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, 1997 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
- -------------------------------- ------------------------------------
(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
----------------------------------
(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
------- -------<PAGE>
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not
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|
<PAGE>
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
Form 8-K dated December 16, 1996
Form 8-K dated December 16, 1996
Form 8-K dated February 11, 1997
Form 8-K dated February 14, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997<PAGE>
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 1997
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
------
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, 1997, subscriptions had been received and accepted by the General
Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28 and Series 29 for 28,327,352 BAC's
representing capital contributions of $283,249,000.
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
1 <PAGE>
partially for low- and moderate-income tenants. Each Operating
Partnership in which the Fund will invest will own Apartment Complexes
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, 1997 the Fund had invested in 24 Operating Partnerships
on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 28
Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on
behalf of Series 23, 23 Operating Partnerships on behalf of Series 24,
22 Operating Partnerships on behalf of Series 25, 33 Operating Partnerships
on behalf of Series 26, 7 Operating Partnerships on behalf of Series 27, 5
Operating Partnerships on behalf of Series 28 and 3 Operating Partnerships on
behalf of Series 29. 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.
2<PAGE>
(3) provide tax benefits in the form of passive losses which an
Investor may apply to offset his passive income (if any); and
(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
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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 181 Operating
Partnerships in ten 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Ashbury Sioux Falls,
Apartments SD 48 $ 1,318,824 4/94 6/94 100% $ 776,117
Bennetts Bennetsville,
Pointe Apts. SC 32 1,353,226 3/94 8/94 100% 208,251
Bradley Bradley,
Manor AR 25 804,162 8/94 3/95 100% 182,044
Breeze Port Washington,
Cove Apts. WI 64 2,830,601 5/94 10/94 100% 2,601,494
Cascades Sterling,
Commons Apts. VA 320 14,936,916 6/94 10/95 100% 7,132,820
Clarksville Clarksville,
Estates MO 32 702,382 6/94 9/94 100% 142,639
Club
Goldenrod II Orlando,
Apartments FL 220 7,656,948 4/94 6/95 100% 2,924,641
College
Greene Chili,
Senior Apts NY 110 3,791,301 3/95 8/95 100% 1,885,496
Concordia St. Croix,
Manor I VI 22 1,475,469 8/94 7/95 100% 464,630
Coushatta
Seniors II Coushatta,
Apartments LA 24 716,901 5/94 3/94 100% 175,182
East Douglas Bloomington,
Apartments IL 51 1,978,943 7/94 12/95 100% 1,281,690
Edison Lane Edison,
Apartments GA 24 723,937 9/94 10/95 100% 204,561
Evergreen Macedon,
Hills Apts. NY 72 2,832,672 8/94 1/95 100% 627,661
4 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Fairoaks Rincon,
Lane Apts. GA 44 $ 1,421,799 7/94 5/95 100% $ 339,284
Floral Waggaman,
Acres II LA 32 1,040,964 5/94 8/94 100% 228,457
Forest Glen Vidalia,
Village GA 46 1,339,072 7/94 2/95 100% 378,777
Gardenview Houston,
Apartments TX 309 4,625,000 6/94 9/95 100% 1,685,425
Harrisonburg Harrisonburg,
Seniors Apts. LA 24 696,198 5/94 1/94 100% 176,621
Hillside Cynthiana,
Apartments KY 48 922,615 10/94 4/95 100% 643,850
Kristine Bakersfield,
Apartments CA 60 1,372,124 10/94 10/94 100% 311,675
Northfield Jackson,
Apts. MS 120 2,996,329 6/94 5/95 100% 3,241,973
Parkside Avondale,
Apartments AZ 54 710,184 12/94 1/94 98% 282,547
Riverview Franklinton,
Apartments LA 47 1,716,729 4/94 10/94 100% 370,000
Shady Lane Winnfield,
Senior Apts. LA 32 954,697 5/94 10/93 100% 189,312
5 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 21
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
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Atlantic Atlantic City,
City Apts. NJ 153 $5,670,000 9/94 10/95 96% $2,500,000
Black River Black River Falls,
Run WI 48 1,271,272 10/94 12/94 68% 332,935
Cattaraugus Cattaraugus,
Manor NY 24 1,101,536 8/94 4/95 91% 255,794
Creekside
at Tasker's Frederick,
Chance MD 120 4,520,000 10/94 9/95 63%* 2,471,093
Forest Glen
at Sully Centreville,
Station VA 119 4,804,000 11/94 9/95 75%* 2,649,450
Fort Winslow,
Halifax ME 24 1,180,996 9/94 1/95 100% 389,085
Havelock Havelock,
Manor Apts. NC 60 1,866,187 12/94 10/95 100% 336,348
Holly Buchanan,
Village GA 24 720,083 8/94 6/95 100% 205,400
Liveoak Union Springs,
Village AL 24 771,779 10/94 7/95 100% 176,953
Lookout Covington,
Ridge Apts. KY 30 685,710 12/94 12/94 100% 744,100
Pinedale Menomonie,
Apartments II WI 60 1,448,930 10/94 12/94 58% 869,798
Pumphouse Chippewa,
Crossing II
Apartments WI 48 1,312,213 10/94 12/94 68% 692,840
6 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 21
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
The Woods Campton,
Apartments NH 20 $1,045,419 8/94 10/94 100% $ 269,500
Tower View Tower City,
Apartments PA 24 1,139,634 11/94 5/95 92% 263,859
* Property was in lease-up phase as of March 31, 1997.
7 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Albemarle Hertford,
Village Apts. NC 36 $1,471,056 1/95 9/94 100% $ 321,628
Apple Edmond,
Village Apts. OK 160 4,003,362 11/94 3/96 100% 1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,480,077 11/94 1/96 100% 2,544,032
Bellwood Ford City,
Gardens PA 28 1,257,293 6/95 9/95 100% 298,152
Black River Black River Falls,
Run Apts. WI 48 1,271,272 4/95 12/94 68% 375,436
Clarendon Summerton,
Court Apts. SC 40 1,459,149 10/94 4/95 100% 340,737
Club II Orlando,
Goldenrod Apts.FL 220 7,656,948 3/95 6/95 100% 1,673,851
Cobblestone Fuquay,
Apartments NC 33 1,425,863 1/95 5/94 100% 326,054
Concordia St. Croix,
Manor II VI 20 1,503,005 1/95 11/95 100% 251,308
Concordia St. Croix,
Manor III VI 20 1,498,289 2/95 12/95 100% 255,871
Drakes
Branch Drakes Branch,
Elderly Apts. VA 32 1,275,621 1/95 6/95 100% 232,722
Elks Towers Litchfield,
Apartments IL 27 830,000 10/95 12/96 96%* 500,000
Fonda Fonda,
Terrace Apts. NY 24 1,042,256 12/94 10/94 100% 259,387
Highland Boston,
House MA 14 -0- 12/96 U/C N/A -0-
8
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
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Kimbark Longmont,
1200 Apts. CO 48 $2,008,072 9/95 12/95 100% $ 321,843
Kingsway Swedsboro,
Apartments NJ 36 1,493,714 7/95 6/95 100% 46,290
Lake Street Girard,
Apartments PA 32 1,368,435 4/95 9/95 100% 332,369
Lost Tree Branson,
Apartments MO 88 1,646,820 4/95 6/95 100% 474,948
Maplewood Sacramento,
Apartments KY 12 438,360 8/95 9/95 100% 110,881
Marksville Marksville,
Square Apts. LA 32 970,941 1/95 1/96 100% 268,848
Neshoba Philadelphia,
County Apts. MS 24 853,768 7/95 8/95 100% 250,411
Philadelphia Philadelphia,
Square Apts. MS 16 546,412 7/95 8/95 100% 148,950
Quankey Halifax,
Hills Apts. NC 24 1,022,944 1/95 3/95 100% 200,496
Richmond Richmond,
Square Apts. MO 32 967,356 12/94 2/95 100% 818,770
Salem Wood Salemburg,
Apartments NC 24 979,444 1/95 12/94 100% 181,355
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 64%* 520,672
9 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Troy Villa Troy,
Apartments MO 64 $2,114,497 12/94 6/95 100% $1,810,416
Twin City Festus,
Villa MO 40 1,570,039 1/95 11/95 100% 679,176
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31, 1997.
10 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Apple Edmond,
Village Apts. OK 160 $4,003,362 11/94 3/96 100% $ 1,572,166
Bayou Riverview,
Crossing Apts FL 290 8,480,077 2/95 1/96 100% 3,816,047
Concordia St. Croix,
Manor II VI 20 1,503,005 1/95 11/95 100% 251,309
Concordia St. Croix,
Manor III VI 20 1,498,289 2/95 12/95 100% 255,871
Columbia Hempstead,
Commons Apts. NY 37 1,370,606 5/95 5/95 100% 1,501,605
Country Hill Cedar Rapids,
Apts.Phase II IA 92 2,200,000 8/95 6/96 100% 1,231,770
Great Pines Hurleyville,
Apts. NY 26 1,186,217 7/95 12/95 100% -0-
Heatheridge Barling,
Estates ** AR 17 854,605 7/95 11/95 100% 728,240
Ithaca Ithaca,
Apts. I MI 28 686,550 11/95 7/95 100% 164,008
Kimbark Longmont,
1200 Apts. CO 48 2,008,072 9/95 12/95 100% 965,530
La Pensione Sacramento,
K Apts. CA 129 2,538,762 9/95 12/96 63%* 1,397,474
Mathis Mathis,
Apartments TX 32 921,088 1/95 1/95 100% 219,045
Mid City Jersey City,
Apartments NJ 58 3,140,774 9/95 6/94 100% 113,679
Orange
Grove Orange Grove,
Seniors Apts. TX 24 675,409 1/95 2/95 100% 104,728
11 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Philmont Philmont,
Terrace Apts. LA 32 $1,501,413 5/95 5/95 100% $ 370,750
Riverview St. Louis,
Apartments MO 42 1,303,777 8/95 12/95 100% 1,160,308
South Hills Bellevue,
Apartments NE 72 1,994,188 6/95 2/96 100% 1,363,180
St. Peters St. Peters,
Villa MO 54 2,001,879 7/95 3/96 100% 1,495,685
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 64%* 520,672
Twin City Festus,
Villa MO 40 1,570,039 2/95 11/95 100% 679,176
Village Kansas City,
Woods Est. KS 45 1,699,121 5/95 12/95 100% 1,350,000
Vinsett Van Buren,
Estates ** AR 10 ** 7/95 11/95 100% **
Woodland Roland,
Hills OK 10 329,625 7/95 6/95 100% 274,540
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31, 1997.
** Two properties which make up one Operating Partnership named Barlee
Properties L.P. with 27 units. Entire mortgage balance and contributions are
listed with Heatheridge Estates.
12 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 24
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Autumn Ridge Shenandoah
Apartments VA 34 $ -0- 7/96 1/97 26%* $ 146,800
Brooks Blue Ridge,
Summit Apts. GA 36 1,123,519 12/95 11/96 100% 223,280
Brownsville Brownsville,
Apartments TN 36 1,209,681 9/95 9/95 100% 200,827
Cooper's Irving,
Crossing TX 93 3,682,888 6/96 12/95 100% 678,966
Century
East Bismark,
Apts. IV ND 24 635,683 8/95 8/95 100% 379,962
Century Bismark,
East V Apts. ND 24 635,683 11/95 9/95 100% 379,962
Edenfield Millen,
Apartments GA 48 1,247,826 1/96 12/96 100% 283,747
Elm Street Yonkers,
Apartments NY 35 2,420,999 1/96 1/96 100% 407,601
Heritage Coolidge,
Glen Apts. AZ 28 1,142,884 4/96 4/96 100% 261,372
Hillridge Los Lunas,
Apartments NM 38 1,225,000 8/96 6/96 100% 954,007
Lake Fargo,
Apartments I ND 24 620,233 8/95 7/95 100% 379,962
Lakeway Zwolle,
Apartments LA 32 880,109 11/95 4/96 100% 110,902
Laurelwood High Point,
Park Apts. NC 100 2,330,000 2/96 10/96 100% 1,921,763
Madison Park Boston,
IV Apts MA 143 7,812,244 5/96 3/97 95%* 1,051,200
13 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 24
PROPERTY PROFILE AS OF MARCH 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
New Hilltop Laurens,
Apartments SC 72 $1,733,471 11/95 11/95 100% $ 445,039
North Columbia,
Hampton PL. MO 36 888,616 11/95 3/96 100% 1,002,996
Northfield Jackson,
Housing, L.P. MS 5 200,000 12/96 9/96 100% 217,266
Pahrump Pahrump,
Valley Apts NV 32 1,405,051 7/96 7/96 100% 242,715
Park Meadow Gaylord,
Apartments MI 80 1,638,979 9/95 U/C 61%* 1,139,553
Shadowcreek Overton,
Apartments NV 24 1,235,329 6/96 9/27 100% 319,582
Stanton Stanton,
Village Apts. TN 40 1,219,234 9/95 9/95 100% 211,933
Woodlands Elko,
Apartments NV 24 1,143,044 11/95 9/95 100% 255,476
Wyandotte Los Angeles,
Apartments CA 32 3,765,817 4/96 2/97 17%* 952,329
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31, 1997.
14<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 25
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Dogwood Athens,
Park Apts. GA 127 $2,316,000 12/95 10/96 100% $3,538,760
Dunlap West Point,
Acres MS 50 946,507 9/96 U/C N/A 229,797
Century Bismark,
East II Apts. ND 24 546,951 8/96 6/96 100% 352,624
Clarke Pokamoke City,
Manor Apts. MD 30 1,230,256 2/96 4/96 100% 440,107
Hannah Ethel,
Heights Apts. MS 28 648,556 6/96 12/96 89%* 144,713
Horse Cave Horse Cave,
Apts. KY 24 858,420 5/96 11/96 95%* 180,445
Hurricane Hurricane,
Hills UT 50 1,159,428 9/96 U/C N/A 1,111,197
Laurelwood High Point,
Park Apts. NC 100 2,330,000 2/96 10/96 100% 946,540
Lenox
Ave. Apts NY 18 189,140 10/96 U/C N/A 569,053
Madison Boston,
Park IV MA 143 7,812,244 5/96 3/97 95%* 1,868,800
Main New Rochelle,
Everett Apts NY 11 656,701 6/96 1/97 100% 626,976
Maple New Haven,
Hill CT 32 -0- 2/97 U/C N/A 163,000
Mary Ryder St. Louis,
Home MO 48 -0- 1/97 6/96 89%* 659,787
Osborne White Plains,
Apts. NY 7 443,038 6/96 12/96 100% 418,177
15
Boston Capital Tax Credit Fund IV L.P. - Series 25
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Rose Connellsville,
Square PA 11 $ 354,805 10/96 2/97 27%* $ 179,633
Rosewood Bladenboro,
Estates, II NC 16 681,323 9/96 12/96 25%* 64,791
Sandstone Great Falls,
Village MT 48 1,274,057 11/95 8/96 89%* 1,148,620
Shannon Shannon,
Rentals MS 48 905,068 4/96 1/97 58%* 149,399
Smith Roxbury,
House MA 132 2,419,906 4/96 3/97 100% 931,098
Sutton Indianopolis,
Place IN 360 6,300,000 11/96 U/C N/A 532,330
Washington Dayton,
Arms OH 93 2,237,192 2/96 2/95 100% 199,360
Wyandotte Los Angeles,
Apts CA 73 3,775,803 4/96 2/97 17%* 1,315,122
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31, 1997.
16<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Bradley
Estates Meriden,
Phase I CT 74 $ -0- 2/97 U/C N/A $ 550,000
Bradley
Estates Meriden,
Phase II CT 42 -0- 2/97 U/C N/A 395,000
Brookhaven Shrevport,
Apts. LA 35 -0- 2/97 1/97 100% 418,554
Butler Leesville,
Estates LA 10 224,908 8/96 10/96 100% 77,627
Byam Waterbury,
Village CT 46 -0- 2/97 U/C N/A 355,000
Calgory Bismark,
Apts. I ND 24 637,227 2/96 12/95 100% 394,507
Calgory Bismark,
Apts. II ND 24 597,039 2/96 12/95 100% 394,507
Calgory Bismark,
Apts. III ND 24 637,227 2/96 12/95 100% 394,507
Cameron Cameron,
Apts. LA 40 1,009,963 8/96 10/96 100% 475,965
Devonshire London,
II Apts. OH 28 -0- 1/97 12/96 100% 182,070
Devonshire W. Jefferson,
West Apts. OH 19 -0- 1/97 1/97 100% 126,983
East Park Dilworth,
II Apts. MN 24 597,991 8/96 8/96 100% 505,631
Edgewood Milledgeville,
Park Apts. GA 61 1,360,612 5/96 1/97 100% 1,004,678
Grandview Fargo,
Apartments ND 36 1,240,000 8/96 8/96 75%* -0-
17
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1997
(Continued)
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Hanover
Towers Meriden,
Apts. CT 100 $ -0- 2/97 U/C N/A $ 860,000
Hazeltine Los Angeles,
Apts. CA 35 1,915,847 6/96 1/97 0%* 951,693
Lake Fargo,
Apts. IV ND 24 652,163 2/96 12/95 100% 394,507
Lake Fargo,
Apts. V ND 24 622,875 2/96 12/95 100% 394,507
Liberty
Village Liberty,
Apts. NY 32 -0- 1/97 U/C N/A 270,936
Little Little Valley,
Valley Est. NY 24 -0- 1/97 11/96 0%* 143,337
Maxton Maxton,
Green Apts. NC 32 978,493 9/96 12/96 96% 239,729
Mosby Littleton,
Forest Apts. NC 24 804,770 10/96 10/96 95%* 349,987
New Hope
Bailey De Ridder,
Apts. LA 40 1,013,042 8/96 9/96 100% 455,212
Nordhoff Los Angeles,
Apts. CA 38 1,330,000 9/96 U/C N/A 829,738
Madison Miami Beach,
Apartments FL 17 1,107,890 3/96 U/C N/A 563,103
Mason Mason,
Manor Apts. TN 24 936,992 2/96 1/96 100% 218,200
Southwind Jennings,
Apts. A LDHA LA 36 634,414 8/96 12/96 100% 428,742
18
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1997
(Continued)
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
T.R. Bobb New Iberia,
Apts. LA 30 $ 835,392 8/96 12/96 100% $ 428,742
Timmons-
ville Timmonsville,
Green Apts. SC 32 904,501 10/96 2/97 81%* 96,106
Tremont
Station Tremont,
Apartments PA 24 1,310,645 5/96 11/96 50%* 177,238
Warrensburg Warrensburg,
Heights MO 28 1,126,895 12/96 11/96 100% -0-
Westside Salem,
Apts. AR 29 1,052,756 8/96 9/96 82%* 212,016
The Willows Smithville,
Apts. TX 32 827,170 5/96 5/96 100% 160,202
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31,1997.
19
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Forest Glen
at Sulluy
Station
Phase II Centreville,
Atps. VA 119 $2,933,506 8/96 U/C N/A $ 1,024,362
Harbor
Towers Meriden,
Apts. CT 202 -0- 2/97 U/C N/A 2,400,000
Lake Apts. Fargo,
II ND 24 -0- 1/97 12/97 100% -0-
Pear
Village Leitchfile,
Apts. KY 16 260,940 8/96 2/97 100% 244,412
Randolph Silver Spring,
Village MD 130 300,000 9/96 U/C N/A 2,217,612
Summer
Hill Sr. Wayne,
Apts. NJ 164 -0- 11/96 U/C N/A 1,800,000
Sunday Bowling Green,
Sun Apts. KY 30 881,700 10/96 12/96 100% 536,204
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31,1997.
20<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 28
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
1374
Boston Bronx,
Road L.P. NY 15 $ -0- 2/97 U/C N/A $ 310,000
Ashberry
Manor Bardstown,
Apts. KY 24 -0- 2/97 U/C N/A 280,665
Bienville Ringold,
III Apts. LA 32 -0- 2/97 2/97 100% 266,129
Fairway Marlette,
Apts. II MI 48 1,090,926 12/96 3/97 97%* 158,217
Milton
Village Milton,
Apts. NY 32 -0- 2/97 U/C N/A 618,471
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31,1997.
21
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Arbor Jackson,
Park Apts. MS 160 $ -0- 12/96 U/C N/A $ 1,319,957
The
Lincoln San Diego,
Hotel CA 41 -0- 2/97 U/C N/A -0-
Willow
Point Jackson,
Apts. II MS 120 -0- 12/96 U/C N/A 996,260
* Property was in lease-up phase as of March 31, 1997.
UC=Property was under construction as of March 31,1997.
22
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
23<PAGE>
PART II
-------
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, 1997, the Fund has 17,159 BAC holders for an
aggregate of 28,327,352 BACs, at a subscription price of $10 per
BAC, received and accepted.
The BACs were issued in series. Series 20 consists of 2,444
investors holding 3,866,700 BACs, Series 21 consists of 1,198
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 1,326
investors holding 2,169,878 BACs, Series 25 consists of 1,796
investors holding 3,026,109 BACs, Series 26 consists of 2,413
investors holding 3,995,900 BACs, Series 27 consists of 1,389
investors holding 2,460,700 BACs, Series 28 consists of 2,118
investors holding 4,000,738 BACs, and Series 29 consist of 584
investors holding 1,013,500 BACs at March 31, 1997.
(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,
1997.
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.
24<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. Selected financial data for
year and Periods ended March 31,
Operations 1997 1996 1995 1994
- ---------- ---- ---- ---- ----
Interest Income $ 2,498,953 $ 1,027,956 $ 344,043 $ 8,065
Share of Loss of
Oper. Partnerships (10,783,903) (5,472,852) (884,379) -
Operating Expenses (3,283,551) (1,839,647) (800,135) (5,561)
----------- ----------- ----------- ----------
Net Income (Loss) $(11,568,501) $ (6,284,543) $ (1,340,471) $ 2,504
=========== =========== =========== ==========
Net Income (Loss)
per BAC $ (.50) $ (.41) $ (.36) $ .01
=========== =========== =========== ==========
Balance Sheet 1997 1996 1995 1994
- ------------- ---- ---- ---- ----
Total Assets $259,200,587 $180,061,938 $102,047,029 $10,964,208
=========== =========== =========== ==========
Total Liabilities $ 36,568,416 $ 35,541,287 $ 25,581,723 $ 541,432
=========== =========== =========== ==========
Partners' Capital $222,632,171 $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, 1996
31, 1995 and 1994* $ .52 $ .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
25<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 $283,249,000 representing
28,327,352 BACs from investors admitted as BAC Holders in Series 20 through 29
of the Fund. As of March 31, 1997 the Fund is continuing to offer BACs in
Series 29.
(Series 20). The Fund commenced offering BACs in Series 20 on January
21, 1994. As of March 31, 1997, 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 20
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, 1997, the Fund used $943,061 of
Series 20 net offering proceeds to pay installments of its capital
contributions to 9 Operating Partnerships. As of March 31, 1997 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 15 of
the Operating Partnerships. Series 20 has $1,942,326 in capital contributions
that remain to be paid to the other 9 Operating Partnerships.
(Series 21). The Fund commenced offering BACs in Series 21 on July 5,
1994. As of March 31, 1997, 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, 1997, the Fund used $318,005
of Series 21 net offering proceeds to pay installments of its capital
26<PAGE>
contributions to 8 Operating Partnerships. As of March 31, 1997 proceeds
from the offer and sale of BACs in Series 21 had been used to invest in 14
Operating Partnerships in an aggregate amount of $13,872,728 and the Fund
had completed payment of all installments of its capital contributions to 6
of the Operating Partnerships. Series 21 has $967,561 in capital
contributions that remain to be paid to the other 8 Operating Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on October
12, 1994. As of March 31, 1997, 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, 1997, the Fund used $611,151
of Series 22 net offering proceeds to pay initial and additional installments
of its capital contributions to 16 Operating Partnerships. As of March 31,
1997 proceeds from the offer and sale of BACs in Series 22 had been used to
invest in 28 Operating Partnerships in an aggregate amount of $18,517,845
and the Fund had completed payment of all installments of its capital
contributions to 14 of the Operating Partnerships. Series 22 has $3,158,246
in capital contributions that remain to be paid to the other 14 Operating
Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23 on January
10, 1995. As of March 31, 1997, 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, 1997, the Fund used $3,749,205
of Series 23 net offering proceeds to pay initial and additional
installments of its capital contributions to 15 Operating Partnerships. As
of March 31, 1997 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
$24,352,278 and the Fund had completed payment of all installments of its
capital contributions to 9 of the Operating Partnerships. Series 23 has
$4,529,018 in capital contributions that remain to be paid to the other 13
Operating Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24 on June 9,
1995. As of March 31, 1997, 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, 1997, the Fund used $5,596,362
of Series 24 net offering proceeds to pay initial and additional
27<PAGE>
installments of its capital contributions to 19 Operating Partnerships. As
of March 31, 1997 proceeds from the offer and sale of BACs in Series 24 had
been used to invest in 23 Operating Partnerships in an aggregate amount of
$14,825,269 and the Fund had completed payment of all installments of its
capital contributions to 3 of the Operating Partnerships. Series 24 has
$2,779,449 in capital contributions that remain to be paid to the other 20
Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25 on September
30, 1995. As of March 31, 1997 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, 1997, the Fund used $7,672,304
of Series 25 net offering proceeds to pay initial and additional
installments of its capital contributions to 22 Operating Partnerships. As
of March 31, 1997 proceeds from the offer and sale of BACs in Series 25 had
been used to invest in 22 Operating Partnerships in an aggregate amount of
$22,313,039 and the Fund had completed payment of all installments of its
capital contributions to 1 of the Operating Partnerships. Series 25 has
$6,437,839 in capital contributions that remain to be paid to the other 21
Operating Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26 on January
18, 1996. As of March 31, 1997, the Fund had received and accepted
$39,959,000 representing 3,995,000 BACs from investors admitted as BAC Holders
in Series 26. Offers and sales of BACs in Series 26 were completed and the
last of the BACS in Series 26 were issued by the Fund on June 14, 1996.
During the fiscal year ended March 31, 1997, the Fund used $10,395,846
of Series 26 net offering proceeds to pay initial and additional
installments of its capital contributions to 31 Operating Partnerships. As
of March 31, 1997 proceeds from the offer and sale of BACs in Series 26 had
been used to invest in 33 Operating Partnerships in an aggregate amount of
$19,554,744 and the Fund had completed payment of all installments of its
capital contributions to 2 of the Operating Partnerships. Series 26 has
$7,104,113 in capital contributions that remain to be paid to the other 31
Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27 on June 17,
1996. As of March 31, 1997, the Fund had received and accepted $24,607,000
representing 2,460,700 BACs from investors admitted as BAC Holders in Series
27. Offers and sales of BACs in Series 27 were completed and the last of the
BACS in Series 27 were issued by the Fund on September 27, 1996.
During the fiscal year ended March 31, 1997, the Fund used $8,222,590
of Series 27 net offering proceeds to pay initial and additional
installments of its capital contributions to 6 Operating Partnerships. As
of March 31, 1997 proceeds from the offer and sale of BACs in Series 27 had
28<PAGE>
been used to invest in 7 Operating Partnerships in an aggregate amount of
$11,692,712 and the Fund had not completed payment of all installments of its
capital contributions to any of the Operating Partnerships. Series 27 has
$3,470,122 in capital contributions that remain to be paid to the 7 Operating
Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28 on September
30, 1996. As of March 31, 1997, the Fund had received and accepted
$39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders
in Series 28. Offers and sales of BACs in Series 28 were completed and the
last of the BACS in Series 28 were issued by the Fund on January 31, 1997.
During the fiscal year ended March 31, 1997, the Fund used $1,363,482
of Series 28 net offering proceeds to pay initial and additional installments
of its capital contributions to 5 Operating Partnerships. As of March 31,
1997 proceeds from the offer and sale of BACs in Series 28 had been used to
invest in 5 Operating Partnerships in an aggregate amount of $2,982,467 and
the Fund had not completed payment of all installments of its capital
contributions to any of the Operating Partnerships. Series 28 has $1,338,985
in capital contributions that remain to be paid to the 5 Operating
Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29 on February
10, 1997. As of March 31, 1997, the Fund had received and accepted
$10,135,000 representing 1,013,500 BACs from investors admitted as BAC Holders
in Series 29. As of March 31, 1997 the Fund is continuing to offer BACs in
Series 29.
During the fiscal year ended March 31, 1997, the Fund used $2,316,217
of Series 29 net offering proceeds to pay initial and additional installments
of its capital contributions to 2 Operating Partnerships. As of March 31,
1997 proceeds from the offer and sale of BACs in Series 29 had been used to
invest in 3 Operating Partnerships in an aggregate amount of $5,333,434 and
the Fund had not completed payment of all installments of its capital
contributions to any of the Operating Partnerships. Series 29 has $3,017,217
in capital contributions that remain to be paid to the 3 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, 1997 and 1996 was $1,747,642 and $1,144,124, respectively.
The amount is anticipated to increase in subsequent fiscal years as additional
Operating Partnerships are acquired.
29 <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, 1997 and 1996, the average Qualified
Occupancy for the series was 99.9% and 97.5%, respectively. The series had a
total of 24 Operating Partnerships at March 31, 1997. Out of the total 23,
were at 100% qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,543,951 and $3,107,627, respectively in passive income tax losses
that were passed through to the investors and also provided $1.32 and $.829,
respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 20 was $25,829,683 and $28,849,038, 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.
During 1996, the Operating General Partner of Breeze Cove Limited
Partnership experienced financial difficulties. Shortly thereafter, the
Operating General Partner and its affiliated management company were replaced.
The new Operating General Partner and management company have conducted
extensive research and prepared budgets and summaries of the physical
condition of the Operating Partnership with the goal of improving the overall
operations and appearance of the property. Operations are anticipated to
improve with the change in management.
In August 1996, the General Partner was notified that Virginia Avenue
Housing Limited Partnership was named as defendant in a land encroachment
complaint. The Operating General Partner and it council are confident that
the partnership owns a clean title to all property in question, however,
research is being conducted into the and title insurance.
For the years ended March 31, 1997 and 1996, the net loss of the series
was $3,320,223 and $3,115,384, respectively. The major components of these
amounts are the Fund's share of losses from Operating Partnerships and the
fund management fee. It is anticipated that the net loss will continue to
fluctuate until all Operating Partnerships stabilize operations.
(Series 21). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 86.0% and 85.8%, respectively. The series had a
total of 14 properties at March 31, 1997. Out of the total, 6 were at 100%
qualified occupancy and 2 were in initial lease-up.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $1,273,18 and $627,717, respectively, in passive income tax losses
30<PAGE>
that were passed through to the investors and also provided $.906 and $.343,
respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996, the Investments in Operating Partnerships
for Series 21 was $11,515,577 and $14,407,266, 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. The decrease is also a result of
the removal of one Operating Partnership, Crosby Country Apartments.
In the prior fiscal year Crosby Country Apartments was admitted to the
series without an initial outlay of capital. This short form admission was an
agreement between the Operating Partnership's General Partner and the General
Partner, that upon further due diligence, the Fund had the option to purchase
the Operating Partnership if it was in the best interest of the Fund.
Subsequent studies indicated that the Operating Partnership would not generate
the originally anticipated amount of credits, and the General Partner elected
to have the Fund's interest repurchased. As a result the number of Operating
Partnerships has decreased by one from the year ended March 31, 1996.
For the years ended March 31, 1997 and 1996, the net loss of the series
was $2,361,437 and $1,105,594, respectively. The major components of these
amounts are the Fund's share of losses from Operating Partnerships, and the
fund management fee. 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, 1997 and 1996, the average Qualified
Occupancy for the series was 97.3% and 91.5%, respectively. The series had a
total of 28 properties at March 31, 1997. Out of the total, 24 were at 100%
qualified occupancy and 2 were in initial lease-up. The series also had 1
property that was still under construction at March 31, 1997.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $1,779,026 and $1,180,719, respectively, in passive income tax
losses that were passed through to the investors and also provided $.897 and
$.459, respectively, in tax credit per BAC to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 22 was $17,576,959 and $19,895,333, 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. Investments in Operating
Partnerships was also affected by the removal of three Operating Partnerships
and the addition of one new Operating Partnership.
In the prior fiscal year three Operating Partnerships Aurora Housing
Partners L.P., Crosby Country Apartments and Leroy Housing LC were admitted to
the series without an initial outlay of capital. These short form admissions
were agreements between the Operating Partnerships' General Partners and the
31<PAGE>
General Partner, that upon further due diligence, the Fund had the option to
purchase the Operating Partnership if it was in the best interest of the Fund.
Subsequent studies indicated that the Operating Partnership would not generate
the originally anticipated amount of credits, and the General Partner elected
to have the Fund's interest repurchased.
For the years ended March 31, 1997 and 1996, the net loss of the series
was $2,058,842 and $1,386,839, 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, 1997 and 1996, the average Qualified
Occupancy for the series was 96.7% and 76.1%, respectively. The series had a
total of 22 properties at March 31, 1997. Out of the total, 20 were at 100%
qualified occupancy and 2 were in initial lease-up.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,293,323 and $468,342, respectively, in passive income tax losses
that were passed through to investors. The series also provided tax credits
per BAC to the investors of $.897 for 1996 and from $.194 to $.306 for 1995
depending on the investors' date of admission.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 23 was $25,009,648 and $27,189,858, respectively. The decrease
is 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, 1997 and 1996 the net loss of the series
was $1,996,916 and $546,204, 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 24). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 91.3% and 100%, respectively. The series had a
total of 23 properties at March 31, 1997. Out of the total, 19 were at 100%
qualified occupancy and 3 were in initial lease-up. The series also had 1
properties with multiple buildings some of which were under construction and
some of which were in initial lease-up at March 31, 1997.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $1,048,795 and $224,386, respectively, in passive income tax losses
that were passed through to investors. The series also provided tax credits
per BAC to the investors of $.503 for 1996 and from $.109 to $.163 for 1995
depending on the investors' date of admission.
32
As of March 31, 1997 and 1996, the Investments in Operating Partnerships
for Series 24 was $15,915,977 and $10,012,941, respectively. The increase is
a result of the Fund acquiring 8 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 year ended March 31, 1997 and for the period ended March 31, 1996
the net loss of the Series was $928,613 and $143,857, 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 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.
(Series 25). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 81.4% and 100%, respectively. The series had a
total of 22 properties at March 31, 1997. Out of the total, 8 were at 100%
qualified occupancy and 9 were in initial lease-up. The series also had 5
properties that were still under construction as of March 31, 1997.
For the tax year ended December 31, 1996, the series, in total, generated
$449,199 in passive income tax losses that were passed through to investors
and also provided $.134 in tax credits per BAC to the investors. For the tax
year ended December 31, 1995, the series generated $10,184 in passive income
but no tax credits per BAC to pass through to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 25 was $24,266,974 and $7,863,180, respectively. The increase is a
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 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, 1997 and for the period ended March 31, 1996
the net (loss) income of the series was $(760,670) and $40,545, 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 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.
33<PAGE>
(Series 26). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 87.7% and 38.7%, respectively. The series had a
total of 33 properties at March 31, 1997. Out of the total, 18 were at 100%
qualified occupancy and 7 were in initial lease-up. The series also had 7
properties that were under construction at March 31, 1997.
For the tax year ended December 31, 1996, the series, in total, generated
$752,999 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 $.256
March $.233
April $.210
May $.187
June $.163
As of March 31, 1997 and 1996, the Investments in Operating Partnerships
for Series 26 was $21,613,713 and $3,618,962, respectively. The increase is a
result of the Fund acquiring 26 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 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, 1997 and for the period ended March 31, 1996
the net loss of the series was $209,997 and $27,210, 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 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.
(Series 27). As of March 31, 1997 the average Qualified Occupancy for the
series was 100%. The series had a total of 7 properties at March 31, 1997.
Out of the total, 3 were at 100% qualified occupancy and 4 were still under
construction as of March 31, 1997.
For the tax year ended December 31, 1996, the series, in total, generated
$176,089 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 $.090
August $.075
September $.060
34<PAGE>
As of March 31, 1997, the Investments in Operating Partnerships
for Series 27 was $13,365,524. 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. 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, 1997 the net loss of the Series was
$24,327. The major components of this amount are the Fund's share of losses
from Operating Partnerships, the fund management fee, 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, and they become fully leased-up
and stabilize operations.
Since Series 27 did not commence operations until after March 31, 1996,
it does not have any comparative information to report.
(Series 28). As of March 31, 1997, the average Qualified Occupancy for
the series was 98.5%. The series had a total of 5 properties at March 31,
1997. Out of the total, 1 was at 100% qualified occupancy and 1 was in
initial lease-up . The series also had 3 properties that were still under
construction as of March 31, 1997.
For the tax year ended December 31, 1996, the series, in total, generated
$15,796 in passive income but did not generate any tax credits to pass through
to the investors.
As of March 31, 1997 the Investments in Operating Partnerships
for Series 28 was $3,387,008. 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, 1997 the net income of the series was
$91,590. 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.
35<PAGE>
Since Series 28 did not commence operations until after March 31, 1996,
it does not have any comparative information to report.
(Series 29). As of March 31, 1997, the average Qualified Occupancy for
the series was 0%. The series had a total of 3 properties at March 31,
1997 all of which were still under construction.
The series had not admitted any investors as of December 31, 1996,
therefore, it had no passive income tax losses or tax credits to pass through
to investors.
As of March 31, 1997, the Investments in Operating Partnerships
for Series 29 was $6,100,572. The amount is a result of the Fund acquiring
3 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
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, 1997 the net income of the series was
$934. 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, 1996,
it does not have any comparative information to report.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards ("SFAS') No. 128, "Earnings per Share" and
SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No.
128 provides accounting and reporting standards for the amount of earnings per
share. SFAS No. 129 requires the disclosure in summary form within the
financial statements of the pertinent rights and privileges of the various
securities outstanding. SFAS No. 128 and SFAS No. 129 are effective for
fiscal years ending after December 15, 1997 and earlier application is not
permitted.
The implementation of these standards is not expected to materially impact
the Partnership's financial statements because the Partnership's earnings per
share would not be significantly affected and the disclosures regarding the
capital structure in the financial statements would not be significantly
changed.
36
<PAGE>
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.
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 67, is co-founder and Chairman of the Board of
Boston Capital Corporation. Founded in 1974, Boston Capital, through its five
companies, offers a wide range of investment banking services to its domestic
and international clients. Mr. Collins has received Presidential appointments
from both President George Bush and President Bill Clinton. In 1992, President
Bush appointed Mr. Collins to the Presidential Advisory Committee on the Arts
at The Kennedy Center. In 1995, Mr. Collins was appointed by President Clinton
to the Thrift Depositor Protection Oversight Board. Mr. Collins is Chairman-
emeritus of the Council for Rural Housing and Development and former Chairman
of the Federal Home Loan Bank Board of Boston. Mr. Collins currently serves as
a member of the National Rural Housing Council, the Fannie Mae Housing Impact
Advisory Council, and is a member of the board of the National Housing
Conference. Mr. Collins is also involved with a number of civic and
charitable organizations with a particular interest in assisting disadvantaged
urban youth. These activities include serving on the boards of Youth Build -
Boston, the I Have a Dream Foundation, the Pine Street Inn and The Ron Burton
Training Village. Mr. Collins is a graduate of Harvard College and served in
the U.S. Marine Corps. He and his wife, Sheila, have six children. They reside
in Gloucester, Massachusetts.
John P. Manning, age 49, is co-founder, President and Chief Executive
Officer of Boston Capital Partners, Inc., and serves as member of the
Investment Committee. He has twenty-five years of experience in the financing,
development and operation of multi-family housing, especially affordable
housing. In addition to his responsibilities at Boston Capital, Mr. Manning
has been a proactive leader in the industry. He served as a member of the
Mitchell-Danforth Task Force, established by Senators Mitchell and Danforth in
1990, to review and reform the Low Income Housing Tax Credit. He was the
37<PAGE>
founding President of the Affordable Housing Tax Credit Coalition, is a member
of the board of the National Leased Housing Association and sits on the
Advisory Board of the Housing Development Reporter, three Washington D.C.
based housing organizations. In 1996, he was asked to be a judge by the FNMA
Foundation for its prestigious Maxwell Awards, given to the most outstanding
affordable housing projects in America. He served as a member of the
Massachusetts Housing Policy Committee, Executive Office of Communities &
Development, having been appointed by the Governor of Massachusetts. In
similar capacities, Mr. Manning has been asked to testify as an expert witness
before the U.S. House Ways and Means Committee and the U.S. Senate Finance
Committee, on the efficacy of the Low Income Housing Tax Credit, private
sector participation and the effects on the capital markets and the economy.
In 1996, President Clinton appointed him to the President's Advisory Committee
on the Arts at the John F. Kennedy Center for the Performing Arts, Washington,
D.C. Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 52, 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 served
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also served 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 42, 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 36, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over fourteen 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
38<PAGE>
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.
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 1997 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, 1997 was $1,747,642.
2. The Fund has reimbursed an affiliate of the General Partner a total
of $170,144 for amounts charged to operations during the year ended March 31,
1997. 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 $321,859 for amounts charged to syndication during the year ended March
31, 1997. 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 1997 fiscal year, the Fund accrued or paid $8,964,635 of
acquisition fees and expenses to the General Partner or its affiliates.
5. Dealer Manager fees of $1,994,540 were accrued or paid to Boston
Capital Services, Inc. during the 1997 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.
39 <PAGE>
As of March 31, 1997, 28,327,352 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.
(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, 1997.
(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.
40 <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, 1997 and 1996
Statements of Operations for the Period October 5, 1993 (date of
inception) through March 31, 1997
Statements of Changes in Partners' Capital for the Period October 5,
1993 (date of inception) through March 31, 1997
Statements of Cash Flows for the Period October 5, 1993 (date of
inception) through March 31, 1997
Notes to Financial Statements, March 31, 1997, 1996, and 1995
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.
41 <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).
e. Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).
f. Agreement of Limited Partnership of Smith House II Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).
g. Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on February 11, 1997).
h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by
reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on February 14, 1997).
i. Agreement of Limited Partnership of 352 Lenox Associates,
L.P.(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).
42<PAGE>
j. Agreement of Limited Partnership of Decro Nordoff, L.P.
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
December 16, 1997).
k. Agreement of Limited Partnership of Hurricane Hills, L.C.
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on March
25, 1997).
l. Agreement of Limited Partnership of Main Everett Housing, L.P.
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on March
25, 1997).
m. Agreement of Limited Partnership of Mokapoke Limited Partnership
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on March
25, 1997).
n. Agreement of Limited Partnership of Autumn Ridge Limited Partnership
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on March
26, 1997).
o. Agreement of Limited Partnership of Century East Apartments II
Limited Partnership (Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
p. Agreement of Limited Partnership of Coolidge-Pinal II Associates
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on March
26, 1997).
q. Agreement of Limited Partnership of Dublin Housing Associates Phase
II (Incorporated by reference from Registrant's current
report on Form K as filed with the Securities and Exchange
Commission on March 26, 1997).
r. Agreement of Limited Partnership of East Park Apartments II Limited
Partnership(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
s. Agreement of Limited Partnership of Edenfield Place Apartments,
L.P. (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
43<PAGE>
t. Agreement of Limited Partnership of Ethel Housing, L.P.(Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on March 26, 1997).
u. Agreement of Limited Partnership of Los Lunas Limited
Partnership(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
v. Agreement of Limited Partnership of New Devonshire West,
Limited Partnership (Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
w. Agreement of Limited Partnership of Northfield Housing,
L.P.(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
x. Agreement of Limited Partnership of Ohio Investors Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
y. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
z. Agreement of Limited Partnership of Overton Associates Limited
Partnership(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
aa. Agreement of Limited Partnership of Pahrump Valley Investors
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
ab. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).
ac. Agreement of Limited Partnership of Shannon Housing, L.P.
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
44<PAGE>
ad. Agreement of Limited Partnership of Sutton Place Apartments
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
ae. Agreement of Limited Partnership of West Point Housing,
L.P.(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
af. Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).
ag. Agreement of Limited Partnership of Laurelwood Park Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).
ah. Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).
ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).
45<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 February 1, 1995, concerning the
Partnership's investment in Cynthiana Properties Limited filed with the
commission on February 1, 1995.
Report on Form 8-K dated October 13, 1995, concerning the
Partnership's investment in North Hampton Place Limited Partnership
filed with the commission on October 13, 1995.
Report on Form 8-K dated February 29, 1996, concerning the
Partnership's investment in Brook Summit Apartments, LP filed with the
commission on February 29, 1996.
Report on Form 8-K dated December 16, 1996, concerning the
Partnership's investment in New Madison Park IV Limited Partnership filed
with the commission on December 16, 1996.
Report on Form 8-K dated December 16, 1996, concerning the
Partnership's investment in Smith House II Limited Partnership filed with the
commission on December 16, 1996.
Report on Form 8-K dated February 11, 1997, concerning the
Partnership's investment in Pear Village Limited Partnership filed with the
commission on February 11, 1997.
Report on Form 8-K dated February 14, 1997, concerning the
Partnership's investment in M.R.H., L.P. filed with the commission on
February 14, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in 352 Lennox Associates, L.P. filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Decro Nordhoff, L.P. filed with the commission on
March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Hurricane Hills, L.C. filed with the commission on
March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Main Everett Housing, L.P. filed with the
commission on March 25, 1997.
46<PAGE>
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Mokapoke Limited Partnership filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Autumn Ridge Limited Partnership filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Century East Apartments II Limited Partnership
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Coolidge-Pinal II Associates filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Dublin Housing Associates, Phase II filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in East Park Apartments II Limited Partnership filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Edenfield Place Apartments, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ethel Housing, L.P. filed with the commission on
March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Los Lunas Limited Partnership filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in New Devonshire West, Limited Partnership filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Northfield Housing L.P. filed with the commission
on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ohio Investors Limited Partnership filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Osborne Housing, L.P. filed with the commission on
March 26, 1997.
47<PAGE>
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Overton Associates Limited Partnership filed with
the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Pahrump Valley Investors filed with the commission
on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Shannon Housing, L.P. filed with the commission on
March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Sutton Place Apartments, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in West Point Housing, L.P. filed with the commission
on March 26, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Jeremy Associates Limited Partnership filed with
the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Laurelwood Park Limited Partnership filed with the
commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Roxbury Housing Veterans Limited Partnership filed
with the commission on March 27, 1997.
(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
48<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 15, 1997 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 15, 1997 /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
49<PAGE>
<PAGE>
PAGE> 1
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
SERIES 20 THROUGH SERIES 29
MARCH 31, 1997 AND 1996
<PAGE>
<PAGE> 2
Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 29
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-6
STATEMENTS OF OPERATIONS F-17
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-26
STATEMENTS OF CASH FLOWS F-35
NOTES TO FINANCIAL STATEMENTS F-53
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-109
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>
<PAGE> 3
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, 1997 and 1996, and the related
statements of operations, changes in partners' capital and cash flows for
the years ended March 31, 1997, 1996 and 1995 and Boston Capital Tax Credit
Fund IV L.P. - Series 20 through 29 as of March 31, 1997 and Series 20
through 26 as of March 31, 1996 and the related statements of operations,
partners' capital and cash flows for the years ended March 31, 1997 and 1996
and for the year end March 31, 1995 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, for the period
January 18, 1996 (date of inception) through March 31, 1996 for Series 26,
for the period June 17, 1996 (date of inception) through March 31, 1997 for
Series 27, for the period September 30, 1996 (date of inception) through
March 31, 1997 for Series 28, and for the period February 10, 1997 (date of
inception) through March 31, 1997 for Series 29. 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
i n t e rest. Investments in such partnerships comprise the following
percentages: Total, 13% and 18% of the assets as of March 31, 1997 and 1996,
respectively, and 12%, 18% and 8% of the partnership loss for the years
ended March 31, 1997, 1996 and 1995, respectively; of the assets for Series
20 as of March 31, 1997 and 1996, 10% and 33%, respectively; of the
partnership loss for Series 20 for the years ended March 31, 1997, 1996,
and 1995, 9%, 25% and 12%, respectively; of the assets for Series 21 as of
March 31, 1997 and 1996, 22% and 22%; of the partnership loss for Series 21
for the years ended March 31, 1997 and 1996; and for the period July 5, 1994
(date of inception) through March 31, 1995, 11%, 0% and 1%, respectively; of
the assets for Series 22 as of March 31, 1997 and 1996, 8% and 8%,
respectively; of the partnership loss for Series 22 for the years ended
March 31, 1997 and 1996 and for the period October 12, 1994 (date of
inception) through March 31, 1995, 6%, 10% and 0%, respectively; of the
assets for Series 23 as of March 31, 1997 and 1996, 29% and 29%,
respectively; of the partnership loss for Series 23 for the years ended
March 31, 1997 and 1996, and for the period January 10, 1995
F-3
<PAGE>
<PAGE> 4
(date of inception) through March 31, 1995, 16%, 34% and 0% respectively; of
the assets for Series 24 as of March 31, 1997 and 1996, 30% and 7%,
respectively; of the partnership loss for Series 24 for the years ended
March 31, 1997 and for the period June 29, 1995 (date of inception) through
March 31, 1996, 27% and 32%, respectively; of the assets for Series 25 as of
March 31, 1997 and 1996, 25% and 4%, respectively; of the partnership loss
for Series 25 for the year ended March 31, 1997 and for the period
September 22, 1995 (date of inception) through March 31, 1996, 16% and 1%,
respectively; of the assets for Series 26 as of March 31, 1997 and 1996,
11% and 32%, respectively; and of the partnership loss for Series 26 for the
year ended March 31, 1997 and for the period January 18, 1996 (date of
inception) through March 31, 1996, 13% and 0%, respectively; of the assets
for Series 27 as of March 31, 1997, 0%, and of the partnership loss for
Series 27 for the period June 16, 1996 (date of inception) through March 31,
1997, 0%, of the assets for Series 28 as of March 31, 1997, __%, and of the
partnership loss for Series 28 for the period September 30, 1996 (date of
inception) through March 31, 1997, 0%; and of the assets for Series 29 as of
March 31, 1997, 0%; and of the partnership loss for Series 29 for the period
February 10, 1997 (date of inception) through March 31, 1997, 0%. The
financial statements 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.
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, 1997 and 1996 and the results of its operations and
its cash flows for the years ended March 31, 1997 and 1996 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 29 as of March 31, 1997
and Series 20 through 26 as of March 31, 1996 and the results of their
operations and their cash flows for the years ended March 31, 1997 and 1996
and for the year ended March 31, 1995 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, for the period
January 18, 1996 (date of inception) through March 31, 1996 for Series 26,
for the period June 16, 1996 (date of inception) through March 31, 1997 for
Series 27, for the period September 30, 1996 (date of inception) through
March 31, 1997 for Series 28, and for the period February 10, 1997 (date of
inception) through March 31, 1997 in conformity with generally accepted
accounting principles.
F-4
<PAGE>
<PAGE> 5
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 29 as of
March 31, 1997. 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 8, 1997
F-5
<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, 1996 and 1995, 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, 1996 and 1995, and the results of
its operations, 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 11 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 28, 1997<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 Moore Street
Bristol, Virginia 24201
(703) 669-5531 Fax (703)669-5576
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, 1996 and
1995 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. 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 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, 1996 and 1995 and the results of its
operations, changes in partners' equity and 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 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.
In accordance with Government Standards, I have also issued a report dated
February 15, 1997 on my consideration of Bennetts Pointe Limited
Partnership's internal control structure and a report dated February 15,
1997 on its compliance with laws and regulations applicable to the
financial statements.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1997<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants - Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Breeze Cove Limited Partnership
Madison, Wisconsin
We have audited the accompanying balance sheet of Breeze Cove Limited
Partnership as of December 31, 1996, and the related statements of loss,
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. The financial statements of Breeze Cove Limited Partnership
for the year ended December 31, 1995 were audited by other auditors, whose
report dated January 17, 1996 expressed an unqualified opinion on those
statements.
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 Breeze Cove Limited
Partnership as of December 31, 1996, and the results of its operations,
changes in partners' equity and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in Note I to
the financial statements, the partnership has incurred recurring negative
cash flows and anticipates that negative cash flows will continue. These
factors raise substantial doubt about the partnership's ability to continue
as a going concern. Management's plans in regard to these matters are also
described in Note 1. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
January 17, 1997
1221 John Q. Hammons Dr. P.O. Box 44966 Madison, WI 53744-4966
(608) 831-8181 - FAX (608) 831-4243 MADISON - MILWAUKEE - ROCKFORD<PAGE>
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646 MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED
(773) 777-4445 PUBLIC ACCOUNTS
FAX (773) 777-6657 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 as of December 31, 1996 and 1995, 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 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 EAST DOUGLAS APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1996, 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 accompanying information in
Schedule I 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 producers 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.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
June 30, 1997
<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
To The Partners
Fairoaks Lane Limited Partnership
We have audited the accompanying balance sheets of Fairoaks Lane Limited
Partnership, as of December 31, 1996 and 1995, 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, 1996 and 1995, 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 29, 1997 on our consideration of Fairoaks Lane Limited
Partnership's internal control structure and a report dated January 29,
1997 on its compliance with laws and regulations.
GOLDEN ASSOCIATES
Certified Public Accountants
January 29, 1997
Hinesville, Georgia
Telephone (912) 369-7575 Fax (912) 876-8798
Members American Institute and Georgia Society of CPAs<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
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, 1996 and 1995, 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, 1996 and 1995, 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 29, 1997 on our consideration of Forest Glen Village
Limited Partnership's internal control structure and a report dated January
29, 1997 on its compliance with laws and regulations.
GOLDEN ASSOCIATES
Certified Public Accountants
January 29, 1997
Hinesville, Georgia
Telephone (912) 369-7575 Fax (912) 876-8798
Members American Institute and Georgia Society of CPAs<PAGE>
Martin A, Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1996 and 1995,
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. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit 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 audit
provides 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 Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1996 and 1995,
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.
My audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 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 my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Martin A. Starr
Certified Public Accountant
February 5, 1997
Certified Public Accountant
4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93309
805-635-3185 FAX 805-635-3190<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>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 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 1
<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 CPAs<PAGE>
Coopers & Lybrand L.L.P.
Coopers & Lybrand 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, 1995, and the
related statements of operations and 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 Evergreen Hills
Associates, L.P., as of December 31, 1995, and the results of its
operations, changes in partners' capital and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
Rochester, New York
February 5, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited-liability association incorporated in Switzerland.
<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 CPAs<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 CPAs<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>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 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, 1994, 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. 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, 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
May 15, 1995
Page I<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 6, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
CLARKSVILLE ESTATES, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' 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 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 year then ended in conformity with
generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
Cole, Evans & Peterson
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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey, 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 J. Bishop, C.P.A.
Mary Wells Carmody, C.P.A. Eric D. Smith, C.P.A.
David W. Sullock, C.P.A. Nina G. Glorioso, C.P.A.
J. Amy Hemmings ,C.P.A.
January 31, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Coushatta Seniors II Apartments,
A Louisiana Partnership in Commendam
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 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 II
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>
Cole, Evans & Peterson
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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey, 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 J. Bishop, C.P. A.
Mary Wells Carmody, C.P.A. Eric D. Smith, C.P.A.
David W. Sullock, C.P.A. Nina G. Glorioso, C.P.A.
J. Amy Hemmings ,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 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>
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. is a member of Coopers & Lybrand International, a
limited-liability association incorporated in Switzerland.
<PAGE>
WAY, RAY, SHELTON & CO., P.C.
Certified Public Accountants
Members
American Institute of
Certified Public Accountants
Alabama Society of
Certified Public Accountants
216 McFarland Circle North
Tuscaloosa, Alabama 35406 205/35-5860
FAX 205/35-5883
Robert S. Way, CPA
W. Paul Ray, CPA
Steven A. Shelton, CPA
Kimberly F. Elmore, CPA
Steven L. Mitchell, CPA
Cincy T. Savage, CPA
Sonia M. Chism, CPA
M. Elbert Sims, Jr. CPA
Susan L. Sparks, CPA
Elizabeth E. Bates, CPA
Stacey M. Shinas, CPA
Pamela D. Shay, CPA
Laura W. Ryan, CPA
Roger F. Bryant, CPA
Roger F. Bryant, CPA
Russell W. Raney, CPA
Natalie T. Minor, CPA
INDEPENDENT AUDITORS' REPORT
Franklinton Elderly Housing, Ltd.
P.O. Box 168
Tuscaloosa, Alabama 35402
Dear Partners:
We have audited the accompanying balance sheet of Franklinton Elderly
Housing Ltd., as of December 31, 1994, and the related statements of
income, changes in partners' capital, and 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 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 Franklinton Elderly
Housing, Ltd. as of 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.
Our audit was made for the purposes 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.
Respectfully submitted,
Way, Ray Shelton & Co. P.C.
Certified Public Accountants
<PAGE>
Cole, Evans & Peterson
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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey, 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 J. Bishop, C.P. A.
Mary Wells Carmody, C.P.A. Eric D. Smith, C.P.A.
David W. Sullock, C.P.A. Nina G. Glorioso, C.P.A.
J. Amy Hemmings ,C.P.A.
February 6, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Harrisonburg Seniors Apartments,
A Louisiana Partnership in Commendam
Mansfield, Louisiana
We have audited the accompanying balance sheet of Harrisonburg Seniors
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 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 Harrisonburg Seniors
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>
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, 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for year 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, 1994, and the results of its operations
and its cash flows for the year 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
May 15, 1995
Page 1
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Parkside Housing Limited Partnership
We have audited the accompanying balance sheet of Parkside Housing Limited
Partnership as of December 31, 1994, and the related statements of
operations, partners' equity and cash flows for the period December 13,
1994, 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 Parkside Housing
Limited Partnership as of December 31, 1994, and the results of its
operations, the changes in partners' equity and cash flows for the period
December 13, 1994, 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.
Portland, Maine
March 22, 1995
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire
Manchester, New Hampshire
Cole, Evans & Peterson
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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey, 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 J. Bishop, C.P. A.
Mary Wells Carmody, C.P.A. Eric D. Smith, C.P.A.
David W. Sullock, C.P.A. Nina G. Glorioso, C.P.A.
J. Amy Hemmings ,C.P.A.
January 23, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Shady Lane Seniors Apartments,
A Louisiana Partnership in Commendam
Mansfield, Louisiana
We have audited the accompanying balance sheet of Shady Lane Seniors
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 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 Shady Lane Seniors
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>
STANCIL & COMPANY
INDEPENDENT AUDITORS REPORT
To the Partners of
Better Homes for Havelock Limited Partnership
Raleigh, North Carolina
We have audited the balance sheets of Better Homes for Havelock Limited
Partnership (a limited partnership) as of December 31, 1996 and the related
statements of loss, partners capital, and 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 audit. The financial statements of Better Homes
for Havelock Limited Partnership as of December 31, 1995 were audited by
other auditors whose report dated February 16, 1996 and March 1, 1996,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards; 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, 1996 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 11, 1997 on our consideration of Better Homes for
Havelock Limited Partnership s internal control structure and a report
dated March 11, 1997 on its compliance with laws and regulations.
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 12 through 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 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.
Raleigh, North Carolina
March 11, 1997
Certified Public Consultants
Management Consultants
1055 Dresser Court, Raleigh, North Carolina 27609, Tel: 919/872-1260 Fax:
919/872-6182
Jack M. Stancil 0 Reginald L. Dupree * Henry L. White
<PAGE>
STIENESSEN - 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 sheets of Black River Run Limited
Partnership as of December 31, 1996 and 1995, 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 Black River Run Limited
Partnership, as of December 31, 1996 and 1995, and the results of its
operations, 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
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 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 9, 1997
2411 N. Hillcrest Parkway P.O. Box 810 Eau Claire, WI 54702-0810
Phone (715) 832-3425 Fax (715) 832-1665<PAGE>
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
Oscar N. Harris, CPA Sherry S. Johnson, CPA
Kenneth E. Milton, CPA Connie P. Stancil, CPA
Members: American Institute of CPAs - North Carolina Association of CPAs
INDEPENDENT AUDITOR S REPORT
To the Partners of
Live0ak Village Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of LiveOak Village Limited Partnership
(an Alabama Limited Partnership) as of December 31, 1996 and 1995, and the
related statements of partners, capital, income, 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 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 LiveOak Village Limited
Partnership as of December 31, 1996 and 1995, 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. Schedules 1, 2, 3, and 4 on pages
13, 14, 15, and 16 are presented for purposes of additional analysis and
are 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
January 31, 1997
100 East Cumberland Street P.O. Box 578 Dunn, N.C. 28335
(910) 892-1021 Fax (910) 892-6084<PAGE>
RANKIN,RANKIIN 6 COMPANY
Certified Public Accountants
Lookout Corporate Center
Tel 606/331-5000
1717 Dixie Highway, Suite @-00
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, 1996, 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, 1996, 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
February 20, 1997
1
<PAGE>
STIENESSEN - 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 sheets of Pinedale II Limited
Partnership as of December 31, 1996 and 1995, 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 Pinedale II Limited
Partnership, as of December 31, 1996 and 1995, and the results of its
operations, 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
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.
Certified Public Accountants
January 13, 1997
2411 N. Hillcrest Parkway P.O. Box 810 Eu Claire, WI 54702-0810
Phone (715) 832-3425 Fax (715) 832-1665<PAGE>
STIENESSEN - SCHELEGEL & Co.
Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITOR S REPORT
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse Crossing II
Limited Partnership as of December 31, 1996 and 1995, 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 Pumphouse Crossing H
Limited Partnership, as of December 31, 1996 and 1995, and the results of
its operations, 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
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.
CERTIFIED PUBLIC ACCOUNTANTS
January 20, 1997
2411 N. Hillcrest Parkway P.O. Box 810 Eau Claire, WI 54702-0810
Phone (715) 832-3425 Fax (715) 832-1665<PAGE>
McMillan, Pate & King, L.L.P.
CERTIFIED PUBLIC ACCOUNTANT
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
INDEPENDENT AUDITORS REPORT
Partners
Better Homes for Havelock Limited Partnership
We have audited the balance sheets of Better Homes for Havelock Limited
Partnership (a 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, 1995 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
pages 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, 1996
and March 1, 1996<PAGE>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinsville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
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
Telephone (912) 369-7575 Fax (912) 876-8798
Members: American Institute and Georgia Society of CPAs
<PAGE>
RANKIN,RANKIIN 6 COMPANY
Certified Public Accountants
Lookout Corporate Center
Tel 606/331-5000
1717 Dixie Highway, Suite @-00
Ft Wright, Kentucky 41011
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
1
<PAGE>
MCMILLAN, 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 balance sheets of Better Homes for Havelock Limited
Partnership (a 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 of inception) 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 in conformity
with generally accepted accounting principles.
June 20, 1995<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 Live0ak Village Limited
Partnership as of December 31, 1994, in conformity with generally accepted
accounting principles.Certified Public Accountants
June 30, 1995
100 EAST CUMBERBERLAND STREET, P,O. BOX 578, DUNN, N.C. 28335 (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
(606) 331-5000
INDEPENDENT AUDITOR S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge 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 financial statement
presentation. We believe that our audit of the balance sheet provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
materialrespects, the financial position of Lookout Ridge Limited
Partnershipas of December 31, 1994, in conformity with generally accepted
accounting principles.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
June 7,1995
3-<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
ELY TAMA, CPA 32783 MIDDLEBELT ROAD
JEFFREY F. BUDAJ. CPA FARMINGTON HILLS. MICHIGAN 48334-1726
BARTON A. LOWEN, CPA
EMIL A RAAB, CPA (810) 626-3800
DIANE L. ISAACS, CPA
JOHN W. WEIPERT, CPA FAX NO. (810) 626-2276
SEAN M. DONOVAN, CPA
Independent Auditor s Report ALSO LICENSED IN FLORIDA AND SOUTH CAROLINA
To the Partners of
Clarendon Court Limited Partnership
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
We have audited the accompanying balance sheet of CLARENDON COURT LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the related statements of
operations, changes in partners equity (deficit) and cash flows for the
year ended December 31, 1996 and 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 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 CLARENDON COURT LIMITED
PARTNERSHIP, as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the year ended December 31, 1996 and the
period March 29, 1995 (date operational) to December 31, 1995 in conformity
with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying information
listed in the table of contents is presented for the purpose of additional
analysis and is not a required part of the basic financial statements.
This accompanying information is the responsibility of the partnership s
management. Such information, except for the portion marked unaudited on
which we express no opinion, has been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when-considered in relation to
the basic financial statements taken as a whole.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
January 31, 1997
2<PAGE>
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR S REPORT
To the Partners
Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree Limited
Partnership as of December 31, 1996 and 1995, 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 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. 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 Lost Tree Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations, changes in partners, equity (deficit) and 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 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 my opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Tom Mechsner
Certified Public Accountant
February 17, 1997
Matthews, Hearon & Cutrer
CERTIFIED PUBLIC ACCOUNTANTS
J. Erik Hearon, CPA
Brett C. Matthews, CPA
J. Raleigh Cutter, CPA
Charles R. Lindsay, Jr., CPA
Tammy I- Burney, CPA<PAGE>
A. Joseph Tommasini, CPA
Elizabeth Hulen Barr, CPA
INDEPENDENT AUDITOR S REPORT
Members
American Institute of
Certified Public Accountants
Mississippi Society of
Certified public Accountants
National Litigation
Support Association
To the Partners
Philadelphia Housing 11, Limited Partnership
Philadelphia, Mississippi
We have audited the accompanying balance sheets of Philadelphia Housing 11,
Limited Partnership (a Mississippi limited partnership), FMHA Project No.
28-050-640808922 as of December 31, 1996 and 1995, and the related
statements of operations, partners capital (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 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
11, Limited Partnership, 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 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 (FMHA Form 1930-8) and 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.
<PAGE>
Jackson, Mississippi
January 16, 1997
633 North State Street - Suite 607 Jackson, Mississippi 39202-3306
Telephone (601) 355-9266 - Facsimile (601) 352-6826<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
ELY TAMA, CPA 32783 MIC)DLEBELT ROAD
JEFFREY F. BUDAJ. CPA FARMINGTON HILLS. MICHIGAN 48334-1726
BARTON A. LOWEN. CPA
EMIL A. RAAB, CPA (810) 626-3800
DIANE L. ISAACS. CPA
JOHN W. WEIPERT, CPA FAX NO. (810) 626-2276
SEAN M. DONOVAN, CPA
ALSO LICENSED IN FLORIDA
AND SOUTH CAROLINA
Independent Auditor s Report
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
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 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 of the balance sheet
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 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.
7-
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
March 29, 1995
2<PAGE>
HOWE & ASSOCIATES, PC
CER11FIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 12, 1995
INDEPENDENT AUDITOR S REPORT
Partners
RICHMOND-HARDIN, LP
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 AUDITOR S REPORT
Partners
TROY VILLA, LP
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>
MARGOLIN, WINER & EVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS
ESTAIBLISHED 1946
400 GARDEN CITY PLAZA - GARDEN CITY, NEW YORK 11 530-3317
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 accompanying balance sheets of Colonna Redevelopment
Company L.P. (a New York Limited Partnership) (the Partnership ) as of
December 31, 1996 and 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 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 Colonna Redevelopment
Company L.P. as of December 31, 1996 and 1995, 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 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 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.
January 21, 1997
<PAGE>
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.
I have audited the accompanying balance sheets of Halls Ferry Apartments,
L.P. as of December 31, 1996, and 1995 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 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. 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 Halls Ferry Apartments,
L.P. as of December 31, 1996 and 1995, and the results of its operations,
changes in partners equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Tom Mechsner
Certified Public Accountant
February 17, 1997
<PAGE>
YEO & YEO
Independent Auditors Report
Saginaw
Alma
Flint
Ithaca,
Kalamazoo
Lansing
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, 1996 and
1995, and the related statements of income, partners equity and cash flows
for the years ending December 31, 1996 and 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 audits
provide a reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued a
report dated February 25, 1996 on our consideration of Ithaca I Limited
Partnership s internal control structure and a report dated February 25,
1996 on Rs 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, 1996 and 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 conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information
presented on pages 10 through 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 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 25, 1997<PAGE>
Yeo & Yeo PC.
Certified Public Accountants
912 Centennial Way
Suite 300
Lansing, MI -48917
(517) 323-9500
FAX (517) 323-8360
Ehrhardt Keefe Steiner & Hottman P.C.
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS REPORT
To the Partners
Kimbark 1200 Associates, Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No. 101-98011
of Kimbark 1200 Associates, Limited Partnership, as of December 31, 1996,
and the related statements of profit and loss, changes in partners equity,
and cash flows for the year then ended. These financial statements are the
responsibility of the Project 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 FHA Project No. 101-
98011 as of December 31, 1996, and the results of its operations and the
changes in partners equity and cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 14, 1997 on our consideration of FHA Project No. 101-
98011 s internal control structure and a report dated February 14, 1997 on
its compliance with specific requirements applicable to major HUD programs
and specific requirements applicable to affirmative fair housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data included in the
report (shown on pages 15 through 20) are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements of FHA Project No. 101-98011. 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 financial statements taken as a whole.
Hottman PC
February 14, 1997
Denver, Colorado
Audit Partner: Lisa M. Pease
EIN: 84-0869721
7979 E. Tufts Avenue, Suite 400 Denver, Colorado 80237-2843
303 -i4O-9400 Fax 303 740-9009
Member of DFK International and IKF International Providing Services in
Cities Worldwide<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 sheets of Sacramento SRO Limited
Partnership as of December 31, 1996 and 1995 and the related statements of
operations, partners capital, and statements 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 audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. These 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 Sacramento SRO Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
CONSIDINE & CONSIDINE
An Accountnacy Corporation
March 17, 1997
Certified Public Accountants
Member of AICPA<PAGE>
GORACKE & WILCOX, P.C.
Certified Public Accountants
5O1O SOUTH 118TH STREET, SUITE 100 0 OMAHA, NEBRASKA 68137-2208
TELEPHONE 402-896-1500
VIRGIL J. GORACKE, C.P.A. DOUGLAS A. GORACKE, C.P.A.
MICHAEL E. WILCOX, C.P.A. PAUL F. PIOTROWSKI, C.P.A.
CHRIS E. R117ERBUSH. C.PA. JEFFREY A. DUNN, C.P.A.
INDEPENDENT AUDITOR S REPORT
To the Partners
South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills Apartments,
L.P. as of December 31, 1996 and 1995, 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 South Hills Apartments,
L.P. as of December 31, 1996 and 1995, and the results of its operations,
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 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.
Goracke & Wilcox,
P.C.February 5, 1997
I-3
<PAGE>
EKS&H
Ehrhardt Keefe Steiner & Hottman P.C.
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 Kirnbark 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.
Ehrhardt Keefe Steiner Hottman PC
January 29, 1996
Denver, Colorado
7979 E. Tufts Avenue, Suite 400 Denver, Colorado 80237-2843
303 740-9400 Fax 303 740-9009
Member of DFK International and I)KF International - Providing Services in
Cities Worldwide<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 statement 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 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 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
CERRIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA
1501 FIFTH AVENUE, SUITE 400 - SAN DIEGO, CA 92101-3202
(619) 231-19 77 - FAX: (619) 231-8244<PAGE>
NOVOGRADAC & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
MICHAEL J. NOVOGRADAC ATLANTA
RICHARD D. HUTCHINS
JON E. KRABBENSCHMIDT LOS ANGELES
HARRY ABRAM
WALTER C. McGILL, JR PORTLAND
SCOTT J. HUBBARD
Independent Auditors Report
STEPHEN B. TRACY
SAN FRANCISCO
To the Partners of
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 account 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>
YOUNG & PRICKITT, P C. Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-2100
540/982-3552
540/343-9231 FAX
INDEPENDENT AUDITOR S REPORT
To the Partners
Autumn Ridge Associates
Roanoke, Virginia:
We have audited the accompanying balance Sheet of Autumn Ridge Associates
(A Virginia Limited Partnership) as of December 31, 1996. This financial
statement is the responsibility of the Company 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 of the balance sheet
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 Autumn Ridge Associates (A
Virginia Limited Partnership) as of December 31, 1996, in conformity with
generally accepted accounting principles.
February 21, 1997
<PAGE>
RNK
INDEPENDENT AUDITORS' REPORT
To the Partners
Elm Street Associates, L.P.
We have audited the accompanying balance sheet of Elm Street Associates,
L.P. as of December 31, 1996, and the related statements of operations,
partners' capital and cash flows for the year then ended. These financial
statements are the responsibility of the partnerships' 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 than 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 Elm Street Associates,
L.P.,
as of December 31, 1996, and the results of its operations, changes in
partners' capital and cash flows for the year then ended in conformity with
generally accepted accounting principles.
January 30, 1997
ROSENBERG, NEUWIRTH & KUCHNER
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - FAX
(212) 643-1951<PAGE>
YORK, DILLINGHAM & COMPANY. P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK
JOHN M. DILLINGHAM
MEMBERS:
AMERICAN INSTITUTE OF C P.A S
TENNESSEE SOCIETY OF C PA S
P 0 BOX 551
BRANCH OFFICES:
1708 ALPINE DRIVE
219 N MILITARY AVE. LAWRENCEBURG. TN
COLUMBIA. TENNESSEE 38402-0551
TELEPHONE (615) 762-6877
TELEPHONE (615@ 388-0517
147 LINDEN HWY.. CENTERVILLE. TN
FAX (615) 381-3440
TELEPHONE (615) 729-3229
120 N SECOND ST. PULASKI. TN
(615) 424-9063
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, 1996 and
1995, and the related statement 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 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 Brownsville Associates,
Limited (a Tennessee limited partnership) d/b/a Brownsville Village
Apartments, FMHA Project No. : 48-038-621467876, as of December 31, 1996 and
1995, and the results of its operations, the changes in partners' equity and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 17, 1997 on our consideration of Brownsville Associates,
Limited's internal control structure and a report dated February 17, 1997 on
its compliance with laws and regulations applicable to the financial
statements.
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
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.
Columbia, Tennessee
February 17, 1997
- -2-<PAGE>
Ruljancich
Blume
Loveridge& CO., PLLC
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners
Coolidge-Pinal II Associates, a Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheet of Coolidge-Pinal II
Associates, a Washington Limited Partnership, as of December 31, 1996, and
the related statements of operations, changes in 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 and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform an 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 Coolidge-Pinal II
Associates, a Washington Limited Partnership, as of December 31, 1996, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report, dated January 31, 1997, on our consideration of the Partnership's
internal control structure and a report, dated January 31, 1997, on its
compliance with laws and regulations.
January 31, 1997
Page 1
11100 NE 8th Street, Suite 410 Bellevue, Washington 98004-4441 (206) 453-
2088 Fax (206) 646-3368<PAGE>
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners
Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas Apartments
Limited Partnership d/b/a Hillridge Apartments as of December 31, 1996, 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 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 Los Lunas Apartments
Limited Partnership d/b/a Hillridge Apartments as of December 31, 1996, and
the results of its operations, changes in partners I equity and cash flows
for the year ended in conformity with generally accepted accounting
principles.
June 11, 1997<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 sheets of New Hilltop Apartments, A
Limited Partnership (A South Carolina Limited Partnership), as of December 31,
1996 and 1995, and the related statements of operations, partners' equity and
cash flows for December 31, 1996 and from November 8, 1995 to 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 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 New Hilltop Apartments, A
Limited Partnership, as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for December 31, 1996 and from November 8, 1995
to December 31, 1995, in conformity with generally accepted accounting
principles.
February 19, 1997
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 Telephone
803-790-0020 * Fax 803-790-0011<PAGE>
Bybee & Company
A BUSINESS DEVELOPMENT COMPANY
100 South 500 West, Suite 200
Bountiful, Utah 84010
(801) 295-2992
Independent Auditor s Report
Partners
Shadow Creek Apartments
Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek Apartments
(project), FmHA Case No. 33-002-0880283493, is of December 31, 1996 and the
related statements of operations, changes in Project equity and cash flows
for the period October 1, 1996 through December 31, 1996. These financial
statements are the responsibility of the Project 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 with Governments 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 of disclosures
in the financial statements. An audit also includes assessing the
accounting principles used in significant estimates made by management as
well as evaluating the overall 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 the Project as of
December 31, 1996 and the results of its operations and cash flows for tile
period October 1, 1996 through December 31, 1996, in conformity with
general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental data included in
the report (shown on pages 10 and 11) are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements of the Project for the period October 1, 1996 through December
31, 1996. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly presented in all material respects in relation to the financial
statements taken as a whole.
In accrodance with Government Auditing Standards, we have issued a report
dated May 30, 1997, on its compliance with laws and regulations.
May 30, 1997
<PAGE>
BURKE & REA
EDWARD T. BURKE, C.P.A.
BERNARD E. REA, C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Pahrump Valley Investors
(A Wyoming Limited Partnership)
Cheyenne, Wyoming
We have audited the accompanying balance sheet of Pahrump Valley Investors (A
Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-
680204949, as of December 31, 1996 and the related statements of income,
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 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 Pahrump Valley Investors (A
Wyoming Limited Partnership) as of December 31, 1996 and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated May 28, 1997 on our consideration of Pahrump Valley Investors' internal
control structure and a report dated May 28, 1997 on its compliance with laws
and regulations.
Stockton, California
May 28, 1997
P.O. BOX 4632
STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115
<PAGE>
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK
JOHN M. DILLINGHAM
MEMBERS:
AMERICAN INSTITUTE OF CPA.'S
TENNESSEE SOCIETY OF C.P.A:S
P 0 BOX 551
BRANCH OFFICES
1708 ALPINE DRIVE
219 N MILITARY AVE. LAWRENCEBURG. TN
COLUMBIA. TENNESSEE 38402-0551
TELEPHONE (615) 762-6877
TELEPHONE (615) 388-0517
147 LINDEN HWY. CENTERVILLE, TN
FAX (615) 381-3440
TELEPHONE (6151 729-3229
INDEPENDENT AUDITORS' REPORT
120 N SECOND ST. PULASKI. TN
(615) 424-9063
To the Partners
Stanton Associates, 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, 1996 and 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 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 Stanton Associates,
Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments,
FMHA Project No,. : 48-038-621542356, as of December 31, 1996 and 1995, and
the results of its operations, the changes in partners' equity 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 February 14, 1997 on our consideration of Stanton Associates,
Limited's internal control structure and a report dated February 14, 1997
on its compliance with laws and regulations applicable to the financial
statements.
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 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.
Columbia, Tennessee
February 14, 1997
<PAGE>
Bybee & Company
A BUSINESS DEVELOPMENT COMPANY
100 South 500 West, Suite 200
Bountiful, Utah 84010
(801) 295-2992
Independent Auditor's Report
Partners
Woodlands Apartments
Elko, Nevada
We have audited the accompanying balance sheets of Woodlands Apartments
(Project), FMHA Case 14o. 33-004-0880314570, as of December 31, 1996 and
1995 and the related statements of operations, changes in Project equity
and cash flows for the year and the period November 2, 1995 through
December 31, 1995. These financial statements are the responsibility of
the Project'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 with 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 the Project as of
December 31, 1996 and 1995 and the results of its operations and cash flows
for the year and the period November 2, 1995 through December 31,1995, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental data included in
the report (shown on pages 10 and 11) are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements of the Project for the year ended December 31, 1996. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
presented in all material respects in relation to the financial statements
taken as a whole.
In accordance with Government Auditing Standards, we have issued a report
dated January 28, 1997, on our consideration of the Project's internal
control structure and a report dated January 28, 1997, on its compliance
with laws and regulations.
January 28, 1997<PAGE>
Sonnenberg & Company
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte, L.P-, a
California Limited Partnership, as of December 31, 1996, and the related
statement of partners' equity 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 an 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, an 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
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in
material respects, the financial position of SG-Wyandotte, L.P. as of
December 31, 1996, and the changes in partners equity for the year then
ended in conformity with generally accepted accounting principles.
February 12, 1997
Sonnenberg & Company, CPAs
Member: The American Institute of Certified Public Accountants and
California Society of Certified Public Accountants.<PAGE>
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
STOCKHOLDERS ASSOCIATES
J. Thomas Grantham, Jr., CPA, CFP Stephanie B. Maddox,
CPA
Vance Randall, CPA Dorothy A. Gray, CPA
Alan G. Arrington, CPA Angela G. Fisher, CPA
Mary Ann Mosal, CPA Marcy L. Lee, CPA
EMERITUS SPECIAL PROJECTS
Roger E. Muns, CPA Pete Hays, III, CPA
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing, L.P., RECD
Case No. 28-0040640823417, as of December 31, 1996, and the related
statements of operations, partners' equity, and cash flows for the period
June 26, 1996 through December 31, 1996. These financial statements are
the responsibility of the project'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, and the Audit Program issued by the United
States Department of Agriculture, Rural Economic and Community Development.
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 Ethel Housing, L.P. as
of December 31, 1996, and the results of its operations and its cash flows
for the period June 26, 1996 through December 31, 1996 in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 7, 1997, on our consideration of Ethel Housing,
L.P. s internal control structure, and reports dated February 7, 1997, on
its compliance with specific requirements applicable to major RECD programs
and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data included on pages 14
through 20 are presented for purposes of
SUITE 401, IBM BUILDING 9 6360 1-55 NORTH 0 JACKSON, MS 39211 o (601) 957-
5050 o 800-870-1229 * FAX (601) 957-8717<PAGE>
Ethel Housing, L.P.
Page Two
additional analysis and are not a required part of the financial statements
of Ethel Housing, L.P. Such information, except for the current budget and
proposed budget columns on page 17 through 20, on which we express no
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
Febraury 7, 1997<PAGE>
MISCHLER NURRE WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 5202
513-579-8787
FAX 513-562-8000
To the Partners
Washington Arms Apartments
(A Limited Partnership)
Dayton, Ohio
We have audited the accompanying balance sheet of JUD Project #046-NI093 of
Washington Arms Apartments (a limited partnership) as of December 31, 1996,
and the related statements of profit and loss, changes in partners
capital and cash flows for the year ended December 31, 1996. These
financial statements are the responsibility of the Project 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 issued by the Comptroller General
of the United States, and Consolidated Audit Guide for Audits of HUD
Programs (the Guide ) issued by the U s Department of Housing and Urban
Development, office of Inspector General in July 1993. Those standards and
the Guide 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 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 of HUD Project #046-NI093
as of December 31, 1996 and the results of its operations and its cash
flows and its changes in partners capital for the period then ended in
conformity with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued a
report dated January 29, 1997 on our consideration of Washington Arms
Apartments - internal control structure and a report dated January 29, 1997
on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The additional information included in the
report shown on pages 13-18 is presented for the purposes of additional
analysis and is not a required part of-the financial statements of HTM
Project #046-NIO93, Such information has been subjected to the auditing
procedures applied in the audit of the financial statements and, in our
opinion, is fami-ly stated in all material respects in relation to the
financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
January 29, 1997
<PAGE>
SPAR & BOYER
Certified Public Accounatnas, L.L.P.
Stewart A. Spar CPA
Keith Boyer, CPA
Paul R. Galizia CPA
WITH OFFICES IN
POUGHKEEPSEE, NY
Independent Auditor s Report
MAIN EVERETT HOUSING L.P-
New Rochelle NY 10801
We have audited the accompanying balance sheet of MAIN EVERETT HOUSING L.P.
as of December 31, 1996, and the related statements of income, changes in
partners' capital and 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 audit.
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 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 MAIN EVERETT HOUSING L.P. as
at December 31, 1996, and its cash flows and changes in partners capital for
the years then ended in conformity with generally accepted accounting
principles.
Dobbs Ferry, New York
February 6, 1996
99 Main 5treet - Dobbs Ferry, New York 10522 - Phone: (914) 693-6022 - Fax
(914) 693-3528<PAGE>
SPAR & BOYER
Certified Public Accountants, L.L.P.
Stewart A- Spar CPA
Keith Boyer CFA
Paul R. Galizia CFA
WITH OFFICES IN
POUGHKEEPSIE, NY
Independent Auditors Report
OSBORNE HOUSING L.P.
New Rochelle NY 10801
We have audited the accompanying balance sheet of OSBORNE HOUSING L.P. as of
December 31, 1996, and the related statements of income, changes in partners'
capital and cash flows for the year then ended. These financial statement
are the responsibility of the Company's management- Our responsibility is
to express an opinion on these financial statements based an our audit.
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 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 OSBORNE HCUSING L.P- as at
December 31, 1996, and its cash flows and changes in partners capital for the
years them ended in conformity with generally accepted accounting principles.
Dobbs Perry,
February 6, 1996
99 Main 5treeE - Dobbs Ferry, New York 10522 - Phone: (914) 693-6022 - Fax
(914) 693-3528<PAGE>
MISCHLER NURRE WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 5202
513-579-8787
FAX 513-562-8000
Independent Auditors Report
To the Partners of Sutton Place Apartments (A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project #07355035, 073-
55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a
limited partnership) as of December 31, 1996, and the related statements of
profit and loss, changes in partners' capital and cash flows for the year then
ended. These financial statements are the responsibility of the Project'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 issued by the Comptroller General
of the United States, and Consolidated Audit Guide for Audits of HUD
Programs, (the "Guide") issued by the US Department of Housing and Urban
Development, office of Inspector General in July 1993. Those standards and
the Guide 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 belie-ve 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 HUD Project #073-55035,
073-55037, 073-55038, 073-55061, and 073-55062 as of December 31, 1996 and
the results of its operations and its cash flows and its changes in
partners, capital for the year then ended in conformity with generally
accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued a report
dated February 5, 1997 on our consideration of Sutton Place Apartments'
internal control structure and a report dated February 5, 1997 on its
compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an opinion on
the financial statements taken as a whole. The additional information included
in the report shown on pages 13-15 is presented for the purposes of additional
analysis and is not a required part of the financial statements of If Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062 Such information has
been subjected to the auditing procedures applied in the audit of the
financial statements and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 5, 1997<PAGE>
JCCS
Junkermier Clark Campanella Stevens P.C.
Ward F. Junkermier, CPA Jerry L. Lehman, CPA
George L. Campanella, CPA Daniel J. Konen, CPA
Rick A. Frost, CPA James V. Galipeau, CPA
Robert E. Nebel, CPA Robert E. Geis, CPA
Joseph F. Shevlin, CPA Daniel J. Eigeman, CPA
Junkermier - Clark Ronald A. Taylor, CPA
Gerald L. Hanson, CPA Terry L. Albom, CPA
Joseph S. Adney, CPA
Campanella - Stevens - PC. Walter J. Kero, CPA
Certified Public Accountants
To the Partners
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, 1996 and the related statements of income,
partners' capital and cash flows for the year then ended. These financial
statements are the responsibility of the management of 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, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Great Falls, Montana
February 10, 1997
501 Park Drive South - P.O. Box 989 - Great Falls, Montana 59403 - (406)
761-2820 - FAX 761-2825
Offices in: Fort Benton - Great Falls - Helena - Kalispell - Lincoln -
Missoula - Whitefish<PAGE>
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
STOCKHOLDERS ASSOCIATES
J. Thomas Grantham, Jr., CPA, CFP Stephanie B. Maddox,
CPA
Vance Randall, CPA Dorothy A. Gray, CPA
Alan G. Arrington, CPA Angela G. Fisher, CPA
Mary Ann Mosal, CPA Marcy L. Lee, CPA
EMERITUS SPECIAL PROJECTS
Roger E. Muns, CPA Pete Hays, III, CPA
Independent Auditors' Report
The Partners
Shannon Housing, L.P.
Shannon, Mississippi
We have audited the accompanying balance sheet of Shannon Housing, L.P.,
RECD Case No. 28-0410640835658, as of December 31, 1996, and the related
statements of operations, partners' equity, and cash flows for the period
April 11, 1996 through December 31, 1996. These financial statements are
the responsibility of the project'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, and the Audit Program issued by the United
States Department of Agriculture, Rural Economic and Community Development.
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 Shannon Housing, L.P.
as of December 31, 1996, and the results of its operations and its cash
flows for the period April 11, 1996 through December 31, 1996 in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 7, 1997, on our consideration of Shannon Housing,
L.P. s internal control structure, and reports dated February 7, 1997, on
its compliance with specific requirements applicable to major RECD programs
and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data included on pages 14
through 20 are presented for purposes of additional analysis and are not a
required part of the financial statements of Shannon Housing, L.P. Such
information, except for the current budget and proposed budget columns on
page 17 through 20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
February 7, 1997
SUITE 401, IBM BUILDING o 6360 1-55 NORTH 0 JACKSON, MS 39211 o (601) 957-
5050 o 800-870-1229 o FAX (601) 957-8717
<PAGE>
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
STOCKHOLDERS ASSOCIATES
J. Thomas Grantham, Jr., CPA, CFP Stephanie B. Maddox,
CPA
Vance Randall, CPA Dorothy A. Gray, CPA
Alan G. Arrington, CPA Angela G. Fisher, CPA
Mary Ann Mosal, CPA Marcy L. Lee, CPA
EMERITUS SPECIAL PROJECTS
Roger E. Muns, CPA Pete Hays, III, CPA
Independent Auditors' Report
The Partners
West Point Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheet of West Point Housing, L.P.,
RECD Case No. 28-0130630762266, as of December 31, 1996, and the related
statements of operations, partners' equity, and cash flows for the period
September 29, 1996 through December 31, 1996. These financial statements
are the responsibility of the project'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, and the Audit Program issued by the United
States Department of Agriculture, Rural Economic and Community Development.
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 West Point Housing,
L.P. as of December 31, 1996, and the results of its operations and its
cash flows for the period September 29, 1996 through December 31, 1996 in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 10, 1997, on our consideration of West Point Housing,
L.P.Is internal control structure, and reports dated February 10, 1997, on
its compliance with specific requirements applicable to major RECD programs
and nonmajor RECD transactions.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data included on pages 15
through 21 are presented for purposes of additional analysis and are not a
required part of the financial statements of West Point Housing, L.P. Such
information, except for the current budget and proposed budget columns on
page 18 through 21, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
SUITE 401, IBM BUILDING * 6360 1-55 NORTH 0 JACKSON, MS 39211 0 (601) 957-
@O 9 800-870-1229 o FAX (601) 957-8717
February 10, 1997
<PAGE>
Ward F. junkermier, CPA Jerry L. Lehman, CPA
George L. Campanella, CPA Daniel J. Konen, CPA
Rick A. Frost, CPA James V. Galipeau, CPA
Robert E. Nebel, CPA Robert E. Geis, CPA
Joseph F. Sheviin, CPA Daniel J. Eigeman, CPA
junkermier - Clark Ronald A. Taylor, CPA
Gerald L. Hanson, CPA Terry L. Alborn, CPA
Joseph S. Adney, CPA Walter J. Kero, CPA
Certified Public Accountants
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
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.
Great Falls, Montana
February 3, 1996
501 Park Drive South - P.O. Box 989,, Great Falls, Montana 59403 -
(406)761-2820 - FAX 761-2825
Offices in: Fort Benton - Great Falls I Helena - Kalispell - Lincoln -
Missoula - Whitefish
<PAGE>
LITTLE, SHANEYFFLT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
TELEPHONE (501) 666-2879
INDEPENDENT AUDITOR S REPORT
To the Partners
Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheet of Beckwood Manor one
Limited Partnership, RHCD Project No. 03-025-710677259 (the Partnership),
as of December 31, 1996 and the related statements of profit (loss),
changes in 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 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 Beckwood Manor One
Limited Partnership as of December 31, 1996, and its results of operations,
changes in partners, equity (deficit), and cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing standards, we have also issued
a report dated March 13, 1997, on our consideration of the
Partnerships internal control structure and a report dated March 13, 1997
on its compliance with laws, regulations, contracts and grants.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplementary information
shown on pages 9 to 10 is presented for the purposes of additional analysis
and are not a required part of the basic financial statements of the
Partnership. 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.
Little Shaynefelt & Co.
March 13, 1997
<PAGE>
TAPP, TAPP & CHU
CERTIFIED PUBLIC ACCOUNTANTS
FRANK J. CHU, CPA
AN ACCOUNTANCY CORPORATION
A PROFESSIONAL CORPORATION
John D. Tapp, CPA
404 E. LAS TUNAS DR., SUITE 208
Lynda Tapp, CPA
SAN GABRIEL, CALIFORNIA 91776
286-8897
404 E. LAS TUNAS DR., SUITE 208
SAN GABRIEL, CALIFORNIA 91776
(818) 286-8897
INDEPENDENT AUDITOR S REPORT
To the Partners
Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as
of December 31, 1996 and 1995, 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. 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 Decro Nordhoff, L.P. as
of December 31, 1996 and 1995, and the results of its operations, changes
in partners equity and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Tapp, Tapp & Chu, CPA s
San Gabriel, California
March 6, 1997
<PAGE>
Sonnenberg & Company, CPAs
A Professional Corporation
Corporate Office: 5190 Govenor Drive, Suite 201, San Diego, California
92122
Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436
Phone: (818) 986-5551 (800) 464-4HOA Fax (818)986-6318
Leonard C. Sonnenberg, CPA
Douglas R. Ashbrook, CPA
Carol Sonnenberg Stachwick, CPA
Serving All of Southern California
Sheldon L. La Zar
Resident Manager
INDEPENDENT AUDITORS REPORT
To the Partners
SG-Hazeltine, L.P.
We have audited the balance sheets of SG-Hazeltine, L.P. A California
Limited Partnership as of December 31, 1996 and the related statement of
partners equity 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 SG-Hazeltine, L.P. as
of December 31, 1996 and the changes in partners' equity for the year then
ended in conformity with generally accepted accounting principles.
February 12, 1997 Sonnenberg & Company, CPAs
San Diego, California
2
Member: The American Institute of Certified Pubic Accountants and
California Society of Certified Public Accountants<PAGE>
LITTLE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
P. 0. BOX 2485 1111 NORTH 19TH STREET
MONROE, LOUISIANA 71207
TELEPHONE (318) 323-1717 TELECOPIER (318) 322-5121 INDEPENDENT AUDITOR S
REPORT
The Willows Apartments Partnership, Ltd.
Smithville, Texas
We have audited the accompanying balance sheet of The Willows Apartments
Partnership, Ltd., (the Partnership) as of December 31, 1996, 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 and the Standards for Financial and Compliance Audits contained
in 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 The Willows Apartments
Partnership, Ltd., as of December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated May 27, 1997, on our consideration of the internal control
structure and a report dated May 27, 1997, on its compliance with laws and
regulations.
our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying schedule listed in the table
of contents is presented for the purpose of additional analysis and is not
a required part of the financial statements of The Willows Apartments
Partnership, Ltd. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly presented in all material respects in relation to
the financial statements taken as a whole.
Monroe, Louisiana
May 27, 1997
<PAGE>
PAGE> 6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1997 and 1996
<TABLE>
Total
---------------------------
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $164,581,635 $111,836,578
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 14,801,634 19,454,787
Investments available-for-sale (notes A and G) 46,568,694 18,461,158
Notes receivable (note D) 12,972,311 14,869,904
Prepaid expenses 6,458 6,211
Deferred acquisition costs (notes A and C) 6,888,731 3,989,558
Organization costs, net of accumulated
amortization (note A) 534,968 388,935
Other assets (note E) 12,846,156 11,054,807
------------ ------------
$259,200,587 $180,061,938
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 6,683 $ 323,763
Syndication costs payable 280,815 301,976
Accounts payable - affiliates (note B) 1,536,042 490,787
Capital contributions payable (note C) 34,744,876 34,424,761
------------ ------------
36,568,416 35,541,287
------------ ------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 28,327,352 and
17,851,114 at March 31, 1997 and 1996 are
issued and outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 28,327,352 and 17,851,114
at March 31, 1997 and 1996 issued and
outstanding 222,767,338 144,569,903
General Partners (191,910) (76,226)
Unrealized gain on securities available for
sale, net 56,743 26,974
------------ ------------
222,632,171 144,520,651
------------ ------------
$259,200,587 $180,061,938
============ ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-6
<PAGE>
<PAGE> 7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 20
--------------------------
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 25,829,683 $ 28,849,038
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 429,105 1,306,675
Investments available-for-sale (notes A and G) 778,954 711,761
Notes receivable (note D) 874,787 1,808,615
Prepaid expenses 4,410 4,163
Deferred acquisition costs (notes A and C) 98,235 98,231
Organization costs, net of accumulated
amortization (note A) 57,176 80,461
Other assets (note E) 255,951 341,307
------------ ------------
$ 28,328,301 $ 33,200,251
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Syndication costs payable - -
Accounts payable - affiliates (note B) 573,651 194,678
Capital contributions payable (note C) 1,942,326 3,873,666
------------ ------------
2,515,977 4,068,344
------------ ------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 3,866,700 at March 31, 1997 and 1996
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, 1997 and 1996
issued and outstanding 25,884,026 29,171,047
General Partners (72,450) (39,248)
Unrealized gain on securities available for
sale, net 748 108
------------ ------------
25,812,324 29,131,907
------------ ------------
$ 28,328,301 $ 33,200,251
============ ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-7
<PAGE>
<PAGE> 8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 21
--------------------------
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 11,515,577 $ 14,407,266
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 494,112 1,398,907
Investments available-for-sale (notes A and G) 701,042 479,502
Notes receivable (note D) 641,542 321,165
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 53,731 7,785
Organization costs, net of accumulated
amortization (note A) 31,480 50,438
Other assets (note E) 245,722 228,554
------------ ------------
$ 13,683,206 $ 16,893,617
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Syndication costs payable - -
Accounts payable - affiliates (note B) 371,990 146,150
Capital contributions payable (note C) 967,561 2,042,344
------------ ------------
1,339,551 2,188,494
------------ ------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 1,892,700 at March 31, 1997 and 1996
are issued and outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, 1,892,700 at March 31, 1997 and 1996
issued and outstanding 12,381,436 14,719,259
General Partners (38,523) (14,909)
Unrealized gain on securities available for
sale, net 742 773
------------ ------------
12,343,655 14,705,123
------------ ------------
$ 13,683,206 $ 16,893,617
============ ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-8
<PAGE>
<PAGE> 9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 22
--------------------------
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 17,576,959 $ 19,895,333
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 648,647 1,686,347
Investments available-for-sale (notes A and G) 621,520 454,939
Notes receivable (note D) 2,209,273 3,709,286
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 166,684 169,557
Organization costs, net of accumulated
amortization (note A) 34,770 47,308
Other assets (note E) 518,706 810,720
------------ ------------
$ 21,776,559 $ 26,773,490
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 1,199
Syndication costs payable - -
Accounts payable - affiliates (note B) 289,397 46,722
Capital contributions payable (note C) 3,158,246 6,337,752
------------ ------------
3,447,643 6,385,673
------------ ------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 2,564,400 at March 31, 1997 and 1996
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, 1997 and 1996
issued and outstanding 18,363,950 20,402,204
General Partners (35,799) (15,211)
Unrealized gain on securities available for
sale, net 765 824
------------ ------------
18,328,916 20,387,817
------------ ------------
$ 21,776,559 $ 26,773,490
============ ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-9
<PAGE>
<PAGE> 10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 23
--------------------------
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 25,009,648 $ 27,189,858
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,578,798 1,313,618
Investments available-for-sale (notes A and G) 1,100,369 5,008,744
Notes receivable (note D) 2,186,398 3,902,391
Prepaid expenses 2,048 2,048
Deferred acquisition costs (notes A and C) 243,247 210,876
Organization costs, net of accumulated
amortization (note A) 43,078 56,150
Other assets (note E) 359,706 859,400
------------ ------------
$ 30,523,292 $ 38,543,085
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Syndication costs payable - -
Accounts payable - affiliates (note B) 60,215 9,383
Capital contributions payable (note C) 4,529,018 10,597,676
------------ ------------
4,589,233 10,607,059
------------ ------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 3,336,727 at March 31, 1997 and 1996
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 at March 31, 1997 and 1996
issued and outstanding 25,958,000 27,934,947
General Partners (25,521) (5,552)
Unrealized gain on securities available for
sale, net 1,580 6,631
------------ ------------
25,934,059 27,936,026
------------ ------------
$ 30,523,292 $ 38,543,085
============ ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-10
<PAGE>
<PAGE> 11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 24
-------------------------
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $15,915,977 $10,012,941
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 644,685 4,796,487
Investments available-for-sale (notes A and G) 303,949 2,939,231
Notes receivable (note D) 1,654,702 1,800,402
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 313,911 961,514
Organization costs, net of accumulated
amortization (note A) 45,429 58,409
Other assets (note E) 1,438,557 2,131,218
----------- -----------
$20,317,210 $22,700,202
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 236,334
Syndication costs payable - -
Accounts payable - affiliates (note B) 79,964 33,597
Capital contributions payable (note C) 2,779,449 4,039,833
----------- -----------
2,859,413 4,309,764
----------- -----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 2,169,878 at March 31, 1997 and 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 at March 31, 1997 and 1996
issued and outstanding 17,468,005 18,387,332
General Partners (10,725) (1,439)
Unrealized gain on securities available for
sale, net 517 4,545
----------- -----------
17,457,797 18,390,438
----------- -----------
$20,317,210 $22,700,202
=========== ===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-11
<PAGE>
<PAGE> 12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 25
-------------------------
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $24,266,974 $ 7,863,180
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 956,365 7,307,862
Investments available-for-sale (notes A and G) 3,065,387 7,981,391
Notes receivable (note D) 405,700 1,924,960
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 113,810 1,902,287
Organization costs, net of accumulated
amortization (note A) 39,330 49,818
Other assets (note E) 2,638,118 3,686,254
----------- -----------
$31,485,684 $30,715,752
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 983 $ 591
Syndication costs payable - -
Accounts payable - affiliates (note B) 16,554 1,459
Capital contributions payable (note C) 6,437,839 4,911,886
----------- -----------
6,455,376 4,913,936
----------- -----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 3,026,109 at March 31, 1997 and 1996
are issued and outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, 3,026,109 at March 31, 1997 and 1996
issued and outstanding 25,031,932 25,788,647
General Partners (7,202) 405
Unrealized gain on securities available for
sale, net 5,578 12,764
----------- -----------
25,030,308 25,801,816
----------- -----------
$31,485,684 $ 30,715,752
=========== ===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-12
<PAGE>
<PAGE> 13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 26
-------------------------
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $21,613,713 $ 3,618,962
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,239,330 1,644,891
Investments available-for-sale (notes A and G) 12,173,007 885,590
Notes receivable (note D) 1,070,887 1,403,085
Prepaid expenses - -
Deferred acquisition costs (notes A and C) 1,471,671 639,308
Organization costs, net of accumulated
amortization (note A) 80,457 46,351
Other assets (note E) 3,275,364 2,997,354
----------- -----------
$40,924,429 $11,235,541
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 85,639
Syndication costs payable - 301,976
Accounts payable - affiliates (note B) 9,630 58,798
Capital contributions payable (note C) 7,104,113 2,621,604
----------- -----------
7,113,743 3,068,017
----------- -----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 30,000,000 authorized beneficial
assignee certificates (BACs), $10 stated value
per BAC, 3,995,900 and 994,600 at March 31,
1997 and 1996, respectively, are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, 3,995,900 and 994,600 at March 31,
1997 and 1996, respectively, issued and
outstanding 33,793,663 8,166,467
General Partners (2,372) (272)
Unrealized gain on securities available for
sale, net 19,395 1,329
----------- -----------
33,810,686 8,167,524
----------- -----------
$40,924,429 $11,235,541
=========== ===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-13
<PAGE>
<PAGE> 14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 27
-----------
1997
-----------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $13,365,524
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 2,180,687
Investments available-for-sale (notes A and G) 6,919,629
Notes receivable (note D) 565,365
Prepaid expenses -
Deferred acquisition costs (notes A and C) 929,985
Organization costs, net of accumulated amortization
(note A) 69,850
Other assets (note E) 341,850
-----------
$24,372,890
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
Syndication costs payable -
Accounts payable - affiliates (note B) -
Capital contributions payable (note C) 3,470,122
-----------
3,470,122
-----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee
certificates (BACs), $10 stated value per BAC,
2,460,700 at March 31, 1997 are issued and
outstanding to the assignees -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited partner,
2,460,700 at March 31, 1997 and 1996 issued and
outstanding 20,895,461
General Partners (243)
Unrealized gain on securities available for sale, net 7,550
-----------
20,902,768
-----------
$24,372,890
===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-14
<PAGE>
<PAGE> 15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 28
-----------
1997
-----------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 3,387,008
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 4,589,026
Investments available-for-sale (notes A and G) 20,904,837
Notes receivable (note D) 3,363,657
Prepaid expenses -
Deferred acquisition costs (notes A and C) 3,239,183
Organization costs, net of accumulated amortization
(note A) 96,548
Other assets (note E) 266,712
-----------
$35,846,971
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 5,700
Syndication costs payable -
Accounts payable - affiliates (note B) 2,100
Capital contributions payable (note C) 1,338,985
-----------
1,346,785
-----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee certificates
(BACs), $10 stated value per BAC, 4,000,738 at March 31,
1997 are issued and outstanding to the assignees -
Assignees
Units of beneficial interest of the limited partnership
interest of the assignor limited partner, 4,000,738 at
March 31, 1997 and 1996 issued and outstanding 34,479,402
General Partners 916
Unrealized gain on securities available for sale, net 19,868
-----------
34,500,186
-----------
$35,846,971
===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
(continued)
F-15
<PAGE>
<PAGE> 16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 29
-----------
1997
-----------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 6,100,572
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 2,040,879
Investments available for sale (notes A and G) -
Notes receivable (note D) -
Prepaid expenses -
Deferred acquisition costs (notes A and C) 258,274
Organization costs, net of accumulated amortization (note A) 36,850
Other assets (note E) 3,505,470
-----------
$11,942,045
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
Syndication costs payable 280,815
Accounts payable - affiliates (note B) 132,541
Capital contributions payable (note C) 3,017,217
-----------
3,430,573
-----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest consisting of
30,000,000 authorized beneficial assignee certificates
(BACs), $10 stated value per BAC, 1,013,500 at March 31,
1997 are issued and outstanding to the assignees -
Assignees
Units of beneficial interest of the limited partnership
interest of the assignor limited partner, 1,013,500 at
March 31, 1997 issued and outstanding 8,511,463
General Partners 9
-----------
8,511,472
-----------
$11,942,045
===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no comparative information has been included.
See notes to financial statements
F-16
<PAGE>
<PAGE> 17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Total
-----------------------------------------
Year ended Year ended Year ended
March 31, March 31, March 31,
1997 1996 1995
-------------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 2,498,953 $ 1,027,956 $ 343,593
Miscellaneous income - - 450
-------------- ----------- -----------
2,498,953 1,027,956 344,043
-------------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (10,783,903)* (5,472,852) (884,379)
-------------- ----------- -----------
Expenses
Fund management fee (note B) 1,747,642 1,144,124 591,798
Amortization (note A) 118,360 70,986 25,160
General and administrative
expenses (note B) 1,099,740 479,785 149,854
Professional fees 317,809 144,752 33,323
-------------- ----------- -----------
3,283,551 1,839,647 800,135
-------------- ----------- -----------
NET INCOME (LOSS) (note A) $ (11,568,501) $(6,284,543) $(1,340,471)
============== =========== ===========
Net income (loss) allocated to
general partner $ (115,684) $ (62,846) $ (13,405)
============== =========== ===========
Net income (loss) allocated to
assignees $ (11,452,817) $(6,221,697) $(1,327,066)
============== =========== ===========
Net income (loss) per BAC $ (0.50) $ (0.41) $ (0.36)
============== =========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were not
formed until after March 31, 1996, therefore no comparative information has
been included.
* Includes net of gain on disposition of investment of $25,059 for Series
21, $4,596 for Series 22, and $23,253 for Series 24.
(continued)
F-17
<PAGE>
<PAGE> 18
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 20
--------------------------------------
Year ended Year ended Year ended
March 31, March 31, March 31,
1997 1996 1995
----------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 41,051 $ 151,206 $ 230,964
Miscellaneous income - - 450
----------- ----------- -----------
41,051 151,206 231,414
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (2,941,378) (2,804,393) (544,795)
----------- ----------- -----------
Expenses
Fund management fee (note B) 325,113 352,662 376,793
Amortization (note A) 23,285 23,285 15,470
General and administrative
expenses (note B) 43,900 59,150 84,122
Professional fees 27,598 27,100 22,103
----------- ----------- -----------
419,896 462,197 498,488
----------- ----------- -----------
NET INCOME (LOSS) (note A) $(3,320,223) $(3,115,384) $ (811,869)
=========== =========== ===========
Net income (loss) allocated to
general partner $ (33,202) $ (31,154) $ (8,119)
=========== =========== ===========
Net income (loss) allocated to
assignees $(3,287,021) $(3,084,230) $ (803,750)
=========== =========== ===========
Net income (loss) per BAC $ (0.85) $ (0.80) $ (0.31)
=========== =========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were not
formed until after March 31, 1996, therefore no comparative information has
been included.
(continued)
F-18
<PAGE>
<PAGE> 19
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 21
--------------------------------------
Period July
5, 1994
(date of
inception)
Year ended Year ended through
March 31, March 31, March
1997 1996 31,1995
----------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 63,343 $ 109,287 $ 77,548
Miscellaneous income - - -
----------- ----------- -----------
63,343 109,287 77,548
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (2,109,014)* (902,586) (277,472)
----------- ----------- -----------
Expenses
Fund management fee (note B) 224,252 227,886 146,328
Amortization (note A) 18,957 16,968 5,395
General and administrative
expenses (note B) 39,434 32,530 31,110
Professional fees 33,123 34,911 2,500
----------- ----------- -----------
315,766 312,295 185,333
----------- ----------- -----------
NET INCOME (LOSS) (note A) $(2,361,437) $(1,105,594) $ (385,257)
=========== =========== ===========
Net income (loss) allocated to
general partner $ (23,614) $ (11,056) $ (3,853)
=========== =========== ===========
Net income (loss) allocated to
assignees $(2,337,823) $(1,094,538) $ (381,404)
=========== =========== ===========
Net income (loss) per BAC $ (1.24) $ (0.58) $ (0.62)
=========== =========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were
not formed until after March 31, 1996, therefore no comparative
information has been included.
* Includes net of gain on disposition of investments of $25,059.
(continued)
F-19
<PAGE>
<PAGE> 20
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 22
--------------------------------------
Period
October 12,
1994 (date
of
inception)
Year ended Year ended through
March 31, March 31, March
1997 1996 31,1995
----------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 80,225 $ 93,986 $ 25,984
Miscellaneous income - - -
----------- ----------- -----------
80,225 93,986 25,984
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (1,817,108)* (1,155,551) (62,112)
Expenses
Fund management fee (note B) 223,892 243,174 63,896
Amortization (note A) 12,538 12,538 4,295
General and administrative
expenses (note B) 57,572 44,702 29,649
Professional fees 27,957 24,860 420
----------- ----------- -----------
321,959 325,274 98,260
----------- ----------- -----------
NET INCOME (LOSS) (note A) $(2,058,842) $(1,386,839) $ (134,388)
=========== =========== ===========
Net income (loss) allocated to
general partner $ (20,588) $ (13,868) $ (1,343)
=========== =========== ===========
Net income (loss) allocated to
assignees $(2,038,254) $(1,372,971) $ (133,045)
=========== =========== ===========
Net income (loss) per BAC $ (0.79) $ (0.54) $ (0.64)
=========== =========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were
not formed until after March 31, 1996, therefore no comparative
information has been included.
* Includes net of gain on disposition of investment of $4,596.
(continued)
F-20
<PAGE>
<PAGE> 21
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 23
--------------------------------------
Period
January 10,
1995 (date
of
inception)
Year ended Year ended through
March 31, March 31, March
1997 1996 31, 1995
----------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 190,215 $ 395,171 $ 9,097
Miscellaneous income - - -
----------- ----------- -----------
190,215 395,171 9,097
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (1,847,436) (483,614) -
----------- ----------- -----------
Expenses
Fund management fee (note B) 212,843 236,748 4,781
Amortization (note A) 13,072 9,804 -
General and administrative
expenses (note B) 93,594 195,444 4,973
Professional fees 20,186 15,765 8,300
----------- ----------- -----------
339,695 457,761 18,054
----------- ----------- -----------
NET INCOME (LOSS) (note A) $(1,996,916) $ (546,204) $ (8,957)
=========== =========== ===========
Net income (loss) allocated to
general partner $ (19,969) $ (5,462) $ (90)
=========== =========== ===========
Net income (loss) allocated to
assignees $(1,976,947) $ (540,742) $ (8,867)
=========== =========== ===========
Net income (loss) per BAC $ (0.59) $ (0.18) $ (0.03)
=========== =========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were
not formed until after March 31, 1996, therefore no comparative
information has been included.
(continued)
F-21
<PAGE>
<PAGE> 22
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 24
------------------------
Period June
29, 1995
(date of
inception)
Year ended through
March 31, March
1997 31,1996
----------- -----------
<S> <C> <C>
Income
Interest income $ 193,065 $ 139,594
Miscellaneous income - -
----------- -----------
193,065 139,594
----------- -----------
Share of losses from operating limited
partnerships (note A) (797,796)* (149,023)
----------- -----------
Expenses
Fund management fee (note B) 212,130 62,532
Amortization (note A) 12,980 5,769
General and administrative expenses (note B) 73,370 63,731
Professional fees 25,402 2,396
----------- -----------
323,882 134,428
----------- -----------
NET INCOME (LOSS) (note A) $ (928,613) $ (143,857)
=========== ===========
Net income (loss) allocated to general partner $ (9,286) $ (1,439)
=========== ===========
Net income (loss) allocated to assignees $ (919,327) $ (142,418)
=========== ===========
Net income (loss) per BAC $ (0.42) $ (0.08)
=========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were
not formed until after March 31, 1996, therefore no comparative
information has been included.
* Net of gain on disposition of investment of $23,253.
(continued)
F-22
<PAGE>
<PAGE> 23
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 25
------------------------
Period
September
22, 1995
(date of
inception)
Year ended through
March 31, March
1997 31,1996
----------- -----------
<S> <C> <C>
Income
Interest income $ 442,637 $ 130,046
Miscellaneous income - -
----------- -----------
442,637 130,046
----------- -----------
Share of losses from operating limited
partnerships (note A) (767,183) 22,315
----------- -----------
Expenses
Fund management fee (note B) 214,610 19,146
Amortization (note A) 10,488 2,622
General and administrative expenses (note B) 171,239 71,054
Professional fees 39,787 18,994
----------- -----------
436,124 111,816
----------- -----------
NET INCOME (LOSS) (note A) $ (760,670) $ 40,545
=========== ===========
Net income (loss) allocated to general partner $ (7,607) $ 405
=========== ===========
Net income (loss) allocated to assignees $ (753,063) $ 40,140
=========== ===========
Net income (loss) per BAC $ (0.25) $ 0.02
=========== ===========
</TABLE>
Series 24, 25 and 26 were not formed until after March 31, 1995, therefore
no comparative information has been included. Series 27, 28 and 29 were not
formed until after March 31, 1996, therefore no comparative information has
been included.
(continued)
F-23
<PAGE>
<PAGE> 24
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 26
------------------------
Period
January 18,
1996 (date
of
inception)
Year ended through
March 31, March
1997 31,1996
----------- -----------
<S> <C> <C>
Income
Interest income $ 962,666 $ 8,666
Miscellaneous income - -
----------- -----------
962,666 8,666
----------- -----------
Share of losses from operating limited
partnerships (note A) (493,405) -
----------- -----------
Expenses
Fund management fee (note B) 181,052 1,976
Amortization (note A) 14,198 -
General and administrative expenses (note B) 378,577 13,174
Professional fees 105,431 20,726
----------- -----------
679,258 35,876
----------- -----------
NET INCOME (LOSS) (note A) $ (209,997) $ (27,210)
=========== ===========
Net income (loss) allocated to general partner $ (2,100) $ (272)
=========== ===========
Net income (loss) allocated to assignees $ (207,897) $ (26,938)
=========== ===========
Net income (loss) per BAC $ (0.06) $ (0.07)
=========== ===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-24
<PAGE>
<PAGE> 25
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 27 Series 28 Series 29
----------- ----------- -----------
Period Period
Period June September February
17, 1996 30, 1996 10, 1997
(date of (date of (date of
inception) inception) inception)
through through through
March 31, March 31, March 31,
1997 1997 1997
----------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 269,562 $ 254,197 $ 1,992
Miscellaneous income - - -
----------- ----------- -----------
269,562 254,197 1,992
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (9,016) (1,567) -
----------- ----------- -----------
Expenses
Fund management fee (note B) 144,692 9,058 -
Amortization (note A) 7,761 5,081 -
General and administrative
expenses (note B) 114,535 126,461 1,058
Professional fees 17,885 20,440 -
----------- ----------- -----------
284,873 161,040 1,058
----------- ----------- -----------
NET INCOME (LOSS) (note A) $ (24,327) $ 91,590 $ 934
=========== =========== ===========
Net income (loss) allocated to
general partner $ (243) $ 916 $ 9
=========== =========== ===========
Net income (loss) allocated to
assignees $ (24,084) $ 90,674 $ 925
=========== =========== ===========
Net income (loss) per BAC $ (0.02) $ 0.08 $ 0.02
=========== =========== ===========
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
See notes to financial statements
F-25
<PAGE>
<PAGE> 26
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Total Assignees partner net Total
- ---------------------- ------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
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 (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
Capital contributions 104,754,000 - - 104,754,000
Selling commissions and
registration costs (15,103,748) - - (15,103,748)
Net change in unrealized
gain (loss) on
securities available
for sale - - 29,769 29,769
Net income (loss) (11,452,817) (115,684) - (11,568,501)
------------- ----------- ----------- ------------
Partners' capital
(deficit), March 31,
1997 $ 222,767,338 $ (191,910)$ 56,743 $222,632,171
============= =========== =========== ============
</TABLE>
(continued)
F-26
<PAGE>
<PAGE> 27
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 20 Assignees partner net Total
- ---------------------- ------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Partners' capital
(deficit), 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 commissions 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
Net change in unrealized
gain (loss) on
securities available
for sale - - 640 640
Net income (loss) (3,287,021) (33,202) - (3,320,223)
------------- ----------- ----------- ------------
Partners' capital
(deficit), March 31,
1997 $ 25,884,026 $ (72,450)$ 748 $ 25,812,324
============= =========== =========== ============
</TABLE>
(continued)
F-27
<PAGE>
<PAGE> 28
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 21 Assignees partner net Total
- ------------------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
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 (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
commissions 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
Net change in unrealized
gain (loss) on
securities available for
sale - - (31) (31)
Net income (loss) (2,337,823) (23,614) - (2,361,437)
------------ ----------- ----------- ------------
Partners' capital
(deficit), March 31,
1997 $ 12,381,436 $ (38,523)$ 742 $ 12,343,655
============ =========== =========== ============
</TABLE>
(continued)
F-28
<PAGE>
<PAGE> 29
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain
(loss) on
securities
available
General for sale,
Series 22 Assignees partner net Total
- ------------------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
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 (133,045) (1,343) - (134,388)
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1995 21,674,727 (1,343) 0 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
Net change in unrealized
gain (loss) on securities
available for sale - - (59) (59)
Net income (loss) (2,038,254) (20,588) - (2,058,842)
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $ 18,363,950 $ (35,799)$ 765 $ 18,328,916
============ =========== =========== ============
</TABLE>
(continued)
F-29
<PAGE>
<PAGE> 30
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 23 Assignees partner net Total
- ------------------------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
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 (8,867) (90) - (8,957)
----------- ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1995 7,491,054 (90) 0 7,490,964
Capital contributions 24,338,000 - - 24,338,000
Selling commissions 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
Net change in unrealized
gain (loss) on securities
available for sale - - (5,051) (5,051)
Net income (loss) (1,976,947) (19,969) - (1,996,916)
----------- ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $25,958,000 $ (25,521)$ 1,580 $ 25,934,059
=========== =========== =========== ============
</TABLE>
(continued)
F-30
<PAGE>
<PAGE> 31
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 24 Assignees partner net Total
- ------------------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (4,028) (4,028)
Net income (loss) (919,327) (9,286) - (928,613)
----------- ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $ 17,468,005 $ (10,725)$ 517 $ 17,457,797
=========== =========== =========== ============
</TABLE>
(continued)
F-31
<PAGE>
<PAGE> 32
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 25 Assignees partner net Total
- ------------------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
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
Selling commissions and
registration costs (3,652) - - (3,652)
Net change in unrealized
gain (loss) on securities
available for sale - - (7,186) (7,186)
Net income (loss) (753,063) (7,607) - (760,670)
----------- ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $25,031,932 $ (7,202)$ 5,578 $ 25,030,308
=========== =========== =========== ============
</TABLE>
(continued)
F-32
<PAGE>
<PAGE> 33
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain (loss)
on
securities
available
General for sale,
Series 26 Assigness partner net Total
- ------------------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
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
Capital contributions 30,013,000 - - 30,013,000
Selling commissions and
registration costs (4,177,907) - - (4,177,907)
Net change in unrealized
gain (loss) on securities
available for sale - - 18,066 18,066
Net income (loss) (207,897) (2,100) - (209,997)
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $ 33,793,663 $ (2,372)$ 19,395 $ 33,810,686
============ =========== =========== ============
</TABLE>
(continued)
F-33
<PAGE>
<PAGE> 34
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized
gain on
securities
available
General for sale,
Series 27 Assignees partner net Total
- ------------------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Capital contributions $ 24,607,000 $ - $ - $ 24,607,000
Selling commissions and
registration costs (3,687,455) - - (3,687,455)
Net change in unrealized
gain on securities
available for sale - - 7,550 7,550
Net loss (24,084) (243) - (24,327)
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1996 $ 20,895,461 $ (243)$ 7,550 $ 20,902,768
============ =========== =========== ============
Series 28
- ------------------------ ------------ ----------- ----------- ------------
Capital contributions $ 39,999,000 $ - $ - $ 39,999,000
Selling commissions and
registration costs (5,610,272) - - (5,610,272)
Net change in unrealized
gain on securities
available for sale - - 19,868 19,868
Net income 90,674 916 - 91,590
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $ 34,479,402 $ 916 $ 19,868 $ 34,500,186
============ =========== =========== ============
Series 29
- ------------------------ ------------ ----------- ----------- ------------
Capital contributions $ 10,135,000 $ - $ - $ 10,135,000
Selling commissions and
registration costs (1,624,462) - - (1,624,462)
Net income 925 9 - 934
------------ ----------- ----------- ------------
Partners' capital (deficit),
March 31, 1997 $ 8,511,463 $ 9 $ - $ 8,511,472
============ =========== =========== ============
</TABLE>
See notes to financial statements
F-34
<PAGE>
<PAGE> 35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
<TABLE>
Total
-------------------------------------------
Year ended Year ended
March 31, March 31, Year ended
1997 1996 March 31, 1995
------------- ------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (11,568,501)$ (6,284,543)$ (1,340,471)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 10,783,903 5,472,852 884,379
Distributions received from
operating limited partnerships 1,391 - -
Amortization 118,360 70,986 25,160
Organization costs (264,394) (177,392) (214,137)
Changes in assets and liabilities
Prepaid expenses (247) (4,191) 2,472
Other assets (117,439) 3,817,092 (4,339,500)
Accounts payable and accrued (317,080) 164,094
expenses 80,606
Accounts payable - affiliates 1,045,255 444,955 (66,657)
------------- ------------- ---------------
Net cash provided by (used in)
operating activities (318,752) 3,503,853 (4,968,148)
------------- ------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (11,151,932) (9,017,111) (8,490,037)
Capital contributions paid to
operating limited partnerships (41,188,223) (29,067,964) (39,683,219)
Deposits for purchases of operating
limited partnerships (5,021,622) (5,838,846) (638,929)
Advances to operating limited
partnerships (7,549,854) (7,185,943) (8,227,332)
Purchase of investments (net of
proceeds from sale of investments) (28,077,767) (14,752,716) (3,681,468)
------------- ------------- ---------------
Net cash used in investing
activities (92,989,398) (65,862,580) (60,720,985)
------------- ------------- ---------------
Cash flows from financing activities
Capital contributions received 103,779,906 84,861,547 79,346,188
Selling commissions and registration (15,124,909) (12,675,119) (12,465,360)
------------- ------------- ---------------
Net cash provided by financing 88,654,997 72,186,428 66,880,828
------------- ------------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (4,653,153) 9,827,701 1,191,695
Cash and cash equivalents, beginning 19,454,787 9,627,086 8,435,391
------------- ------------- ---------------
Cash and cash equivalents, ending $ 14,801,634 $ 19,454,787 $ 9,627,086
============= ============= ===============
</TABLE>
(continued)
F-35
<PAGE>
<PAGE> 36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Total
----------------------------------------
Year ended Year ended Year ended
March 31, March 31, March 31,
1997 1996 1995
------------- ------------- ------------
<S> <C> <C> <C>
Supplemental schedule of noncash investing
and financing activities
The partnership has increased its
in vestments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ 58,516,586 $ 36,181,369 $ 25,193,880
============= ============= ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 1,126,529 $ 509,849 $ 30,610
============= ============= ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ 3,505,470 $ 2,531,376 $ 400,812
============= ============= ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnerships $ 13,848,014 $ - $ -
============= ============= ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain (losses) $ 29,769 $ 20,303 $ 6,671
============= ============= ============
The partnership has decreased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ 1,773,705 $ - $ -
============= ============= ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ 90,208 $ - $ -
============= ============= ============
The partnership has decreased its
investments and recorded a receivable
for tax credits not generated by the
operating limited partnerships $ 236,894 $ 256,361 $ -
============= ============= ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore no
comparative information has been included.
(continued)
F-36
<PAGE>
<PAGE> 37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 20
-------------------------------------------
Year ended Year ended
March 31, March 31, Year ended
1997 1996 March 31, 1995
------------- ------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (3,320,223)$ (3,115,384)$ (811,869)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 2,941,378 2,804,393 544,795
Distributions received from
operating limited partnerships 88 - -
Amortization 23,285 23,285 15,470
Organization costs - - (25,664)
Changes in assets and liabilities
Prepaid expenses (247) (2,143) 2,472
Other assets 67,528 190,857 (236,552)
Accounts payable and accrued - -
expenses (2,096)
Accounts payable - affiliates 378,973 186,366 (94,794)
------------- ------------- ---------------
Net cash provided by (used in)
operating activities 90,782 87,374 (608,238)
------------- ------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (4) 56,387 (2,872,924)
Capital contributions paid to
operating limited partnerships (943,061) (4,134,806) (19,989,056)
Deposits for purchases of operating
limited partnerships - 817,988 (365,769)
Advances to operating limited
partnerships 41,266 (540,750) (1,207,865)
Purchase of investments (net of
proceeds from sale of investments) (66,553) 1,127,106 (1,838,759)
------------- ------------- ---------------
Net cash used in investing
activities (968,352) (2,674,075) (26,274,373)
------------- ------------- ---------------
Cash flows from financing activities
Capital contributions received - - 26,148,000
Selling commissions and registration - 439,553 (4,246,957)
------------- ------------- ---------------
Net cash provided by financing - 439,553 21,901,043
------------- ------------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (877,570) (2,147,148) (4,981,568)
Cash and cash equivalents, beginning 1,306,675 3,453,823 8,435,391
------------- ------------- ---------------
Cash and cash equivalents, ending $ 429,105 $ 1,306,675 $ 3,453,823
============= ============= ===============
</TABLE>
(continued)
F-37
<PAGE>
<PAGE> 38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 20
-------------------------------------------
Year ended Year ended Year ended
March 31, March 31, March 31,
1997 1996 1995
-------------- -------------- ------------
<S> <C> <C> <C>
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
============== ============== ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 75,779 $ 59,008 $ 30,610
============== ============== ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ - $ - $ -
============== ============== ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnerships $ 912,500 $ - $ -
============== ============== ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain (losses) $ 640 $ (4,659) $ 4,767
============== ============== ============
The partnership has decreased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ - $ - $ -
============== ============== ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ - $ - $ -
============== ============== ============
The partnership has decreased its
investments and recorded a receivable
for tax credits not generated by the
operating limited partnerships $ - $ - $ -
============== ============== ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-38
<PAGE>
<PAGE> 39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21
-------------------------------------------
Year ended Year ended
March 31, March 31, Year ended
1997 1996 March 31, 1995
------------- ------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (2,361,437)$ (1,105,594)$ (385,257)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 2,109,014 902,586 277,472
Distributions received from
operating limited partnerships - - -
Amortization 18,957 16,968 5,395
Organization costs - - (72,801)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets 62,784 888,908 (916,129)
Accounts payable and accrued - (18,735)
expenses 18,735
Accounts payable - affiliates 225,840 144,688 1,462
------------- ------------- ---------------
Net cash provided by (used in)
operating activities 55,158 828,821 (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 (318,005) (3,332,351) (8,305,552)
Deposits for purchases of operating
limited partnerships - - (76,160)
Advances to operating limited
partnerships (420,377) 533,781 (854,946)
Purchase of investments (net of
proceeds from sale of investments) (221,571) 1,363,980 (1,842,709)
------------- ------------- ---------------
Net cash used in investing
activities (959,953) (1,450,569) (13,103,423)
------------- ------------- ---------------
Cash flows from financing activities
Capital contributions received - 323,287 18,927,000
Selling commissions and registration - - (3,055,086)
------------- ------------- ---------------
Net cash provided by financing - 323,287 15,871,914
------------- ------------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (904,795) (298,461) 1,697,368
Cash and cash equivalents, beginning 1,398,907 1,697,368 -
------------- ------------- ---------------
Cash and cash equivalents, ending $ 494,112 $ 1,398,907 $ 1,697,368
============= ============= ===============
</TABLE>
(continued)
F-39
<PAGE>
<PAGE> 40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21
-------------------------------------------
Period July
5, 1994
(date of
inception)
Year ended Year ended through
March 31, March 31, March 31,
1997 1996 1995
-------------- ------------- ------------
<S> <C> <C> <C>
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 $ - $ - $ 5,504,010
============== ============= ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 299,263 $ 208,544 $ -
============== ============ ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ - $ - $ -
============== ============= ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnerships $ 138,080 $ $
============== ============= ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain (losses) $ (31) $ (1,131) $ 1,904
============== ============= ============
The partnership has decreased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ 319,435 $ - $ -
============== ============= ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ - $ - $ -
============== ============= ============
The partnership has decreased its
investments and recorded a receivable
for tax credits not generated by the
operating limited partnerships $ 118,031 $ 125,174 $ -
============== ============= ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-40
<PAGE>
<PAGE> 41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22
--------------------------------------------
Period October
12, 1994 (date
Year ended Year ended of inception)
March 31, March 31, through March
1997 1996 31, 1995
------------- ------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (2,058,842)$ (1,386,839)$ (134,388)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 1,817,108 1,155,551 62,112
Distributions received from
operating limited partnerships - - -
Amortization 12,538 12,538 4,295
Organization costs - (5,336) (58,805)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets 109,096 3,275,723 (3,186,018)
Accounts payable and accrued (1,199) (2,813)
expenses 4,012
Accounts payable - affiliates 242,675 38,558 8,164
------------- ------------- ---------------
Net cash provided by (used in)
operating activities 121,376 3,087,382 (3,300,628)
------------- ------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (38,438) (230,858) (2,629,126)
Capital contributions paid to
operating limited partnerships (611,151) (3,722,407) (8,494,543)
Deposits for purchases of operating
limited partnerships - (533,330) (122,000)
Advances to operating limited
partnerships (342,847) 549,777 (4,259,063)
Purchase of investments (net of
proceeds from sale of investments) (166,640) (454,115) -
------------- ------------- ---------------
Net cash used in investing
activities (1,159,076) (4,390,933) (15,504,732)
------------- ------------- ---------------
Cash flows from financing activities
Capital contributions received - - 25,644,000
Selling commissions and registration - (12,514) (3,836,228)
------------- ------------- ---------------
Net cash provided by financing - (12,514) 21,807,772
------------- ------------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (1,037,700) (1,316,065) 3,002,412
Cash and cash equivalents, beginning 1,686,347 3,002,412 -
------------- ------------- ---------------
Cash and cash equivalents, ending $ 648,647 $ 1,686,347 $ 3,002,412
============= ============= ===============
</TABLE>
(continued)
F-41
<PAGE>
<PAGE> 42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22
--------------------------------------------
Period
October 12,
Year ended Year ended 1994 (date
March 31, March 31, of
1997 1996 inception)
through
March 31,
1995
-------------- -------------- ------------
<S> <C> <C> <C>
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 $ 664,633 $ 4,651,600 $ 9,494,281
============== ============== ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 114,458 $ 128,374 $ -
============== ============== ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ - $ - $ -
============== ============== ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnerships $ 2,123,455 $ - $ -
============== ============== ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain (losses) $ (59) $ 824 $ -
============== ============== ============
The partnership has decreased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ 995,075 $ - $ -
============== ============== ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ 90,208 $ - $ -
============== ============== ============
The partnership has decreased its
investments and recorded a receivable
for tax credits not generated by the
operating limited partnerships $ - $ 131,187 $ -
============== ============== ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-42
<PAGE>
<PAGE> 43
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23
--------------------------------------------
Period January
10, 1995 (date
Year ended Year ended of inception)
March 31, March 31, through March
1997 1996 31, 1995
------------- ------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,996,916)$ (546,204)$ (8,957)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 1,847,436 483,614 -
Distributions received from
operating limited partnerships 378 - -
Amortization 13,072 9,804 -
Organization costs - (9,087) (56,867)
Changes in assets and liabilities
Prepaid expenses - (2,048) -
Other assets (181,000) (268,438) (801)
Accounts payable and accrued - (59,955)
expenses 59,955
Accounts payable - affiliates 50,832 (18,511) 18,511
------------- ------------- ---------------
Net cash provided by (used in)
operating activities (266,198) (410,825) 11,841
------------- ------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (32,371) (2,676,499) (963,931)
Capital contributions paid to
operating limited partnerships (3,749,205) (10,553,952) (3,019,447)
Deposits for purchases of operating
limited partnerships - (588,004) (75,000)
Advances to operating limited
partnerships 409,630 (2,122,312) (1,780,079)
Purchase of investments (net of
proceeds from sale of investments) 3,903,324 (5,002,113) -
------------- ------------- ---------------
Net cash used in investing
activities 531,378 (20,942,880) (5,838,457)
------------- ------------- ---------------
Cash flows from financing activities
Capital contributions received - 24,738,812 8,627,188
Selling commissions and registration - (3,544,972) (1,327,089)
------------- ------------- ---------------
Net cash provided by financing - 21,193,840 7,300,099
------------- ------------- ---------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 265,180 (159,865) 1,473,483
Cash and cash equivalents, beginning 1,313,618 1,473,483 -
------------- ------------- ---------------
Cash and cash equivalents, ending $ 1,578,798 $ 1,313,618 $ 1,473,483
============= ============= ===============
</TABLE>
(continued)
F-43
<PAGE>
<PAGE> 44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23
--------------------------------------------
Period
January 10,
1995 (date
of
inception)
Year ended Year ended through
March 31, March 31, March 31,
1997 1996 1995
-------------- -------------- ------------
<S> <C> <C> <C>
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 $ 80,126 $ 19,056,893 $ 2,195,811
============== ============== ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 293,659 $ 101,078 $ -
============== ============== ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ - $ - $ 400,812
============== ============== ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnership $ 2,105,920 $ - $ -
============== ============== ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain (losses) $ (5,051) $ 6,631 $ -
============== ============== ============
The partnership has decreased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ - $ - $ -
============== ============== ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ - $ - $ -
============== ============== ============
The partnership has decreased its
investments and recorded a receivable
for tax credits not generated by the
operating limited partnerships $ 118,863 $ - $ -
============== ============== ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-44
<PAGE>
<PAGE> 45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24
---------------------------
Period June 29,
1995 (date of
inception)
Year ended through
March 31, March 31,
1997 1996
------------- -------------
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (928,613)$ (143,857)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities
Share of losses from operating limited partnerships 797,796 149,023
Distributions received from operating limited
partnerships 925 -
Amortization 12,980 5,769
Organization costs - (64,178)
Changes in assets and liabilities
Prepaid expenses - -
Other assets 13,326 (114,135)
Accounts payable and accrued expenses (236,334) 236,334
Accounts payable - affiliates 46,367 33,597
------------- -------------
Net cash provided by (used in) operating
activities (293,553) 102,553
------------- -------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships (220,514) (2,240,982)
Capital contributions paid to operating limited
partnerships (5,596,362) (4,842,663)
Deposits for purchases of operating limited
partnerships (413,344) (1,805,091)
Advances to operating limited partnerships (259,283) (2,012,394)
Purchase of investments (net of proceeds from sale of
investments) 2,631,254 (2,934,686)
------------- -------------
Net cash used in investing activities (3,858,249) (13,835,816)
------------- -------------
Cash flows from financing activities
Capital contributions received - 21,697,000
Selling commissions and registration costs paid - (3,167,250)
------------- -------------
Net cash provided by financing activities - 18,529,750
------------- -------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (4,151,802) 4,796,487
Cash and cash equivalents, beginning 4,796,487 -
------------- -------------
Cash and cash equivalents, ending $ 644,685 $ 4,796,487
============= =============
</TABLE>
(continued)
F-45
<PAGE>
<PAGE> 46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24
---------------------------
Period June
29, 1995
(date of
inception)
Year ended through
March 31, March 31,
1997 1996
------------- -------------
<S> <C> <C>
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 $ 6,484,723 $ 4,939,386
============= =============
The partnership has adjusted its investment and
increased its capital contribution obligation in
operating limited partnerships for low income
tax credits not generated $ 191,888 $ 12,845
============= =============
The partnership has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $ - $ -
============= =============
The partnership has applied notes receivable and
advances to its capital contribution obligation
in operating limited partnerships $ 1,497,662 $ -
============= =============
The partnership has increased (decreased) its
investment available for sale for unrealized
gain (losses) $ (4,028)$ 4,545
============= =============
The partnership has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the year $ 459,195 $ -
============= =============
The partnership has increased its deferred
acquisition costs for operating partnerships
disposed of during the year $ - $ -
============= =============
The partnership has decreased its investments and
recorded a receivable for tax credits not
generated by the operating limited partnerships $ - $ -
============= =============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-46
<PAGE>
<PAGE> 47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25
----------------------------
Period
September 22,
1995 (date of
Year ended inception)
March 31, through March
1997 31, 1996
------------- --------------
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (760,670)$ 40,545
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities
Share of losses from operating limited
partnerships 767,183
Distributions received from operating limited
partnerships - -
Amortization - (22,315)
Organization costs 10,488 2,622
Changes in assets and liabilities - (52,440)
Prepaid expenses - -
Other assets 41,697 (147,947)
Accounts payable and accrued expenses 392 591
Accounts payable - affiliates 15,095 1,459
------------- --------------
Net cash provided by (used in) operating
activities 74,185 (177,485)
------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships (394,746) (2,891,760)
Capital contributions paid to operating limited
partnerships (7,672,304) (1,939,506)
Deposits for purchases of operating limited
partnerships (3,403,085) (3,272,307)
Advances to operating limited partnerships 139,287 (2,190,960)
Purchase of investments (net of proceeds from sale
of investments) 4,908,818 (7,968,627)
------------- --------------
Net cash used in investing activities (6,422,030) (18,263,160)
------------- --------------
Cash flows from financing activities
Capital contributions received - 30,248,000
Selling commissions and registration costs paid (3,652) (4,499,493)
------------- --------------
Net cash provided by financing activities (3,652) 25,748,507
------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (6,351,497) 7,307,862
------------- --------------
Cash and cash equivalents, beginning 7,307,862 -
------------- --------------
Cash and cash equivalents, ending $ 956,365 $ 7,307,862
============= ==============
</TABLE>
(continued)
F-47
<PAGE>
<PAGE> 48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25
---------------------------
Period
September 22,
1995
(date of
Year ended inception)
March 31, through March
1997 31, 1996
------------- -------------
<S> <C> <C>
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 $ 15,092,627 $ 4,911,886
============= =============
The partnership has adjusted its investment and
increased its capital contribution obligation in
operating limited partnerships for low income
tax credits not generated $ 104,873 $ -
============= =============
The partnership has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $ - $ -
============= =============
The partnership has applied notes receivable and
advances to its capital contribution obligation
in operating limited partnerships $ 5,789,497 $ -
============= =============
The partnership has increased (decreased) its
investment available for sale for unrealized
gain (losses) $ (7,186)$ 12,764
============= =============
The partnership has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the year $ - $ -
============= =============
The partnership has increased its deferred
acquisition costs for operating partnerships
disposed of during the year $ - $ -
============= =============
The partnership has decreased its investments and
recorded a receivable for tax credits not
generated by the operating limited partnerships $ - $ -
============= =============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-48
<PAGE>
<PAGE> 49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26
---------------------------
Period
January 18,
1996 (date
of
inception)
Year ended through
March 31, March 31,
1997 1996
------------- -------------
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (209,997)$ (27,210)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities
Share of losses from operating limited partnerships 493,405 -
Distributions received from operating limited
partnerships - -
Amortization 14,198 -
Organization costs (48,304) (46,351)
Changes in assets and liabilities
Prepaid expenses - -
Other assets (51,068) (7,876)
Accounts payable and accrued expenses (85,639) 8,672
Accounts payable - affiliates (49,168) 58,798
------------- -------------
Net cash provided by (used in) operating
activities 63,427 (13,967)
------------- -------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships (3,163,343) (1,017,420)
Capital contributions paid to operating limited
partnerships (10,395,846) (542,279)
Deposits for purchases of operating limited
partnerships (1,145,193) (458,102)
Advances to operating limited partnerships (2,559,748) (1,403,085)
Purchase of investments (net of proceeds from sale of
investments) (11,269,351) (884,261)
------------- -------------
Net cash used in investing activities (28,533,481) (4,305,147)
------------- -------------
Cash flows from financing activities
Capital contributions received 32,544,376 7,414,624
Selling commissions and registration costs paid (4,479,883) (1,450,619)
------------- -------------
Net cash provided by financing activities 28,064,493 5,964,005
------------- -------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (405,561) 1,644,891
Cash and cash equivalents, beginning 1,644,891 -
------------- -------------
Cash and cash equivalents, ending $ 1,239,330 $ 1,644,891
============= =============
</TABLE>
(continued)
F-49
<PAGE>
<PAGE> 50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26
---------------------------
Period
January 18,
1996 (date
of
inception)
Year ended through
March 31, March 31,
1997 1996
------------- -------------
<S> <C> <C>
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 $ 16,205,864 $ 2,621,604
============= =============
The partnership has adjusted its investment and
increased its capital contribution obligation in
operating limited partnerships for low income
tax credits not generated $ 46,609 $ -
============= =============
The partnership has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $ - $ 2,531,376
============= =============
The partnership has applied notes receivable and
advances to its capital contribution obligation
in operating limited partnerships $ 1,280,900 $ -
============= =============
The partnership has increased (decreased) its
investment available for sale for unrealized
gain (losses) $ 18,066 $ 1,329
============= =============
The partnership has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the year $ - $ -
============= =============
The partnership has increased its deferred
acquisition costs for operating partnerships
disposed of during the year $ - $ -
============= =============
The partnership has decreased its investments and
recorded a receivable for tax credits not
generated by the operating limited partnerships $ - $ -
============= =============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-50
<PAGE>
<PAGE> 51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
<TABLE>
Series 27 Series 28 Series 29
------------- ------------- -------------
Period
Period June September
16, 1996 30, 1996 Period
(date of (date of February 10,
inception) inception) 1997 (date of
through through inception)
March 31, March 31, through March
1997 1997 31, 1997
------------- ------------- -------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (24,327)$ 91,590 $ 934
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Share of losses from operating
limited partnerships 9,016 1,567 -
Distributions received from
operating limited partnerships - - -
Amortization 7,761 5,081 -
Organization costs (77,611) (101,629) (36,850)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets (33,090) (146,712) -
Accounts payable and accrued - 5,700
expenses -
Accounts payable - affiliates - 2,100 132,541
------------- ------------- -------------
Net cash provided by (used in)
operating activities (118,251) (142,303) 96,625
------------- ------------- -------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (2,611,813) (3,665,291) (1,025,412)
Capital contributions paid to
operating limited partnerships (8,222,590) (1,363,482) (2,316,217)
Deposits for purchases of operating
limited partnerships (60,000) - -
Advances to operating limited
partnerships (814,125) (3,743,657) -
Purchase of investments (net of
proceeds from sale of investments) (6,912,079) (20,884,969) -
------------- ------------- -------------
Net cash used in investing
activities (18,620,607) (29,657,399) (3,341,629)
------------- ------------- -------------
Cash flows from financing activities
Capital contributions received 24,607,000 39,999,000 6,629,530
Selling commissions and registration (3,687,455) (5,610,272) (1,343,647)
------------- ------------- -------------
Net cash provided by financing 20,919,545 34,388,728 5,285,883
------------- ------------- -------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 2,180,687 4,589,026 2,040,879
Cash and cash equivalents, beginning - - -
------------- ------------- -------------
Cash and cash equivalents, ending $ 2,180,687 $ 4,589,026 $ 2,040,879
============= ============= =============
</TABLE>
(continued)
F-51
<PAGE>
<PAGE> 52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 27 Series 28 Series 29
------------- ------------- -------------
Period Period
Period June September February
16, 1996 30, 1996 10, 1997
(date of (date of (date of
inception) inception) inception)
through through through
March 31, March 31, March 31,
1997 1997 1997
----------- ----------- ------------
<S> <C> <C> <C>
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 $11,692,712 $ 2,962,467 $ 5,333,434
=========== =========== ============
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ - $ - $ -
=========== =========== ============
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ - $ - $ 3,505,470
=========== =========== ============
The partnership has applied notes
receivable and advances to its
capital contribution obligation in
operating limited partnerships $ - $ - $ -
=========== =========== ============
The partnership has increased
(decreased) its investment available
for sale for unrealized gain
(losses) $ 7,550 $ 19,868 $ -
=========== =========== ============
The partnership has decreased its
investments in operating limited
p a rtnerships for unpaid capital
contributions due to the operating
limited partnership disposed of
during the year $ - $ - $ -
=========== =========== ============
The partnership has increased its
deferred acquisition costs for
operating partnerships disposed of
during the year $ - $ - $ -
=========== =========== ============
The partnership has decreased its
investments and recorded a
receivable for tax credits not
generated by the operating limited
partnerships $ - $ - $ -
=========== =========== ============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996, therefore
no comparative information has been included.
(continued)
F-52
<PAGE>
<PAGE> 53
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
March 3, 1997, 1996 and 1995
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 BACs issued and outstanding in each series at March 31, 1997 and 1996
are as follows:
<TABLE>
1997 1996
---------- ----------
<S> <C> <C>
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 3,336,727
Series 24 2,169,878 2,169,878
Series 25 3,026,109 3,026,109
Series 26 3,995,900 994,600
Series 27 2,460,700 -
Series 28 4,000,738 -
Series 29 1,013,500 -
---------- ----------
28,327,352 17,851,114
========== ==========
</TABLE>
F-53
<PAGE>
<PAGE> 54
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investment in Operating Limited Partnerships
The fund accounts for the investment in the operating limited partnership
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 that
the fund's share of losses of the operating partnerships does not exceed
the carrying amount of its investment. Unrecognized losses will be
suspended and offset against future individual operating limited
partnership's income.
A loss in value of an investment in an operating partnership other than a
temporary decline would be recorded as an impairment loss. Impairment is
measured by comparing the investment carrying amount to the sum of the
total amount of the remaining tax credits allocated to the fund and the
estimated residual value of the investment.
Capital contributions to operating partnerships are adjusted by tax credit
adjusters. Tax credit adjusters are defined as adjustments to operating
partnership capital contributions due to reductions in actual tax credits
from those originally projected. The fund records tax credit adjusters as
a reduction in investment in operating partnerships and capital
contributions payable.
The operating partnerships maintain their financial statements based on a
calendar year and the fund utilizes a March 31 year end. The fund records
losses and income from the operating partnerships on a calendar year basis
which is not materially different from losses and income generated if the
operating partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating
partnerships once there is a binding obligation to fund a specified
amount. The operating partnerships record capital contributions from the
fund when received.
The fund records acquisition cost as an increase in its investment in
operating partnerships. Certain operating partnerships have not recorded
the acquisition costs as a capital contribution from the fund. These
differences are shown as reconciling items in Note C.
F-54
<PAGE>
<PAGE> 55
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investment in Operating Limited Partnerships (Continued)
During the years ended March 31, 1997 and 1996, the fund acquired
interests in operating limited partnerships as follows:
<TABLE>
1997 1996
------- -------
<S> <C> <C>
Series 20 - -
Series 21 - 1
Series 22 1 13
Series 23 - 17
Series 24 9 15
Series 25 17 5
Series 26 26 7
Series 27 7 -
Series 28 5 -
Series 29 3 -
------- -------
68 58
------- -------
</TABLE>
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, 1997
and 1996 is as follows:
<TABLE>
1997 1996
----------- -----------
<S> <C> <C>
Series 20 $ 62,040 $ 38,755
Series 21 41,320 22,363
Series 22 29,371 16,833
Series 23 22,876 9,804
Series 24 18,749 5,769
Series 25 13,110 2,622
Series 26 14,198 -
Series 27 7,761 -
Series 28 5,081 -
Series 29 - -
----------- -----------
$ 214,506 $ 96,146
=========== ===========
</TABLE>
F-55
<PAGE>
<PAGE> 56
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Deferred Acquisition 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.
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.
F-56
<PAGE>
<PAGE> 57
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
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, 1997, 1996 and 1995 are as follows:
<TABLE>
1997 1996 1995
---------- ---------- ----------
<S> <C> <C> <C>
Series 20 3,866,700 3,866,700 2,625,264
Series 21 1,892,700 1,892,700 619,125
Series 22 2,564,400 2,564,400 158,779
Series 23 3,336,727 3,000,842 332,306
Series 24 2,169,878 1,761,881 -
Series 25 3,026,109 1,712,043 -
Series 26 3,404,374 413,814 -
Series 27 1,379,917 - -
Series 28 1,100,465 - -
Series 29 55,363 - -
---------- ---------- ----------
22,796,633 15,212,380 3,735,474
========== ========== ==========
</TABLE>
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.
Adoption of Accounting Standard
On March 31, 1996, the operating partnerships adopted Statement of
Financial Accounting Standards ("SFAS") No. 121, "Accounting for
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of." This standard requires that long-lived assets and certain
identifiable intangibles held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable.
F-57
<PAGE>
<PAGE> 58
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Recent Accounting Statements Not Yet Adopted
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting standards for
the amount of earnings per share. SFAS No. 129 requires the disclosure in
summary form within the financial statements of pertinent rights and
privileges of the various securities outstanding. SFAS No. 128 and SFAS
No. 129 are effective for fiscal years ending after December 15, 1997 and
earlier application is not permitted.
The implementation of these standards is not expected to materially impact
the partnership's financial statements because partnership's earnings per
share would not be significantly affected and the disclosures regarding
the capital structure in the financial statements would not be
significantly changed.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1997, 1996 and 1995, 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 Asset Management Limited Partnership (formerly Boston
Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management 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, 1997, 1996 and 1995, are as
follows:
<TABLE>
1997 1996 1995
------------ ------------- -----------
<S> <C> <C> <C>
Series 20 $ 325,113 $ 352,662 $ 376,793
Series 21 224,252 227,886 146,328
Series 22 223,892 243,174 63,896
Series 23 212,843 236,748 4,781
Series 24 212,130 62,532 -
Series 25 214,610 19,146 -
Series 26 181,052 1,976 -
Series 27 144,692 - -
Series 28 9,058 - -
Series 29 - - -
------------ ------------- -----------
$ 1,747,642 $ 1,144,124 $ 591,798
============ ============= ===========
</TABLE>
F-58
<PAGE>
<PAGE> 59
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
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, 1997, 1996 and 1995, Boston Capital Services,
Inc. fees received by series are as follows:
<TABLE>
1997 1996 1995
----------- ------------ -----------
<S> <C> <C> <C>
Series 20 $ - $ - $ 484,070
Series 21 - - 338,905
Series 22 - - 465,940
Series 23 - 449,215 153,700
Series 24 - 393,770 -
Series 25 - 570,510 -
Series 26 604,650 182,235 -
Series 27 455,135 - -
Series 28 763,875 - -
Series 29 170,880 - -
----------- ------------ -----------
$ 1,994,540 $ 1,595,730 $ 1,442,615
=========== ============ ===========
</TABLE>
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 $8,964,635, $7,597,693 and $7,153,573, respectively, of
acquisition fees to Boston Capital Partners, Inc. during the years ended
March 31, 1997, 1996 and 1995. The acquisition fees incurred to Boston
Capital Partners, Inc. by series are as follows:
<TABLE>
1997 1996 1995
----------- ------------ -----------
<S> <C> <C> <C>
Series 20 $ - $ - $ 2,337,698
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 2,575,165 845,410 -
Series 27 2,126,367 - -
Series 28 3,401,628 - -
Series 29 861,475 - -
----------- ------------ -----------
$ 8,964,635 $ 7,597,693 $ 7,153,573
=========== ============ ===========
</TABLE>
F-59
<PAGE>
<PAGE> 60
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1997, 1996 and 1995, general and
administrative expenses incurred by Boston Capital Partners, Inc. and
Boston Capital Asset Management Limited Partnership were charged to each
series' operations as follows:
<TABLE>
1997 1996 1995
----------- ------------ -----------
<S> <C> <C> <C>
Series 20 $ 23,876 $ 27,179 $ 33,331
Series 21 16,948 17,771 13,931
Series 22 19,314 23,652 4,817
Series 23 22,265 25,992 803
Series 24 21,547 12,092 -
Series 25 23,178 7,606 -
Series 26 23,336 - -
Series 27 15,368 - -
Series 28 3,284 - -
Series 29 1,028 - -
----------- ------------ -----------
$ 170,144 $ 114,292 $ 52,882
=========== ============ ===========
</TABLE>
Accounts payable - affiliates at March 31, 1997 and 1996 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 Asset Management Limited Partnership.
During the years ended March 31, 1997 and 1996, the fund reimbursed
affiliates of the general partner a total of $321,859 and $1,040,827,
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, 1997 and 1996. During
the year and period ended March 31, 1997 and 1996, the selling commission
and registration costs incurred to affiliates by series are as follows:
<TABLE>
1997 1996
----------- -----------
<S> <C> <C>
Series 20 $ - $ -
Series 21 - -
Series 22 - -
Series 23 - 466,284
Series 24 - 382,579
Series 25 - 184,722
Series 26 97,020 7,242
Series 27 91,600 -
Series 28 104,919 -
Series 29 28,320 -
----------- -----------
$ 321,859 $ 1,040,827
=========== ===========
</TABLE>
F-60
<PAGE>
<PAGE> 61
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1997 and 1996, 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, 1997 and 1996 by series are as follows:
<TABLE>
1997 1996
----------- -----------
<S> <C> <C>
Series 20 24 24
Series 21 14 15
Series 22 28 30
Series 23 22 22
Series 24 23 15
Series 25 22 5
Series 26 33 7
Series 27 7 -
Series 28 5 -
Series 29 3 -
----------- -----------
181 118
=========== ===========
</TABLE>
During the year end March 31, 1997, Series 21, 22 and 24 disposed of their
interest in 1, 3 and 1 operating partnerships, respectively.
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,
1997 and 1996, contributions are payable to operating limited partnerships
as follows:
<TABLE>
1997 1996
----------- -------------
<S> <C> <C>
Series 20 $ 1,942,326 $ 3,873,666
Series 21 967,561 2,042,344
Series 22 3,158,246 6,337,752
Series 23 4,529,018 10,597,676
Series 24 2,779,449 4,039,833
Series 25 6,437,839 4,911,886
Series 26 7,104,113 2,621,604
Series 27 3,470,122 -
Series 28 1,338,985 -
Series 29 3,017,217 -
----------- -------------
$35,004,876 $ 34,424,761
=========== =============
</TABLE>
F-61
<PAGE>
<PAGE> 62
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997
is summarized as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
<TABLE>
Total Series 20 Series 21
-------------- ------------- -----------
<S> <C> <C> <C>
Capital contributions paid and to
be paid to operating imited
partnerships, net of tax credit
adjusters $ 159,913,216 $ 28,394,044 $12,881,509
Acquisition costs of operating
limited partnerships 21,810,944 3,726,293 1,923,140
Cumulative distributions from
operating limited partnerships (1,391) (88) -
Cumulative losses from operating
limited partnerships (17,141,134) (6,290,566) (3,289,072)
-------------- ------------- -----------
Investment per balance sheet 164,581,635 25,829,683 11,515,577
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 1997 which
have not been included in the
partnership's capital account
included in the operating limited
partnerships' financial statements
as of December 31, 1996 (See Note
A) (40,802,009) (1,242,585) (1,318,082)
The fund has recorded acquisition
costs at March 31,1997 which have
not been recorded in the net
assets of the operating limited
partnerships (See Note A) (5,752,475) (444,246) (123,536)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1997 which
the operating limited partnerships
have not included in their capital
as of December 31, 1996 due to
different year ends (See Note A) 2,049,722 404,710 651,466
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships (See Note A) 1,549,250 89,954 640,086
Other (117,208) 4,881 (34,793)
-------------- ------------- -----------
Equity per operating limited
partnerships' combined financial
statements $ 121,508,915 $ 24,642,397 $11,330,718
============== ============= ===========
</TABLE>
F-62
<PAGE>
<PAGE> 63
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997
is summarized as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
<TABLE>
Series 22 Series 23 Series 24
------------- ------------ -----------
<S> <C> <C> <C>
Capital contributions paid and to
be paid to operating limited
partnerships, net of tax credit
adjusters $ 18,141,615 $ 23,836,523 $14,946,689
Acquisition costs of operating
limited partnerships 2,470,115 3,504,553 1,917,032
Cumulative distributions from
operating limited partnerships - (378) (925)
Cumulative losses from operating
limited partnerships (3,034,771) (2,331,050) (946,819)
------------- ------------ -----------
Investment per balance sheet 17,576,959 25,009,648 15,915,977
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 1997 which
have not been included in the
partnership's capital account
included in the operating limited
partnerships' financial statements
as of December 31, 1996 (See Note
A) (2,599,500) (3,791,800) (1,958,808)
The fund has recorded acquisition
costs at March 31, 1997 which have
not been recorded in the net
assets of the operating limited
partnerships (See Note A) (274,244) (1,072,905) (1,049,990)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1997 which
the operating limited partnerships
have not included in their capital
as of December 31, 1996 due to
different year ends (See Note A) 259,228 179,885 95,695
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships (See Note A) 265,822 297,257 160,795
Other (107,289) 9,677 5,575
------------- ------------ -----------
Equity per operating limited
partnerships' combined financial
statements $ 15,120,976 $ 20,631,762 $13,169,244
============= ============ ===========
</TABLE>
F-63
<PAGE>
<PAGE> 64
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997
is summarized as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
<TABLE>
Series 25 Series 26 Series 27
------------ ------------ ------------
<S> <C> <C> <C>
Capital contributions paid and to
be paid to operating limited
partnerships, net of tax credit
adjusters $ 22,208,165 $ 19,506,058 11,692,712
Acquisition costs of operating
limited partnerships 2,803,677 2,601,060 1,681,828
Cumulative distribution from
operating limited partnerships - - -
Cumulative losses from operating
limited partnerships (744,868) (493,405) (9,016)
------------ ------------ ------------
Investment per balance sheet 24,266,974 21,613,713 13,365,524
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 1997 which
have not been included in the
partnership's capital account
included in the operating limited
partnerships' financial statements
as of December 31, 1996 (See Note
A) (5,383,812) (10,596,741) (5,358,641)
The fund has recorded acquisition
costs at March 31, 1997 which have
not been recorded in the net
assets of the operating limited
partnerships (See Note A) (1,224,369) (71,417) (699,098)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1997 which
the operating limited partnerships
have not included in their capital
as of December 31, 1996 due to
different year ends (See Note A) 335,543 123,195 -
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships (See Note A) 46,647 48,689 -
Other 4,956 (215) -
------------ ------------ ------------
Equity per operating limited
partnerships' combined financial
statements $ 18,045,939 $ 11,117,224 $ 7,307,785
============ ============ ============
</TABLE>
F-64
<PAGE>
<PAGE> 65
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1997
is summarized as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
<TABLE>
Series 28 Series 29
----------- -----------
<S> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, net of tax credit
adjusters $ 2,972,467 $ 5,333,434
Acquisition costs of operating limited
partnerships 416,108 767,138
Cumulative distributions from
operating limited partnerships - -
Cumulative losses from operating
limited partnerships (1,567) -
----------- -----------
Investment per balance sheet 3,387,008 6,100,572
The fund has recorded capital
contributions to the operating limited
partnerships during the year ended
March 31, 1997 which have not been
included in the partnership's capital
account included in the operating
limited partnerships' financial
statements as of December 31, 1996
(See Note A) (3,218,606) (5,333,434)
The fund has recorded acquisition
costs at March 31, 1997 which have not
been recorded in the net assets of the
operating limited partnerships (See
Note A) (25,532) (767,138)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1997 which the
operating limited partnerships have
not included in their capital as of
December 31, 1996 due to different
year ends (See Note A) - -
The fund has recorded low income
h o using tax credit adjusters not
recorded by operating limited
partnerships (See Note A) - -
Other - -
----------- -----------
Equity per operating limited
partnerships' combined financial
statements $ 142,870 $ -
=========== ===========
</TABLE>
F-65
<PAGE>
<PAGE> 66
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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):
<TABLE>
Total Series 20 Series 21
------------- ------------ -----------
<S> <C> <C> <C>
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 operating
limited partnerships 14,188,666 3,726,294 1,969,086
Cumulative losses from
operating 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 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 (See Note A) (36,222,970) (5,252,561) (2,339,386)
The fund has recorded
acquisition costs at March 31,
1996 which have not been
recorded in the net assets of
the operating limited
partnerships (See Note A) (3,587,721) (444,246) (172,349)
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
due to different year ends (See
Note A) 1,571,392 404,710 669,050
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships
(See Note A) 848,609 12,066 528,196
Other (133,415) 14,588 (8,281)
------------- ------------ -----------
Equity per operating limited
partnerships' combined
financial statements $ 74,312,473 $ 23,583,595 $13,084,496
============= ============ ===========
</TABLE>
F-66
<PAGE>
<PAGE> 67
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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):
<TABLE>
Series 22 Series 23 Series 24
------------ ------------- ------------
<S> <C> <C> <C>
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 operating
limited partnerships 2,524,267 3,504,553 1,099,914
Cumulative losses from
operating 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 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 (See Note A) (5,579,755) (10,478,235) (5,332,230)
The fund has recorded
acquisition costs at March 31,
1996 which have not been
recorded in the net assets of
the operating limited
partnerships (See Note A) (408,943) (1,264,682) (258,471)
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
due to different year ends (See
Note A) 260,580 182,761 54,291
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships
(See Note A) 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
============ ============= ============
</TABLE>
F-67
<PAGE>
<PAGE> 68
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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):
<TABLE>
Series 25 Series 26
------------- -------------
<S> <C> <C>
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 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 (See Note A) (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 (See Note A) (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 due to
different year ends (See Note A) - -
The fund has recorded low income housing
tax credit adjusters not recorded by
operating limited partnerships (See Note A) - -
Other - -
------------- -------------
Equity per operating limited partnerships'
combined financial statements $ 3,202,309 $ -
============= =============
</TABLE>
F-68
<PAGE>
<PAGE> 69
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an interest as of
December 31, 1996 are as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 20 Series 21
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $423,894,293 $ 91,849,719 $ 39,972,714
Construction in progress 33,578,533 - -
Land 30,629,604 6,345,961 2,937,606
Other assets 38,600,630 3,967,404 2,251,707
------------ ------------ ------------
$526,703,060 $102,163,084 $ 45,162,027
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $286,908,373 $ 58,917,993 $ 27,537,759
payable
Accounts payable and accrued 20,013,076 6,108,512 1,410,581
expenses
Other liabilities 47,000,701 4,656,895 3,145,535
------------ ------------ ------------
353,922,150 69,683,400 32,093,875
------------ ------------ ------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 121,508,915 24,642,397 11,330,718
L.P.
Other partners 51,271,995 7,837,287 1,737,434
------------ ------------ ------------
172,780,910 32,479,684 13,068,152
------------ ------------ ------------
$526,703,060 $102,163,084 $ 45,162,027
============ ============ ============
</TABLE>
F-69
<PAGE>
<PAGE> 70
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an interest as of
December 31, 1996 are as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 22 Series 23 Series 24
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $81,989,455 $ 77,618,471 $ 50,942,839
Construction in progress - - 9,032,176
Land 4,093,571 3,820,911 4,091,645
Other assets 5,407,904 5,134,480 5,909,818
------------ ------------ ------------
$91,490,930 $ 86,573,862 $ 69,976,478
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $51,954,993 $ 44,266,858 $ 39,319,491
payable
Accounts payable and accrued 2,077,748 2,753,635 2,463,955
expenses
Other liabilities 6,892,563 9,051,679 6,786,483
------------ ------------ ------------
60,925,304 56,072,172 48,569,929
------------ ------------ ------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 15,120,976 20,631,762 13,169,244
L.P.
Other partners 15,444,650 9,869,928 8,237,305
------------ ------------ ------------
30,565,626 30,501,690 21,406,549
------------ ------------ ------------
$91,490,930 $ 86,573,862 $ 69,976,478
============ ============ ============
</TABLE>
F-70
<PAGE>
<PAGE> 71
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an interest as of
December 31, 1996 are as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 25 Series 26 Series 27
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $48,971,548 $29,818,743 $2,139,797
Construction in progress 11,325,935 3,879,804 8,623,633
Land 3,055,703 2,607,008 3,629,199
Other assets 9,702,483 4,242,788 1,659,642
----------- ----------- -----------
$73,055,669 $40,548,343 $16,052,271
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $37,085,395 $22,358,812 $4,376,146
payable
Accounts payable and accrued 2,830,933 1,366,367 988,825
expenses
Other liabilities 8,608,690 5,240,764 2,179,467
----------- ----------- -----------
48,525,018 28,965,943 7,544,438
----------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 18,045,939 11,117,224 7,307,785
L.P.
Other partners 6,484,712 465,176 1,200,048
----------- ----------- -----------
24,530,651 11,582,400 8,507,833
----------- ----------- -----------
$73,055,669 $40,548,343 $16,052,271
=========== =========== ===========
</TABLE>
F-71
<PAGE>
<PAGE> 72
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an interest as of
December 31, 1996 are as follows (Series 29 invested in operating limited
partnerships subsequent to December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 28
-----------
<S> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 591,007
Construction in progress 716,985
Land 48,000
Other assets 324,404
-----------
$ 1,680,396
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $ 1,090,926
payable
Accounts payable and accrued 12,520
expenses
Other liabilities 438,625
-----------
1,542,071
-----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 142,870
L.P.
Other partners (4,545)
-----------
138,325
-----------
$ 1,680,396
===========
</TABLE>
F-72
<PAGE>
<PAGE> 73
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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):
<TABLE>
Total Series 20 Series 21
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $278,747,187 $ 95,067,822 $ 42,625,428
Construction in progress 32,806,668 - -
Land 17,941,137 6,345,961 2,992,626
Other assets 28,827,567 4,713,093 2,059,857
------------ ------------ ------------
$358,322,559 $106,126,876 $ 47,677,911
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $185,270,456 $ 55,249,391 $ 25,117,196
payable
Accounts payable and accrued 15,862,055 3,814,947 1,102,655
expenses
Other liabilities 52,016,135 16,817,098 6,745,259
------------ ------------ ------------
253,148,646 75,881,436 32,965,110
------------ ------------ ------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 74,312,473 23,583,595 13,084,496
L.P.
Other partners 30,861,440 6,661,845 1,628,305
------------ ------------ ------------
105,173,913 30,245,440 14,712,801
------------ ------------ ------------
$358,322,559 $106,126,876 $ 47,677,911
============ ============ ============
</TABLE>
F-73
<PAGE>
<PAGE> 74
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Series 22 Series 23 Series 24
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $72,173,444 $ 54,454,592 $ 14,425,901
Construction in progress 11,652,818 15,965,088 3,324,020
Land 3,961,500 3,642,821 667,182
Other assets 8,413,051 9,550,659 1,761,167
------------ ------------ ------------
$96,200,813 $ 83,613,160 $ 20,178,270
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans $51,698,932 $ 40,464,581 $ 12,144,300
payable
Accounts payable and accrued 5,728,592 4,894,464 124,415
expenses
Other liabilities 11,983,216 13,013,762 2,951,843
------------ ------------ ------------
69,410,740 58,372,807 15,220,558
------------ ------------ ------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV 14,223,513 15,729,184 4,489,376
L.P.
Other partners 12,566,560 9,511,169 468,336
26,790,073 25,240,353 4,957,712
------------ ------------ ------------
$96,200,813 $ 83,613,160 $ 20,178,270
============ ============ ============
</TABLE>
F-74
<PAGE>
<PAGE> 75
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Series 25
-----------
<S> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $ -
Construction in progress 1,864,742
Land 331,047
Other assets 2,329,740
-----------
$ 4,525,529
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage and construction loans payable $ 596,056
Accounts payable and accrued expenses 196,982
Other liabilities 504,957
-----------
1,297,995
-----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P. 3,202,309
Other partners 25,225
-----------
3,227,534
-----------
$ 4,525,529
===========
</TABLE>
F-75
<PAGE>
<PAGE> 76
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total
------------
<S> <C>
Revenue
Rent $ 35,005,141
Interest and other 2,380,543
-----------
37,385,684
------------
Expenses
Interest 16,056,409
Depreciation and amortization 14,299,586
Taxes and insurance 4,789,327
Repairs and maintenance 4,776,708
Operating expenses 11,554,893
Other expenses 974,178
------------
52,451,101
------------
NET LOSS $(15,065,417)
============
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $(10,314,488)
============
Net loss allocated to other partners $ (4,750,929)
============
</TABLE>
F-76
<PAGE>
<PAGE> 77
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
<TABLE>
Series 20 Series 21
----------- -----------
<S> <C> <C>
Revenue
Rent $ 9,859,006 $ 4,214,782
Interest and other 586,488 304,410
----------- -----------
10,445,494 4,519,192
----------- -----------
Expenses
Interest 4,284,612 2,400,963
Depreciation and amortization 4,227,579 1,267,834
Taxes and insurance 1,219,186 591,815
Repairs and maintenance 1,297,342 680,068
Operating expenses 2,793,939 1,776,847
Other expenses 451,468 -
----------- -----------
14,274,126 6,717,527
----------- -----------
NET LOSS $(3,828,632) $(2,198,335)
=========== ===========
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $(2,941,378) $(2,134,073)
=========== ===========
Net loss allocated to other partners $ (887,254) $ (64,262)
=========== ===========
</TABLE>
F-77
<PAGE>
<PAGE> 78
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
<TABLE>
Series 22 Series 23
----------- -----------
<S> <C> <C>
Revenue
Rent $ 6,464,794 $ 5,168,811
Interest and other 534,232 405,676
----------- -----------
6,999,026 5,574,487
----------- -----------
Expenses
Interest 2,865,472 2,738,838
Depreciation and amortization 3,343,336 2,593,057
Taxes and insurance 1,021,291 680,064
Repairs and maintenance 850,511 614,980
Operating expenses 2,363,559 1,681,751
Other expenses 11,073 363,266
----------- -----------
10,455,242 8,671,956
----------- -----------
NET LOSS $(3,456,216) $(3,097,469)
=========== ===========
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $(1,821,704) $(1,847,436)
=========== ===========
Net loss allocated to other partners $(1,634,512) $(1,250,033)
=========== ===========
</TABLE>
F-78
<PAGE>
<PAGE> 79
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
<TABLE>
Series 24 Series 25
----------- -----------
<S> <C> <C>
Revenue
Rent $ 3,419,844 $ 4,962,944
Interest and other 204,838 275,267
----------- -----------
3,624,682 5,238,211
=========== ===========
Expenses
Interest 1,662,180 1,611,135
Depreciation and amortization 1,413,240 1,065,770
Taxes and insurance 547,667 588,231
Repairs and maintenance 341,401 890,211
Operating expenses 1,128,112 1,493,588
Other expenses 84,027 45,402
----------- -----------
5,176,627 5,694,337
----------- -----------
NET LOSS $(1,551,945) $ (456,126)
=========== ===========
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $ (757,464) $ (431,640)
=========== ===========
Net loss allocated to other partners $ (794,481) $ (24,486)
=========== ===========
</TABLE>
F-79
<PAGE>
<PAGE> 80
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
<TABLE>
Series 26 Series 27
----------- -----------
<S> <C> <C>
Revenue
Rent $ 870,342 $ 1,740
Interest and other 46,206 2,191
----------- -----------
916,548 3,931
----------- -----------
Expenses
Interest 467,926 1,340
Depreciation and amortization 371,136 9,411
Taxes and insurance 131,809 87
Repairs and maintenance 95,627 494
Operating expenses 297,216 1,444
Other expenses 18,679 263
----------- -----------
1,382,393 13,039
----------- -----------
NET LOSS $ (465,845) $ (9,108)
=========== ===========
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $ (370,210) $ (9,016)
=========== ===========
Net loss allocated to other partners $ (95,635) $ (92)
=========== ===========
</TABLE>
F-80
<PAGE>
<PAGE> 81
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows:
<TABLE>
Series 28
-----------
<S> <C>
Revenue
Rent $ 42,878
Interest and other 21,235
-----------
64,113
-----------
Expenses
Interest 23,943
Depreciation and amortization 8,223
Taxes and insurance 9,177
Repairs and maintenance 6,074
Operating expenses 18,437
Other expenses -
-----------
65,854
-----------
NET LOSS $ (1,741)
===========
Net loss allocated to Boston Capital Tax Credit Fund
IV L.P. $ (1,567)
===========
Net loss allocated to other partners $ (174)
===========
</TABLE>
F-81
<PAGE>
<PAGE> 82
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total
-----------
<S> <C>
Revenue
Rent $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)
===========
</TABLE>
F-82
<PAGE>
<PAGE> 83
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 20 Series 21
----------- -----------
<S> <C> <C>
Revenue
Rent $ 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)
=========== ===========
</TABLE>
F-83
<PAGE>
<PAGE> 84
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 22 Series 23
----------- -----------
<S> <C> <C>
Revenue
Rent $ 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)
=========== ===========
</TABLE>
F-84
<PAGE>
<PAGE> 85
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 24 Series 25
----------- -----------
<S> <C> <C>
Revenue
Rent $ 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 -
----------- -----------
581,748 1,084
----------- -----------
NET LOSS $ (105,239) $ 22,540
=========== ===========
Net loss allocated to Boston Capital Tax
Credit Fund IV L.P. $ (94,732) $ 22,315
=========== ===========
Net loss allocated to other partners $ (10,507) $ 225
=========== ===========
</TABLE>
F-85
<PAGE>
<PAGE> 86
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1997 and 1996 consist of advance
installments of $12,972,311 and $14,869,904, respectively, of capital
contributions to operating limited partnerships. Series 20 through Series
29 notes are comprised of non-interest bearing and interest bearing notes
with rates ranging from prime plus 1% to 4.5%. Prime was 8.5% and 8.25%
as of March 31, 1997 and 1996, respectively. These notes will be applied
against future payments of capital contributions. The carrying value of
the notes receivable at March 31, 1997 and 1996 approximates fair value.
The notes at March 31, 1997 and 1996 by series are as follows:
<TABLE>
1997 1996
----------- -----------
<S> <C> <C>
Series 20 $ 874,787 $ 1,808,615
Series 21 641,542 321,165
Series 22 2,209,273 3,709,286
Series 23 2,186,398 3,902,391
Series 24 1,654,702 1,800,402
Series 25 405,700 1,924,960
Series 26 1,070,887 1,403,085
Series 27 565,365 -
Series 28 3,363,657 -
Series 29 - -
----------- -----------
$12,972,311 $14,869,904
=========== ===========
</TABLE>
NOTE E - OTHER ASSETS
Other assets include $5,039,295 and $7,624,089 of cash held by an escrow
agent at March 31, 1997 and 1996, respectively. The cash held for Series
20 through 29 at March 31, 1997 and Series 20 through 26 at March 31, 1996
represents capital contributions to be released to the operating limited
partnerships when certain criteria have been met. The escrows held at
March 31, 1997 and 1996 by series are as follows:
F-86
<PAGE>
<PAGE> 87
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE E - OTHER ASSETS (Continued)
<TABLE>
1997 1996
----------- -----------
<S> <C> <C>
Series 20 $ 67,702 $ 67,702
Series 21 - -
Series 22 351,894 533,330
Series 23 - 588,004
Series 24 927,273 2,704,644
Series 25 1,720,371 3,272,307
Series 26 1,603,295 458,102
Series 27 248,760 -
Series 28 120,000 -
Series 29 - -
----------- -----------
$ 5,039,295 $ 7,624,089
=========== ===========
</TABLE>
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, 1997 are reconciled as follows:
<TABLE>
Total
------------
<S> <C>
Net income (loss) for financial reporting purposes $(11,568,501)
Operating limited partnership rents received in advance 35,809
Partnership fund management fee 831,331
Other -
Excess of tax depreciation over book depreciation on
operating limited partnership assets (1,887,714)
Difference due to fiscal year for book purposes and
calendar year for tax purposes 2,152,116
------------
Income (loss) for tax return purposes, December 31,
1996 $(10,436,959)
============
</TABLE>
F-87
<PAGE>
<PAGE> 88
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Series 20 Series 21
----------- -----------
<S> <C> <C>
Net income (loss) for financial reporting
purposes $(3,320,223) $(2,361,437)
Operating limited partnership rents received
in advance 9,269 6,512
Partnership fund management fee 382,458 225,840
Other - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (424,809) (403,920)
Difference due to fiscal year for book
purposes and calendar year for tax purposes 783,658 1,246,724
----------- -----------
Income (loss) for tax return purposes,
December 31, 1996 $(2,569,647) $(1,286,281)
=========== ===========
</TABLE>
F-88
<PAGE>
<PAGE> 89
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Series 22 Series 23
----------- -----------
<S> <C> <C>
Net income (loss) for financial reporting
purposes $(2,058,842) $(1,996,916)
Operating limited partnership rents received
in advance 6,036 7,697
Partnership fund management fee 223,033 -
Other - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (227,380) (494,688)
Difference due to fiscal year for book
purposes and calendar year for tax purposes 260,159 167,424
----------- -----------
Income (loss) for tax return purposes,
December 31, 1996 $(1,796,994) $(2,316,483)
=========== ===========
</TABLE>
F-89
<PAGE>
<PAGE> 90
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Series 24 Series 25
----------- -----------
<S> <C> <C>
Net income (loss) for financial reporting
purposes $ (928,613) $ (760,670)
Operating limited partnership rents received
in advance 6,147 148
Partnership fund management fee - -
Other - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (169,224) (60,563)
Difference due to fiscal year for book
purposes and calendar year for tax purposes 32,301 367,347
----------- -----------
Income (loss) for tax return purposes,
December 31, 1996 $(1,059,389) $ (453,738)
=========== ===========
</TABLE>
F-90
<PAGE>
<PAGE> 91
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Series 26 Series 27
----------- -----------
<S> <C> <C>
Net income (loss) for financial reporting
purposes $ (209,997) $ (24,327)
Operating limited partnership rents received
in advance - -
Partnership fund management fee - -
Other - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (105,948) -
Difference due to fiscal year for book
purposes and calendar year for tax purposes (444,660) (153,539)
----------- -----------
Income (loss) for tax return purposes,
December 31, 1996 $ (760,605) $ (177,866)
=========== ===========
</TABLE>
F-91
<PAGE>
<PAGE> 92
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Series 28 Series 29
----------- -----------
<S> <C> <C>
Net income (loss) for financial reporting
purposes $ 91,590 $ 934
Operating limited partnership rents received
in advance - -
Partnership fund management fee - -
Other - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,182) -
Difference due to fiscal year for book
purposes and calendar year for tax purposes (106,364) (934)
----------- -----------
Income (loss) for tax return purposes,
December 31, 1996 $ (15,956) $ -
=========== ===========
</TABLE>
F-92
<PAGE>
<PAGE> 93
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 20 Series 21
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for financial
reporting purposes $(6,284,543) $(3,115,384) $(1,105,594)
Operating limited partnership
rents received in advance 18,536 10,163 4,099
Partnership fund management fee 178,642 88,952 89,690
Other 324,282 148,346 80,653
Excess of tax depreciation over
book depreciation on operating
limited partnership assets (613,700) (331,879) (90,785)
Difference due to fiscal year for
book purposes and calendar year
for tax purposes 1,026,336 135,973 458,885
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31, 1995 $(5,350,447) $(3,063,829) $ (563,052)
=========== =========== ===========
</TABLE>
F-93
<PAGE>
<PAGE> 94
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 22 Series 23 Series 24
----------- ----------- ----------
<S> <C> <C> <C>
Net income (loss) for financial
reporting purposes $(1,386,839) $ (546,204)$ (143,857)
Operating limited partnership
rents received in advance 4,076 198 -
Partnership fund management fee - - -
Other 25,367 95,307 (4,558)
Excess of tax depreciation over
book depreciation on operating
limited partnership assets (52,512) (107,020) (31,504)
Difference due to fiscal year for
book purposes and calendar year
for tax purposes 230,417 209,334 (26,058)
----------- ----------- ----------
Income (loss) for tax return
purposes, December 31, 1995 $(1,179,491) $ (348,385)$ (205,977)
=========== =========== ==========
</TABLE>
F-94
<PAGE>
<PAGE> 95
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 25 Series 26
----------- ----------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 40,545 $ (27,210)
Operating limited partnership
rents received in advance - -
Partnership fund management fee - -
Other (20,833) -
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 (9,425) 27,210
----------- ----------
Income (loss) for tax return
purposes, December 31, 1995 $ 10,287 $ -
=========== ==========
</TABLE>
F-95
<PAGE>
<PAGE> 96
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Total
------------
<S> <C>
Investment in operating limited partnerships - tax
return December 31, 1996 $153,730,676
Operating limited partnerships acquired during the
three month period ended March 31, 1997 20,802,182
Historic tax credits - cumulative 794,154
Less share of loss - three months ended March 31, 1997 (1,566,783)
Other (9,178,594)
------------
Investment in operating limited partnerships - as
reported $164,581,635
============
</TABLE>
F-96
<PAGE>
<PAGE> 97
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 20 Series 21
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $25,971,223 $ 13,411,093
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 - -
Historic tax credits - cumulative 570,617 -
Less share of loss - three months ended
March 31, 1997 (404,710) (669,050)
Other (307,447) (1,226,466)
----------- ------------
Investment in operating limited
partnerships - as reported $25,829,683 $ 11,515,577
=========== ============
</TABLE>
F-97
<PAGE>
<PAGE> 98
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 22 Series 23
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $17,674,266 $ 25,223,283
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 670,850 -
Historic tax credits - cumulative 223,537 -
Less share of loss - three months ended
March 31, 1997 (255,971) (182,761)
Other (735,723) (30,874)
----------- ------------
Investment in operating limited
partnerships - as reported $17,576,959 $ 25,009,648
=========== ============
</TABLE>
F-98
<PAGE>
<PAGE> 99
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 24 Series 25
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $15,820,048 $ 22,422,932
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 - 2,060,647
Historic tax credits - cumulative - -
Less share of loss - three months ended
March 31, 1997 (54,291) -
Other 150,220 (216,605)
----------- ------------
Investment in operating limited
partnerships - as reported $15,915,977 $ 24,266,974
=========== ============
</TABLE>
F-99
<PAGE>
<PAGE> 100
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 26 Series 27
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $16,557,611 $ 16,368,915
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 5,099,390 3,764,709
Historic tax credits - cumulative - -
Less share of loss - three months ended
March 31, 1997 - -
Other (43,288) (6,768,100)
----------- ------------
Investment in operating limited
partnerships - as reported $21,613,713 $ 13,365,524
=========== ============
</TABLE>
F-100
<PAGE>
<PAGE> 101
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 28 Series 29
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $ 281,305 $ -
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 3,106,014 6,100,572
Historic tax credits - cumulative - -
Less share of loss - three months ended
March 31, 1997 - -
Other (311) -
----------- ------------
Investment in operating limited
partnerships - as reported $ 3,387,008 $ 6,100,572
=========== ============
</TABLE>
F-101
<PAGE>
<PAGE> 102
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total
------------
<S> <C>
Investment in operating limited partnerships - tax
return December 31, 1996 $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
============
</TABLE>
F-102
<PAGE>
<PAGE> 103
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 20 Series 21
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $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
=========== ============
</TABLE>
F-103
<PAGE>
<PAGE> 104
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 22 Series 23
----------- ------------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $20,117,777 $ 27,438,844
Operating limited partnerships acquired
during the three month period ended
March 31, 1997 - -
Historic tax credits - cumulative 223,537 -
Less share of loss - three months ended
March 31, 1997 (255,971) (182,761)
Other (190,010) (66,225)
----------- ------------
Investment in operating limited
partnerships - as reported $19,895,333 $ 27,189,858
=========== ============
</TABLE>
F-104
<PAGE>
<PAGE> 105
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 24 Series 25 Series 26
----------- ------------ -----------
<S> <C> <C> <C>
Investment in operating limited
partnerships - tax return
December 31, 1996 $ 6,827,711 $ 5,963,931 $
Operating limited partnerships
acquired during the three
month period ended March 31,
1997 848,967 1,878,416 3,618,962
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31, 1997 (54,291) - -
Other 2,390,554 20,833 -
----------- ------------ -----------
Investment in operating limited
partnerships - as reported $10,012,941 $ 7,863,180 $ 3,618,962
=========== ============ ===========
</TABLE>
F-105
<PAGE>
<PAGE> 106
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1997, the amortized cost and fair value of investments
available-for-sale are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized
cost gains losses Fair value
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Tax exempt
municipal bonds $45,944,261 $ 68,236 $ (11,493) $46,001,004
Other 567,692 - - 567,692
----------- ----------- ------------ -----------
$46,511,953 $ 68,236 $ (11,493) $46,568,696
=========== =========== ============ ===========
</TABLE>
The amortized cost and fair value of securities available-for-sale as of
March 31, 1996 is shown below:
<TABLE>
Amortized
cost Fair value
----------- -----------
<S> <C> <C>
Due in one year or less $20,638,051 $22,034,570
Due in one year through five years 20,214,301 19,393,061
Due in five years through ten years 3,109,421 2,540,482
Due in ten years and after 2,550,180 2,600,583
----------- -----------
$46,511,953 $46,568,696
=========== ===========
</TABLE>
Proceeds and periods from sales and maturities of investments during the
year ended March 31, 1997 was $4,416,315 resulting in a realized loss of
$62,724 included in interest income.
In selecting investments to purchase and sell, the general partner and its
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 3.9% to 14.25%.
F-106
<PAGE>
<PAGE> 107
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1996, the amortized cost and fair value of investments
available-for-sale are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized
cost gains losses Fair value
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
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
=========== =========== =========== ===========
</TABLE>
The amortized cost and fair value of securities available-for-sale as of
March 31, 1996 is shown below:
<TABLE>
Amortized
cost Fair value
----------- -----------
<S> <C> <C>
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
=========== ===========
</TABLE>
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 its
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-107
<PAGE>
<PAGE> 108
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE H - CASH EQUIVALENTS
Cash equivalents of $14,759,648 and $18,554,869 as of March 31, 1997 and
1996, respectively, include tax exempt sweep accounts and money market
accounts with interest rate ranging from 2.6% to 3.7% per annum.
NOTE I - 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, 1997, the uninsured portion of the cash balances on deposit was
$73,322.
F-108
<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, 1997
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 4,625,000 435,550 3,717,895 4,173,633 435,550 7,891,528 8,327,078 610,605 09/95 06/94 5-27.5
Ashbury
Apts. 1,318,824 148,007 2,158,237 28,266 148,007 2,186,503 2,334,510 256,129 06/94 04/94 5-27.5
Bennets Pt. 1,353,226 71,749 1,557,622 16,440 71,749 1,574,062 1,645,811 170,944 08/94 03/94 5-27.5
Bradley
Elderly 804,162 4,000 986,204 0 4,000 986,204 990,204 72,305 03/95 06/94 5-27.5
Breeze Cove 2,830,601 128,751 5,333,835 18,132 128,751 5,351,967 5,480,718 589,618 10/94 05/94 5-27.5
Cascades
Commons 14,936,916 5,131,293 2,743,532 23,240,848 3,375,809 25,984,380 29,360,189 1,447,920 10/95 06/94 5-27.5
Clarksville
Estates 702,382 28,550 838,235 850 28,550 839,085 867,635 138,991 09/94 06/94 5-27.5
College
Green 3,791,301 225,000 6,812,595 0 225,000 6,812,595 7,037,595 434,810 08/95 03/95 5-27.5
F-109
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ------------------------------------------------------------------------------------------------------------------------------
Concordia
Housing, I 1,475,469 0 1,997,510 0 0 1,997,510 1,997,510 69,624 07/95 08/94 10-40
Coushatta
Sr., II 716,901 25,700 904,920 0 25,700 904,920 930,620 55,970 03/94 05/94 5-27.5
Cynthiana
Properties 922,615 32,117 1,016,135 678,695 32,117 1,694,830 1,726,947 185,318 04/95 10/94 5-27.5
East Douglas
Apts. 1,978,943 23,913 2,593,259 1,406,931 23,913 4,000,190 4,024,103 229,819 12/95 07/94 5-27.5
Edison Lane 723,937 6,900 951,249 0 6,900 951,249 958,149 49,317 10/95 09/94 5-27.5
Evergreen
Hills 2,832,672 157,537 4,337,312 561,968 157,537 4,899,280 5,056,817 534,892 01/95 08/94 5-27.5
Fair Oaks
Lane 1,421,799 123,600 1,762,341 0 125,000 1,762,341 1,887,341 118,583 05/95 07/94 5-27.5
Floral
Acres II 1,040,964 148,672 1,187,134 0 148,672 1,187,134 1,335,806 70,486 08/94 05/94 5-27.5
Forest Glen
Village 1,339,072 84,800 1,661,326 0 109,800 1,661,326 1,771,126 135,475 02/95 07/94 5-27.5
F-110 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Franklinton
Elderly 1,716,729 64,300 2,074,319 1,150 64,300 2,075,469 2,139,769 114,911 10/94 04/94 5-50
Goldenrod,
Ltd. 7,656,948 800,000 13,419,108 0 770,000 13,419,108 14,189,108 920,302 06/95 04/94 5-27.5
Harrisonburg
Senior 696,198 10,160 877,026 0 10,160 877,026 887,186 64,397 01/94 05/94 7-40
Northfield
Apts. 2,996,329 192,208 4,326,388 2,044,647 193,208 6,371,035 6,564,243 426,420 05/95 06/94 5-27.5
Parkside
Housing 710,184 80,000 943,917 1,174 80,000 945,091 1,025,091 80,840 01/94 12/94 5.27.5
Shady Lane
Sr. Apts 954,697 60,000 1,157,181 0 60,000 1,157,181 1,217,181 92,078 10/93 05/94 5.27.5
Virginia
Avenue 1,372,124 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876 326,179 10/94 10/94 5-27.5
---------- --------- ---------- ---------- --------- ---------- ----------- ---------
58,917,993 8,104,045 66,867,619 32,178,033 6,345,961 99,045,652 105,391,613 7,195,933
========== ========= ========== ========== ========= ========== =========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-111
</TABLE>
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............................$104,673,201
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 718,412
Other............................................. 0
----------
$ 718,412
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$105,391,613
===========
F-112
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 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
Current year additions*...............................$3,936,515
---------
Balance at close of period - 3/31/97..............................$ 7,195,933
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-113
<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, 1997
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 5,670,000 100,000 8,334,766 810,562 100,000 9,145,328 9,245,328 431,751 10/95 09/94 5-27.5
Black
River Run 1,271,272 15,000 2,171,360 0 15,000 2,171,360 2,186,360 124,117 12/94 10/94 5-27.5
Campton
Housing 1,045,419 74,511 1,256,245 35,329 74,511 1,291,574 1,366,085 77,516 10/94 08/94 5-40
Cattaragus
Manor 1,101,536 56,630 1,238,241 45,802 56,630 1,284,043 1,340,673 60,826 04/95 08/94 5-27.5
Centrum
Fairfax 4,804,000 1,160,250 7,247,614 (193,671) 1,160,250 7,053,943 8,214,193 211,166 09/95 11/94 5-30
Centrum
Frederick 4,520,000 1,380,000 6,922,259 0 1,080,000 6,922.259 8,002,259 237,355 09/95 10/94 5-27.5
Fort Halifax 1,180,996 120,000 1,324,762 194,592 121,200 1,519,354 1,640,554 139,408 01/95 09/94 5-27.5
Havelock
Manor 1,866,187 120,000 2,194,078 755 120,000 2,194,833 2,314,833 118,159 10/95 12/94 5-27.5
F-114
Boston Capital Tax Credit Fund IV L.P. - Series 21
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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 720,083 15,270 962,236 1 15,270 962,237 977,507 66,065 06/95 08/94 5-27.5
Live Oak
Village 771,779 63,210 899,606 24,746 63,210 924,352 987,562 37,580 07/95 10/94 6-40
Lookout Ridge 685,710 62,000 1,639,096 0 62,000 1,639,096 1,701,096 119,206 12/94 12/94 27.5
Pinedale II 1,448,930 27,906 2,876,158 0 12,906 2,876,158 2,889,064 165,645 12/94 10/94 5-27.5
Pumphouse
Crossing II 1,312,213 10,000 2,431,087 0 10,000 2,431,087 2,441,087 148,826 12/94 10/94 5-27.5
Tower View 1,139,634 46,629 1,571,026 (1,951) 46,629 1,569,075 1,615,704 74,365 05/95 11/94 5-27.5
---------- --------- ---------- ------- --------- ---------- ---------- ---------
27,537,759 3,251,406 41,068,534 916,165 2,937,606 41,984,699 44,922,305 2,011,985
========== ========= ========== ======= ========= ========== ========== =========
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-115
</TABLE>
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 102,815
Other............................................ 0
-----------
$ 102,815
Deductions during period:
Cost of real estate sold.........................$ (1,512,675)
Other............................................ (193,671)
-----------
$ (1,706,346)
-----------
Balance at close of period - 03/31/97............................$ 44,922,305
===========
F-116<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 21
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
Current year expense..................................$1,104,203
---------
Balance at close of period - 3/31/97..............................$ 2,011,985
==========
F-117
<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, 1997
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 1,471,056 91,280 1,720,443 14,033 91,280 1,734,476 1,825,756 180,618 09/94 09/94 5-27.5
Bayou
Crossing 8,480,077 867,209 16,061,472 42,812 857,500 16,104,284 16,961,784 527,656 01/96 11/94 12-39
Bellwood
Gardens 1,257,293 64,715 1,505,852 10 64,715 1,505,862 1,570,577 57,473 07/95 09/95 5-27.5
Birch Ridge 2,800,000 178,000 0 5,630,839 178,000 5,630,839 5,808,839 128,939 03/96 01/95 5-40
Black River
Run 1,271,272 15,000 2,171,360 0 15,000 2,171,360 2,186,360 124,117 12/94 04/95 5-27.5
Clarendon
Court 1,459,149 41,930 1,799,906 0 41,930 1,799,906 1,841,836 135,317 04/95 10/94 7-27.5
Cobblestone
Village 1,425,863 79,567 1,679,627 0 79,567 1,679,627 1,759,194 181,676 05/94 01/95 5-27.5
F-118 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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 1,503,005 169,820 1,854,563 0 169,820 1,854,563 2,024,383 66,139 11/95 01/95 10-40
Concordia
Housing III 1,498,289 0 0 1,894,169 172,090 1,894,169 2,066,259 53,006 12/95 02/95 10-40
Crystal City/
Festus 1,570,039 120,732 3,137,651 44,272 120,732 3,181,923 3,302,655 161,099 11/95 01/95 5-27.5
Drakes
Branch 1,275,621 75,473 1,511,490 0 75,473 1,511,490 1,586,963 100,706 06/95 01/95 5-27.5
Edmond
Properties 4,003,362 160,000 0 7,048,537 160,000 7,048,537 7,208,537 239,076 03/96 11/94 5-27.5
Elks
Tower 830,000 10,000 1,344,357 415,859 10,000 1,760,216 1,770,216 43,199 12/96 10/95 27.5
Fonda LP 1,042,256 25,000 1,310,014 15,793 25,000 1,325,807 1,350,807 129,374 10/94 12/94 5-27.5
Goldenrod
Ltd. 7,656,948 770,000 13,323,746 95,362 770,000 13,419,108 14,189,108 920,302 06/95 03/95 7-27.5
Kimbark 1200
Associates 2,008,072 495,120 3,102,192 69,796 495,120 3,171,988 3,667,108 99,364 12/95 09/95 40
F-119 <PAGE>
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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. 1,368,435 20,000 1,846,543 12,714 20,000 1,859,257 1,879,257 75,366 09/95 04/95 5-27.5
Lost Tree 1,646,820 85,000 4,510,201 1,489 85,000 4.511,690 4,596,690 234,109 06/95 04/95 5-27.5
Marksville
Square 970,941 66,000 250,449 982,764 66,000 1,233,213 1,299,213 32,390 01/96 01/95 N/A
Philadelphia
Housing I 546,412 13,750 757,989 873 13,750 758,862 772,612 23,422 08/95 07/95 5-27.5
Philadelphia
Housing II 853,768 25,000 1,219,579 695 25,000 1,220,274 1,245,274 37,676 08/95 07/95 5-27.5
Quankey
Hills 1,022,944 51,368 1,189,397 (1) 51,368 1,189,396 1,240,764 90,103 03/95 01/95 5-27.5
Richmond
Hardin 967,356 55,000 2,143,538 12,002 55,232 2,155,540 2,210,772 177,608 02/95 12/94 5-27.5
Roxbury
Veterans 0 0 0 0 0 0 0 0 u/c 12/96 N/A
Sacramento
Properties 438,360 18,000 575,442 0 18,000 575,442 593,442 31,069 09/95 08/95 5-27.5
F-120
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Salem LP 979,444 33,093 1,132,389 0 33,093 1,132,389 1,165,482 98,507 12/94 01/95 5-27.5
Swedesboro
Housing 1,493,714 168,295 1,814,291 0 168,295 1,814,291 1,982,586 75,102 06/95 07/95 5-27.5
Troy Villa 2,114,497 231,605 4,084,841 0 231,606 4,084,841 4,316,447 316,482 06/95 12/94 5-27.5
---------- --------- ---------- ---------- --------- ---------- ---------- ---------
51,954,993 3,930,957 70,047,332 16,282,018 4,093,571 86,329,350 90,422,921 4,339,895
========== ========= ========== ========== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-121
/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............................$ 77,836,611
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 16,438,316
Other............................................. 0
----------
$ 16,438,316
Deductions during period:
Cost of real estate sold..........................$(3,852,006)
Other............................................. 0
----------
$ (3,852,006)
-----------
Balance at close of period - 03/31/97............................$ 90,422,921
===========
F-122<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94........................$ 0
Current year additions*..............................$ 16,389
---------
Balance at close of period - 3/31/95.............................$ 16,389
Current year additions*..............................$1,685,278
---------
Balance at close of period - 3/31/97.............................$ 1,701 667
Current year additions*..............................$2,638,228
---------
Balance at close of period - 3/31/97.............................$ 4,339,895
===========
F-123
<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, 1997
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 854,605 64,000 1,641,754 0 64,000 1,641,754 1,705,754 72,649 11/95 07/94 5-30
Bayou
Crossing 8,480,077 857,500 16,061,472 42,812 857,500 16,104,284 16,961,784 527,656 01/96 02/95 12-39
Birch
Ridge 2,800,000 178,000 0 5,630,839 178,000 5,630,839 5,808,839 128,939 03/96 01/95 10-40
Broderick
Housing 2,200,000 275,037 4,540,011 0 275,037 4,540,011 4,815,048 106,026 UC 08/95 NA
Colonna
Redevelopment 1,370,606 374,310 3,470,813 8,152 374,310 3,478,965 3,853,275 157,029 05/94 05/95 7-40
Concordia II
Housing 1,503,005 169,820 1,854,563 0 169,820 1,854,563 2,024,383 66,139 11/95 01/95 10-40
Concordia III
Housing 1,498,289 0 0 1,894,169 172,090 1,894,169 2,066,259 53,006 12/95 02/95 N/A
Crystal
City Festus 1,570,039 120,732 3,137,651 44,272 120,732 3,181,923 3,302,655 161,099 11/95 02/95 5-40
F-124
Boston Capital Tax Credit Fund IV L.P. - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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 4,003,362 160,000 0 7,048,537 160,000 7,048,537 7,208,537 239,076 03/96 11/94 N/A
Halls
Ferry Apts. 1,303,777 5,064 2,984,978 195,969 5,064 3,180,947 3,186,011 90,814 12/95 08/95 5-40
Hurleyville 1,186,217 143,182 1,549,696 (21,382) 143,182 1,528,314 1,671,496 41,467 12/95 07/95 N/A
Ithaca I Apts. 686,550 37,945 808,775 0 37,945 808,775 846,720 34,968 07/95 11/95 7-27.5
Kimbark 1200 2,008,072 495,120 3,102,192 69,796 495,120 3,171,988 3,667,108 99,364 12/95 09/95 5-40
Mathis Apts. 921,088 25,819 1,176,999 0 25,819 1,176,999 1,202,818 57,843 01/95 01/95 5-40
Mid City
Associates 3,140,774 15,058 6,616,466 0 15,058 6,616,466 6,631,524 591,191 06/94 09/95 5-27.5
Orange Grove 675,409 43,180 824,814 0 43,180 824,814 867,994 38,172 02/95 01/95 5-40
Philmont 1,501,413 40,000 1,885,476 932 40,000 1,886,408 1,926,408 131,718 05/95 05/95 5-40
Sacramento Sro
Properties 2,538,762 0 0 3,943,595 0 3,943,595 3,943,595 12,342 UC 09/95 N/A
F-125
Boston Capital Tax Credit IV Fund L.P. - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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 1,994,188 131,000 1,261,754 2,630,952 131,000 3,892,706 4,023,706 99,226 02/96 06/95 5-40
St. Peters
Villa 2,001,879 425,974 0 3,472,464 431,974 3,472,464 3,904,438 138,830 03/96 07/95 N/A
Village
Woods 1,699,121 51,080 3,637,023 490,943 51,080 4,127,966 4,179,046 104,291 3,789 12/95 05/95
5-40
Woodland
Properties 329,625 30,000 593,884 0 30,000 593,884 623,884 30,055 06/95 07/95 7-30
---------- --------- ---------- ---------- --------- ---------- ---------- ---------
44,266,858 3,642,821 55,148,321 25,452,050 3,820,911 80,600,371 84,421,282 2,981,900
========== ========= ========== ========== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-126
</TABLE>
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 25,651,522
Improvements, etc................................. 0
Other............................................. 0
----------
$ 25,651,522
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (21,382)
----------
$ (21,382)
-----------
Balance at close of period - 03/31/97............................$ 84,421,282
===========
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*...............................$2,288,171
---------
Balance at close of period - 3/31/97..............................$ 2,981,900
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-127 <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, 1997
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
- --------------------------------------------------------------------------------------------------------------------------
Autumn Ridge 1,123,201 125,347 0 0 125,347 0 125,347 0 UC 7/96 N/A
Brooks
Summit Apts. 1,123,519 44,000 0 1,454,399 44,000 1,454,399 1,498,399 8,614 UC 12/95 N/A
Brownsville
Associates 1,209,681 58,945 1,476,197 (267,769) 58,945 1,208,428 1,267,373 51,499 09/95 09/95 5-40
Century
East IV Apts. 635,683 90,000 984,989 0 90,000 984,989 1,074,989 40,552 08/95 08/95 5-40
Century
East V Apts. 635,683 90,000 982,504 0 90,000 982,504 1,072,504 38,367 09/95 11/95 5-40
Commerce
Parkway 1,638,979 242,000 1,579,251 0 242,000 1,579,251 1,821,251 22,052 UC 09/95 N/A
Coolidge
Pinal II 1,142,884 40,000 1,363,991 0 40,000 1,363,991 1,403,991 25,966 4/96 4/96 5-27.5
Edenfield
Elderly 1,247,826 10,280 1,709,535 0 10,280 1,709,535 1,719,815 53,173 12/96 1/96 28
F-128
Boston Capital Tax Credit Fund IV L.P. - Series 24
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ------------------------------------------------------------------------------------------------------------------------------
Elm Street 2,420,999 183,547 3,715,562 0 183,547 3,715,562 3,899,109 81,639 1/96 1/96 5-27.5
Jeremy
Associates 3,682,888 522,890 6,954,516 0 522,890 6,954,516 7,477,406 113,288 12/95 6/96 5-40
Lake I Apts. 620,233 85,000 1,012,730 1,165 85,000 1,013,895 1,098,895 43,871 7/95 08/95 5-40
Laurelwood
Park 2,330,000 230,000 5,379,607 0 230,000 5,379,607 5,609,607 62,543 10/96 2/96 5-27.5
Los Lunas 1,225,000 150,000 2,280,094 0 150,000 2,280,094 2,430,094 41,939 6/96 8/96 5-27.5
New
Hilltop 1,733,471 54,366 2,145,934 2,063 52,591 2,147,997 2,200,588 107,250 11/95 11/95 5-40
New Madison
Park IV 7,812,244 541,624 11,606,586 0 541,624 11,606,586 12,148,210 288,888 3/97 5/96 5-27.5
North Hampton
Place 888,616 207,550 2,230,062 0 207,550 2,230,062 2,437,612 88,913 3/96 11/95 N/A
Northfield
Housing 200,000 70,000 446,355 0 70,000 446,355 516,355 17,478 9/96 12/96 5-27.5
Overton
Associates 1,235,329 130,000 1,529,213 0 130,000 1,529,213 1,659,213 9,305 9/96 6/96 5-40
F-129
Boston Capital Tax Credit Fund IV L.P. - Series 24
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ------------------------------------------------------------------------------------------------------------------------------
Pahrump
Valley 1,405,051 63,000 1,757,158 0 63,000 1,757,158 1,820,158 32,701 7/96 7/96 7-27.5
Stanton
Associates 1,219,234 85,971 1,535,425 (282,577) 85,971 1,252,848 1,338,819 47,276 9/95 9/95 5-40
SG Wyandotte 3,765,817 950,000 0 0 950,000 0 950,000 0 2/97 4/96 5-27.5
Woodland
Associates 1,143,044 108,900 1,437,608 59,124 108,900 1,496,732 1,605,632 43,728 9/95 11/95 5-50
Zwolle Apts. 880,109 10,000 930,782 188,315 10,000 1,119,097 1,129,097 50,938 4/96 11/95 5-40
---------- --------- ---------- --------- --------- ---------- ---------- ---------
39,319,491 4,093,420 51,058,099 1,154,720 4,091,645 52,212,819 56,304,464 1,269,980
========== ========= ========== ========= ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-130
/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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 44,018,168
Improvements, etc................................. 1,703,291
Other............................................. 0
----------
$ 45,721,459
Deductions during period:
Cost of real estate sold..........................$(4,136,393)
Other............................................. (550,346)
----------
$ (4,686,739)
-----------
Balance at close of period - 03/31/97............................$ 56,304,464
===========
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 - 3/31/96..............................$ 176,661
Current year additions*...............................$1,093,319
---------
Balance at close of period - 3/31/97..............................$ 1,269,980
==========
F-131 <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, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
352 Lenox
Associates 189,140 6,250 167,568 0 6,250 167,568 173,818 1,972 UC 10/96 5-27.5
Century
East II 546,951 70,000 888,314 0 70,000 888,314 958,314 9,300 6/96 8/96 5-27.5
Dogwood
Park 2,316,000 235,000 0 6,557,268 241,948 6,557,268 6,799,216 71,237 10/96 12/95 5-27.5
Dublin
Housing II 681,323 15,000 0 0 15,000 0 15,000 0 12/96 09/96 N/A
Ethel
Housing 648,556 18,600 1,058,460 0 18,600 1,058,460 1,077,060 9,716 12/96 06/96 5-27.5
Horse Cave 858,420 75,000 1,053,944 0 75,000 1,053,944 1,128,944 6,076 11/96 5/96 5-27.5
Hurricane
Hills LC 1,159,428 150,000 416,357 0 150,000 416,357 566,357 0 UC 9/96 N/A
Laurelwood
Park 2,330,000 230,000 5,379,607 0 230,000 5,379,607 5,609,607 62,543 10/96 2/96 5-27.5
F-132 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 25
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Main Everett 656,701 0 0 0 0 0 0 0 UC 6/96 N/A
Mokapoke LP 1,230,256 60,000 1,907,937 0 60,000 1,907,937 1,967,937 48,080 4/96 2/96 5-27.5
New Madison
Park IV 7,812,244 541,624 11,606,586 0 541,624 11,606,586 12,148,210 288,888 3/97 5/96 5-27.5
Ohio
Investors 2,237,192 31,650 2,354,099 0 31,650 2,354,099 2,385,749 142,326 9/95 2/96 5-27.5
Osborne
Housing 443,038 0 0 0 0 0 0 0 12/96 6/96 27.5
Rose Square 354,805 0 0 0 0 0 0 0 2/97 10/96 N/A
Sandstone
Village 1,274,057 96,047 0 2,584,888 96,047 2,584,888 2,680,935 39,722 8/96 11/95 5-27.5
Shannon
Housing 905,068 34,800 1,466,352 0 34,800 1,466,352 1,501,152 17,348 1/97 4/96 40.7
Smith House 2,419,906 107,284 5,108,688 0 107,284 5,108,688 5,215,972 126,878 3/97 4/96 5-27.5
SG Wyandotte 3,775,803 950,000 1,254,765 0 950,000 1,254,765 2,204,765 0 2/97 4/96 5-27.5
F-133 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 25
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Sutton Place 6,300,000 352,500 7,055,577 0 352,500 7,055,577 7,408,077 247,297 UC 11/96 5-27.5
West Point
Housing 946,507 75,000 1,188,623 0 75,000 1,188,623 1,263,623 6,102 UC 9/96 40.7
---------- --------- ---------- --------- --------- ---------- ---------- ---------
37,085,395 3,048,755 40,906,877 9,142,156 3,055,703 50,049,033 53,104,736 1,077,485
========== ========= ========== ========= ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-134
</TABLE>
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 43,624,585
Improvements, etc................................. 9,149,104
Other............................................. 0
----------
$ 52,773,689
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 53,104,736
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 20,636
---------
Balance at close of period - 3/31/96..............................$ 20,636
Current year additions*...............................$1,056,849
---------
Balance at close of period - 3/31/97..............................$ 1,077,485
==========
F-135<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 26
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Beauregard
Apts. 1,013,042 70,000 1,640,768 0 70,000 1,640,768 1,710,768 14,675 9/96 8/96 7-40
Beckwood
Manor One 1,052,756 20,000 1,334,656 0 20,000 1,334,656 1,354,656 17,875 10/96 8/96 5-27.5
Butler
Apts 224,908 2,908 312,328 0 2,908 312,328 315,236 1,301 UC 2/97 40
Calgory
Apts I 637,227 100,000 985,551 0 100,000 985,551 1,085,551 25,757 12/95 2/96 5-27.5
Calgory
Apts II 597,039 100,000 987,802 0 100,000 987,802 1,087,802 25,717 12/96 2/96 5-27.5
Calgory
Apts III 637,227 100,000 982,395 0 100,000 982,395 1,082,395 25,674 12/95 2/96 5-27.5
Cameron
Housing 1,009,963 74,000 1,736,306 0 74,000 1,736,306 1,810,306 10,857 12/96 8/96 40
Decro
Nordoff 1,330,000 555,000 1,406,871 0 555,000 1,406,871 1,961,871 0 UC 9/96 N/A
F-136<PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 26
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
East
Park II 597,991 35,000 1,119,729 0 35,000 1,119,729 1,154,729 11,521 8/96 8/96 5-27.5
Edgewood
Park 1,360,612 125,000 2,693,011 0 125,000 2,693,011 2,818,011 777 1/97 5/96 5-27.5
Grandview
Apts 1,240,000 180,000 2,198,865 0 180,000 2,198,865 2,378,865 13,552 8/96 8/96 5-27.5
Lake IV
Apts 652,163 85,000 1,015,860 0 85,000 1,015,860 1,100,860 26,465 12/95 2/96 5-27.5
Lake V
Apts 622,875 85,000 1,018,455 0 85,000 1,018,455 1,103,455 26,541 12/95 2/96 5-27.5
Mason
LP 936,992 14,000 1,216,707 0 14,000 1,216,707 1,230,707 59,756 1/96 2/96 5-27.5
Maxton
Green 978,493 30,500 1,262,584 0 30,500 1,262,584 1,293,084 20,392 12/96 9/96 5-27.5
MB Apts 1,107,890 350,000 400,000 0 350,000 400,000 750,000 0 UC 3/96 N/A
Mosby Forest 804,770 31,275 1,342,190 0 31,275 1,342,190 1,373,465 11,328 10/96 10/96 5-27.5
SG Hazeltine 1,915,847 464,955 0 0 464,955 0 464,955 0 1/97 6/96 N/A
F-137 <PAGE>
Boston Capital Tax Credit Fund IV L.P. - Series 26
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Southwind
Apts 634,414 32,000 1,607,903 0 32,000 1,607,903 1,639,903 1,675 12/96 8/96 40
TR Bobb
Apts 835,392 75,000 1,530,233 0 75,000 1,530,233 1,605,233 7,417 12/96 8/96 40
Timmonsville
Green 904,501 41,000 1,252,546 0 41,000 1,252,546 1,293,546 19,913 2/97 10/96 5-27.5
Tremont
Station 1,310,645 0 1,669,559 0 0 1,669,559 1,669,559 5,758 11/96 5/96 5-27.5
The
Willows 827,170 13,000 1,067,939 0 13,000 1,067,939 1,080,939 24,903 5/96 5/96 5-27.5
Warrensburg
Heights 1,126,895 23,370 1,397,872 0 23,370 1,397,872 1,421,242 9,533 11/96 12/96 5-27.5
---------- --------- ---------- - --------- ---------- ---------- -------
22,358,812 2,607,008 30,180,130 0 2,607,008 30,180,130 32,787,138 361,387
========== ========= ========== = ========= ========== ========== =======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-138
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 32,787,138
Improvements, etc................................. 0
Other............................................. 0
----------
$ 32,787,138
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 32,787,138
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 361,387
-------
Balance at close of period - 3/31/97..............................$ 361,387
========
F-139<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 27
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Centrum
Fairfax II 2,933,506 1,054,099 0 0 1,054,099 0 1,054,099 0 UC 8/96 NA
Pear Village 260,940 50,000 512,155 0 50,000 512,155 562,155 1,323 UC 8/96 5-27.5
Randolph
Village 300,000 1,168,500 0 0 1,168,500 0 1,168,500 0 UC 9/96 NA
Sunday Sun 881,700 156,600 1,638,376 0 156,600 1,638,376 1,794,976 9,411 12/96 10/96 5-27.5
Wayne Housing 0 1,200,000 0 0 1,200,000 0 1,200,000 0 UC 11/96 NA
--------- --------- --------- -------- --------- --------- --------- ------
4,376,146 3,629,199 2,150,531 0 3,629,199 2,150,531 5,779,730 10,734
========= ========= ========= ======== ========= ========= ========= ======
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-140
/TABLE
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,779,730
Improvements, etc................................. 0
Other............................................. 0
----------
$ 5,779,730
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 5,779,730
-----------
Balance at close of period - 03/31/97............................$ 5,779,730
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 10,734
---------
Balance at close of period - 3/31/97..............................$ 10,734
==========
F-141<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series 28
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Fairway
II L.P. 1,090,926 48,000 599,230 0 48,000 599,230 647,230 8,223 UC 12/96 5-27.5
--------- ------ ------- -------- ------ ------- ------- -----
1,090,926 48,000 599,230 0 48,000 599,230 647,230 8,223
========= ====== ======= ======== ====== ======= ======= =====
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
F-142
/TABLE
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 647,230
Improvements, etc................................. 0
Other............................................. 0
----------
$ 647,230
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 647,230
-----------
Balance at close of period - 03/31/97............................$ 647,230
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 8,223
---------
Balance at close of period - 3/31/97..............................$ 8,223
==========
*Total includes current year expense and amounts capitalized to building basis.
F-143
<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-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<TOTAL-ASSETS> 259,200,587
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 259,200,587
<TOTAL-REVENUES> 2,498,953
<INCOME-TAX> 0
<INCOME-CONTINUING> (14,067,454)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,568,501)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
