 100% 211,933
Woodlands Elko,
Apartments NV 24 1,145,225 11/95 9/95 100% 206,179
* Property was in lease-up phase as of March 31, 1996.
UC=Property was under construction as of March 31, 1996
14<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 25
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Dogwood Athens,
Park Apts. GA 127 $ 514,972 12/95 U/C N/A $ 908,948
Clarke Pokamoke City,
Manor Apts. MD 30 -0- 2/96 U/C N/A 306,551
Laurelwood High Point,
Park Apts. GA 100 -0- 2/96 U/C N/A 304,045
Sandstone Great Falls,
Village MT 48 81,084 11/95 U/C N/A 745,484
Washington Dayton,
Arms OH 93 -0- 2/96 2/95 100% -0-
* Property was in lease-up phase as of March 31, 1996
UC=Property was under construction as of March 31, 1996.
15<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Calgory Bismark,
Apartments I ND 24 $ -0- 2/96 12/95 50%* $ -0-
Calgory Bismark,
Apartments II ND 24 -0- 2/96 12/95 29%* -0-
Calgory Bismark,
Apartments III ND 24 -0- 2/96 12/95 29%* -0-
Lake IV Fargo,
Apartments ND 24 -0- 2/96 12/95 20%* -0-
Lake V Fargo,
Apartments ND 24 -0- 2/96 12/95 4%* -0-
Madison Miami Beach,
Apartments FL 17 -0- 3/96 U/C N/A 438,103
Mason Mason,
Manor Apts. TN 24 -0- 2/96 1/96 100% 104,176
* Property was in lease-up phase as of March 31, 1996.
UC=Property was under construction as of March 31,1996.
16 <PAGE>
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
17 <PAGE>
PART II
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Item 5. Market for the Fund's Interests and Related Fund Matters
(a) Market Information
The Fund is classified as a limited partnership and thus has no
common stock. There is no established public trading market for
the BACs and it is not anticipated that any public market will
develop.
(b) Approximate number of security holders
As of March 31, 1996, the Fund has 11,254 BAC holders for an
aggregate of 17,851,114 BACs, at a subscription price of $10 per
BAC, received and accepted.
The BACs were issued in series. Series 20 consists of 2,438
investors holding 3,866,700 BACs, Series 21 consists of 1,185
investors holding 1,892,700 BACs, Series 22 consists of 1,723
investors holding 2,564,400 BACs, Series 23 consists of 2,168
investors holding 3,336,727 BACs, Series 24 consists of 1,321
investors holding 2,169,878 BACs, Series 25 consists of 1,794
investors holding 3,026,109 BACs, and Series 26 consists of 625
investors holding 994,600 BACs, at March 31, 1996.
(c) Dividend history and restriction
The Fund has made no distributions of Net Cash Flow to its BAC
Holders from its inception, October 5, 1993 through March 31,
1996.
The Fund Agreement provides that Profits, Losses and Credits will
be allocated each month to the holder of record of a BAC as of the
last day of such month. Allocation of Profits, Losses and Credits
among BAC Holders will be made in proportion to the number of BACs
held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale or
Refinancing Proceeds will be made within 180 days of the end of
the annual period to which they relate. Distributions will be
made to the holders of record of a BAC as of the last day of each
month in the ratio which (i) the BACs held by such Person on the
last day of the calendar month bears to (ii) the aggregate number
of BACs outstanding on the last day of such month.
Fund allocations and distributions are described on pages 99 to
101 of the Prospectus, as supplemented, under the caption "Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow and
Residuals", which is incorporated herein by reference.
18 <PAGE>
Item 6. Selected Financial Data
The information set forth below presents selected financial data of the
Fund. Additional detailed financial information is set forth in the audited
financial statements listed in Item 14 hereof.
For the Period
For the Year For the Year October 5, 1993
and Periods ended and Periods ended (date of inception)
Operations March 31, 1996 March 31, 1995 to March 31,1994
- ---------- ------------------- ----------------- ------------------
Interest Income $ 1,027,956 $ 344,043 $ 8,065
Share of Loss of
Oper. Partnerships (5,472,852) (884,379) -
Operating Expenses (1,839,647) (800,135) (5,561)
----------- ---------- ----------
Net Income (Loss) $ (6,284,543) $(1,340,471) $ 2,504
=========== ========== ==========
Net Income (Loss)
per BAC $ (.41) $ (.36) $ .01
=========== ========== ==========
Balance Sheet March 31, 1996 March 31, 1995 March 31,1994
- ------------- -------------- -------------- -------------
Total Assets $180,961,491 $102,047,029 $10,964,208
=========== =========== ==========
Total Liabilities $ 36,440,840 $ 25,581,723 $ 541,432
=========== =========== ==========
Partners' Capital $144,520,651 $ 76,465,306 $10,422,776
=========== =========== ==========
Other Data
- ----------
Tax Credits per BAC
for the Investors Tax
Year, the Twelve
Months Ended December
31, 1995 and 1994* $ .35 $ -0- $ N/A
=========== =========== ==========
* Credit per BAC is a weighted average of all the Series. Since each
Series has invested as a limited partner in different Operating Partnerships
the Credit per BAC will vary slightly from series to series. For more
detailed information refer to Item 7 Results of Operations.
Item 7. Management's Discussion 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 or on working capital reserves
19 <PAGE>
and (ii) cash distributions from operations of the Operating Partnerships in
which the Fund has and will invest. All sources of liquidity are available
to meet the obligations of the Fund. The Fund does not anticipate
significant cash distributions in the long or short term from operations of
the Operating Partnerships.
The Fund invests in short-term tax-exempt municipal bonds to decrease
the amount of taxable interest income that flows through to it's investors.
The Fund anticipates that the investments it purchases will be held to
maturity, but periodically the Fund must sell investments to meet certain
obligations. Many of the investments sold during the years ended March 31,
1995 and 1996 were yielding coupon rates higher than market rates. A
premature sale of these investments may have resulted in realized losses,
but when combined with the higher coupon yields the resulting actual yields
were consistent with market rates. In selecting investments to purchase and
sell the general partner and it's advisors stringently monitor the ratings
of the investments and safety of principal.
Capital Resources
- -----------------
The Fund is offering BACs in a Public Offering originally declared
effective by the Securities and Exchange Commission on December 16, 1993. The
Fund received and accepted subscriptions for $178,495,000 representing
17,854,114 BACs from investors admitted as BAC Holders in Series 20 through 26
of the Fund. As of March 31, 1996 the Fund is continuing to offer BACs in
Series 26.
(Series 20). The Fund commenced offering BACs in Series 20 on January
21, 1994. As of March 31, 1996, the Fund had received and accepted
subscriptions for $38,667,000 representing 3,866,700 BACs from investors
admitted as BAC Holders in Series 20. Offers and sales of BACs in Series 15
were completed and the last of the BACs in Series 20 were issued by the Fund
on June 24, 1994.
During the fiscal year ended March 31, 1996, the Fund used $4,134,806 of
Series 20 net offering proceeds to pay installments of its capital
contributions to 17 Operating Partnerships. As of March 31, 1996 proceeds
from the offer and sale of BACs in Series 20 had been used to invest in 24
Operating Partnerships in an aggregate amount of $28,561,550 and the Fund had
completed payment of all installments of its capital contributions to 10 of
the Operating Partnerships. Series 20 has $3,873,666 in capital contributions
that remain to be paid to the other 14 Operating Partnerships.
(Series 21). The Fund commenced offering BACs in Series 21 on July 5,
1994. As of March 31, 1996, the Fund had received and accepted
subscriptions for $18,927,000 representing 1,892,700 BACs from investors
admitted as BAC Holders in Series 21. Offers and sales of BACs in Series 21
were completed and the last of the BACs in Series 21 were issued by the Fund
on September 30, 1994.
During the fiscal year ended March 31, 1996, the Fund used $3,332,351
of Series 21 net offering proceeds to pay initial and additional
installments of its capital contributions to 12 Operating Partnerships. As
20 <PAGE>
of March 31, 1996 proceeds from the offer and sale of BACs in Series 21 had
been used to invest in 15 Operating Partnerships in an aggregate amount of
$14,192,163 and the Fund had completed payment of all installments of
its capital contributions to 3 of the Operating Partnerships. Series 21
has $2,042,344 in capital contributions that remain to be paid to the other 12
Operating Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on October
12, 1994. As of March 31, 1996, the Fund had received and accepted
subscriptions for $25,644,000 representing 2,564,400 BACs from investors
admitted as BAC Holders in Series 22. Offers and sales of BACs in Series 22
were completed and the last of the BACs in Series 22 were issued by the Fund
on December 28, 1994.
During the fiscal year ended March 31, 1996, the Fund used $3,722,407
of Series 22 net offering proceeds to pay an initial installment of its
capital contributions to 28 Operating Partnerships. As of March 31, 1996
proceeds from the offer and sale of BACs in Series 22 had been used to
invest in 30 Operating Partnerships in an aggregate amount of $18,848,287
and the Fund had completed payment of all installments of its capital
contributions to 8 of the Operating Partnerships. Series 22 has $6,337,752
in capital contributions that remain to be paid to the other 22 Operating
Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23 on January
10, 1995. As of March 31, 1996, the Fund had received and accepted
subscriptions for $33,366,000 representing 3,336,727 BACs from investors
admitted as BAC Holders in Series 23. Offers and Sales of BACs in Series 23
were completed and the last of the BACs in Series 23 were issued by the Fund
on June 23, 1995.
During the fiscal year ended March 31, 1996, the Fund used $10,553,952
of Series 23 net offering proceeds to pay initial and additional
installments of its capital contributions to 20 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 23 had
been used to invest in 22 Operating Partnerships in an aggregate amount of
$24,272,152 and the Fund had not completed payment of all installments of its
capital contributions to any of the Operating Partnerships. Series 23 has
$10,597,676 in capital contributions that remain to be paid to the 22
Operating Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24 on June 9,
1995. As of March 31, 1996, the Fund had received and accepted subscriptions
for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC
Holders in Series 24. Offers and Sales of BACs in Series 24 were completed
and the last of the BACs in Series 24 were issued by the Fund on September 22,
1995.
During the fiscal year ended March 31, 1996, the Fund used $3,943,110
of Series 24 net offering proceeds to pay initial and additional
installments of its capital contributions to 14 Operating Partnerships. As
21 <PAGE>
of March 31, 1996 proceeds from the offer and sale of BACs in Series 24 had
been used to invest in 15 Operating Partnerships in an aggregate amount of
$8,590,647 and the Fund had not completed payment of all installments of its
capital contributions to any of the Operating Partnerships. Series 24 has
$4,939,386 in capital contributions that remain to be paid to the 15
Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25 on September
30, 1995. As of March 31, 1996 the Fund had received and accepted
subscriptions for $30,248,000 representing 3,026,109 BACs from investors
admitted as BAC Holders in Series 25. Offers and Sales of BACs in Series 25
were completed and the last of the BACs in Series 25 were issued by the Fund
on December 29, 1995.
During the fiscal year ended March 31, 1996, the Fund used $1,939,506
of Series 25 net offering proceeds to pay initial and additional
installments of its capital contributions to 4 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 25 had
been used to invest in 5 Operating Partnerships in an aggregate amount of
$7,176,914 and the Fund had not completed payment of all installments of its
capital contributions to any of the Operating Partnerships. Series 25 has
$4,911,886 in capital contributions that remain to be paid to the 5
Operating Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26 on January
18, 1996. As of March 31, 1996, the Fund had received and accepted $9,946,000
representing 994,600 BACs from investors admitted as BAC Holders in Series 26.
As of March 31, 1996 the Fund is continuing to offer BACs in Series 26.
During the fiscal year ended March 31, 1996, the Fund used $542,279
of Series 26 net offering proceeds to pay initial and additional
installments of its capital contributions to 2 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 26 had
been used to invest in 7 Operating Partnerships in an aggregate amount of
$3,243,883 and the Fund had not completed payment of all installments of its
capital contributions to any of the Operating Partnerships. Series 26 has
$2,621,604 in capital contributions that remain to be paid to the 7
Operating Partnerships.
Results of Operations
- ---------------------
The Fund incurs a fund management fee to the General Partner and/or
its affiliates in an amount equal to 0.5% of the aggregate cost of the
Apartment Complexes owned by the Operating Partnerships, less the amount of
certain partnership management and reporting fees paid by the Operating
Partnership. The annual fund management fee incurred for the fiscal years
ended March 31, 1996, and 1995 was $1,144,124, and $591,798, respectively.
The amount is anticipated to increase in subsequent fiscal years as additional
Operating Partnerships are acquired.
22 <PAGE>
The Fund's investment objectives do not include receipt of significant
cash flow 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 March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 97.5% and 99.0%, respectively. The series had a
total of 24 Operating Partnerships at March 31, 1996. Out of the total 20,
were at 100% qualified occupancy and 3 were in initial lease-up.
For the tax year ended December 31, 1995, the series, in total,
generated $3,107,627 in passive income tax losses that were passed through to
the investors and also provided $.829 tax credits per BAC to the investors.
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 20 was $28,849,038 and $31,712,439, respectively. The decrease was
primarily a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its investment
cost for its share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the years ended March 31, 1996 and 1995, the net loss of the series
was $3,115,384 and $811,869, respectively. The major components of these
amounts are the Fund's share of losses from Operating Partnerships, the fund
management fee and interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be expended. It is
anticipated that the net loss will continue to fluctuate until all Operating
Partnerships lease-up and stabilize operations.
(Series 21). As of March 31, 1996, and 1995, the average Qualified
Occupancy for the series was 85.8% and 78.3%, respectively. The series had a
total of 15 properties at March 31, 1996. Out of the total, 8 were at 100%
qualified occupancy and 4 were in initial lease-up.
For the tax year ended December 31, 1995, the series, in total,
generated $627,717 in passive income tax losses that were passed through to
the investors and also provided $.343 in tax credits per BAC to the investors.
As of March 31, 1996 and 1995, the Investments in Operating Partnerships
for Series 21 was $14,407,266 and $15,518,396, respectively. The decrease is
primarily a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its investment
cost for its share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the year ended March 31, 1996 and the period ended March 31, 1995,
the net loss of the series was $1,105,594 and $385,257, respectively. The
major components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee and interest income earned on
23<PAGE>
Offering proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the net loss will
continue to fluctuate until all Operating Partnerships lease-up and stabilize
operations.
(Series 22). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 91.5% and 58.0%, respectively. The series had a
total of 30 properties at March 31, 1996. Out of the total, 23 were at 100%
qualified occupancy and 4 were in initial lease-up. The series also had 1
property that was still under construction at March 31, 1996.
For the tax year ended December 31, 1995, the series, in total,
generated $1,180,719 in passive income tax losses that were passed through to
the investors and also provided $.459 in tax credit per BAC to the investors.
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 22 was $19,895,333 and $20,202,783, respectively. The decrease is
primarily a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its investment
cost for its share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the year ended March 31, 1996 and the period ended March 31, 1995,
the net loss of the series was $1,386,839 and $134,388, respectively. The
major components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee and interest income earned on
Offering proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the net loss will
continue to fluctuate until all Operating Partnerships complete construction,
lease-up, and stabilize operations.
(Series 23). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 76.1% and 100%, respectively. The series had a
total of 22 properties at March 31, 1996. Out of the total, 12 were at 100%
qualified occupancy and 8 were in initial lease-up. The series also had one
property that was still under construction as of March 31, 1996, and one
property with multiple buildings some of which were under construction and
some of which were in initial lease-up.
For the tax year ended December 31, 1995, the series, in total, generated
$468,342 in passive income tax losses that were passed through to investors.
The series also provided tax credits to the investors, below is a summary of
tax credits per BAC by month of admission.
February $.306
March $.278
April $.250
May $.222
June $.194
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 23 was $27,189,858 and $5,965,399, respectively. The increase is a
24<PAGE>
result of the Fund acquiring 17 additional interests in Operating
Partnerships, and costs capitalized to the investment account which were
incurred by the Fund in acquiring the Operating Partnerships. Investments in
Operating Partnerships was also be affected by the way the Fund accounts for
such investments, the equity method. By using the equity method the Fund
adjusts its investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or accrued.
For the year ended March 31, 1996 and the period ended March 31, 1995 the
net loss of the series was $546,204 and $8,957, respectively. The major
components of these amounts are the Fund's share of losses from Operating
Partnerships, the fund management fee and interest income earned on Offering
proceeds to be used for acquisitions and working capital reserves that have
yet to be expended. The net loss will continue to fluctuate until the series
finishes acquiring Operating Partnerships, construction is completed on the
Operating Partnerships and they become fully leased-up and stabilize
operations.
(Series 24). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 100%. The series had a total of 15 properties at
March 31, 1996. Out of the total, 7 were at 100% qualified occupancy and 4
were in initial lease-up. The series also had 4 properties that were still
under construction as of March 31, 1996.
For the tax year ended December 31, 1995, the series, in total, generated
$224,386 in passive income tax losses that were passed through to investors.
The series also provided tax credits to the investors, below is a summary of
tax credit per BAC by month of admission.
July $.163
August $.136
September $.109
As of March 31, 1996, the Investments in Operating Partnerships
for Series 24 was $10,012,941. The amount is a result of the Fund acquiring
15 interests in Operating Partnerships and costs capitalized to the
investment account which were incurred by the Fund in acquiring the Operating
Partnerships. Investments in Operating Partnerships was also affected by the
way the Fund accounts for such investments, the equity method. By using the
equity method the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any distributions
received or accrued.
For the period ended March 31, 1996 the net loss of the Series was
$143,857. The major components of this amount are the Fund's share of losses
from Operating Partnerships and interest income earned on Offering proceeds to
be used for acquisitions and working capital reserves that have yet to be
expended. It is anticipated that the net loss will fluctuate in the future
years until the series finishes acquiring Operating Partnerships, construction
is completed on the Operating Partnerships, and they become fully leased-up
and stabilize operations.
25<PAGE>
Since Series 24 did not commence operations until after March 31, 1995,
it does not have any comparative information to report.
(Series 25). As of March 31, 1996, the average Qualified Occupancy for
the series was 100%. The series had a total of 5 properties at March 31,
1996. Out of the total, 1 was at 100% qualified occupancy. The series also
had 4 properties that were still under construction as of March 31,
1996.
For the tax year ended December 31, 1995, the series, in total, generated
$10,184 in passive income but did not generate any tax credits to pass through
to the investors.
As of March 31, 1996 the Investments in Operating Partnerships
for Series 25 was $7,863,180. The amount is a result of the Fund acquiring
5 interests in Operating Partnerships, and costs capitalized to the
investment account which were incurred by the Fund in acquiring the Operating
Partnerships. Investments in Operating Partnerships was also affected by the
way the Fund accounts for such investments, the equity method. By using the
equity method the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any distributions
received or accrued.
For the period ended March 31, 1996 the net income of the series was
$40,545. The major components of this amount are professional fees, general
and administrative expenses and interest income earned on Offering proceeds
to be used for acquisitions and working capital reserves that have yet to be
expended, and income from Operating Partnership. It is anticipated that
operations will fluctuate in the future years until the series finishes
acquiring Operating Partnerships, construction is completed on the Operating
Partnerships and they become fully leased-up and stabilize operations.
Since Series 25 did not commence operations until after March 31, 1995,
it does not have any comparative information to report.
(Series 26). As of March 31, 1996, the average Qualified Occupancy for
the series was 38.7%. The series had a total of 7 properties at March 31,
1996. Out of the total, 1 was at 100% qualified occupancy. The series also
had 5 properties that were in initial lease-up and one that was under
construction at March 31, 1996.
The series had not admitted any investors as of December 31, 1995,
therefore it had no passive income tax losses or tax credits to pass through
to investors.
As of March 31, 1996, the Investments in Operating Partnerships
for Series 26 was $3,618,962. The amount is a result of the Fund acquiring
7 interests in Operating Partnerships, and costs capitalized to the
investment account which were incurred by the Fund in acquiring the
Operating Partnerships. In the future, Investments in Operating
26 <PAGE>
Partnerships, will also be affected by the way the Fund accounts for such
investments, the equity method. By using the equity method the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
For the period ended March 31, 1996 the net loss of the series was
$27,210. The major components of this amount are general and administrative
expenses and interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be expended. It is
anticipated that the net loss will fluctuate in the future years until the
series finishes acquiring Operating Partnerships, construction is completed on
the Operating Partnerships, they become fully leased-up, and stabilize
operations.
Since the Series did not commence operations until after March 31, 1995,
it does not have any comparative information to report.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
In March, 1995 the FASB issued SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS No.
121 is effective for financial statements issued for fiscal years beginning
after December 31, 1995, with earlier application permitted. SFAS No. 121
addresses the accounting for long-lived assets and certain identifiable
intangibles to be held and used by an entity to be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. The Fund will adopt SFAS No. 121
on April 1, 1996, as required. Adopting SFAS No. 121 is not expected to have a
significant effect on the Fund's financial statements.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part IV, Item 14
of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
27 <PAGE>
PART III
--------
Item 10. Directors and Executive Officers of the Fund
(a), (b), (c), (d) and (e)
The Fund has no directors or executives officers of its own. The
following biographical information is presented for the partners of the
General Partners and affiliates of those partners (including Boston Capital
Partners, Inc. ("Boston Capital")) with principal responsibility for the
Fund's affairs.
Herbert F. Collins, age 65, is co-founder and Chairman of the Board of Boston
Capital Partners, Inc. During 1990 and 1991 he served as Chairman of the Board
of Directors for the Federal Home Loan Bank of Boston, a 314-member,
$12-billion central bank in New England which is part of the Federal Home Loan
Bank System. Mr. Collins is co-founder and serves as Chairman-Emeritus of the
Council for Rural Housing and Development, a 300-member organization including
14 state associations formed to encourage the development of rural housing
nationwide. He serves as Chairman of the Massachusetts Housing Policy
Commission, created by the Governor of the Commonwealth of Massachusetts and
the Secretary of the Executive Office of Communities & Development, to
assess the current status and recommend future housing policy for the
Commonwealth. Additionally, he serves as a Member of the Board of Directors,
of the Metropolitan Boston Housing Partnership, an organization dedicated to
the renewal of housing through rehabilitation and community involvement. He
served on the Mitchell-Danforth Task Force, which helped structure the 1990
tax credit legislation. In addition, Mr. Collins is a past director of the
National Leased Housing Association, past chairman of the Rural Development
Committee, and is a member of the National Rural Housing Council. Currently,
Mr. Collins is a Board member of the National Housing Conference. Prior to
co-founding Boston Capital, Mr. Collins served as Vice President and Director
of Marketing at ECS Corporation and the Advanced Research Corporation, and was
the Product Marketing Manager at Raytheon Corporation. Mr. Collins graduated
from Harvard College and attended the Advanced Management Program, Harbridge
House, Boston.
John P. Manning, age 47, is co-founder, President and Chief Executive Officer
of Boston Capital Partners, Inc., and serves as member of the Investment
Committee. Mr. Manning is Chairman of the Affordable Housing Tax Credit
Coalition and is member of the Board of Directors of the National Leased
Housing Association, two Washington, D.C.-based organizations. He also serves
on the Board of Advisors for the Housing Development Reporter. He served as a
Member of the Massachusetts Housing Policy Commission, Executive Office of
Communities & Development, appointed by the Governor of the Commonwealth of
Massachusetts. He was named by U.S. Senate Majority Leader George Mitchell to
the Mitchell-Danforth Task Force, which helped structure the 1990 tax credit
legislation. In similar capacities, Mr. Manning has been asked by the U.S.
House Ways and Means Committee and by the U.S. Senate Finance Committee to
represent the affordable housing industry as an expert on the efficacy of the
low income housing tax credit and its effect on capital markets and the
economy. Prior to co-founding Boston Capital in 1974, Mr. Manning was the
28 <PAGE>
Eastern Regional Vice President of Western Diversified Equities, a Beverly
Hills-based real estate development firm, and was an Investment Manager at the
Industrial National Bank in Providence. In 1995, President Clinton appointed
Mr. Manning a Member of the Advisory Committee on the Arts (John F. Kennedy
Center for the Performing Arts). Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 51, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and serves
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also serves on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 41, is an Executive Vice President and a principal
of Boston Capital Partners, Inc., and is responsible for, among other areas,
overseeing the investment portfolio of funds sponsored by Boston Capital and
the acquisition of real estate investments on behalf of such funds. Mr.
Collins has had extensive experience in real estate development activities,
having founded and directed the American Development Group, a comprehensive
real estate development firm, and has also had extensive experience in the
area of acquiring real estate investments. He is on the Board of Directors of
the National Multi-Housing Council and a member of the Massachusetts Housing
Finance Agency Multi-Family Advisory Committee. He graduated from the
University of New Hampshire.
Anthony A. Nickas, age 35, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over twelve years experience
in the accounting and finance fields. Mr. Nickas has supervised the financial
aspects of both the Project Development and Property Management Affiliates.
Prior to joining Boston Capital in 1987, he was Assistant Director of
Accounting and Financial Reporting for the Yankee Companies, Inc., and was an
Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
29 <PAGE>
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the terms of the
Amended and Restated Agreement and Certificate of Limited Partnership of the
Fund, the Fund has paid or accrued obligations to the General Partner and
its affiliates for the following fees during the 1996 fiscal year:
1. An annual fund management fee based on .5 percent of the aggregate
cost of all Apartment Complexes acquired by the Operating Partnerships has
been accrued or paid to Boston Capital Communications Limited Partnership.
The annual fund management fees charged to operations for the year ended March
31, 1996 was $1,144,124.
2. The Fund has reimbursed an affiliate of the General Partner a total
of $114,292 for amounts charged to operations during the year ended March 31,
1996. The reimbursement includes, but may not be limited to postage,
printing, travel, and overhead allocations.
3. The Fund has reimbursed affiliates of the General Partner a total
of $1,040,827 for amounts charged to syndication during the year ended March
31, 1996. The reimbursement includes, but may not be limited to postage,
printing, travel, and overhead allocations.
4. The General Partner has the right to charge acquisition fees and
expenses in connection with the purchase of Operating Partnership interests.
During the 1996 fiscal year, the Fund accrued or paid $7,597,693 of
acquisition fees and expenses to the General Partner or its affiliates.
5. Dealer Manager fees of $1,595,730 were accrued or paid to Boston
Capital Services, Inc. during the 1996 fiscal year in respect to the sale of
units.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1996, 17,851,144 BACs had been issued. No person
is known to own beneficially in excess of 5% of the outstanding
BACs in any of the series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits, Losses,
Credits and distributions of the Fund. The Fund's response to
Item 12(a) is incorporated herein by reference.
30 <PAGE>
(c) Changes in control.
There exists no arrangement known to the Fund the operation of
which may at a subsequent date result in a change in control of
the Fund. There is a provision in the Limited Partnership
Agreement which allows, under certain circumstances, the ability
to change control.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Fund has no officers or directors. However, under the terms
of the public offering, various kinds of compensation and fees are
payable to the General Partner and its Affiliates during the
organization and operation of the Fund. Additionally, the General
Partner will receive distributions from the partnership if there
is cash available for distribution or residual proceeds as defined
in the Fund Agreement. The amounts and kinds of compensation and
fees are described on page 43 of the Prospectus, as supplemented,
under the caption "Compensation and Fees", which is incorporated
herein by reference. See Note B of Notes to Financial Statements
in Item 14 of this Annual Report on Form 10-K for amounts accrued
or paid to the General Partner and its affiliates for the period
October 5, 1993 through March 31, 1996.
(b) Certain business relationships.
The Fund response to Item 13(a) is incorporated herein by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
31 <PAGE>
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1996 and 1995
Statements of Operations for the Period October 5, 1993 (date of
inception) through March 31, 1996
Statements of Changes in Partners' Capital for the Period October 5,
1993 (date of inception) through March 31, 1996
Statements of Cash Flows for the Period October 5, 1993 (date of
inception) through March 31, 1996
Notes to Financial Statements, March 31, 1996, 1995, and 1994
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or because the information is
included in the financial statements or the notes thereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital Tax Credit
Fund IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's
Registration Statement No. 33-70564 on Form S-11 as filed with the
Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security holders,
including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund
IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's
Registration Statement No. 33-70564 on Form S-11 as filed with the
Securities and Exchange Commission on October 19, 1993.
32 <PAGE>
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by reference from
Exhibit 10A to the Fund's Registration Statement No. 33-70564 on
Form S-11 as filed with the Securities and Exchange Commission on
October 19, 1993
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Better Homes for Havelock
Limited Partnership (Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and
Exchange Commission on February 1, 1995).
b. Agreement of Limited Partnership of Cynthiana Properties Limited
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 1, 1995).
c. Agreement of Limited Partnership of North Hampton Place Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on October 13, 1995).
d. Agreement of Limited Partnership of Brook Summitt Apartments, LP
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 29, 1996).
33 <PAGE>
(b) Reports on Form 8-K
Report on Form 8-K dated February 1, 1995, concerning the
Partnership's investment in Better Homes for Havelock Limited Partnership
filed with the commission on February 1, 1995.
Report on Form 8-K dated March 9, 1995, concerning the
Partnership's investment in Cynthiana Properties Limited filed with the
commission on March 9, 1995.
(c) Exhibits
The list of exhibits required by Item 601 of Regulation S-K is
included in Item (a)(3).
(d) Financial Statement Schedules
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Partnerships.
None
34 <PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities Exchange
Act of 1934, the Fund has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund IV L.P.
By: Boston Capital Associates IV L.P.
General Partner
By: Boston Capital Associates
Date: July 16, 1996 By: /s/ John P. Manning
--------------------------
John P. Manning
By: /s/ Herbert F. Collins
--------------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE: TITLE:
General Partner and
July 16, 1996 /s/ John P. Manning Principal Executive
-------------------- Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
General Partner and
/s/ Herbert F. Collins Principal Executive
----------------------- Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
35<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
SERIES 20 THROUGH SERIES 26
MARCH 31, 1996 AND 1995<PAGE>
Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 26
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F - 3
FINANCIAL STATEMENTS
BALANCE SHEETS F - 5
STATEMENTS OF OPERATIONS F - 11
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F - 17
STATEMENTS OF CASH FLOWS F - 25
NOTES TO FINANCIAL STATEMENTS F - 42
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F - 83
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the conditions
under which they are required or the information is included in the financial
statements or the notes thereto.<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners of
Boston Capital Tax Credit Fund IV L.P.
We have audited the accompanying balance sheets of Boston Capital
Tax Credit Fund IV L.P. as of March 31, 1996 and 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
years ended March 31, 1996 and 1995 and for the period October 5, 1993 (date
of inception) through March 31, 1994 and Boston Capital Tax Credit Fund IV
L.P. - Series 20 through 25 as of March 31, 1996 and Series 20 through 23 as
of March 31, 1995 and the related statements of operations, partners' capital
and cash flows for the years ended March 31, 1996 and 1995 and for the period
October 5, 1993 (date of inception) through March 31, 1994 for Series 20, for
the period July 5, 1994 (date of inception) through March 31, 1995 for Series
21, for the period October 12, 1994 (date of inception) through March 31, 1995
for Series 22, for the period January 10, 1995 (date of inception) through
March 31, 1995 for Series 23 for the period June 29, 1995 (date of inception)
through March 31, 1996 for Series 24, for the period September 22, 1995
(date of inception) through March 31, 1996 for Series 25, and for the period
January 18, 1996 (date of inception) through March 31, 1996 for Series 26.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits. We did not audit the financial statements of
certain operating partnerships in which Boston Capital Tax Credit Fund IV L.P.
owns a limited partnership interest. Investments in such partnerships comprise
the following percentages: Total, 18% and 14% of the assets as of March 31,
1996 and 1995, respectively, and 18% and 8% of the partnership loss for the
years ended March 31, 1996 and 1995, respectively; of the assets for Series 20
as of March 31, 1996 and 1995, 33% and 23%, respectively; of the
partnership loss for Series 20 for the year ended March 31, 1996 and 1995,
25% and 12%, respectively; of the assets for Series 21 as of March 31, 1996
and 1995, 22% and 9%; of the partnership loss for Series 21 for the year
ended March 31, 1996 and for the period July 5, 1994 (date of inception)
through March 31, 1995, 0% and 1%, respectively; of the assets for Series
22 as of March 31, 1996 and 1995, 8% and 12%, respectively; of the
partnership loss for Series 22 for the year ended March 31, 1996 and for the
period October 12, 1994 (date of inception) through March 31, 1995, 10%
and 0%, respectively; of the assets for Series 23 as of March 31, 1996 and
1995, 29% and 0%, respectively; of the partnership loss for Series 23 for
the year ended March 31, 1996 and for the period January 10, 1995 (date of
inception) through March 31, 1995, 34% and 0%, respectively; of the assets
for Series 24 as of March 31, 1996, 7%; of the partnership loss for Series
24 for the period June 29, 1995 (date of inception) through March 31, 1996,
32%; of the assets for Series 25 as of March 31, 1996, 4%; of the partnership
loss for Series 25 for the period September 22, 1995 (date of inception)
through March 31, 1996, 1%; and of the assets for Series 26 as of March
31, 1996 0%, and of the partnership loss for Series 26 for the period January
18, 1996 (date of inception) through March 31, 1996, 0%. The financial state-
ments of these partnerships were audited by other auditors, whose reports have
been furnished to us, and our opinion, insofar as it relates to information
relating to these partnerships, is based solely on the reports of the other
auditors.
F-3<PAGE>
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits and the
reports of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other
auditors, the financial statements referred to above present fairly, in all
material respects, the financial position of Boston Capital Tax Credit Fund IV
L.P. as of March 31, 1996 and 1995 and the results of its operations and its
cash flows for the years ended March 31, 1996 and 1995 and for the period
October 5, 1993 (date of inception) through March 31, 1994 and Boston Capital
Tax Credit Fund IV L.P.Series 20 through 25 as of March 31, 1996 and Series 20
through 23 as of March 31, 1995 and the results of their operations and their
cash flows for the years ended March 31, 1996 and 1995 and for the period
October 5, 1993 (date of inception) through March 31, 1994 for Series 20, for
the period July 5, 1994 (date of inception) through March 31, 1995 for Series
21, for the period October 12, 1994 (date of inception) through March 31, 1995
for Series 22, for the period January 10, 1995 (date of inception) through
March 31, 1995 for Series 23, for the period June 29, 1995 (date of
inception) through March 31, 1996 for Series 24, for the period September 22,
1995 (date of inception) through March 31, 1996, and for Series 25 for the
period January 18, 1996 (date of inception) through March 31, 1996 for Series
26, in conformity with generally accepted accounting principles.
We and other auditors have also audited the information included in
the related financial statement schedules listed in Form 10-K, Item 14(a) of
Boston Capital Tax Credit Fund IV L.P. - series 20 through Series 26 as of
March 31, 1996. In our opinion, the schedule present fairly, in all material
respects, the information required to be set forth therein, in conformity with
generally accepted accounting principles.
Bethesda, Maryland
July 10, 1996
F-4<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ashbury Apartments Limited Partnership Sioux Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury Apartments Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ashbury Apartments Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Sioux Falls, South Dakota
January 23, 1996
<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(703) 669-5531
(703) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe
Limited Partnership, FMHA Case No.: 46-035-0541643546, as of
December 31, 1995 and 1994 and the related statements of operations
for the year ended December 31, 1995 and for the period August 22,
1994 to December 31, 1994 and the related statements of partners'
equity and cash flows for the years ended December 31, 1995 and
1994. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an
opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that I plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bennetts Pointe Limited Partnership, as of December 31, 1995 and
1994 and the results of its operations for the year ended December
31, 1995 and for the period August 22, 1994 to December 31, 1994,
the changes in partners' equity and cash flows for the years ended
December 31, 1995 and 1994 in conformity with generally accepted
accounting principles.
<PAGE>
Thomas C. Cunningham, CPA PC
Page 2
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 15 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audits of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1996
<PAGE>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mssissippi 39216
(601)982-3875
To the Partners
Bradley Elderly, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Bradley Elderly, L.P. as of
December 31, 1995 and 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
My responsibility is to express an opinion on these financial statements based
on my audits.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Bradley Elderly, L.P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Jackson, Mississippi
January 23, 1996
<PAGE>
Morton, Nehls & Tierney, S.C.
Certified Public Accountants and Management Advisors
Old Sauk Trails Park
8018 Excelsior Drive, Suite 200
P.O. Box 45800
Madison, Wisconsin 53744-5800
(608) 831-5831
FAX (608) 831-7067
INDEPENDENT AUDITORS' REPORT
To the Partners
Breeze Cove Limited Partnership
Madison, Wisconsin
We have audited the accompanying balance sheets of Breeze Cove
Limited Partnership as of December 31, 1995 and 1994, and the
related statements of income (loss), partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
fmancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
Partnership as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Madison, Wisconsin
January 17, 1996
Madison, Milwaukee
Associated worldwide with Accounting Group International, In.
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 8, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
CLARKSVILLE ESTATES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
COLE, EVANS & PETERSON
Certified Public Accountants
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M.ALTON EVANS,JR., C.P.A, PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
A.WILLIAM PETERSON, C.P.A.
CAROL T. BARNES, C.P.A.
C.WILLIAM GERARDY, JR., C.P.A.
BARRY S. SHIPP, C.P.A.
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST, C.P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH, C.P.A.
MARY WELLS CARMODY, C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C.P.A.
DAVID W. BULLOCK, C.P.A.
January 31, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Coushatta Seniors II Apartments,
A Louisiana Partnership In Conunendam
Mansfield, Louisiana
We have audited the accompanying balance sheet of Coushatta Seniors II
Apartments, A Louisiana Partnership In Commendam at December 31, 1994, and the
related statements of income, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
<PAGE>
Cole, Evans & Peterson
Page 2
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Coushatta Seniors 11
Apartments, A Louisiana Partnership in Commendam at December 31, 1994, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Cole, Evans & Peterson
<PAGE>
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646
(312) 7 7 7-4445
FAX (312) 777-6557
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ILLINOIS CPA SOCIETY
INDEPENDENT AUDITOR'S REPORT
To The Partners Of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS
LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1995
and 1994, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of EAST DOUGLAS APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
May 29, 1996
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Edison Lane Limited Partnership
We have audited the accompanying balance sheets of Edison Lane
Limited Partnership, as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Edison
Lane Limited Partnership as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone (912) 369-7575
FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying balance sheet of Evergreen Hills Associates,
L.P. (A Limited Partnership) , as of December 31, 1994, and the related
statements of operations and partners, capital and cash flows for the period
from November 26, 1993 (date partnership was formed) through December 31,
1994. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. we believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Evergreen Hills Associates,
L.P., as of December 31, 1994, and the results of its operations, changes in
partners equity and its cash flows for the period from November 26, 1993
through December 31, 1994 in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 10
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Rochester, New York
February 24, 1995
Coopers & Lybrand L.L.P., a registered limited liability partnership, is a
member firm of Coopers & Lybrand (International).
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Fairoaks Lane Limited Partnership
We have audited the accompanying balance sheets of Fairoaks Lane
Limited Partnership, as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Fairoaks Lane Limited Partnership as of December 31 1995 and 1994,
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone (912) 369-7575
Fax (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
COLE, EVANS & PETERSON
Certified Public Accountants
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M.ALTON EVANS,JR., C.P.A, PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
A.WILLIAM PETERSON, C.P.A.
CAROL T. BARNES, C.P.A.
C.WILLIAM GERARDY, JR., C.P.A.
BARRY S. SHIPP, C.P.A.
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST, C.P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH, C.P.A.
MARY WELLS CARMODY, C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C.P.A.
DAVID W. BULLOCK, C.P.A.
January 24, 1995
INDEPENDENT AUDITORS'REPORT
To the Partners
Floral Acres Apartments II,
A Louisiana Partnership in Commendam
Mansfield, Louisiana
We have audited the accompanying balance sheet of Floral Acres Apartments II,
A Louisiana Partnership in Commendam at December 31, 1994, and the related
statements of income, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
<PAGE>
COLE, EVANS & PETERSON
Certified Public Accountants
Page 2
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Floral Acres Apartments II, A
Louisiana Partnership in Commendam at December 31, 1994, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Cole, Evans & Peterson
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Forest Glen Village Limited Partnership
We have audited the accompanying balance sheets of Forest Glen
Village Limited Partnership, as of December 31, 1995 and 1994, and
the related statements of operations, changes in partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Forest
Glen Village Limited Partnership as of December 31, 1995 and 1994,
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
TELEPHONE (912) 369-7575
FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
WAY, RAY, SHELTON & CO., P.C.
Certified Public Accountants
216 McFarland Circle North
Tuscaloosa, Alabama 35406
205/345-5860 FAX 205/345-5883
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ALABAMA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
ROBERT S. WAY, C.P.A.
W. PAUL RAY, C,P.A.
STEVEN A. SHELTON, C.P.A.
KIMBERLY F. ELMORE, C.P.A.
STEVEN L. MITCHELL, C.P.A.
CINDY T. SAVAGE, C.P.A.
SONIA M. CHISM, C.P.A.
M. ELBERT SIMS, JR., C.P.A.
SUSAN L SPARKS, C.P.A.
MITZI H. COOGLER, C.P.A.
GLENDA T. LENAHAN, C.P.A.
C. CHIREEN ANDERSON, C.P.A.
ELIZABETH E. BATES, C.P.A.
STACEY M. SHINAS, C.P.A.
PAMELA D. SHAY, C.P.A.
LAURA W. RYAN, C.P.A.
ROGER F. BRYANT, C.P.A.
RUSSELL W. RANEY, C.P.A.
February 7, 1996
INDEPENDENT AUDITORS' REPORT
Franklinton Elderly Housing, Ltd.
P.0. Box 168
Tuscaloosa, Alabama 35402
Dear Partners:
We have audited the accompanying balance sheets of Franklinton Elderly
Housing, Ltd. as of December 31, 1995 and 1994, and the related statements of
income, changes in partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
<PAGE>
WAY, RAY, SHELTON & CO., P.C.
Certified Public Accountants
Page 2
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Franklinton Elderly Housing,
Ltd. as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Respectfully submitted,
Way, Ray, Shelton & Co., P.C.
Certified Public Accountants
<PAGE>
COLE, EVANS & PETERSON
Certified Public Accountants
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M.ALTON EVANS,JR., C.P.A, PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
A.WILLIAM PETERSON, C.P.A.
CAROL T. BARNES, C.P.A.
C.WILLIAM GERARDY, JR., C.P.A.
BARRY S. SHIPP, C.P.A.
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST, C.P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH, C.P.A.
MARY WELLS CARMODY, C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C.P.A.
DAVID W. BULLOCK, C.P.A.
January 16, 1996
INDEPENDENT AUDITORS' REPORT
To the Partners
Harrisonburg Seniors Apartments,
A Louisiana Partnership in Commendam, Mansfield, Louisiana
We have audited the accompanying balance sheets of Harrisonburg Seniors
Apartments, A Louisiana Partnership in Commendam at December 31, 1995 and
December 31, 1994, and the related statements of income, partners' capital,
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.<PAGE>
Cole, Evans & Peterson
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Harrisonburg Seniors
Apartments, A Louisiana Partnership in Commendam at December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Cole, Evans & Peterson
<PAGE>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
To the Partners
Northfield Apartments, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Northfield Apartments, L.P.
as of December 31, 1995 and 1994 and the related statements of operations,
partners, equity (deficit) and cash flows for years then ended. These
financial statements are the responsibility of the partnership's management.
My responsibility is to express an opinion on these financial statements based
on my audits.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Northfield Apartments, L.P.
as of December 31, 1995 and 1994 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basis financial statements
and, in my opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Jackson, Mississippi
March 13, 1996
<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Parkside Housing Limited Partnership
We have audited the accompanying balance sheets of Parkside Housing
Limited Partnership as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity and cash flows
for the year and period then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
fmancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Parkside
Housing Limited Partnership as of December 31, 1995 and 1994, and
the results of its operations, and cash flows for the year and
period then ended, in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 13 and 14 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Portland, Maine
January 22, 1996
Offices in:
Bangor, Maine
Portland, Maine
Lebanon, New Hanpshire
Manchester, New Hampshire<PAGE>
COLE, EVANS & PETERSON
Certified Public Accountants
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M.ALTON EVANS,JR., C.P.A, PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
A.WILLIAM PETERSON, C.P.A.
CAROL T. BARNES, C.P.A.
C.WILLIAM GERARDY, JR., C.P.A.
BARRY S. SHIPP, C.P.A.
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST, C.P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH, C.P.A.
MARY WELLS CARMODY, C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C.P.A.
DAVID W. BULLOCK, C.P.A.
January 18, 1996
INDEPENDENT AUDITORS' REPORT
To the Partners
Shady Lane Seniors Apartments,
A Louisiana Partnership In Commendam, Mansfield, Louisiana
We have audited the accompanying balance sheets of Shady Lane Seniors
Apartments, A Louisiana Partnership in Commendam at December 31, 1995 and
December 31, 1994, and the related statements of income, partners' capital,
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
<PAGE>
Cole, Evans & Peterson
Page 2
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Shady Lane Seniors
Apartments, A Louisiana Partnership in Commendam at December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 18, 1996 on our consideration of Shady Lane Seniors Apartments'
internal control structure and a report dated January 18, 1996 on its
compliance with laws and regulations.
Cole, Evans & Peterson
<PAGE>
MCMILLAN, PATE & KING, L.L.P.
CERTIFIED PUBLIC ACCOUNTANTS
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
INDEPENDENT AUDITORS'REPORT
Partners
Better Homes for Havelock Limited Partnership
We have audited the balance sheet of Better Homes for Havelock Limited
Partnership as of December 31, 1995 and the related statements of operations,
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
McMillan, Pate & Robertson, Certified Public Accountants, a North Carolina
partnership, ceased business operations on February 29, 1996. In accordance
with North Carolina General Statutes and the North Carolina Accountancy Rules,
the Company directed its records to be transferred to McMillan, Pate & King,
L.L.P., which commenced business operations on March 1, 1996. Incomplete
accounting and tax services of McMillan, Pate & Robertson are being completed
by McMillan, Pate & King, L.L.P.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Better Homes for Havelock
Limited Partnership as of December 31, 1 995 and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
10 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
February 16, 1 996
and March 1, 1996
<PAGE>
MCMELLAN, PATE & ROBERTSON
CERTIFIED PUBLIC ACCOUNTANTS'
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
Independent Auditors' Report
Partners
Better Homes for Havelock Limited Partnership
We have audited the accompanying balance sheet of Better Homes for Havelock
Limited Partnership as of December 31, 1994 and the related statements of net
loss, partners' capital and cash flows for the period December 8, 1994 (date
or organization) through December 31, 1994. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of Better Homes for Havelock
Limited Partnership as of December 31, 1994, and the results of its operations
and its cash flows for the period December 8, 1994 through December 31, 1994
in conformity with generally accepted accounting principles.
June 20, 1995
<PAGE>
STEINESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheet of Black River Run Limited
Partnership as of December 31, 1995, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting, the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Black River Run Limited
Partnership, as of December 31, 1995, and the results of its operations,
changes in partners' equity, and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 17, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 FAX (715) 832-1665
<PAGE>
STEINESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Crosby Country Apartments Limited Partnership
We have audited the accompanying balance sheet of Crosby Country Apartments
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these fl=financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crosby Country Apartments
Limited partnership, as of December 31, 1995, and the results of its
operations, changes in partners' equity, and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
June 19, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 FAX (715) 832-1665
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
Larry R. Golden, CPA
Janine D. Graham, CPA
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
INDEPENDENT AUDITOR'S REPORT
To The Partners
Holly Village Limited Partnership
We have audited the accompanying balance sheets of Holly Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Holly Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
<PAGE>
Oscar N. Harris & Associates, P.A
Certified Public Accountants
OSCAR N. HARRIS, C.P.A
SHERRY S. JOITNSON, C.P.A.
KENNETH E. MILTON, C.P.A.
MARLA L. TKRT, C.P.A.
DARLENE LANGSTON, C.P.A
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Liveoak Village Limited Partnership
Charlotte, North Carolina
We have audited the balance sheet of Liveoak Village Limited Partnership
(an Alabama Limited Partnership) as of December 31, 1995, and the related
statements of partners' capital, income, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards (1988 Revision) issued by the
Comptroller General of the United States, and the audit programs provided by
the U.S. Department of Agriculture-Farmers Home Administration (December 1989
Revision) issued by the Office of Inspector General. Those standards require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Liveoak Village Limited
Partnership as of December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
<PAGE>
Oscar N. Harris & Associates, P.A
Certified Public Accountants
page 2
our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedule "1" on page 13 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Certified Public Accountants
February 15, 1996
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. (910) 892-1021
FAX (910)892-6084
<PAGE>
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway, Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheets of Lookout Ridge Limited
Partnership as of December 31, 1995, and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express and opinion on these financial statements
based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standard require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lookout Ridge Limited
Partnership as of December 31, 1995, and the results of its operations, the
changes in partners' equity (deficit) and cash flows for the year then ended
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 and 10 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statement and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
April 24,1996
<PAGE>
STEINESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheet of Pinedale II Limited
Partnership as of December 31, 1995, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the finanancial position of Pinedale II Limited
Partnership, as of December 31, 1995, and the results of its operations,
changes in partners' equity, and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
finanancial statements taken as a whole. The supplemental information on
pages 13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1996
2411 N.HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 / FAX (715) 832-1665
<PAGE>
STEINESSEN - SCHLEGEL & Co.
LIMITED LIABILITY COMPANY
Certified Public Accountants
independent Auditors Report
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheet of Pumphouse Crossing II
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' equity, and cash flows for the year then ended. These
finanancial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the finanancial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the finanancial position of Pumphouse Crossing II
Limited Partnership, as of December 31, 1995, and the results of its
operations, changes in partners' equity, and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic finanancial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 17, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WL 54702-0810
PHONE (715) 832-3425 / FAX (715) 832-1665
<PAGE>
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A
KENNETH E. MILTON, C.P.A.
MARLA L. TART, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS REPORT
To the Partners of
Liveoak village Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of Liveoak Village Limited
Partnership as of December 31, 1994. This financial statement is the
responsibility of the Partnership's management. our responsibility is to
express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Liveoak Village Limited
Partnership as of December 31, 1994, in conformity with generally accepted
accounting principles.
Certified Public Accountants
June 30, 1995
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
FARMINGTON HILLS, MICHIGAN 48334-1726
(810) 626-3800
FAX NO. (810) 626-2276
ELY TAMA CPA*
JEFFREY F. BUDA.J, CPA
BARTON A. LOWEN. CPA
EMIL A. RAAB. CPA
DIANE L ISAACS. CPA
JONATHON M. SHELDEN. CPA
JOHN W. WEIPERT. CPA
*ALSO LICENSED IN FLORIDA AND
SOUTH CAROLINA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Clarendon Court Limited Partnership
We have audited the accompanying balance sheet of CLARENDON COURT LIMITED
PARTNERSHIP as of December 31, 1995, and the related statements of operations,
changes in partners' equity (deficit) and cash flows - project operations for
the period March 29, 1995 (date operational) to December 31, 1995. These
financial statements are the responsibility of the general partner and
management of the partnership. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that w plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
Page 2
In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of CLARENDON COURT LIMITED
PARTNERSHIP, as of December 31, 1995, and the results of its operations and
its cash flows for the period March 29, 1995 (date operational) to December
31. 1995 in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ , P.C.
Farmington Hills, Michigan
March 2, 1996
PAGE 2 OF 2
<PAGE>
STEINESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Crosby Country Apartments Limited Partnership
We have audited the accompanying balance sheet of Crosby Country apartments
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall @financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crosby Country Apartments
Limited Partnership, as of December 31, 1995, and the results of its
operations, changes in partners' equity, and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
June 19, 1996
2411 N.HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 / FAX (715) 832-1665
<PAGE>
EHRHARDT KEEFE STEINER & HOTTMAN PC
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
INDEPENDENT AUDITORS REPORT
To the Partners
Kimbark 1200 Associates, Limited Partnership
We have audited the accompanying balance sheet of Kimbark 1200 Associates,
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kimbark 1200 Associates,
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' equity and cash flows for the year then ended
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
14 and 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Hottman PC
January 29, 1996
Denver, Colorado
7979. Tufts Avenue, Suite 400 Denver. Colorado 80237-2843
303 740-9400 Fax 303 740-9009
Member of DFK International and PKF International - providing Services in
Cities Worldwide
<PAGE>
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri a8O4
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lost Tree Limited Partnership
We have audited the accompanying balance sheets of Lost Tree Limited
Partnership as of December 31, 1995, and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
we conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit include examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing ,the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lost Tree Limited Partnership
as of December 31, 1995, and the results of its operations, changes in
partners' equity (deficit) and cash flows for the year then ended in
conformity with generally accepted accounting principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
15 and 16 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Tom Mechsner
Certified Public Accountant
March 18, 1996
<PAGE>
Matthews, Hearon & Cutrer
CERTIFIED PUBLIC ACCOUNTANTS
J. Erik Heaton, CPA
Brett C. Matthew, CPA
J. Raleigh Cutter, CPA
Charles R. Lindsay, Jr., CPA
Jesse P. Matthew, Jr., CPA
Louise H. Lyell, CPA
Elizabeth Hulen Barr, CPA
A. Joseph Tommasini. CPA
Members
American Institute of
Certified Public Accountants
Private Companies Practice Section
Mississippi Society of
Certified Public Accountants
National Litigation
Support Services Association
INDEPENDENT AUDITOR'S REPORT
To the Partners
Philadelphia Housing II, Limited Partnership
Philadelphia, Mississippi
We have audited the accompanying balance sheet of Philadelphia Housing II,
Limited Partnership (a Mississippi limited partnership), FMHA Project No.
28-050-640808922 as of December 31, 1995, and the related statement of
operations, partners' capital (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Philadelphia Housing II,
Limited Partnership, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.<PAGE>
Matthews, Hearon & Cutrer
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
Our audit was made for the purposes of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (FMRA Form 1930-8) and Column (2) of Parts II, II and
III of the Multiple Family Housing Project Budget (FMHA Form 1930-7). Such
information has been subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Jackson, Mississippi
February 28, 1996
633 North State Street - Suite 607 - Jackson, Mississippi 39202-3306
Telephone (601) 355-9266 - Facsimile (601) 352-6826
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 12, 1995
INDEPENDENT AUDITORS REPORT
Partners
RICHMOND-HARDIN, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet for the year then ended. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Partnership for the year then
ended in conformity with generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 12, 1995
INDEPENDENT AUDITORS REPORT
Partners
TROY VILLA, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet for the year then ended. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Partnership for the year then
ended in conformity with generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
FARMINGTON HILLS, MICHIGAN 48334-1726
(810) 626-3800
FAX NO. (810) 626-2276
ELY TAMA CPA*
JEFFREY F. BUDA.J, CPA
BARTON A. LOWEN. CPA
EMIL A. RAAB. CPA
DIANE L ISAACS. CPA
JONATHON M. SHELDEN. CPA
JOHN W. WEIPERT. CPA
*ALSO LICENSED IN FLORIDA AND
SOUTH CAROLINA
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OFCERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
- ----------------------------
To the Partners of
Clarendon Court Limited Partnership
We have audited the accompanying balance sheet of CLARENDON COURT LIMITED
PARTNERSHIP (a South Carolina limited partnership in the development stage),
as of December 31, 1994. This financial statement is the responsibility of
the general partner and management of the partnership. Our responsibility is
to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above present fairly in
all material respects, the financial position of CLARENDON COURT LIMITED
PARTNERSHIP (a South Carolina limited partnership in the development stage),
as of December 31, 1994, in conformity with generally accepted accounting
principles.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
March 29, 1995
<PAGE>
MARGOLIN, WINER & EVENS
Certified Public Accountants
Established 1946
400 Garden City Plaza
Garden City, New York 11530-3317
Tel: (516) 747-2000
Fax: (516) 747-6707
REPORT OF INDEPENDENT ACCOUNTANTS
- ---------------------------------
Partners
Colonna Redevelopment Company L.P.
Hempstead, New York
We have audited the balance sheets of Colonna Redevelopment Company L.P.(a New
York Limited Partnership) (the "Partnership") as of December 31, 1995, and the
related statements of operations, cash flows and partners' equity for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Colonna Redevelopment
Company L.P. as of December 31, 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
13 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
February 28, 1996, except for Notes 5 and 12,
as to which the dates are March 27, 1996 and
March 13, 1996, respectively
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, SEC PRACTICE SECTION AND
PRIVATE COMPANIES PRACTICE SECTION
CPA ASSOCIATES INTERNATIONAL, INC. WITH OFFICES IN PRINCIPAL U.S. AND
INTERNATIONAL CITIES<PAGE>
TOM MECHSNER
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Halls Ferry Apartments, L.P.
We have audited the accompanying balance sheets of Halls Ferry Apartments,
L.P. as of December 31, 1995, and the related statements of operations, cash
flows and partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Halls Ferry Apartments,
L.P. as of December 31, 1995, and the results of its operations, changes in
partners' equiaty (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Tom Mechsner
Certified Public Accountant
May 23, 1996
<PAGE>
NOVOGRADAC & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
MICHAEL J. NOVOAGRADAC
RICHARD B HUTCHINS
JONE E. KRABBENSCHMIDT
HARRY ABRAM
WALTER C. McGILL,JR.
SCOTT J. HUBBARD
STEPHEN B.TRACY
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the General Partner
Village Woods Estates, L.P., A Kansas Limited Partnership
We have audited the accompanying balance sheet of Village Woods Estates, L.P.,
A Kansas Limited Partnership, as of December 31, 1995, and the related
statements of net loss, partners' capital and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Village Woods Estates, L.P.
as of December 31, 1995, and its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
Los Angeles, California
May 30, 1996
1900 Avenue of the Stars
Suite 2820
Los Angeles, California 90067
Telephone (310) 284-7040
Facsimile (310) 284-7044<PAGE>
YORK, DILLINGHAM & COMPANY, PLLC
Certified Public Accountants
P.O. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (615) 388-0517
Fax (615) 381-3440
Branch Offices:
219 N. Miltary Ave
Lawrence, TN
Telephone (615) 762-6877
147 Linden Hwy
Centerville, TN
Telephone (615) 729-3229
120 N. Second St.
Pulaski, TN
(615) 424-9063
Larry W. York
John M. Dillingham
MEMBERS
- -------
AMERICAN INSTITUTE OF CPA'S
TENNESSEE SOCIETY OF CPA'S
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Brownsville Associates, Limited
We have audited the accompanying balance sheet of Brownsville Associates,
Limited (a Tennessee limited partnership) d/b/a Brownsville Village
Apartments, FMHA Project No: 48-038-621467876, as of December 31, 1995 and the
related statement of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
YORK, DILLINGHAM & COMPANY, PLLC
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brownsville Village
Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville
Village Apartments, FmHA Project No.: 48-038-621467876, as of December 31,
1995, and the results of its operations, changes in partners' equity and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
pages 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 22, 1996
<PAGE>
YORK, DILLINGHAM & COMPANY, PLLC
Certified Public Accountants
P.O. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (615) 388-0517
Fax (615) 381-3440
Branch Offices:
219 N. Miltary Ave
Lawrence, TN
Telephone (615) 762-6877
147 Linden Hwy
Centerville, TN
Telephone (615) 729-3229
120 N. Second St.
Pulaski, TN
(615) 424-9063
Larry W. York
John M. Dillingham
MEMBERS
- -------
AMERICAN INSTITUTE OF CPA'S
TENNESSEE SOCIETY OF CPA'S
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Stanton Assoicates, Limited
We have audited the accompanying balance sheet of Stanton Associates,
Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments,
FMHA Project No: 48-038-621542356, as of December 31, 1995 and the related
statement of operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
YORK, DILLINGHAM & COMPANY, PLLC
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Stanton Associates, Limited
(a Tennessee limited partnership) d/b/a Stanton Village Apartments, FmHA
Project No.: 48-038-621542356, as of December 31, 1995, and the results of
its operations, changes in partners' equity and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
pages 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 19, 1996
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
- -------------------------------
To the Partners
New Hilltop Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheet of New Hiltop Apartments,
Limited Partnership (a South Carolina Limited Partnership), as of December 31,
1995. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of New Hilltop Apartments, A
Limited Partnership, as of December 31, 1995, and the results of its
operations and its cash flows from November 8, 1995 to December 31, 1995, in
conformity with generally accepted accounting principles.
February 6, 1996
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020
Fax 803-790-0011<PAGE>
PATRICK M. De SIO, Ltd.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
LeRoy Housing Limited Partnership
We have audited the accompanying Balance Sheet of LeRoy Housing Limited
Partnership as of December 31, 1995, and the related statement of operations,
Partners' Equity (Deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's Management.
Our responsibility is to express an opinion on these financial statements
based in our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of LeRoy Housing
Limited Partnership as of December 31, 1995, and the results of its
operations, the changes in partners' equity (deficit) and cash flows for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
June 26, 1996
Patrick M. De Sio, Ltd.
Certified Public Accountants
<PAGE>
YEO & YEO
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership
FmHA Project No. 26-029-383119117 as of December 31, 1995 and the related
statements of income, partners' equity and cash flows for the year ending
December 31, 1995. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued a report
dated March 20, 1996 on our consideration of Ithaca I Limited Partnership's
internal control structure and a report dated March 20, 1996 on its compliance
with laws and regulations.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ithaca I Limited Partnership
as of December 31, 1995, and the results of its operations its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information is
presented on pages 11 through 17 is presented for purposed of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
March 20, 1996
YEO & YEO P.C.
Certified Public Accountants
5021 West St. Joseph Hwy.
Lansing, MI 48917
(517) 323-9500<PAGE>
GORACKE & WILCOX, P.C.
Certified Public Accountants
5010 South 118th Street
Suite 100
Omaha, Nebraska 68317
Virgil J. Goracke, CPA
Michael E. Wilcox, CPA
Chris E. Ritterbush, CPA
Douglas A. Goracke, CPA
John S. Binderup, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hill Apartments, L.P.
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity and cash flows for the year ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of South Hill Apartments, L.P.
as of December 31, 1995 and 1994, and the results of its operations, changes
in partners' equity and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information is
on page 14 is presented for purposed of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
GORACKE & WILCOX, P.C.
March 18, 1996
<PAGE>
CONSIDINE & CONSIDINE
To the Partners
Sacramento SRO Limited Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Sacramento SRO Limited
Partnership, as of December 31, 1995, and the related statements of earnings
and partners' capital for the year ended December 31, 1995 and statement of
cash flows for the year then ended. These financial statements are the
responsibility of the company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sacramento SRO Limited
Partnership, as of December 31, 1995, and the results of their operations and
cash flows for the year then ended in conformity with generally accepted
accounting principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
June 17, 1996
Certified Public Accountants
Member of AICPA
1501 Fifth Avenue, Suite 400
San Diego, CA 92101-3202
(619) 231-1977
(619) 231-8244 FAX
<PAGE>
STIENESSEN, SCHLEGEL & CO.
Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Crow River Apartments Limited Partnership
We have audited the accompanying balance sheet of Crow River Limited
Partnership, as of December 31, 1995, and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crow River Apartments Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, changes in partners' equity and cash flows for the year then ended
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
on page 13 is presented for purposed of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
June 10, 1996
2411 N. Hillcrest Parkway
P.O. Box 810
Eau Claire, WI 54702-0810
Phone (715) 832-3425
Fax (715) 832-1665
<PAGE>
JCCS
Junkermier * Clark
Campanella * Stevens * P.C.
Certified Public Accountants
Ward F. Junkermier, CPA
George L. Campanella, CPA
Rick A. Frost, CPA
Robert E. Nebel, CPA
Joseph F. Shevlin, CPA
Ronald A. Taylor, CPA
Terry L. Alborn, CPA
Walter J. Kero, CPA
Jerry L. Lehman, CPA
Daniel J. Konen, CPA
James V. Galipeau, CPA
Robert E. Geis, CPA
Daniel J. Eigeman, CPA
Gerald L. Hanson, CPA
Joseph S. Adney, CPA
Sandstone Village Limited Partnership
Great Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Sandstone Village
Limited Partnership as of December 31, 1995 and the related statements of
income and partners' capital and cash flows for the two month period then
ended. These financial statements are the responsibility of the management of
the Sandstone Village Limited Partnership. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sandstone Village Limited
Partnership as of December 31, 1995, and the results of its operations and its
cash flows for the two month period then ended in conformity with generally
accepted accounting principles.
Junkermier, Clark, Campanella & Stevens, P.C.
Great Falls, Montana
February 3, 1996
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1996 and 1995
Total
------------------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (notes A and C) $111,836,578 $ 73,399,017
OTHER ASSETS
Cash and cash equivalents
(notes A, H and I) 19,454,787 9,627,086
Investments available-for-sale
(notes A and G) 18,461,158 3,688,139
Notes receivable (note D) 14,869,904 8,161,953
Prepaid expenses 6,211 2,020
Deferred acquisition costs (notes A and C) 3,989,558 759,213
Organization costs, net of
accumulated amortization (note A) 388,935 282,529
Other assets (note E) 11,054,807 6,127,072
----------- -----------
$180,061,938 $102,047,029
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 323,763$ 82,702
Syndication costs payable 311,359 200,990
Accounts payable - affiliates (note B) 481,404 36,449
Capital contributions payable (note C) 34,424,761 25,261,582
----------- -----------
35,541,287 25,581,723
----------- -----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee
certificates (BAC's), $10 stated value per BAC,
17,851,114 and 9,226,600 at March 31, 1996 and 1995
are issued and outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, 17,851,114 and 9,226,600 at
March 31, 1996 and 1995 issued and
outstanding 144,569,903 76,472,015
General Partner (76,226) (13,380)
Unrealized gain on securities available
for sale, net 26,974 6,671
----------- -----------
144,520,651 76,465,306
----------- -----------
$180,061,938 $102,047,029
=========== ===========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-5<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 20
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (notes A and C) $28,849,038 $31,712,439
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,306,675 3,453,823
Investments available-for-sale (notes A and G) 711,761 1,843,526
Notes receivable (note D) 1,808,615 1,267,865
Prepaid expenses 4,163 2,020
Deferred acquisition costs (notes A and C) 98,231 154,618
Organization costs, net of
accumulated amortization (note A) 80,461 103,746
Other assets (note E) 341,307 1,350,152
---------- ----------
$33,200,251 $39,888,189
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Syndication costs payable - -
Accounts payable - affiliates (note B) 194,678 8,312
Capital contributions payable (note C) 3,873,666 8,067,480
---------- ----------
4,068,344 8,075,792
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee certificates
(BAC's), $10 stated value per BAC, 3,866,700 at
March 31, 1996 and 1995 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited partnership
interest of the assignor limited partner,
3,866,700 at March 31, 1996 and 1995,
issued and outstanding 29,171,047 31,815,724
General Partner (39,248) (8,094)
Unrealized gain (loss) on securities available
for sale, net 108 4,767
---------- ----------
29,131,907 31,812,397
---------- ----------
$33,200,251 $39,888,189
========== ==========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-6<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 21
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (notes A and C) $14,407,266 $15,518,396
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,398,907 1,697,368
Investments available-for-sale (notes A and G) 479,502 1,844,613
Notes receivable (note D) 321,165 854,946
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 7,785 37,750
Organization costs, net of
accumulated amortization (note A) 50,438 67,406
Other assets (note E) 228,554 992,289
---------- ----------
$16,893,617 $21,012,768
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 18,735
Syndication costs payable - -
Accounts payable - affiliates (note B) 146,150 1,462
Capital contributions payable (note C) 2,042,344 5,504,010
---------- ----------
2,188,494 5,524,207
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest con-
sisting of 30,000,000 authorized benefi-
cial assignee certificates (BAC's), $10
stated value per BAC, 1,892,700 at March
31, 1996 and 1995 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of the limit-
ed partnership interest of the assignor
limited partner, 1,892,700 at March 31,
1996 and 1995, issued and outstanding 14,719,259 15,490,510
General Partner (14,909) (3,853)
Unrealized gain (loss) on securities avail-
able for sale, net 773 1,904
---------- ----------
14,705,123 15,488,561
---------- ----------
$16,893,617 $21,012,768
========== ==========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-7<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 22
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (notes A and C) $19,895,333 $20,202,783
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,686,347 3,002,412
Investments available-for-sale (notes A and G) 454,939 -
Notes receivable (note D) 3,709,286 4,259,063
Prepaid expenses - -
Deferred acquisition costs (note A) 169,557 353,055
Organization costs, net of
accumulated amortization (notes A and C) 47,308 54,510
Other assets (note E) 810,720 3,308,018
---------- ----------
$26,773,490 $31,179,841
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 1,199 $ 4,012
Syndication costs payable - -
Accounts payable - affiliates (note B) 46,722 8,164
Capital contributions payable (note C) 6,337,752 9,494,281
---------- ----------
6,385,673 9,506,457
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee certificates
(BAC's), $10 stated value per BAC, 2,564,400 at
March 31, 1996 and 1995 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited partnership
interest of the assignor limited partner,
2,564,400 at March 31, 1996 and 1995
issued and outstanding 20,402,204 21,674,727
General Partner (15,211) (1,343)
Unrealized gain (loss) on securities available
for sale, net 824 -
---------- ----------
20,387,817 21,673,384
---------- ----------
$26,773,490 $31,179,841
========== ==========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-8<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 23
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (notes A and C) $27,189,858 $5,965,399
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,313,618 1,473,483
Investments available-for-sale (notes A and G) 5,008,744 -
Notes receivable (note D) 3,902,391 1,780,079
Prepaid expenses 2,048 -
Deferred acquisition costs (notes A and C) 210,876 213,790
Organization costs, net of
accumulated amortization (note A) 56,150 56,867
Other assets (note E) 859,400 476,613
---------- ---------
$38,543,085 $9,966,231
========== =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 59,955
Syndication costs payable - 200,990
Accounts payable - affiliates (note B) 9,383 18,511
Capital contributions payable (note C) 10,597,676 2,195,811
---------- ---------
10,607,059 2,475,267
---------- ---------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee certificates
(BAC's), $10 stated value per BAC, 3,336,727 and 902,800
at March 31, 1996 and 1995 are issued and outstanding
to the assignees - -
Assignees
Units of beneficial interest of the limited partnership
interest of the assignor limited partner, 3,336,727
and 902,800 at March 31, 1996 and 1995 issued and
outstanding 27,934,947 7,491,054
General Partner (5,552) (90)
Unrealized gain (loss) on securities available
for sale, net 6,631 -
---------- ---------
27,936,026 7,490,964
---------- ---------
$38,543,085 $9,966,231
========== =========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-9<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 24 Series 25 Series 26
--------- --------- ---------
1996 1996 1996
---- ---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS(notes A and C) $10,012,941 $ 7,863,180 $ 3,618,962
OTHER ASSETS
Cash and cash equivalents
(notes A, H and I) 4,796,487 7,307,862 1,644,891
Investments available-for-sale
(notes A and G) 2,939,231 7,981,391 885,590
Notes receivable (note D) 1,800,402 1,924,960 1,403,085
Prepaid expenses - - -
Deferred acquisition costs
(notes A and C) 961,514 1,902,287 639,308
Organization costs, net of
accumulated amortization (note A) 58,409 49,818 46,351
Other assets (note E) 2,131,218 3,686,254 2,997,354
---------- ---------- ----------
$22,700,202 $30,715,752 $11,235,541
========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 236,334 $ 591 $ 85,639
Syndication costs payable - - 301,976
Accounts payable - affiliates (note B) 33,597 1,459 58,798
Capital contributions payable
(note C) 4,039,833 4,911,886 2,621,604
----------- ---------- ----------
4,309,764 4,913,936 3,068,017
----------- ---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 30,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 2,169,878 for
Series 24, 3,026,109 for Series 25 and 9
94,600 for Series 26 at March 31, 1996
are issued and outstanding to the assignees - - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, 2,169,878 for Series 24, 3,026,109
for Series 25 and 994,600 for Series 26 at
March 31, 1996, issued and outstanding 18,387,332 25,788,647 8,166,467
General Partner (1,439) 405 (272)
Unrealized gain (loss) on securities
available for sale, net 4,545 12,764 1,329
---------- ---------- ----------
18,390,438 25,801,816 8,167,524
---------- ---------- ----------
$22,700,202 $30,715,752 $11,235,541
========== ========== ==========
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
See notes to financial statements
F-10<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Total
------------------------------------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31,1994
-------------- -------------- -------------
Income
Interest income $ 1,027,956 $ 343,593 $8,065
Miscellaneous income - 450 -
---------- ---------- -----
1,027,956 344,043 8,065
---------- ---------- -----
Share of losses from operating
limited partnerships (note A) (5,472,852) (884,379) -
---------- ---------- -----
Expenses
Fund management fee (note B) 1,144,124 591,798 -
Amortization (note A) 70,986 25,160 -
General and administrative expenses
(note B) 479,785 149,854 5,561
Professional fees 144,752 33,323 -
---------- ---------- -----
1,839,647 800,135 5,561
---------- ---------- -----
NET INCOME (LOSS) (NOTE A) $(6,284,543) $(1,340,471) $2,504
========== ========== =====
Net income (loss) allocated to
general partner $(62,846) $(13,405) $ 25
======= ======= =====
Net income (loss) allocated
to assignees $(6,221,697) $(1,327,066) $2,479
========== ========== =====
Net income (loss) per BAC $(.41) $(.36) $.01
==== ==== ===
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-11<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 20
--------------------------------------------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31,1994
-------------- -------------- -------------
Income
Interest income $ 151,206 $ 230,964 $8,065
Miscellaneous income - 450 -
---------- -------- -----
151,206 231,414 8,065
---------- -------- -----
Share of losses from operating
limited partnerships (note A) (2,804,393) (544,795) -
---------- -------- -----
Expenses
Fund management fee (note B) 352,662 376,793 -
Amortization (note A) 23,285 15,470 -
General and administrative expenses
(note B) 59,150 84,122 5,561
Professional fees 27,100 22,103 -
---------- -------- -----
462,197 498,488 5,561
---------- -------- -----
NET INCOME (LOSS) (NOTE A) $(3,115,384) $(811,869) $2,504
========== ======== =====
Net income (loss) allocated to general
partner $(31,154) $(8,119) $25
======= ====== ==
Net income (loss) allocated
to assignees $(3,084,230) $(803,750) $2,479
========== ======== =====
Net income (loss) per BAC $(.80) $(.31) $.01
==== ==== ===
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-12<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 21
---------
Period
July 5, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Income
Interest income $ 109,287 $ 77,548
Miscellaneous income - -
---------- --------
109,287 77,548
---------- --------
Share of losses from operating
limited partnerships (note A) (902,586) (277,472)
---------- --------
Expenses
Fund management fee (note B) 227,886 146,328
Amortization (note A) 16,968 5,395
General and administrative
expenses (note B) 32,530 31,110
Professional fees 34,911 2,500
---------- --------
312,295 185,333
---------- --------
NET INCOME (LOSS) (NOTE A) $(1,105,594) $(385,257)
========== ========
Net income (loss) allocated to general
partner $(11,056) $(3,853)
======= ======
Net income (loss) allocated to
assignees $(1,094,538) $(381,404)
========== ========
Net income (loss) per BAC $(.58) $(.62)
==== ====
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-13<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 22
--------------------------------
Period
October 12, 1994,
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Income
Interest income $ 93,986 $ 25,984
Miscellaneous income - -
---------- --------
93,986 25,984
---------- --------
Share of losses from operating
limited partnerships (note A) (1,155,551) (62,112)
---------- --------
Expenses
Fund management fee (note B) 243,174 63,896
Amortization (note A) 12,538 4,295
General and administrative expenses
(note B) 44,702 29,649
Professional fees 24,860 420
---------- --------
325,274 98,260
---------- --------
NET INCOME (LOSS) (NOTE A) $(1,386,839) $(134,388)
========== ========
Net income (loss) allocated to general
partner $(13,868) $(1,343)
======= ======
Net income (loss) allocated to
assignees $(1,372,971) $(133,045)
========== ========
Net income (loss) per BAC $(.54) $(.64)
==== ====
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-14<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 23
------------------------------
Period
January 10, 1995
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Income
Interest income $ 395,171 $ 9,097
Miscellaneous income - -
-------- ------
395,171 9,097
-------- ------
Share of losses from operating
limited partnerships (note A) (483,614) -
-------- ------
Expenses
Fund management fee (note B) 236,748 4,781
Amortization (note A) 9,804 -
General and administrative
expenses (note B) 195,444 4,973
Professional fees 15,765 8,300
-------- ------
457,761 18,054
-------- ------
NET INCOME (LOSS) (NOTE A) $(546,204) $(8,957)
======== ======
Net income (loss) allocated to general
partner $(5,462) $(90)
====== ===
Net income (loss) allocated to
assignees $(540,742) $(8,867)
======== ======
Net income (loss) per BAC $(.18) $(.03)
==== ====
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-15<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Series 24 Series 25 Series 26
--------- --------- ---------
Period Period Period
June 29, 1995 September 22, January 18,
(date of (date of (date of
inception) inception) inception)
through through through
March 31, 1996 March 31, 1996 March 31,1996
-------------- -------------- -------------
Income
Interest income $139,594 $130,046 $ 8,666
Miscellaneous income - - -
------- ------- -------
139,594 130,046 8,666
------- ------- -------
Share of income (losses) from
operating limited partnerships
(note A) (149,023) 22,315 -
------- ------- -------
Expenses
Fund management fee (note B) 62,532 19,146 1,976
Amortization (note A) 5,769 2,622 -
General and administrative expenses
(note B) 63,731 71,054 13,174
Professional fees 2,396 18,994 20,726
------- ------- -------
134,428 111,816 35,876
------- ------- -------
NET INCOME (LOSS) (NOTE A) $(143,857) $ 40,545 $(27,210)
===== ======= =======
Net income (loss) allocated to general
partner $(1,439) $405 $(272)
====== === ====
Net income (loss) allocated to
assignees $(142,418) $40,140 $(26,938)
======== ====== =======
Net income (loss) per BAC $(.08) $.02 $(.07)
==== === ====
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
See notes to financial statements
F-16<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Total
- -----
Capital contributions $ 12,519,000 $ - $ - $ 12,519,000
Selling commissions and
registration costs (2,098,728) - - (2,098,728)
Net income 2,479 25 - 2,504
---------- ------- ----- ----------
Partners' capital (deficit),
March 31, 1994 10,422,751 25 - 10,422,776
Capital contributions 79,747,000 - - 79,747,000
Selling commissions and
registration costs (12,370,670) - - (12,370,670)
Net change in unrealized
gain (loss)on securities
available for sale - - 6,671 6,671
Net (income) loss (1,327,066) (13,405) - (1,340,471)
----------- ------- ----- ----------
Partners' capital (deficit),
March 31, 1995 76,472,015 (13,380) 6,671 76,465,306
Capital contributions 86,229,000 - - 86,229,000
Selling commissions and
registration costs (11,909,415) - - (11,909,415)
Net change in unrealized
gain (loss) on securities
available for sale - - 20,303 20,303
Net income (loss) (6,221,697) (62,846) - (6,284,543)
----------- ------- ------ -----------
Partners' capital
(deficit), March 31,
1996 $144,569,903 $(76,226) $26,974 $144,520,651
=========== ======= ====== ===========
(continued)
F-17<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 20
- ---------
Capital contributions $12,519,000 $ - $ - $12,519,000
Selling commissions and
registration costs (2,098,728) - - (2,098,728)
Net income 2,479 25 - 2,504
---------- ------ ----- ----------
Partners' capital,
March 31, 1994 10,422,751 25 - 10,422,776
Capital contributions 26,148,000 - - 26,148,000
Selling commissions and
registration costs (3,951,277) - - (3,951,277)
Net change in unrealized
gain (loss) on securities
available for sale - - 4,767 4,767
Net income (loss) (803,750) (8,119) - (811,869)
---------- ------ ----- ----------
Partners' capital
(deficit),
March 31, 1995 31,815,724 (8,094) 4,767 31,812,397
Selling commisions
and registration costs (271) - - (271)
Reallocation of selling
commissions and
registration costs 439,824 - - 439,824
Net change in unrealized
gain (loss) on securities
available for sale - - (4,659) (4,659)
Net income (loss) (3,084,230) (31,154) - (3,115,384)
---------- ------ ----- ----------
Partners' capital (deficit),
March 31, 1996 $29,171,047 $(39,248) $ 108 $29,131,907
========== ====== ===== ==========
(continued)
F-18<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 21
- ---------
Capital contributions $18,927,000 $ - $ - $18,927,000
Selling commissions and
registration costs (3,055,086) - -
(3,055,086)
Net change in unrealized
gain (loss) on securities
available for sale - - 1,904 1,904
Net income (loss) (381,404) (3,853) -
(385,257)
---------- ------ ----- ----------
Partners' capital
(deficit),
March 31, 1995 15,490,510 (3,853) 1,904 15,488,561
Reallocation of
Selling commisions
and request in costs 323,287 - - 323,287
Net change in unrealized
gain (loss) on securities
available for sale - - (1,131)
(1,131)
Net income (loss) (1,094,538) (11,056) -
(1,105,594)
---------- ------ ----- ----------
Partners' capital (deficit),
March 31, 1996 $14,719,259 $(14,909) $ 773 $14,705,123
========== ====== ===== ==========
(continued)
F-19<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 22
- ---------
Capital contributions $25,644,000 $ - $ - $25,644,000
Selling commissions and
registration costs (3,836,228) - - (3,836,228)
Net change in unrealized
gain (loss) on securities
available for sale - - - -
Net income (loss) (133,045) (1,343) - (134,388)
---------- ------ ---- ----------
Partners' capital
(deficit),
March 31, 1995 21,674,727 (1,343) - 21,673,384
Selling commissions and
registration costs (12,514) - - (12,514)
Reallocation of
selling commissions
and registration costs 112,962 - - 112,962
Net change in unrealized
gain (loss) on securities
available for sale - - 824 824
Net income (loss) (1,372,971) (13,868) - (1,386,839)
---------- ------ ----- ----------
Partners' capital (deficit),
March 31, 1996 $20,402,204 $(15,211) $ 824 $20,387,817
========== ====== ===== ==========
(continued)
F-20<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 23
- ---------
Capital contributions $ 9,028,000 $ - $ - $ 9,028,000
Selling commissions and
registration costs (1,528,079) - - (1,528,079)
Net change in unrealized
gain (loss) on securities
available for sale - - - -
Net income (loss) (8,867) (90) - (8,957)
--------- --- ---- ---------
Partners' capital
(deficit), March 31,
1995 7,491,054 (90) - 7,490,964
Capital contributions 24,338,000 - - 24,338,000
Selling commisions and
registration costs (3,353,365) - - (3,353,365)
Net change in unrealized
gain (loss) on securities
available for sale - - 6,631 6,631
Net income (loss) (540,742) (5,462) - (546,204)
---------- ------ ----- ----------
Partners' capital
(deficit), March 31,
1996 $27,934,947 $(5,552) $6,631 $27,936,026
========== ====== ===== ==========
(continued)
F-21<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 24
- ---------
Capital contributions $21,697,000 $ - $ - $21,697,000
Selling commissions and
registration costs (3,167,250) - - (3,167,250)
Net change in unrealized
gain (loss) on securities
available for sale - - 4,545 4,545
Net income (loss) (142,418) (1,439) - (143,857)
---------- ----- ----- ----------
Partners' capital
(deficit), March
31, 1996 $18,387,332 $(1,439) $4,545 $18,390,438
========== ====== ===== ==========
(continued)
F-22<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 25
- ---------
Capital contributions $30,248,000 $ - $ - $30,248,000
Selling commissions and
registration costs (4,499,493) - - (4,499,493)
Net change in unrealized
gain (loss) on securities
available for sale - - 12,764 12,764
Net income (loss) 40,140 405 - 40,545
---------- --- ------ ----------
Partners' capital
(deficit), March
31, 1996 $25,788,647 $405 $12,764 $25,801,816
========== === ====== ==========
(continued)
F-23<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996 and 1995
and for the period October 5, 1993 (date of inception)
through March 31, 1994
Unrealized
gain (loss) on
securities
available
General for
Assignees partner sale, net Total
--------- ------- --------- -----
Series 26
- ---------
Capital contributions $9,946,000 $ - $ - $9,946,000
Selling commissions and
registration costs (1,752,595) - - (1,752,595)
Net change in unrealized
gain (loss) on securities
available for sale - - 1,329 1,329
Net income (loss) (26,938) (272) - (27,210)
---------- --- ----- ---------
Partners' capital (deficit),
March 31, 1996 $8,166,467 $(272) $1,329 $8,167,524
========== === ===== =========
See notes to financial statements
F-24<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Total
----------------------------------------------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Cash flows from operating activities
Net income (loss) $(6,284,543) $(1,340,471) $ 2,504
Adjustments to reconcile net
income (loss) to net cash provided
by (used in) operating activities
Share of losses (income) from
operating limited partnerships 5,472,852 884,379 -
Amortization 70,986 25,160 -
Organization costs (177,392) (214,137) (93,552)
Changes in assets and liabilities
Prepaid expenses (4,191) 2,472 (4,492)
Other assets 3,817,092 (4,339,500) (660,130)
Accounts payable and
accrued expenses 164,094 80,606 2,096
Accounts payable -
affiliates 444,955 (66,657) -
---------- ---------- ----------
Net cash provided by (used in)
operating activities 3,503,853 (4,968,148) (753,574)
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (9,017,111) (8,490,037) (1,260,706)
Capital contributions paid to oper-
ating limited partnerships (29,067,964) (39,683,219) (140,550)
Deposits for purchases of operating
limited partnerships (5,838,846) (638,929) -
Advances to operating limited
partnerships (7,185,943) (8,227,332) (60,000)
Purchase of investments (net of pro-
ceeds from sale of investments) (14,752,716) (3,681,468) -
---------- ---------- ----------
Net cash used in investing
activities (65,862,580) (60,720,985) (1,461,256)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received 84,861,547 79,346,188 12,519,000
Selling commissions and registra-
tion costs paid (12,675,119) (12,465,360) (1,868,779)
---------- ---------- ----------
Net cash provided by financing
activities 72,186,428 66,880,828 10,650,221
---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 9,827,701 1,191,695 8,435,391
Cash and cash equivalents, beginning 9,627,086 8,435,391 -
---------- ---------- ----------
Cash and cash equivalents, ending $19,454,787 $ 9,627,086 $ 8,435,391
========== ========== ==========
(continued)
F-25<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Total
----------------------------------------------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the
operating limited partnerships $36,181,369 $25,193,880 $140,550
========== ========== =======
The partnership has adjusted its
investment and decreased its
capital contribution obligation
in operating limited partnerships
for low income tax credits not
generated $509,849 $ 30,610 $ -
======= ========== =======
The partnership has recorded
capital contributions (syndicat-
ion proceeds) being held and
subsequently released by the
escrow agent $ - $ 400,812 $518,950
========== ========== =======
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore
no information has been included for the period through March 31, 1994.
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included.
(continued)
F-26<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 20
---------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Cash flows from operating activities
Net income (loss) $(3,115,384) $ (811,869) $ 2,504
Adjustments to reconcile
net income (loss)to net
cash provided by (used in
operating activities
Share of losses(income) from oper-
ating limited partnerships 2,804,393 544,795 -
Amortization 23,285 15,470 -
Organization costs - (25,664) (93,552)
Changes in assets and liabilities
Prepaid expenses (2,143) 2,472 (4,492)
Other assets 190,857 (236,552) (660,130)
Accounts payable and
accrued expenses - (2,096) 2,096
Accounts payable -
affiliates 186,366 (94,794) -
---------- ---------- ----------
Net cash provided by
(used in) operating
activities 87,374 (608,238) (753,574)
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partner-
ships 56,387 (2,872,924) (1,260,706)
Capital contributions paid
to operating limited
partnerships (4,134,806) (19,989,056) (140,550)
Deposits for purchases of
operating limited
partnerships 817,988 (365,769) -
Advances to operating limited
partnerships (540,750) (1,207,865) (60,000)
Purchases of investments
(net of proceeds from sale
of investments) 1,127,106 (1,838,759) -
---------- ---------- ----------
Net cash used in investing
activities (2,674,075) (26,274,373) (1,461,256)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - 26,148,000 12,519,000
Selling commissions and
registration costs paid 439,553 (4,246,957) (1,868,779)
---------- ---------- ----------
Net cash provided by
financing activities 439,553 21,901,043 10,650,221
---------- ---------- ----------
(continued)
F-27<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 20
----------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (2,147,148) (4,981,568) 8,435,391
Cash and cash equivalents,
beginning 3,453,823 8,435,391 -
---------- ---------- ----------
Cash and cash equivalents,
ending $ 1,306,675 $ 3,453,823 $ 8,435,391
========== ========== ==========
(continued)
F-28<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 20
---------
Period
October 5, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ - $7,999,778 $140,550
========= ========= =======
The partnership has adjusted
its investment and decreased
its capital contribution
obligation in operating
limited partnerships for low
income tax credits not
generated $ 59,008 $ 30,610 $ -
========= ========= =======
The partnership has recorded
capital contributions (syn-
dication proceeds) being
held and subsequently
released by the escrow agent $ - $ - $518,950
========= ========= =======
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-29<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 21
---------
Period
July 5, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Cash flows from operating activities
Net income (loss) $(1,105,594) $ (385,257)
Adjustments to reconcile net
income (loss)
to net cash provided by (used
in) operating activities
Share of losses(income) from oper-
ating limited partnerships 902,586 277,472
Amortization 16,968 5,395
Organization costs - (72,801)
Changes in assets and liabilities
Prepaid expenses - -
Other assets 888,908 (916,129)
Accounts payable and
accrued expenses (18,735) 18,735
Accounts payable -
affiliates 144,688 1,462
---------- ----------
Net cash provided by (used
in) operating activities 828,821 (1,071,123)
---------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (15,979) (2,024,056)
Capital contributions paid to
operating limited partnerships (3,332,351) (8,305,552)
Deposits for purchases of
operating limited partnerships - (76,160)
Advances to operating
limited partnerships 533,781 (854,946)
Purchases of investments (net
of proceeds from sale of
investments) 1,363,980 (1,842,709)
---------- ----------
Net cash used in investing
activities (1,450,569) (13,103,423)
---------- ----------
Cash flows from financing
activities
Capital contributions received 323,287 18,927,000
Selling commissions and
registration costs paid - (3,055,086)
---------- ----------
Net cash provided by
financing activities 323,287 15,871,914
---------- ----------
(continued)
F-30<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 21
---------
Period
July 5, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(298,461) 1,697,368
Cash and cash equivalents,
beginning 1,697,368 -
---------- ----------
Cash and cash equivalents,
ending $ 1,398,907 $ 1,697,368
========== ==========
(continued)
F-31<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 21
---------
Period
July 5, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for un-
paid capital contributions
due to the operating limited
partnerships $ - $5,504,010
========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligat-
ion in operating limited part-
nerships for low income tax
credits not generated $ 208,544 $ -
========= =========
The partnership has recorded
capital contributions (syndi-
cation proceeds) being held
and subsequently released by
the escrow agent $ - $ -
========= =========
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-32<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 22
---------
Period
October 12, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Cash flows from operating activities
Net income (loss) $(1,386,839) $ (134,388)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) oper-
ating activities
Share of losses(income) from oper-
ating limited partnerships 1,155,551 62,112
Amortization 12,538 4,295
Organization costs (5,336) (58,805)
Changes in assets and liabilities
Prepaid expenses - -
Other assets 3,275,723 (3,186,018)
Accounts payable and
accrued expenses (2,813) 4,012
Accounts payable - affiliates 38,558 8,164
---------- ----------
Net cash provided by (used
in) operating activities 3,087,382 (3,300,628)
---------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (230,858) (2,629,126)
Capital contributions paid to
operating limited partnerships (3,722,407) (8,494,543)
Deposits for purchases of
operating limited partnerships (533,330) (122,000)
Advances to operating
limited partnerships 549,777 (4,259,063)
Purchases of investments (net
of proceeds from sale of
investments) (454,115) -
---------- ----------
Net cash used in investing
activities (4,390,933) (15,504,732)
---------- ----------
Cash flows from financing activities
Capital contributions received - 25,644,000
Selling commissions and
registration costs paid (12,514) (3,836,228)
---------- ----------
Net cash provided by
financing activities (12,514) 21,807,772
---------- ----------
(continued)
F-33<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 22
---------
Period
October 12, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(1,316,065) 3,002,412
Cash and cash equivalents,
beginning 3,002,412 -
---------- ----------
Cash and cash equivalents,
ending $ 1,686,347 $ 3,002,412
========== ==========
(continued)
F-34<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 22
---------
Period
October 12, 1994
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $4,651,600 $9,494,281
========= =========
The partnership has adjusted
its investment and decreased
its capital contribution
obligation in operating lim-
ited partnerships for low
income tax credits not
generated $ 128,374 $ -
========= =========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ - $ -
========= =========
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-35<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 23
---------
Period
January 10, 1995
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Cash flows from operating activities
Net income (loss) $ (546,204) $ (8,957)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses(income) from oper-
ating limited partnerships 483,614 -
Amortization 9,804 -
Organization costs (9,087) (56,867)
Changes in assets and liabilities
Prepaid expenses (2,048) -
Other assets (268,438) (801)
Accounts payable and
accrued expenses (59,955) 59,955
Accounts payable - affiliates (18,511) 18,511
----------- ----------
Net cash provided by (used in)
operating activities (410,825) 11,841
----------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (2,676,499) (963,931)
Capital contributions paid to
operating limited partner-
ships (10,553,952) (3,019,447)
Deposits for purchases of
operating limited partner-
ships (588,004) (75,000)
Advances to operating limited
partnerships (2,122,312) (1,780,079)
Purchases of investments (net
of proceeds from sale of
investments) (5,002,113) -
----------- ----------
Net cash used in investing
activities (20,942,880) (5,838,457)
----------- ----------
(continued)
F-36<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 23
---------
Period
January 10, 1995
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Cash flows from financing activities
Capital contributions received 24,738,812 8,627,188
Selling commissions and reg-
istration costs paid (3,544,972) (1,327,089)
----------- ----------
Net cash provided by fin-
ancing activities 21,193,840 7,300,099
----------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(159,865) 1,473,483
Cash and cash equivalents,
beginning 1,473,483 -
----------- ----------
Cash and cash equivalents,
ending $ 1,313,618 $ 1,473,483
=========== ==========
(continued)
F-37<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 23
---------
Period
January 10, 1995
(date of
inception)
Year ended through
March 31, 1996 March 31, 1995
-------------- --------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for un-
paid capital contributions
due to the operating limited
partnerships $19,056,893 $2,195,811
========== =========
The partnership has adjusted
its investment and decreased
its capital contribution
obligation in operating limited
partnerships for low income
tax credits not generated $ 101,078 $ -
========== =========
The partnership has recorded
capital contributions
syndication proceeds)being
held and subsequently released
by the escrow agent $ - $ 400,812
========== =========
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. Series
24, 25 and 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
(continued)
F-38<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 24 Series 25 Series 26
---------- ---------- ----------
Period Period Period
June 29, 1995 September 22, January 18,
(date of1995 (date of1996 (date of
inception) inception) inception)
through through through
March 31, 1996 March 31, 1996 March 31,1996
-------------- -------------- -------------
Cash flows from operating activities
Net income (loss) $(143,857) $ 40,545 $(27,210)
Adjustments to reconcile net
income (loss)to net cash provided
by (used in) operating activities
Share of losses(income) from operating
limited partnerships 149,023 (22,315) -
Amortization 5,769 2,622 -
Organization costs (64,178) (52,440) (46,351)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets (114,135) (147,947) (7,876)
Accounts payable and
accrued expenses 236,334 591 8,672
Accounts payable - affiliates 33,597 1,459 58,798
---------- ---------- ---------
Net cash provided by (used
in) operating activities 102,553 (177,485) (13,967)
---------- ---------- ---------
Cash flows from investing activities
Acquisition costs paid for oper-
ating limited partnerships (2,240,982) (2,891,760) (1,017,420)
Capital contributions paid to
operating limited partnerships (4,842,663) (1,939,506) (542,279)
Deposits for purchases of oper-
ating limited partnerships (1,805,091) (3,272,307) (458,102)
Advances to operating limited
partnerships (2,012,394) (2,190,960) (1,403,085)
Purchases of investments (net
of proceeds from sale of
investments) (2,934,686) (7,968,627) (884,261)
---------- ---------- ---------
Net cash used in investing
activities (13,835,816) (18,263,160) (4,305,147)
---------- ---------- ---------
Cash flows from financing activities
Capital contributions received 21,697,000 30,248,000 7,414,624
Selling commissions and regis-
tration costs paid (3,167,250) (4,499,493) (1,450,619)
---------- ---------- ----------
Net cash provided by
financing activities 18,529,750 25,748,507 5,964,005
---------- ---------- ----------
(continued)
F-39<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 24 Series 25 Series 26
--------- --------- ---------
Period Period Period
June 29, 1995 September 22, January 18,
(date of1995 (date of1996 (date of
inception) inception) inception)
through through through
March 31, 1996 March 31, 1996 March 31,1996
-------------- -------------- -------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS
4,796,487 7,307,862 1,644,891
Cash and cash equivalents,
beginning - - -
---------- ---------- ----------
Cash and cash equivalents,
ending $ 4,796,487 $ 7,307,862 $ 1,644,891
========== ========== ==========
(continued)
F-40<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Series 24 Series 25 Series 26
--------- ---------- ----------
Period Period Period
June 29, 1995 September 22, January 18,
(date of1995 (date of1996 (date of
inception) inception) inception)
through through through
March 31, 1996 March 31, 1996 March 31,1996
-------------- -------------- -------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $4,939,386 $4,911,886 $2,621,604
========= ========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligat-
ion in operating limited part-
nerships for low income tax
credits not generated $ 12,845 $ - $ -
========= ========= =========
The partnership has recorded
capital contributions (syn-
dication proceeds) being held
and subsequently released by
the escrow agent $ - $ - $2,531,376
========= ========= =========
Series 21, 22 and 23 were not formed until after March 31, 1994, therefore no
information has been included for the period through March 31, 1994. 24, 25
and Series 26 were not formed until after March 31, 1995, therefore no
comparative information has been included.
See notes to financial statements
F-41<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 apartment complexes
which qualify for the Low-Income Housing Tax Credit established by the Tax
Reform Act of 1986. Certain of the apartment complexes may also qualify for
the Historic Rehabilitation Tax Credit for their rehabilitation of
certified historic structures; accordingly, the apartment complexes are
restricted as to rent charges and operating methods and are subject to the
provisions of Section 42(g)(2) of the Internal Revenue Code relating to the
Rehabilitation Investment Credit. The general partner of the fund is Boston
Capital Associates IV L.P. and the limited partner is BCTC IV Assignor
Corp. (the assignor limited partner).
In accordance with the limited partnership agreement, profits, losses, and
cash flow (subject to certain priority allocations and distributions) and
tax credits are allocated 99% to the assignees and 1% to the general
partner.
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 beneficial assignee certificates ("BACs") representing
assignments of units of the beneficial interest of the limited partnership
interest of the assignor limited partner. The fund has registered
30,000,000 BACs at $10 per BAC for sale to the public in one or more
series. BACs sold in bulk are offered to investors at a reduced cost per
BAC.
The BAC's issued and outstanding in each series at March 31, 1996 and 1995
are as follows:
1996 1995
---- ----
Series 20 3,866,700 3,866,700
Series 21 1,892,700 1,892,700
Series 22 2,564,400 2,564,400
Series 23 3,336,727 902,800
Series 24 2,169,878 -
Series 25 3,026,109 -
Series 26 994,600 -
---------- ---------
17,851,114 9,226,600
========== =========
Investment in Operating Limited Partnerships
--------------------------------------------
The fund accounts for the investment in the operating limited partnerships
using the equity method, whereby, the fund adjusts the investment cost for
its share of the operating limited partnership's results of operations and
for any distributions received or accrued. However, the fund recognizes
individual operating limited partnership's losses only to the extent of
capital contributions and acquisition expenses. Unrecognized losses will be
suspended
F-42<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investment in Operating Limited Partnerships (Continued)
--------------------------------------------
and offset against future individual operating limited partnership's
income. During the years ended March 31, 1996 and 1995 and for the period
October 5, 1993 (date of inception) through March 31, 1994, the fund
acquired interests in operating limited partnerships as follows:
1996 1995 1994
---- ---- ----
Series 20 - 23 1
Series 21 1 14 -
Series 22 13 17 -
Series 23 17 5 -
Series 24 15 - -
Series 25 5 - -
Series 26 7 - -
-- -- --
58 59 1
== == ==
Organization Costs
------------------
Initial organization and offering expenses common to all Series, are
allocated on a percentage of equity raised to each Series.
Organization costs are being amortized on the straight-line method over
sixty months. Accumulated amortization for the years ended March 31, 1996
and 1995 is as follows:
1996 1995
---- ----
Series 20 $38,755 $15,470
Series 21 22,363 5,395
Series 22 16,833 4,295
Series 23 9,804 -
Series 24 5,769 -
Series 25 2,622 -
Series 26 - -
------ ------
$96,146 $25,160
====== ======
Deferred Acquistion Costs
-------------------------
Deferred acquisition costs which are not allocated to the investments in
operating limited partnerships will be amortized on the straight-line
method over 27.5 years upon the final acquisition of limited partnership
interests in operating limited partnerships.
F-43<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Income Taxes
------------
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 general partner and assignees individually.
Selling Commissions and Registration Costs
------------------------------------------
Selling commissions paid in connection with the public offering are charged
against the assignees' capital upon admission of investors as assignees.
Registration costs associated with the public offering are charged against
assignees' capital as incurred.
Cash Equivalents
----------------
Cash equivalents include tax-exempt sweep accounts and money market
accounts having original maturities at date of acquisition of three months
or less. The carrying value approximates fair value because of the short
maturity of these instruments.
Fiscal Year
-----------
For financial reporting purposes, the fund uses a March 31 year end,
whereas for income tax reporting purposes, the fund uses a calendar year.
The operating limited partnerships use a calendar year for both financial
and income tax reporting.
Net Income (Loss) Per Beneficial Assignee Certificate Unit
----------------------------------------------------------
Net income (loss) per beneficial assignee certificate unit is calculated
based upon the weighted average number of units outstanding during the year
or period. The weighted average number of units in each series at March 31,
1996, 1995 and 1994 are as follows:
1996 1995 1994
---- ---- ----
Series 20 3,866,700 2,625,264 498,002
Series 21 1,892,700 619,125 -
Series 22 2,564,400 158,779 -
Series 23 3,000,842 332,306 -
Series 24 1,761,881 - -
Series 25 1,712,043 - -
Series 26 413,814 - -
---------- --------- -------
15,212,380 3,735,474 498,002
========== ========= =======
F-44<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments Available-for-Sale
------------------------------
Investments held to maturity are being carried at amortized costs and
investments available-for-sale are carried at fair market value.
Use of Estimates
----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In March 1995, the FASB issued SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS
No. 121 is effective for financial statements issued for fiscal years
beginning after December 15, 1995, with earlier application permitted. SFAS
No. 121 addresses the accounting for long-lived assets and certain
identifiable intangibles to be held and used by an entity to be reviewed
for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The partnership
will adopt SFAS No. 121 on April 1, 1996, as required. Adopting SFAS No.
121 is not expected to have a significant effect on the partnership's
financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1996 and 1995 and during the
period October 5, 1993 (date of inception) through March 31, 1994, the fund
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:
F-45<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Communications Limited Partnership is entitled to an annual
fund management fee based on .5 percent of the aggregate cost of all
apartment complexes acquired by the operating limited partnerships, less
the amount of certain partnership management and reporting fees paid or
payable by the operating limited partnerships. The aggregate cost is
comprised of the capital contributions made by each Series to the operating
limited partnership and 99% of the permanent financing at the operating
limited partnership level. The annual fund fees charged to operations
during the years ended March 31, 1996 and 1995 by series, are as follows
(no fees were charged to operations during the period October 5, 1993 (date
of inception) through March 31, 1994):
1996 1995
---- ----
Series 20 $ 352,662 $376,793
Series 21 227,886 146,328
Series 22 243,174 63,896
Series 23 236,748 4,781
Series 24 62,532 -
Series 25 19,146 -
Series 26 1,976 -
--------- -------
$1,144,124 $591,798
========= =======
Boston Capital Services, Inc. received dealer-manager fees for the
marketing advice and investment banking services performed at the time of
the fund's offering of BACs. The dealer-manager fees are included in
partners' capital as selling commissions and registration costs. During the
years ended March 31, 1996 and 1995 and during the period October 5, 1993
(date of inception) through March 31, 1994, Boston Capital Services, Inc.
fees received by series are as follows:
1996 1995 1994
---- ---- ----
Series 20 $ - $ 484,070 $228,785
Series 21 - 338,905 -
Series 22 - 465,940 -
Series 23 449,215 153,700 -
Series 24 393,770 - -
Series 25 570,510 - -
Series 26 182,235 - -
--------- --------- -------
$1,595,730 $1,442,615 $228,785
========= ========= =======
Boston Capital Partners, Inc. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the fund's
acquisition of interests in the operating limited partnerships. The fund
incurred $7,597,693, $7,153,573 and $1,064,115, respectively, of
acquisition fees to Boston Capital Partners, Inc. during the years ended
March 31, 1996 and 1995 and for the period October 5, 1993 (date of
inception) through March 31, 1994. The acquisition fees incurred to Boston
Capital Partners, Inc. by series are as follows:
F-46<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
1996 1995 1994
---- ---- ----
Series 20 $ - $2,337,698 $1,064,115
Series 21 - 1,715,011 -
Series 22 - 2,277,070 -
Series 23 2,193,064 823,794 -
Series 24 1,902,550 - -
Series 25 2,656,669 - -
Series 26 845,410 - -
--------- --------- ---------
$7,597,693 $7,153,573 $1,064,115
========= ========= =========
During the years ended March 31, 1996 and 1995 and for the period October
5, 1993 (date of inception) through March 31, 1994, general and
administrative expenses incurred by Boston Capital Partners, Inc. and
Boston Capital Communications Limited Partnership were charged to each
series' operations as follows:
1996 1995 1994
---- ---- ----
Series 20 $ 27,179 $33,331 $ -
Series 21 17,771 13,931 -
Series 22 23,652 4,817 -
Series 23 25,992 803 -
Series 24 12,092 - -
Series 25 7,606 - -
Series 26 - - -
------- ------ ------
$114,292 $52,882 $ -
======= ====== ======
Accounts payable - affiliates at March 31, 1996 and 1995 represents general
and administrative expenses, fund management fees, and commissions which
are payable to Boston Capital Partners, Inc., Boston Capital Services,
Inc., and Boston Capital Communications Limited Partnership.
During the years ended March 31, 1996 and 1995, the fund reimbursed
affiliates of the general partner a total of $1,040,827 and $1,616,064,
respectively, for amounts in connection with the offering of BACs. These
reimbursements include, but are not limited to postage, printing, travel
and overhead allocations and are included in partners' capital as selling
commissions and registrations costs at March 31, 1996 and 1995. During the
year and period ended March 31, 1996 and 1995, the selling commission and
registration costs incurred to affiliates by series are as follows:
1996 1995
---- ----
Series 20 $ - $ 507,511
Series 21 - 407,616
Series 22 - 503,122
Series 23 466,284 197,815
Series 24 382,579 -
Series 25 184,722 -
Series 26 7,242 -
--------- ---------
$1,040,827 $1,616,064
========= =========
F-47<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1996 and 1995, the fund has limited partnership interests in
operating limited partnerships, which own or are constructing or
rehabilitating operating apartment complexes. The number of operating
limited partnerships in which the fund has limited partnership interests at
March 31, 1996 and 1995 by series are as follows:
1996 1995
---- ----
Series 20 24 24
Series 21 15 14
Series 22 30 17
Series 23 22 5
Series 24 15 -
Series 25 5 -
Series 26 7 -
--- --
118 60
=== ==
Under the terms of the fund's investment in each operating limited
partnership, the fund is required to make capital contributions to the
operating limited partnerships. These contributions are payable in
installments over several years upon each operating limited partnership
achieving specified levels of construction or operations. At March 31, 1996
and 1995, contributions are payable to operating limited partnerships as
follows:
1996 1995
---- ----
Series 20 $ 3,873,666 $ 8,067,480
Series 21 2,042,344 5,504,010
Series 22 6,337,752 9,494,281
Series 23 10,597,676 2,195,811
Series 24 4,039,833 -
Series 25 4,911,886 -
Series 26 2,621,604 -
---------- ----------
$34,424,761 $25,261,582
========== ==========
F-48<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1996
is summarized as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
Total Series 20 Series 21
--------- --------- ---------
Capital contributions paid
and to be paid to operating
limited partnerships, net of
tax credit adjusters $104,005,143 $28,471,932 $13,618,238
Acquisition costs of operat-
ing limited partnerships 14,188,666 3,726,294 1,969,086
Cumulative losses from oper-
ating limited partnerships (6,357,231) (3,349,188) (1,180,058)
---------- ---------- ----------
Investment per balance sheet 111,836,578 28,849,038 14,407,266
The fund has recorded capital
contributions to the operat-
ing limited partnerships dur-
ing the year ended March 31,
1996 which have not been in-
cluded in the partnership's
capital account included in
the operating limited partner-
ships' financial statements
as of December 31, 1995
(36,222,970) (5,252,561) (2,339,386)
The fund has recorded acqui-
sition costs at March 31,1996
which have not been recorded
in the net assets of the op-
erating limited partnerships (444,246) (172,349) (3,587,721)
Cumulative losses from oper-
ating limited partnerships
for the three months ended
March 31, 1996 which the
operating limited partnerships
have not included in their
capital as of December 31,
1995 1,571,392 404,710 669,050
(continued)
F-49<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships 848,609 12,066 528,196
Other (133,415) 14,588 (8,281)
---------- ---------- ---------
Equity per operating limited
partnerships'combined finan-
cial statements $74,312,473 $23,583,595 $13,084,496
========== ========== ==========
F-50<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1996
is summarized as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
Series 22 Series 23 Series 24
--------- --------- ---------
Capital contributions paid
and to be paid to operating
limited partnerships, net of
tax credit adjusters $18,588,729 $24,168,919 $ 9,062,050
Acquisition costs of operat-
ing limited partnerships 2,524,267 3,504,553 1,099,914
Cumulative losses from oper-
ating limited partnerships (1,217,663) (483,614) (149,023)
--------- --------- ---------
Investment per balance sheet 19,895,333 27,189,858 10,012,941
The fund has recorded capital
contributions to the operat-
ing limited partnerships
during the year ended March
31, 1996 which have not been
included in the partnership's
capital account included in
the operating limited part-
nerships' financial statements
as of December 31, 1995 (5,579,755) (10,478,235) (5,332,230)
The fund has recorded acqui-
sition costs at March 31,
1996 which have not been
recorded in the net assets
of the operating limited
partnerships (408,943) (1,264,682) (258,471)
Cumulative losses from oper-
ating limited partnerships
for the three months ended
March 31, 1996 which the
operating limited partner-
ships have not included in
their capital as of December
31, 1995 260,580 182,761 54,291
(continued)
F-51<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 196,020 99,482 12,845
Other (139,722) - -
--------- --------- ---------
Equity per operating limited
partnerships' combined financial
statements $14,223,513 $15,729,184 $4,489,376
========== ========== =========
F-52<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1996
is summarized as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
Series 25 Series 26
--------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $ 6,851,392 $ 3,243,883
Acquisition costs of operating limited
partnerships 989,473 375,079
Cumulative income (losses) from operating
limited partnerships 22,315 -
---------- ----------
Investment per balance sheet 7,863,180 3,618,962
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1996 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31,
1995 (3,996,920) (3,243,883)
The fund has recorded acquisition costs
at March 31, 1996 which have not been
recorded in the net assets of the
operating limited partnerships (663,951) (375,079)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1996 which the
operating limited partnerships have not
included in their capital as of
December 31, 1995 - -
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships - -
- -
Other ---------- ---------
Equity per operating limited partnerships'
combined financial statements $ 3,202,309 $ -
========== ==========
F-53<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1995
is summarized as follows (Series 23 invested in operating limited
partnerships subsequent to December 31, 1994):
Total Series 20 Series 21
--------- --------- ---------
Capital contributions paid and to
be paid to operating limited part-
nerships, net of tax credit
adjusters $65,723,189 $28,530,940 $13,872,728
Acquisition costs of operating
limited partnerships 8,560,207 3,726,294 1,923,140
Cumulative losses from operating
limited partnerships
(884,379) (544,795) (277,472)
---------- ---------- ----------
Investment per balance sheet 73,399,017 31,712,439 15,518,396
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 1995 which
have not been included in the
partnership's capital account inc-
luded in the operating limited
partnerships' financial statements
as of December 31, 1994 (30,084,462) (10,562,568) (5,006,069)
The fund has recorded acquisition
costs at March 31, 1995 which have
not been recorded in the net
assets of the operating limited
partnerships (2,196,257) (140,745) (773,701)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1995 which
the operating limited partnerships
have not included in their capital
as of December 31, 1994 510,920 256,785 207,215
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 25,439 25,439 -
Other 2,159,284 2,204,990 (3,399)
---------- ---------- ----------
Equity per operating limited part-
nerships'combined financial
statements $43,813,941 $23,496,340 $ 9,942,442
========== ========== ==========
F-54<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1995
is summarized as follows (Series 23 invested in operating limited
partnerships subsequent to December 31, 1994):
Series 22 Series 23
--------- ---------
Capital contributions paid and to
be paid to operating limited part-
nerships, net of tax credit
adjusters $18,104,262 $5,215,259
Acquisition costs of operating
limited partnerships 2,160,633 750,140
Cumulative losses from operating
limited partnerships (62,112) -
---------- ---------
Investment per balance sheet 20,202,783 5,965,399
The fund has recorded capital con-
tributions to the operating limited
partnerships during the year ended
March 31, 1995 which have not been
included in the partnership's
capital account included in the
operating limited partnerships'
financial statements as of
December 31, 1994 (9,300,566) (5,215,259)
The fund has recorded acquisition
costs at March 31, 1995 which have
not been recorded in the net assets
of the operating limited
partnerships (531,671) (750,140)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1995 which
the operating limited partnerships
have not included in their capital
as of December 31, 1994 46,920 -
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships - -
Other (42,307) -
---------- ---------
Equity per operating limited partner-
ships' combined financial statements $10,375,159 $ -
========== =========
F-55<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 25 hold an interest as of
December 31, 1995 are as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
COMBINED SUMMARIZED BALANCE SHEETS
Total
---------
ASSETS
Buildings and improvements,
net of accumulated depreciation $278,747,187
Construction in progress 32,806,668
Land 17,941,137
Other assets 28,827,567
-----------
$358,322,559
===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $185,270,456
Accounts payable and accrued expenses 15,862,055
Other liabilities 52,016,135
-----------
253,148,646
-----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P. 74,312,473
Other partners 30,861,440
-----------
105,173,913
-----------
$358,322,559
===========
F-56<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 25 hold an interest as of
December 31, 1995 are as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
COMBINED SUMMARIZED BALANCE SHEETS
Series 20 Series 21 Series 22
--------- --------- ---------
ASSETS
Buildings and improvements,
net of accumulated depreciation $ 95,067,822 $42,625,428 $72,173,444
Construction in progress - - 11,652,818
Land 6,345,961 2,992,626 3,961,500
Other assets 4,713,093 2,059,857 8,413,051
----------- ---------- ----------
$106,126,876 $47,677,911 $96,200,813
=========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $ 55,249,391 $25,117,196 $51,698,932
Accounts payable and accrued
expenses 3,814,947 1,102,655 5,728,592
Other liabilities 16,817,098 6,745,259 11,983,216
---------- ---------- ----------
75,881,436 32,965,110 69,410,740
---------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 23,583,595 13,084,496 14,223,513
Other partners 6,661,845 1,628,305 12,566,560
----------- ---------- ----------
30,245,440 14,712,801 26,790,073
----------- ---------- ----------
$106,126,876 $47,677,911 $96,200,813
=========== ========== ==========
F-57<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 25 hold an interest as of
December 31, 1995 are as follows (Series 26 invested in operating limited
partnerships subsequent to December 31, 1995):
COMBINED SUMMARIZED BALANCE SHEETS
Series 23 Series 24 Series 25
--------- --------- ---------
ASSETS
Buildings and improvements,
net of accumulated depreciation $54,454,592 $14,425,901 $ -
Construction in progress 15,965,088 3,324,020 1,864,742
Land 3,642,821 667,182 331,047
Other assets 9,550,659 1,761,167 2,329,740
---------- ---------- ---------
$83,613,160 $20,178,270 $4,525,529
========== ========== =========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $40,464,581 $12,144,300 $ 596,056
Accounts payable and accrued
expenses 4,894,464 124,415 196,982
Other liabilities 13,013,762 2,951,843 504,957
---------- ---------- ---------
58,372,807 15,220,558 1,297,995
---------- ---------- ---------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 15,729,184 4,489,376 3,202,309
Other partners 9,511,169 468,336 25,225
---------- ---------- ---------
25,240,353 4,957,712 3,227,534
---------- ---------- ---------
$83,613,160 $20,178,270 $4,525,529
========== ========== =========
F-58<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 22 hold an interest as of December
31, 1994 are as follows (Series 23 invested in operating limited
partnerships subsequent to December 31, 1994):
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 20
--------- ---------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 50,859,889 $38,768,060
Construction in progress 38,794,107 17,124,393
Land 12,360,030 7,875,045
Other assets 13,858,064 3,427,816
----------- ----------
$115,872,090 $67,195,314
=========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $ 54,701,449 $30,967,219
Accounts payable and
accrued expenses 3,290,684 892,327
Other liabilities 10,042,392 9,283,887
----------- ----------
68,034,525 41,143,433
----------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 43,813,941 23,496,340
Other partners 4,023,624 2,555,541
----------- ----------
47,837,565 26,051,881
----------- ----------
$115,872,090 $67,195,314
=========== ==========
F-59<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 22 hold an interest as of
December 31, 1994 are as follows (Series 23 invested in operating limited
partnerships subsequent to December 31, 1994):
COMBINED SUMMARIZED BALANCE SHEETS
Series 21 Series 22
--------- ---------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $10,798,204 $ 1,293,625
Construction in progress 15,817,578 5,852,136
Land 3,095,241 1,389,744
Other assets 2,484,225 7,946,023
---------- ----------
$32,195,248 $16,481,528
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $19,410,276 $ 4,323,954
Accounts payable and
accrued expenses 970,903 1,427,454
Other liabilities 501,358 257,147
---------- ----------
20,882,537 6,008,555
---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 9,942,442 10,375,159
Other partners 1,370,269 97,814
---------- ----------
11,312,711 10,472,973
---------- ----------
$32,195,248 $16,481,528
========== ==========
F-60<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1995 for operating
limited partnerships in which Series 20 through Series 25 had an interest as
of December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total
---------
Revenue
Rental $13,052,063
Interest and other 1,808,412
----------
14,860,475
----------
Expenses
Interest 6,864,782
Depreciation and amortization 6,000,625
Taxes and insurance 1,525,131
Repairs and maintenance 1,796,470
Operating expenses 4,308,907
Other expenses 1,230,131
----------
21,726,046
----------
NET LOSS $(6,865,571)
==========
Net loss allocated to
Boston Capital Tax Credit Fund IV L.P. $(4,416,989)
==========
Net loss allocated to other partners $(2,448,582)
==========
F-61<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 for operating limited
partnerships in which Series 20 through Series 25 had an interest as of
December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 20 Series 21
--------- ---------
Revenue
Rental $5,726,507 $3,238,710
Interest and other 286,482 133,925
--------- ---------
6,012,989 3,372,635
--------- ---------
Expenses
Interest 2,969,710 1,384,130
Depreciation and amortization 2,838,898 818,353
Taxes and insurance 680,301 361,178
Repairs and maintenance 817,487 567,174
Operating expenses 2,158,179 1,006,645
Other expenses 280,224 37,489
--------- ---------
9,744,799 4,174,969
--------- ---------
NET LOSS (3,731,810) (802,334)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(2,656,468) $(440,751)
========== ========
Net loss allocated to
other partners $(1,075,342) $(361,583)
========== ========
F-62<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 for operating limited
partnerships in which Series 20 through Series 25 had an interest as of
December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 22 Series 23
--------- ---------
Revenue
Rental $2,511,620 $1,113,969
Interest and other 874,540 474,589
--------- ---------
3,386,160 1,588,558
--------- ---------
Expenses
Interest 1,444,958 894,334
Depreciation and amortization 1,529,657 616,327
Taxes and insurance 332,267 99,129
Repairs and maintenance 262,744 105,640
Operating expenses 504,456 521,920
Other expenses 881,526 30,488
--------- ---------
4,955,608 2,267,838
--------- ---------
NET LOSS $(1,569,448) $ (679,280)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(946,500) $(300,853)
======== ========
Net loss allocated to
other partners $(622,948) $(378,427)
======== ========
F-63<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 for operating limited
partnerships in which Series 20 through Series 25 had an interest as of
December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 24 Series 25
--------- ---------
Revenue
Rental $461,257 $ -
Interest and other 15,252 23,624
------- -------
476,509 23,624
------- -------
Expenses
Interest 170,566 1,084
Depreciation and amortization 197,390 -
Taxes and insurance 52,256 -
Repairs and maintenance 43,425 -
Operating expenses 117,707 -
Other expenses 404 -
------- -------
NET INCOME (LOSS) 581,748 1,084
------- -------
$(105,239) $22,540
======= ======
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $(94,732) $22,315
======= ======
Net income (loss) allocated to
other partners $(10,507) $225
======= ===
F-64<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 for operating limited
partnerships in which Series 20 through Series 22 had an interest as of
December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 20
--------- ---------
Revenue
Rental $2,447,201 $1,958,157
Interest and other 122,004 103,240
--------- ---------
2,569,205 2,061,397
--------- ---------
Expenses
Interest 586,221 397,351
Depreciation and amortization 653,525 519,058
Taxes and insurance 239,127 218,546
Repairs and maintenance 398,964 363,813
Operating expenses 1,135,610 921,623
Other expenses 9,569 8,210
--------- ---------
3,023,016 2,428,601
--------- ---------
NET LOSS $ (453,811) $ (367,204)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(373,459) $(288,010)
======== =======
Net loss allocated to
other partners $(80,352) $(79,194)
======= ======
F-65<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 for operating limited
partnerships in which Series 20 through Series 22 had an interest as of
December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 21 Series 22
--------- ---------
Revenue
Rental $474,240 $ 14,804
Interest and other 12,962 5,802
------- -------
487,202 20,606
------- -------
Expenses
Interest 183,561 5,309
Depreciation and amortization 118,078 16,389
Taxes and insurance 19,526 1,055
Repairs and maintenance 33,875 1,276
Operating expenses 202,065 11,922
Other expenses 1,359 -
------- -------
558,464 35,951
------- -------
NET LOSS $(71,262) $(15,345)
======= =======
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(70,257) $(15,192)
======= ======
Net loss allocated to other partners $(1,005) $(153)
====== ====
F-66<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1996 and 1995 consist of advance installments
of $14,869,904 and $8,161,953, respectively, of capital contributions to
operating limited partnerships. Series 20 through Series 26 notes are
comprised of non-interest bearing and interest bearing notes with rates
ranging from prime plus 1% to 4.5%. Prime was 8.25% and 9% as of March 31,
1996 and 1995, respectively. These notes will be applied against future
payments of capital contributions. The carrying value of the notes receivable
at March 31, 1996 and 1995 approximates fair value. The notes at March 31,
1996 and 1995 by series are as follows:
1996 1995
---- ----
Series 20 $ 1,808,615 $1,267,865
Series 21 321,165 854,946
Series 22 3,709,286 4,259,063
Series 23 3,902,391 1,780,079
Series 24 1,800,402 -
Series 25 1,924,960 -
Series 26 1,403,085 -
---------- ---------
$14,869,904 $8,161,953
========== =========
NOTE E - OTHER ASSETS
Other assets include $7,624,089 and $5,340,882 of cash held by an escrow
agent at March 31, 1996 and 1995, respectively. The cash held for Series 20
through 26 at March 31, 1996 and Series 20 through 22 at March 31, 1995
represents capital contributions to be released to the operating limited
partnerships when certain criteria have been met. The cash held for Series 23
at March 31, 1995 represents syndication proceeds held by an escrow agent
released to the fund in April 1995. The escrows held at March 31, 1996 and
1995 by series are as follows:
1996 1995
---- ----
Series 20 $ 67,702 $ 885,690
Series 21 - 910,050
Series 22 533,330 3,144,330
Series 23 588,004 400,812
Series 24 2,704,644 -
Series 25 3,272,307 -
Series 26 458,102 -
--------- ---------
$7,624,089 $5,340,882
========= =========
F-67<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1996 are reconciled as follows:
Total
---------
Net income (loss) for
financial reporting
purposes $(6,284,543)
Operating limited
partnership
rents received
in advance 18,536
Partnership fund
management fee 178,642
Other 324,282
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets (613,700)
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 1,026,336
----------
Income (loss) for tax
return purposes,
December 31, 1995 $(5,350,447)
==========
F-68<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1996 are reconciled as follows:
Series 20 Series 21
--------- ---------
Net income (loss) for
financial reporting
purposes $(3,115,384) $(1,105,594)
Operating limited
partnership
rents received
in advance 10,163 4,099
Partnership fund
management fee 88,952 89,690
Other 148,346 80,653
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets (331,879) (90,785)
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 135,973 458,885
---------- --------
Income (Loss) for tax
return purposes,
December 31, 1995 $(3,063,829) $(563,052)
========== ========
F-69<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1996 are reconciled as follows:
Series 22 Series 23
--------- ---------
Net income (loss) for
financial reporting
purposes $(1,386,839) $(546,204)
Operating limited
partnership
rents received
in advance 4,076 198
Partnership fund
management fee - -
Other 25,367 95,307
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets (52,512) (107,020)
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 230,417 209,334
---------- --------
Income (Loss) for tax
return purposes,
December 31, 1995 $(1,179,491) $(348,385)
========== ========
F-70<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1996 are reconciled as follows:
Series 24 Series 25 Series 26
--------- --------- ---------
Net income (loss) for
financial reporting
purposes $(143,857) $40,545 $(27,210)
Operating limited
partnership
rents received
in advance - - -
Partnership fund
management fee - - -
Other (4,558) (20,833)
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets (31,504) -
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes (26,058) (9,425) 27,210
-------- ------ -------
Income (Loss) for tax
return purposes,
December 31, 1995 $(205,977) $10,287 $ -
======== ====== =======
F-71<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1995 are reconciled as follows:
Total Series 20 Series 21
--------- --------- ---------
Net income (loss) for
financial reporting
purposes $(1,340,471) $(811,869) $(385,257)
Operating limited
partnership
rents received
in advance 4,186 4,186 -
Partnership fund
management fee 292,447 150,184 88,567
Other 121,512 66,434 55,096
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets (56,554) (50,061) (6,493)
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 487,050 241,218 192,532
---------- -------- -------
Loss for tax return
purposes, December 31,
1994 $ (491,830) $(399,908) $ (55,555)
========== ======== =======
F-72<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1995 are reconciled as follows:
Series 22 Series 23
--------- ---------
Net income (loss) for
financial reporting
purposes $(134,388) $(8,957)
Operating limited
partnership
rents received
in advance - -
Partnership fund
management fee 53,696 -
Other (18) -
Excess of tax
depreciation over
book depreciation
on operating limited
partnership assets - -
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 44,343 8,957
-------- ------
Loss for tax return
purposes,
December 31, 1994 $ (36,367) $ -
======== ======
F-73<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1996,
the differences are as follows:
Total
---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $104,284,061
Operating limited partnerships
acquired during the three
month period ended March
31, 1996 6,346,345
Historic tax credits - cumulative 794,154
Less share of loss - three months
ended March 31, 1996 (1,566,783)
Other 1,978,801
-----------
Investment in operating limited
partnerships - as reported $111,836,578
===========
F-74<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1996,
the differences are as follows:
Series 20 Series 21
--------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $28,530,319 $15,405,479
Operating limited partnerships
acquired during the three
month period ended March
31, 1996 - -
Historic tax credits - cumulative 570,617 -
Less share of loss - three months
ended March 31, 1996 (404,,710) (669,050)
Other 152,812 (329,163)
---------- ----------
Investment in operating limited
partnerships - as reported $28,849,038 $14,407,266
========== ==========
F-75<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1996,
the differences are as follows:
Series 22 Series 23
--------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $20,117,777 $27,438,844
Operating limited partnerships
acquired during the three
month period ended March
31, 1996 - -
Historic tax credits - cumulative 223,537 -
Less share of loss - three months
ended March 31, 1996 (255,971) (182,761)
Other (190,010) (66,225)
---------- ----------
Investment in operating limited
partnerships - as reported $19,895,333 $27,189,858
========== ==========
F-76<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1996,
the differences are as follows:
Series 24 Series 25 Series 26
--------- --------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $ 6,827,711 $5,963,931 $ -
Operating limited partnerships
acquired during the three
month period ended March
31, 1996 848,967 1,878,416 3,618,962
Historic tax credits - cumulative - - -
Less share of loss - three months
ended March 31, 1996 (54,291) - -
Other 2,390,554 20,833 -
---------- --------- ---------
Investment in operating limited
partnerships - as reported $10,012,941 $7,863,180 $3,618,962
========== ========= =========
F-77<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1995,
the differences are as follows:
Total Series 20 Series 21
--------- --------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $61,928,019 $31,527,718 $15,750,906
Operating limited partnerships
acquired during the three
month period ended March
31, 1995 13,250,693 - -
Historic tax credits - cumulative 423,300 423,300 -
Less share of loss - three months
ended March 31, 1995 (510,920) (256,785) (207,215)
Other (1,692,075) 18,206 (25,295)
---------- ---------- ----------
Investment in operating limited
partnerships - as reported $73,399,017 $31,712,439 $15,518,396
========== ========== ==========
F-78<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships
for tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of accounting
and the historic tax credits taken for income tax purposes. At March 31, 1995,
the differences are as follows:
Series 22 Series 23
--------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $14,649,395 $ -
Operating limited partnerships
acquired during the three
month period ended March
31, 1995 7,285,294 5,965,399
Historic tax credit - cumulative - -
Less share of loss - three months
ended March 31, 1995 (46,920) -
Other (1,684,986) -
---------- ---------
Investment in operating limited
partnerships - as reported $20,202,783 $5,965,399
========== =========
F-79<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1996, the amortized cost and fair value of investments
available-for-sale are as follows:
Gross Gross
Amortized unrealized unrealized Fair
cost gains losses value
--------- ---------- ---------- -----
Tax exempt
municipal bonds $17,895,521 $30,286 $(3,312) $17,922,495
Other 538,663 - - 538,663
---------- ------ ------ ----------
$18,434,184 $30,286 $(3,312) $18,461,158
========== ====== ====== ==========
The amortized cost and fair value of securities available-for-sale as of
March 31, 1996 is shown below:
Amortized Fair
cost value
--------- -----
Due in one year or less $13,995,128 $14,015,544
Due after one year through two years 4,439,056 4,445,614
---------- ----------
$18,434,184 $18,461,158
========== ==========
Proceeds and periods from sales and maturities of investments during the
year ended March 31, 1996 was $2,552,445 resulting in a realized gain of
$16,808 included in interest income.
In selecting investments to purchase and sell the general partner and it's
advisors stringently monitor the ratings of the investments and safety of
principal. The tax-exempt coupon rates for the investments held during the
year ranged from 4% to 9%.
F-80<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1995, the amortized cost and fair value of investments
available-for-sale are as follows:
Gross Gross
Amortized unrealized unrealized Fair
cost gains losses value
--------- ---------- ---------- -----
Tax exempt
municipal bonds $3,171,994 $7,806 $(1,135) $3,178,665
Other 509,474 - - 509,474
--------- ----- ------ ---------
$3,681,468 $7,806 $(1,135) $3,688,139
========= ===== ====== =========
The amortized cost and fair value of securities available-for-sale as of
March 31, 1995 is shown below:
Amortized Fair
cost value
--------- -----
Due in one year or less $3,417,832 $3,420,439
Due after one year through two years 263,636 267,700
--------- ---------
$3,681,468 $3,688,139
========= =========
Proceeds and periods from sales and maturities of investments during the
year ended March 31, 1995 was $1,076,250 resulting in a realized gain of $880
included in interest income.
In selecting investments to purchase and sell the general partner and it's
advisors stringently monitor the ratings of the investments and safety of
principal. The tax-exempt coupon rates for the investments held during the
year ranged from 3.6% to 7.85%.
NOTE H - CONCENTRATION OF CREDIT RISK
The fund maintains its cash balances at a number of banks. The deposits
are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000
at each bank. The balances in and between banks fluctuates daily. The amount
of deposits, as well as the institutions that they are deposited in, are
continually monitored by the general partner. As of March 31, 1996, the
uninsured portion of the cash balances on deposit was $137,462.
F-81<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE I - CASH EQUIVALENTS
Cash equivalents of $18,554,869 and $9,185,472 as of March 31, 1996 and
1995, respectively, include tax exempt sweep accounts and money market
accounts with interest rate ranging from 2.25% to 5.3% per annum.
F-82<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
2730 Lafferty
Street 0 435,550 3,717,895 4,205,896 435,550 7,923,791 8,359,341 184,194 09/95 06/94 5-27.5
Ashbury
Apts. 1,341,817 148,007 2,158,237 21,355 148,007 2,179,592 2,327,599 183,603 06/94 04/94 5-27.5
Bennets Pt. 1,356,354 71,749 1,557,622 13,314 71,749 1,570,936 1,642,685 103,454 08/94 03/94 5-27.5
Bradley
Elderly 805,930 4,000 986,204 0 4,000 986,204 990,204 31,238 03/95 06/94 5-27.5
Breeze Cove 2,854,332 128,751 5,333,835 0 128,751 5,333,835 5,462,586 353,538 10/94 05/94 5-27.5
Cascades
Commons 15,934,407 5,131,293 2,743,532 23,184,482 3,375,809 25,928,014 29,303,823 556,702 10/95 06/94 5-27.5
Clarksville
Estates 704,731 28,550 838,235 850 28,550 839,085 867,635 88,418 09/94 06/94 5-27.5
College
Green 3,820,685 225,000 6,774,847 0 225,000 6,774,847 6,999,847 143,806 08/95 03/95 5-27.5
Concordia
Housing, I 1,478,576 0 1,997,510 0 0 1,997,510 1,997,510 9,947 07/95 08/94 10-40
F-83
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Coushatta
Sr., II 718,558 25,700 904,920 0 25,700 904,920 930,620 33,205 03/94 05/94 5-27.5
Cynthiana
Properties 836,766 32,117 1,016,135 678,695 32,117 1.694,830 1,726,947 116,290 04/95 10/94 5-27.5
East Douglas
Apts. 2,156,036 23,913 2,593,259 1,099,121 23,913 3,692,380 3,716,293 84,358 12/95 07/94 5-27.5
Edison Lane 725,448 6,900 951,249 0 6,900 951,249 958,149 5,523 10/95 09/94 5-27.5
Ecergreen
Hills 2,844,485 157,537 4,337,312 558,173 157,537 4,895,485 5,053,022 285,883 01/95 08/94 5-27.5
Fair Oaks
Lane 1,424,516 123,600 1,762,040 0 125,000 1,762,040 1,887,040 38,872 05/95 07/94 5-27.5
Floral
Acres II 1,043,311 148,672 1,187,134 0 148,672 1,187,134 1,335,806 40,807 08/94 05/94 5-27.5
Forest Glen
Village 1,341,790 84,800 1,661,326 0 109,800 1,661,326 1,771,126 57,426 02/95 07/94 5-27.5
Franklinton
Elderly 1,721,808 64,300 2,074,319 0 64,300 2,074,319 2,138,619 61,888 10/94 04/94 5-50
Goldenrod,
Ltd. 7,691,859 800,000 13,323,746 0 770,000 13,323,746 14,093,746 357,162 06/95 04/94 5-27.5
F-84 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Harrisonburg
Senior 698,354 10,160 877,026 0 10,160 877,026 887,186 42,318 01/94 05/94 7-40
Northfield
Apts. 2,689,993 192,208 4,326,388 1,825,847 193,208 6,152,235 6,345,443 188,224 05/95 06/94 5-27.5
Parkside
Housing 716,378 80,000 943,917 0 80,000 943,917 1,023,917 41,411 01/94 12/94 5.27.5
Shady Lane
Sr. Apts 957,686 60,000 1,157,181 0 60,000 1,157,181 1,217,181 63,000 10/93 05/94 5.27.5
Virginia
Avenue 1,385,571 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876 188,151 10/94 10/94 5-27.5
---------- --------- ---------- ---------- --------- ---------- ----------- ---------
55,249,391 8,104,045 66,734,208 31,593,032 6,345,961 98,327,240 104,673,201 3,259,418
========== ========= ========== ========== ========= ========== =========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
</TABLE>
F-85
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 47,152,331
Other............................................. 0
$ 47,152,331
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
-----------
Balance at close of period - 03/31/95...........................$ 47,152,331
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 6,999,847
Improvements, etc................................. 50,521,023
Other............................................. 0
----------
$ 57,520,870
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$104,673,201
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year additions*...............................$ 509,226
---------
Balance at close of period - 3/31/95..............................$ 509,226
Current year additions*...............................$2,750,192
---------
Balance at close of period - 3/31/96..............................$ 3,259,418
==========
*_Total includes current year expenses and amounts capitalized to
building basis.
F-86
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 21
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Atlantic
City 5,750,000 100,000 8,334,766 796,805 100,000 9,131,571 9,231,571 190,799 10/95 09/94 5-27.5
Black
River Run 125,000 15,000 2,171,360 0 15,000 2,171,360 2,186,360 57,921 12/94 10/94 5-27.5
Campton
Housing 1,049,642 74,511 1,256,245 1,100 74,511 1,257,345 1,331,856 41,250 10/94 08/94 5-40
Cattaragus
Manor 1,146,696 56,630 1,238,241 0 56,630 1,238,241 1,294,871 23,087 04/95 08/94 5-27.5
Centrum
Fairfax 4,564,596 1,160,250 7,247,614 0 1,160,250 7,247,614 8,407,864 30,829 09/95 11/94 5-30
Centrum
Frederick 4,309,428 1,380,000 6,922,259 0 1,080,000 6,922.259 8,002,259 59,720 09/95 10/94 5-27.5
Crosby
Country 855,601 40,020 1,472,655 0 40,020 1,472,655 1,512,675 106,204 12/94 12/95 5-27.5
Fort Halifax 1,189,244 120,000 1,324,762 194,116 121,200 1,518,878 1,640,078 77,115 01/95 09/94 5-27.5
Havelock
Manor 1,871,171 120,000 2,194,078 0 120,000 2,194,078 2,314,078 43,910 UC 12/94 5-27.5
F-87
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 21
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Holly
Village 721,666 15,270 962,236 0 15,270 962,236 977,506 21,707 06/95 08/94 5-27.5
Live Oak
Village 750,041 63,210 899,606 0 63,210 899,606 962,816 12,310 07/95 10/94 6-40
Lookout
Ridge 694,950 62,000 1,639,096 0 62,000 1,639,096 1,701,096 59,603 12/94 12/94 27.5
Pinedale II 0 27,906 2,876,158 0 27,906 2,876,158 2,904,064 81,060 12/94 10/94 5-27.5
Pumphouse
Crossing II 946,317 10,000 2,431,087 0 10,000 2,431,087 2,441,087 74,073 12/94 10/94 5-27.5
Tower View 1,142,844 46,629 1,571,026 0 46,629 1,571,026 1,617,655 28,194 05/95 11/94 5-27.5
---------- --------- ---------- ------- --------- ---------- ---------- -------
25,117,196 3,291,426 42,541,189 992,021 2,992,626 43,533,210 46,525.836 907,782
========== ========= ========== ======= ========= ========== ========== =======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
F-88
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 14,011,014
Improvements, etc................................. 0
Other............................................. 0
----------
$ 14,011,014
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 14,011,014
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 31,821,601
Improvements, etc................................ 693,221
Other............................................ 0
-----------
$ 32,514,822
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 46,525,836
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year expense..................................$ 117,569
---------
Balance at close of period - 3/31/95..............................$ 117,569
Current year expense..................................$ 790,213
---------
Balance at close of period - 3/31/96..............................$ 907,782
==========
F-89
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Albamarle
Village 1,498,457 91,280 1,720,443 0 91,280 1,720,443 1,811,723 105,802 09/94 09/94 5-27.5
Aurora
Housing 533,263 0 748,217 0 0 748,217 748,217 49,909 01/94 04/95 5-27.5
Bayou
Crossing 7,682,437 867,209 16,061,472 0 857,500 16,061,472 16,918,972 91,278 01/96 11/94 12-39
Bellwood
Gardens 1,262,915 64,715 1,505,852 0 64,715 1,505,852 1,570,567 14,278 07/95 09/95 5-27.5
Birch Ridge 2,597,843 178,000 0 0 178,000 0 178,000 0 03/96 01/95 5-40
Black River
Run 1,200,000 15,000 2,171,360 0 15,000 2,171,360 2,186,360 57,921 12/94 04/95 5-27.5
Clarendon
Court 1,463,044 41,930 1,799,906 0 41,930 1,799,906 1,841,836 58,253 04/95 10/94 7-27.5
Cobblestone
Village 1,428,936 79,567 1,679,627 0 79,567 1,679,627 1,759,194 113,931 05/94 01/95 5-27.5
F-90
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Condordia
Housing II 1,508,245 169,820 1,854,563 0 169,820 1,854,563 2,024,383 9,449 11/95 01/95 10-40
Concordia
Housing III 1,366,124 0 0 0 0 0 0 0 12/95 02/95 10-40
Crosby
Country 855,601 40,020 1,472,655 0 40,020 1,472,655 1,512,675 106,204 12/94 12/95 5-27.5
Crystal City/
Festus 2,378,933 120,732 3,137,651 0 120,732 3,137,651 3,258,383 17,822 11/95 01/95 5-27.5
Drakes
Branch 1,278,375 75,473 1,511,490 0 75,473 1,511,490 1,586,963 32,939 06/95 01/95 5-27.5
Edmond
Properties 2,913,744 160,000 0 0 160,000 0 160,000 0 03/96 11/94 5-27.5
Elks
Tower 120,407 10,000 1,344,357 0 10,000 1,344,357 1,354,357 1,716 UC 10/95 27.5
Fonda LP 1,052,065 25,000 1,310,014 15,793 25,000 1,325,807 1,350,807 74,542 02/95 10/94 5-27.5
Goldenrod
Ltd. 7,691,859 770,000 13,323,746 0 770,000 13,323,746 14,093,746 357,162 06/95 03/95 7-27.5
Kimbark 1200
Associates 1,766,280 495,120 3,102,192 0 495,120 3,102,192 3,597,312 20,780 12/95 09/95 40
F-91 <PAGE>
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Lake Street
Apts. 1,371,077 20,000 1,846,543 0 20,000 1,846,543 1,866,543 21,031 09/95 04/95 5-27.5
Leroy
Housing 897,336 0 1,591,114 0 0 1,591,114 1,591,114 124,537 12/94 12/95 5-27.5
Lost Tree 1,658,110 85,000 4,510,201 0 85,000 4.510,201 4,595,201 99,212 06/95 04/95 5-27.5
Marksville
Square 676,693 66,000 250,449 0 66,000 250,449 316,449 0 01/96 01/95 N/A
Philadelphia
Housing I 547,344 13,750 757,989 0 13,750 757,989 771,739 8,226 08/95 07/95 5-27.5
Philadelphia
Housing II 855,224 25,000 1,219,579 0 25,000 1,219,579 1,244,579 13,268 08/95 07/95 5-27.5
Quankey
Hills 1,025,903 51,368 1,189,397 0 51,368 1,189,397 1,240,765 38,700 03/95 01/95 5-27.5
Richmond
Hardin 988,033 55,000 2,143,538 0 55,232 2,143,538 2,198,770 79,123 02/95 12/94 5-27.5
Sacramento
Properties 439,292 18,000 575,442 0 18,000 575,442 593,442 6,280 09/95 08/95 5-27.5
Salem LP 984,499 33,093 1,132,389 0 33,093 1,132,389 1,165,482 51,759 12/94 01/95 5-27.5
F-92
<PAGE>
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial Capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Swedesboro
Housing 1,497,938 168,295 1,814,291 0 168,295 1,814,291 1,982,586 27,201 06/95 07/95 5-27.5
Troy Villa 2,158,955 231,605 4,084,841 0 231,605 4,084,841 4,316,446 120,344 06/95 12/94 5-27.5
---------- --------- ---------- ------ --------- ---------- ---------- ---------
51,698,932 3,970,977 73,859,318 15,793 3,961,500 73,875,111 73,936,611 1,701,667
========== ========= ========== ====== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
F-93
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,699,758
Improvements, etc................................. 0
Other............................................. 0
----------
$ 2,699,758
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 2,699,758
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 75,121,060
Improvements, etc................................. 15,793
Other............................................. 0
----------
$ 75,136,853
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 75,136,611
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95........................$ 0
Current year additions*..............................$ 693,729
---------
Balance at close of period - 3/31/96.............................$ 693,729
Current year additions*..............................$1,685,278
---------
Balance at close of period - 3/31/96.............................$ 693,729
===========
*_Total includes current year expense and amounts capitalized to building
basis.
F-94
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Barlee
Properties 865,736 64,000 1,641,754 0 64,000 1,641,754 1,705,754 10,599 11/95 07/94 5-30
Bayou
Crossing 7,682,437 857,500 16,061,472 0 857,500 16,061,472 16,918,972 91,278 01/96 02/95 12-39
Birch
Ridge 2,597,843 178,000 0 0 178,000 0 178,000 0 03/96 01/95 N/A
Broderick
Housing 2,200,000 275,037 4,540,011 0 275,037 4,540,011 4,815,048 4,976 UC 08/95 10-40
Colonna
Redevelopment 1,397,621 374,310 3,470,813 0 374,310 3,470,813 3,845,123 60,621 05/94 05/95 7-40
Concordia II
Housing 1,508,245 169,820 1,854,563 0 169,820 1,854,563 2,024,383 9,449 11/95 01/95 10-40
Concordia III
Housing 1,366,124 0 0 0 0 0 0 0 12/95 02/95 N/A
Crystal
City Festus 2,378,933 120,732 3,137,651 0 120,732 3,137,651 3,258,383 17,822 11/95 02/95 5-40
F-95
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Edmond
Properties 2,913,744 160,000 0 0 160,000 0 160,000 0 03/96 11/94 N/A
Halls
Ferry Apts. 641,048 5,064 2,984,978 0 5,064 2,984,978 2,990,042 3,751 12/95 08/95 5-40
Hurleyville 1,038,041 143,182 1,549,696 0 143,182 1,549,696 1,692,878 0 12/95 07/95 N/A
Ithaca I Apts. 692,419 37,945 808,775 0 37,945 808,775 846,720 14,340 07/95 11/95 7-27.5
Kimbark 1200 1,766,280 495,120 3,102,192 0 495,120 3,102,192 3,597,312 20,780 12/95 09/95 5-40
Mathis Apts. 923,768 25,819 1,176,999 0 25,819 1,176,999 1,202,818 28,262 01/95 01/95 5-40
Mid City
Associates 3,175,335 15,058 6,616,466 0 15,058 6,616,466 6,631,524 350,616 06/94 09/95 5-27.5
Orange Grove 677,459 43,180 824,814 0 43,180 824,814 867,994 17,351 02/95 01/95 5-40
Philmont 1,503,856 40,000 1,885,476 0 40,000 1,885,476 1,925,476 50,268 05/95 05/95 5-40
Sacramento Sro
Properties 568,268 0 0 0 0 0 0 0 UC 09/95 N/A
F-96
<PAGE>
Boston Capital Tax Credit IV Fund L.P. - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
South Hills 1,895,000 131,000 1,261,754 0 131,000 1,261,754 1,392,754 2,033 02/96 06/95 5-40
St. Peters
Villa 2,483,394 425,974 0 0 425,974 0 425,974 0 03/96 07/95 N/A
Village
Woods 1,854,966 51,080 3,637,023 0 51,080 3,637,023 3,688,103 3,789 12/95 05/95 5-40
Woodland
Properties 334,064 30,000 593,884 0 30,000 593,884 623,884 7,794 06/95 07/95 7-30
---------- --------- ---------- ---- --------- ---------- ---------- -------
40,464,581 3,642,821 55,148,321 0 3,642,821 55,148,321 58,791,142 693,729
========== ========= ========== ==== ========= ========== ========== =======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
F-97
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 58,791,142
Improvements, etc................................. 0
Other............................................. 0
----------
$ 58,791,142
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 58,791,142
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 693,729
---------
Balance at close of period - 3/31/96..............................$ 693,729
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-98
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 24
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- --------------------------------------------------------------------------------------------------------------------------
Brooks
Summit Apts. 3,150 44,000 0 0 44,000 0 44,000 0 UC 12/95 N/A
Brownsville
Associates 1,212,064 58,945 1,476,197 0 58,945 1,476,197 1,535,142 20,636 09/95 09/95 5-40
Century
East IV Apts. 640,000 90,000 984,989 0 90,000 984,989 1,074,989 9,725 08/95 08/95 5-40
Century
East V Apts. 640,000 90,000 982,504 0 90,000 982,504 1,072,504 7,602 09/95 11/95 5-40
Commerce
Parkway 180,388 0 0 0 0 0 0 0 UC 09/95 N/A
Crow
River Apts. 2,328,878 40,000 4,096,393 0 40,000 4,096,393 4,136,393 74,492 06/95 12/95 5-40
Lake
I Apts. 624,693 85,000 1,012,730 0 85,000 1,012,730 1,097,730 12,182 07/95 08/95 5-40
New
Hilltop 1,741,639 54,366 2,145,934 0 54,366 2,145,934 2,200,300 11,960 11/95 11/95 5-40
F-99
<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 24
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
North Hampton
Place 1,524,176 0 0 0 0 0 0 0 03/96 11/95 N/A
Stanton
Associates 1,221,472 85,971 1,535,425 0 85,971 1,535,425 1,621,396 14,204 09/95 09/95 5-40
Woodland
Associates 1,145,225 108,900 1,437,608 0 108,900 1,437,608 1,546,508 5,406 09/95 11/95 5-50
Zwolle Apts. 882,615 10,000 930,782 0 10,000 930,782 940,782 20,454 04/96 11/95 5-40
---------- ------- ---------- ------- ------- ---------- ---------- -------
12,144,300 667,182 14,602,562 0 667,182 14,602,562 15,269,744 176,661
========== ======= ========== ======= ======= ========== ========== =======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
F-100
/TABLE
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 15,269,744
Improvements, etc................................. 0
Other............................................. 0
----------
$ 15,269,744
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 15,269,744
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 176,661
-------
Balance at close of period - 3/31/95..............................$ 176,661
==========
F-101 <PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 25
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Dogwood
Park 514,972 235,000 0 0 235,000 0 235,000 0 UC 12/95 N/A
Sandstone
Village 81,084 96,047 0 0 96,047 0 96,047 20,636 UC 11/95 5-27.5
------- ------- ---- ---- ------- ---- ------- ------
596,056 331,047 0 0 331,047 0 331,047 20,636
======= ======= ==== ==== ======= ==== ======= ======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
F-102
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 331,047
Improvements, etc................................. 0
Other............................................. 0
----------
$ 331,047
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 331,047
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 176,661
-------
Balance at close of period - 3/31/95..............................$ 176,661
========
F-103
</TABLE>
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<TOTAL-ASSETS> 180,061,938
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 180,061,938
<TOTAL-REVENUES> 1,027,956
<INCOME-TAX> 0
<INCOME-CONTINUING> (7,312,499)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,284,543)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
