FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED September 30, 1997
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $196,896,868
$164,581,635
OTHER ASSETS
Cash and cash equivalents 27,901,580
14,801,634
Investments 60,551,361
46,568,694
Notes receivable 11,976,838
12,972,311
Deferred acquisition costs 8,663,363
6,888,731
Prepaid expenses -
6,458
Organization costs, net of
accumulated amortization (Note B) 513,922
534,968
Other assets 11,318,096
12,846,156
-----------
- -----------
$317,822,028
$259,200,587
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 266,772 $
6,683
Syndication costs payable -
280,815
Accounts payable affiliates 2,340,430
1,536,042
Capital contributions payable (Note D) 44,693,549
34,744,876
-----------
- -----------
47,300,751
36,568,416
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
------------
- ------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 40,000,000
authorized BACs; 34,365,227 issued and
outstanding as of September 30, 1997 270,699,433
222,767,338
General Partner (234,899)
(191,910)
Unrealized gain (loss) on securities
available for sale, net 56,743
56,743
-----------
- -----------
270,521,277
222,632,171
-----------
- -----------
$317,822,028
$259,200,587
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 20
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,697,949
$25,829,683
OTHER ASSETS
Cash and cash equivalents 479,681
429,105
Investments 279,205
778,954
Notes receivable -
874,787
Deferred acquisition costs 98,235
98,235
Prepaid expenses -
4,410
Organization costs, net of
accumulated amortization (Note B) 45,534
57,176
Other assets 275,236
255,951
----------
- ----------
$25,875,840
$28,328,301
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 763,139
573,651
Capital contributions payable (Note D) 612,584
1,942,326
----------
- ----------
1,375,723
2,515,977
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- -----------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,866,700 issued and
outstanding as of September 30, 1997 24,584,941
25,884,026
General Partner (85,572)
(72,450)
Unrealized gain (loss) on securities
for sale, net 748
748
----------
- ----------
24,500,117
25,812,324
----------
- ----------
$25,875,840
$28,328,301
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 21
- ----------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $10,615,654
$11,515,577
OTHER ASSETS
Cash and cash equivalents 642,960
494,112
Investments 532,904
701,042
Notes receivable 641,542
641,542
Deferred acquisition costs 53,731
53,731
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 22,002
31,480
Other assets 244,987
245,722
----------
- ----------
$12,753,780
$13,683,206
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 484,910
371,990
Capital contributions payable (Note D) 929,965
967,561
----------
- ----------
1,414,875
1,339,551
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
- ----------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 1,892,700 issued and
outstanding as of September 30, 1997 11,386,733
12,381,436
General Partner (48,570)
(38,523)
Unrealized gain (loss) on securities
for sale, net 742
742
----------
- ----------
11,338,905
12,343,655
----------
- ----------
$12,753,780
$13,683,206
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 22
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,322,393
$17,576,959
OTHER ASSETS
Cash and cash equivalents 374,622
648,647
Investments 315,546
621,520
Notes receivable 1,796,240
2,209,273
Deferred acquisition costs 128,575
166,684
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 28,501
34,770
Other assets 167,760
518,706
----------
- ----------
$20,133,637
$21,776,559
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 415,226
289,397
Capital contributions payable (Note D) 2,191,702
3,158,246
----------
- ----------
2,606,928
3,447,643
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
------------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,564,400 issued and
outstanding as of September 30, 1997 17,569,765
18,363,950
General Partner (43,821)
(35,799)
Unrealized gain (loss) on securities
for sale, net 765
765
----------
- ----------
17,526,709
18,328,916
----------
- ----------
$20,133,637
$21,776,559
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 23
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,185,135
$25,009,648
OTHER ASSETS
Cash and cash equivalents 738,653
1,578,798
Investments 972,689
1,100,369
Notes receivable 2,186,398
2,186,398
Deferred acquisition costs 168,247
243,247
Prepaid expenses -
2,048
Organization costs, net of
accumulated amortization (Note B) 36,542
43,078
Other assets 477,869
359,706
----------
- ----------
$28,765,533
$30,523,292
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 180,041
60,215
Capital contributions payable (Note D) 3,598,111
4,529,018
----------
- ----------
3,778,152
4,589,233
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,336,727 issued and
outstanding as of September 30, 1997 25,020,789
25,958,000
General Partner (34,988)
(25,521)
Unrealized gain (loss) on securities
for sale, net 1,580
1,580
----------
- ----------
24,987,381
25,934,059
----------
- ----------
$28,765,533
$30,523,292
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 24
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,390,727
$15,915,977
OTHER ASSETS
Cash and cash equivalents 402,363
644,685
Investments 517
303,949
Notes receivable 738,840
1,654,702
Deferred acquisition costs 266,336
313,911
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 38,940
45,429
Other assets 1,525,590
1,438,557
----------
- ----------
$19,363,313
$20,317,210
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 187,124
79,964
Capital contributions payable (Note D) 2,274,311
2,779,449
----------
- ----------
2,461,435
2,859,413
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,169,878 issued and
outstanding as of September 30, 1997 16,917,645
17,468,005
General Partner (16,284)
(10,725)
Unrealized gain (loss) on securities
for sale, net 517
517
----------
- ----------
16,901,878
17,457,797
----------
- ----------
$19,363,313
$20,317,210
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 25
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,016,396
$24,266,974
OTHER ASSETS
Cash and cash equivalents 832,540
956,365
Investments 1,845,330
3,065,387
Notes receivable 477,700
405,700
Deferred acquisition costs 277,279
113,810
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 34,086
39,330
Other assets 2,039,546
2,638,118
----------
- ----------
$29,522,877
$31,485,684
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 9,090 $
983
Syndication costs payable -
- -
Accounts payable affiliates -
16,554
Capital contributions payable (Note D) 4,852,308
6,437,839
----------
- ----------
4,861,398
6,455,376
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,026,109 issued and
outstanding as of September 30, 1997 24,666,791
25,031,932
General Partner (10,890)
(7,202)
Unrealized gain (loss) on securities
for sale, net 5,578
5,578
----------
- ----------
24,661,479
25,030,308
----------
- ----------
$29,522,877
$31,485,684
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 26
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,162,494
$21,613,713
OTHER ASSETS
Cash and cash equivalents 2,318,010
1,239,330
Investments 6,909,506
12,173,007
Notes receivable 2,171,208
1,070,887
Deferred acquisition costs 755,137
1,471,671
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 70,991
80,457
Other assets 2,488,599
3,275,364
----------
- ----------
$43,875,945
$40,924,429
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates -
9,630
Capital contributions payable (Note D) 10,017,004
7,104,113
----------
- ----------
10,017,004
7,113,743
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,995,900 issued and
outstanding as of September 30, 1997 33,841,435
33,793,663
General Partner (1,889)
(2,372)
Unrealized gain (loss) on securities
for sale, net 19,395
19,395
----------
- ----------
33,858,941
33,810,686
----------
- ----------
$43,875,945
$40,924,429
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,866,890
$13,365,524
OTHER ASSETS
Cash and cash equivalents 1,489,551
2,180,687
Investments 4,705,559
6,919,629
Notes receivable 770,849
565,365
Deferred acquisition costs 663,489
929,985
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 62,089
69,850
Other assets 442,796
341,850
----------
- ----------
$25,001,223
$24,372,890
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates -
- -
Capital contributions payable (Note D) 3,864,892
3,470,122
----------
- ----------
3,864,892
3,470,122
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
27
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,460,700 issued and
outstanding as of September 30, 1997 21,126,688
20,895,461
General Partner 2,093
(243)
Unrealized gain (loss) on securities
for sale, net 7,550
7,550
----------
- ----------
21,136,331
20,902,768
----------
- ----------
$25,001,223
$24,372,890
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 28
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 8,462,703 $
3,387,008
OTHER ASSETS
Cash and cash equivalents 3,650,354
4,589,026
Investments 21,487,180
20,904,837
Notes receivable 841,981
3,363,657
Deferred acquisition costs 2,805,200
3,239,183
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 86,385
96,548
Other assets 275,548
266,712
----------
- ----------
$37,609,351
$35,846,971
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 697 $
5,700
Syndication costs payable -
- -
Accounts payable affiliates -
2,100
Capital contributions payable (Note D) 2,926,509
1,338,985
----------
- ----------
2,927,206
1,346,785
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
28
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 4,000,738 issued and
outstanding as of September 30, 1997 34,659,544
34,479,402
General Partner 2,733
916
Unrealized gain (loss) on securities
for sale, net 19,868
19,868
----------
- ----------
34,682,145
34,500,186
----------
- ----------
$37,609,351
$35,846,971
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ----------
Septembr 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,254,743 $
6,100,572
OTHER ASSETS
Cash and cash equivalents 4,218,539
2,040,879
Investments 15,263,251
- -
Notes receivable 1,743,277
- -
Deferred acquisition costs 1,495,771
258,274
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 45,881
36,850
Other assets 1,765,779
3,505,470
----------
- ----------
$42,787,241
$11,942,045
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
280,815
Accounts payable affiliates -
132,541
Capital contributions payable (Note D) 8,304,886
3,017,217
----------
- ----------
8,304,886
3,430,573
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,991,800 issued and
outstanding as of September 30, 1997 34,480,547
8,511,463
General Partner 1,808
9
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
34,482,355
8,511,472
----------
- ----------
$42,787,241
$11,942,045
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30*
Series 31*
------------ --
- ----------
September 30,
September 30,
1997
1997
(Unaudited)
(Unaudited)
----------- ---
- --------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 3,649,577 $
3,272,207
OTHER ASSETS
Cash and cash equivalents 11,272,061
1,482,246
Investments 8,239,674
- -
Notes receivable 608,803
- -
Deferred acquisition costs 1,881,324
70,039
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 42,971
- -
Other assets 72,236
1,542,150
----------
- ----------
$25,766,646 $
6,366,642
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
256,985
Syndication costs payable -
- -
Accounts payable affiliates 171,965
138,025
Capital contributions payable (Note D) 2,628,016
2,493,261
----------
- ----------
2,799,981
2,888,271
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30*
Series 31*
-----------
- -----------
September 30,
September 30,
1997
1997
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,649,075 and 410,500,
respectively, issued and
outstanding as of September 30, 1997 22,966,048
3,478,507
General Partner 617
(136)
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
22,966,665
3,478,371
----------
- ----------
$25,766,646 $
6,366,642
==========
==========
*Series 30 and Series 31 did not commence operations until after
March 31, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
1997 1996
---- ----
Income
Interest income $ 1,212,980 $ 585,913
---------- ----------
1,212,980 585,913
---------- ----------
Share of income (loss) from
Operating Partnerships (2,175,959)
(808,694)
---------- ----------
Expenses
Professional fees 261,322 122,810
Fund management fee (Note C) 493,971 385,876
Amortization 38,940 27,563
General and administrative expenses 346,315 265,433
---------- ----------
1,140,548 801,682
---------- ----------
NET INCOME (LOSS) $(2,103,527)
$(1,024,463)
========== ==========
Net income (loss) allocated to
limited partners $(2,082,491)
$(1,014,218)
========== ==========
Net income (loss) allocated to
general partner $ (21,036) $
(10,245)
========== ==========
Net income (loss) per BAC $ (.78) $
(.59)
========== ==========
The accompanying notes are an integral part of these
statements.
25
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 20
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 27,950 $
11,538
--------
- --------
27,950
11,538
--------
- --------
Share of income (loss) from Operating
Partnerships (532,388)
113,151
--------
- --------
Expenses
Professional fees 27,048
15,923
Fund management fee (Note C) 42,844
86,239
Amortization 5,821
5,821
General and administrative expense 15,845
10,201
--------
- --------
91,558
118,184
--------
- --------
NET INCOME (LOSS) $(595,996) $
6,505
========
========
Net income (loss) allocated to
limited partners $(590,036) $
6,440
========
========
Net income (loss) allocated to
general partner $ (5,960) $
65
========
========
Net income (loss) per BAC $ (.15) $
(.04)
========
========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30
(Unaudited)
SERIES 21
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 15,066 $
16,136
--------
- --------
15,066
16,136
--------
- --------
Share of income (loss) from Operating
Partnerships (402,917)
(460,985)
--------
- --------
Expenses
Professional fees 18,676
14,218
Fund management fee (Note C) 55,835
54,872
Amortization 4,739
4,739
General and administrative expense 9,890
12,327
--------
- --------
89,140
86,156
--------
- --------
NET INCOME (LOSS) $(476,991)
$(531,005)
========
========
Net income (loss) allocated to
limited partners $(472,221)
$(525,695)
========
========
Net income (loss) allocated to
general partner $ (4,770) $
(5,310)
========
========
Net income (loss) per BAC $ (.25) $
(.36)
========
========
The accompanying notes are an integral part of these
statements.
27
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September
(Unaudited)
SERIES 22
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 11,859 $
15,145
-------- -
- -------
11,859
15,145
-------- -
- -------
Share of income (loss) from Operating
Partnerships (323,384)
(144,547)
-------- -
- -------
Expenses
Professional fees 29,591
15,879
Fund management fee (Note C) 63,936
57,973
Amortization 3,135
3,135
General and administrative expense 11,942
18,577
-------- -
- -------
108,604
95,564
-------- -
- -------
NET INCOME (LOSS) $(420,129)
$(224,966)
========
========
Net income (loss) allocated to
limited partners $(415,928)
$(222,716)
========
========
Net income (loss) allocated to
general partner $ (4,201) $
(2,250)
========
========
Net income (loss) per BAC $ (.16) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 23
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 25,235 $
59,668
-------- -
- -------
25,235
59,668
-------- -
- -------
Share of income (loss) from Operating
Partnerships (456,741)
(237,187)
-------- -
- -------
Expenses
Professional fees 29,065
13,837
Fund management fee (Note C) 38,663
59,814
Amortization 3,268
3,268
General and administrative expense 16,653
19,850
-------- -
- -------
87,649
96,769
-------- -
- -------
NET INCOME (LOSS) $(519,155)
$(274,288)
========
========
Net income (loss) allocated to
limited partners $(513,963)
$(271,545)
========
========
Net income (loss) allocated to
general partner $ (5,192) $
(2,743)
========
========
Net income (loss) per BAC $ (.15) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
29
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 24
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 4,448 $
61,439
-------- -
- -------
4,448
61,439
-------- -
- -------
Share of income (loss) from Operating
Partnerships (123,362)
(24,955)
-------- -
- -------
Expenses
Professional fees 25 753
13,359
Fund management fee (Note C) 52,330
46,603
Amortization 3,245
3,245
General and administrative expense 7,929
25,329
-------- -
- -------
89,257
88,536
-------- -
- -------
NET INCOME (LOSS) $(208,171) $
(52,052)
========
========
Net income (loss) allocated to
limited partners $(206,089) $
(51,531)
========
========
Net income (loss) allocated to
general partner $ (2,082) $
(521)
========
========
Net income (loss) per BAC $ (.09) $
(.02)
========
========
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 25
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 52,149 $
118,959
-------- -
- -------
52,149
118,959
-------- -
- -------
Share of income (loss) from Operating
Partnerships (160,834)
35,788
-------- -
- -------
Expenses
Professional fees 28,704
15,455
Fund management fee (Note C) 67,326
44,759
Amortization 2,622
2,622
General and administrative expense 22,864
51,492
-------- -
- -------
121,516
114,328
-------- -
- -------
NET INCOME (LOSS) $(230,201) $
40,419
========
========
Net income (loss) allocated to
limited partners $(227,899) $
40,015
========
========
Net income (loss) allocated to
general partner $ (2,302) $
404
========
========
Net income (loss) per BAC $ (.08) $
- -
========
========
The accompanying notes are an integral part of these
statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 26
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 174,701 $
272,805
-------- -
- -------
174,701
272,805
-------- -
- -------
Share of income (loss) from Operating
Partnerships (90,286)
(89,959)
-------- -
- -------
Expenses
Professional fees 39,677
31,393
Fund management fee (Note C) 78,475
35,616
Amortization 4,733
4,733
General and administrative expense 56,874
116,671
-------- -
- -------
179,759
188,413
-------- -
- -------
NET INCOME (LOSS) $ (95,344) $
(5,567)
========
========
Net income (loss) allocated to
limited partners $ (94,391) $
(5,511)
========
========
Net income (loss) allocated to
general partner $ (953) $
(56)
========
========
Net income (loss) per BAC $ (.02) $
- -
========
========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 27
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 81,763 $
30,223
-------- -
- -------
81,763
30,223
-------- -
- -------
Share of income (loss) from Operating
Partnerships 56,217
- -
-------- -
- -------
Expenses
Professional fees 4,805
2,746
Fund management fee (Note C) 21,190
- -
Amortization 3,881
- -
General and administrative expense 20,971
10,986
-------- -
- -------
50,847
13,732
-------- -
- -------
NET INCOME (LOSS) $ 87,133 $
16,491
========
========
Net income (loss) allocated to
limited partners $ 86,262 $
16,326
========
========
Net income (loss) allocated to
general partner $ 871 $
165
========
========
Net income (loss) per BAC $ .04 $
- -
========
========
The accompanying notes are an integral part of these
statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 28* SERIES
29*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 471,708 $ 263,093
-------- --------
471,708 263,093
-------- --------
Share of income (loss) from
Operating Partnerships (142,264) -
-------- --------
Expenses
Professional fees 36,520 18,264
Fund management fee (Note C) 23,666 49,706
Amortization 5,081 2,415
General and administrative expense 97,739 51,906
-------- --------
163,006 122,291
-------- --------
NET INCOME (LOSS) $ 166,438 $ 140,802
======== ========
Net income (loss) allocated to
limited partners $ 164,774 $ 139,394
======== ========
Net income (loss) allocated to
general partner $ 1,664 $ 1,408
======== ========
Net income (loss) per BAC $ .04 $ .04
======== ========
* Series 28 and 29 did not commence operations until after
September 30,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 30* SERIES
31*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 85,008 $ -
-------- --------
85,008 -
-------- --------
Share of income (loss) from
Operating Partnerships - -
-------- --------
Expenses
Professional fees 3,219 -
Fund management fee (Note C) - -
Amortization - -
General and administrative expense 20,079 13,623
-------- --------
23,298 13,623
-------- --------
NET INCOME (LOSS) $ 61,710 $ (13,623)
======== ========
Net income (loss) allocated to
limited partners $ 61,093 $ (13,487)
======== ========
Net income (loss) allocated to
general partner $ 617 $ (136)
======== ========
Net income (loss) per BAC $ - $ -
======== ========
* Series 30 and 31 did not commence operations until after
September 30,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
1997 1996
---- ----
Income
Interest income $ 1,893,760 $ 961,886
---------- ----------
1,893,760 961,886
---------- ----------
Share of income (loss) from
Operating Partnerships (4,076,138)
(2,676,267)
---------- ----------
Expenses
Professional fees 326,619 202,150
Fund management fee (Note C) 1,047,236 701,890
Amortization 75,464 50,393
General and administrative expenses 667,368 464,706
---------- ----------
2,116,687 1,419,139
---------- ----------
NET INCOME (LOSS) $(4,299,065)
$(3,133,520)
========== ==========
Net income (loss) allocated to
limited partners $(4,256,076)
$(3,102,185)
========== ==========
Net income (loss) allocated to
general partner $ (42,989) $
(31,335)
========== ==========
Net income (loss) per BAC $ (1.63) $
(1.45)
========== ==========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 20
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 38,574 $
29,153
----------
- --------
38,574
29,153
----------
- --------
Share of (income) loss from Operating
Partnerships (1,142,743)
(763,849)
----------
- --------
Expenses
Professional fees 28,197
22,737
Fund management fee (Note C) 137,087
179,465
Amortization 11,642
11,642
General and administrative expense 31,112
18,705
----------
- --------
208,038
232,549
----------
- --------
NET INCOME (LOSS) $(1,312,207)
$(967,245)
==========
========
Net income (loss) allocated to
limited partners $(1,299,085)
$(957,572)
==========
========
Net income (loss) allocated to
general partner $ (13,122) $
(9,673)
==========
========
Net income (loss) per BAC $ (.33) $
(.39)
==========
========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30
(Unaudited)
SERIES 21
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 25,724 $
37,198
---------- --
- --------
25,724
37,198
---------- --
- --------
Share of (income) loss from Operating
Partnerships (871,129)
(991,807)
---------- --
- --------
Expenses
Professional fees 19,328
24,966
Fund management fee (Note C) 110,707
111,332
Amortization 9,479
9,479
General and administrative expense 19,831
20,097
---------- --
- --------
159,345
165,874
---------- --
- --------
NET INCOME (LOSS) $(1,004,750)
$(1,120,483)
==========
==========
Net income (loss) allocated to
limited partners $ (994,703)
$(1,109,278)
==========
==========
Net income (loss) allocated to
general partner $ (10,047) $
(11,205)
==========
==========
Net income (loss) per BAC $ (.53) $
(.67)
==========
==========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September
(Unaudited)
SERIES 22
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 22,393 $
27,750
-------- -
- -------
22,393
27,750
-------- -
- -------
Share of income (loss) from Operating
Partnerships (639,672)
(308,116)
-------- -
- -------
Expenses
Professional fees 32,066
23,190
Fund management fee (Note C) 122,929
110,349
Amortization 6,269
6,269
General and administrative expense 23,664
31,349
-------- -
- -------
184,928
171,157
-------- -
- -------
NET INCOME (LOSS) $(802,207)
$(451,523)
========
========
Net income (loss) allocated to
limited partners $(794,185)
$(447,008)
========
========
Net income (loss) allocated to
general partner $ (8,022) $
(4,515)
========
========
Net income (loss) per BAC $ (.31) $
(.17)
========
========
The accompanying notes are an integral part of these
statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 23
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 46,819 $
115,575
-------- -
- -------
46,819
115,575
-------- -
- -------
Share of income (loss) from Operating
Partnerships (824,513)
(396,783)
-------- -
- -------
Expenses
Professional fees 32,533
17,878
Fund management fee (Note C) 97,326
118,878
Amortization 6,536
6,536
General and administrative expense 32,589
63,760
-------- -
- -------
168,984
207,052
-------- -
- -------
NET INCOME (LOSS) $(946,678)
$(488,260)
========
========
Net income (loss) allocated to
limited partners $(937,211)
$(483,377)
========
========
Net income (loss) allocated to
general partner $ (9,467) $
(4,883)
========
========
Net income (loss) per BAC $ (.28) $
(.14)
========
========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 24
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 9,805 $
113,829
-------- -
- -------
9,805
113,829
-------- -
- -------
Share of income (loss) from Operating
Partnerships (420,497)
(27,682)
-------- -
- -------
Expenses
Professional fees 26,053
22,335
Fund management fee (Note C) 96,060
77,551
Amortization 6,490
6,490
General and administrative expense 16,624
49,902
-------- -
- -------
145,227
156,278
-------- -
- -------
NET INCOME (LOSS) $(555,919) $
(70,131)
========
========
Net income (loss) allocated to
limited partners $(550,360) $
(69,430)
========
========
Net income (loss) allocated to
general partner $ (5,559) $
(701)
========
========
Net income (loss) per BAC $ (.25) $
(.02)
========
========
The accompanying notes are an integral part of these
statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 25
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 93,392 $
239,992
-------- -
- -------
93,392
239,992
-------- -
- -------
Share of income (loss) from Operating
Partnerships (245,289)
35,788
-------- -
- -------
Expenses
Professional fees 31,718
26,603
Fund management fee (Note C) 132,044
64,256
Amortization 5,244
5,244
General and administrative expense 47,926
100,860
-------- -
- -------
216,932
196,963
-------- -
- -------
NET INCOME (LOSS) $(368,829) $
78,817
========
========
Net income (loss) allocated to
limited partners $(365,141) $
78,029
========
========
Net income (loss) allocated to
general partner $ (3,688) $
788
========
========
Net income (loss) per BAC $ (.12) $
.03
========
========
The accompanying notes are an integral part of these
statements.
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 26
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 316,022 $
368,166
-------- -
- -------
316,022
368,166
-------- -
- -------
Share of income (loss) from Operating
Partnerships 58,853
(223,818)
-------- -
- -------
Expenses
Professional fees 51,711
61,695
Fund management fee (Note C) 135,377
40,059
Amortization 9,465
4,733
General and administrative expense 130,067
169,047
-------- -
- -------
326,620
275,534
-------- -
- -------
NET INCOME (LOSS) $ 48,255
$(131,186)
========
========
Net income (loss) allocated to
limited partners $ 47,772
$(129,874)
========
========
Net income (loss) allocated to
general partner $ 483 $
(1,312)
========
========
Net income (loss) per BAC $ .01 $
(.03)
========
========
The accompanying notes are an integral part of these
statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 27
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 212,953 $
30,223
-------- -
- -------
212,953
30,223
-------- -
- -------
Share of income (loss) from Operating
Partnerships 246,556
- -
-------- -
- -------
Expenses
Professional fees 25,453
2,746
Fund management fee (Note C) 127,112
- -
Amortization 7,761
- -
General and administrative expense 65,609
10,986
-------- -
- -------
225,935
13,732
-------- -
- -------
NET INCOME (LOSS) $ 233,574 $
16,491
========
========
Net income (loss) allocated to
limited partners $ 231,238 $
16,326
========
========
Net income (loss) allocated to
general partner $ 2,336 $
165
========
========
Net income (loss) per BAC $ .09 $
- -
========
========
The accompanying notes are an integral part of these
statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 28* SERIES
29*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 728,158 $ 314,912
-------- --------
728,158 314,912
-------- --------
Share of income (loss) from
Operating Partnerships (237,704) -
-------- --------
Expenses
Professional fees 57,460 18,881
Fund management fee (Note C) 38,888 49,706
Amortization 10,163 2,415
General and administrative expense 202,259 63,985
-------- --------
308,770 134,987
-------- --------
NET INCOME (LOSS) $ 181,684 $ 179,925
======== ========
Net income (loss) allocated to
limited partners $ 179,867 $ 178,126
======== ========
Net income (loss) allocated to
general partner $ 1,817 $ 1,799
======== ========
Net income (loss) per BAC $ .04 $ .05
======== ========
* Series 28 and 29 did not commence operations until after
September 30,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 30* SERIES
31*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 85,008 $ -
-------- --------
85,008 -
-------- --------
Share of income (loss) from
Operating Partnerships - -
-------- --------
Expenses
Professional fees 3,219 -
Fund management fee (Note C) - -
Amortization - -
General and administrative expense 20,079 13,623
-------- --------
23,298 13,623
-------- --------
NET INCOME (LOSS) $ 61,710 $ (13,623)
======== ========
Net income (loss) allocated to
limited partners $ 61,093 $ (13,487)
======== ========
Net income (loss) allocated to
general partner $ 617 $ (136)
======== ========
Net income (loss) per BAC $ - $ -
======== ========
* Series 30 and 31 did not commence operations until after
September 30,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Partners' capital
(deficit)
April 1, 1997 $222,767,338 $ (191,910) $ 56,743
$222,632,171
Capital contribu-
tions 60,378,750 - -
60,378,750
Selling commissions
and registration
costs (8,190,579) - -
(8,190,579)
Net income (loss) (4,256,076) (42,989) -
(4,299,065)
---------- -------- -------
- -----------
Partners' capital
(deficit),
September 30, 1997 $270,699,433 $(234,899) $ 56,743
$270,521,277
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1997 $25,884,026 $ (72,450) $ 748
$25,812,324
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,299,085) (13,122) -
(1,312,207)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $24,584,941 $ (85,572) $ 748
$24,500,117
=========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1997 $12,381,436 $ (38,523) $ 742
$12,343,655
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (994,703) (10,047) -
(1,004,750)
---------- -------- --------
- ----------
Partners' capital
(deficit),
September 30, 1997 $11,386,733 $ (48,570) $ 742
$11,338,905
========== ======== ========
==========
The accompanying notes are an integral part of these
statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1997 $18,363,950 $ (35,799) $ 765
$18,328,916
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (794,185) (8,022) -
(802,207)
---------- -------- ------
- ----------
Partners' capital
(deficit),
September 30, 1997 $17,569,765 $ (43,821) $ 765
$17,526,709
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1997 $25,958,000 $ (25,521) $ 1,580
$25,934,059
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (937,211) (9,467) -
(946,678)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $25,020,789 $ (34,988) $ 1,580
$24,987,381
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1997 $17,468,005 $ (10,725) $ 517
$17,457,797
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (550,360) (5,559) -
(555,919)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $16,917,645 $ (16,284) $ 517
$16,901,878
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1997 $25,031,932 $ (7,202) $ 5,578
$25,030,308
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (365,141) (3,688) -
(368,829)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $24,666,791 $ (10,890) $ 5,578
$24,661,479
========== ======== =======
==========
The accompanying notes are an integral part of these
statements.
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1997 $33,793,663 $(2,372) $ 19,395
$33,810,686
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) 47,772 483 -
48,255
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $33,841,435 $(1,889) $ 19,395
$33,858,941
========== ====== =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1997 $20,895,461 $ (243) $ 7,550
$20,902,768
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (11) - -
(11)
Net income (loss) 231,238 2,336 -
233,574
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $21,126,688 $ 2,093 $ 7,550
$21,136,331
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1997 $34,479,402 $ 916 $ 19,868
$34,500,186
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs 275 - -
275
Net income (loss) 179,867 1,817 -
181,684
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $34,659,544 $ 2,733 $ 19,868
$34,862,145
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1997 $ 8,511,463 $ 9 $ - $
8,511,472
Capital contribu-
tions 29,783,000 - -
29,783,000
Selling commissions
and registration
costs (3,992,042) - -
(3,992,042)
Net income (loss) 178,126 1,799 -
179,925
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $34,480,547 $ 1,808 $ -
$34,482,355
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1997 $ - $ - $ - $
- -
Capital contribu-
tions 26,490,750 - -
26,490,750 -
Selling commissions
and registration
costs (3,585,795)
(3,585,795)
Net income (loss) 61,093 617 -
61,710
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $22,966,048 $ 617 $ -
$22,966,665
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1997 $ - $ - $ - $
- -
Capital contribu-
tions 4,105,000 - -
4,105,000
Selling commissions
and registration
costs (613,006) - -
(613,006)
Net income (loss) (13,487) (136) -
(13,623)
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1997 $ 3,478,507 $ (136) $ - $
3,478,371
========== ====== =======
==========
The accompanying notes are an integral part of these statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(4,299,065) $
(3,133,520)
Adjustments
Amortization 75,464
50,393
Distributions from
Operating Partnerships 23,013
18
Share of loss from Operating
Partnerships 4,076,138
2,676,267
Changes in assets and liabilities
Decrease (Increase) in
organization costs (54,417)
(125,915)
(Decrease) Increase in accounts
payable and accrued expenses (20,726)
400,842
Decrease (Increase) in prepaid
expenses 6,457
(2,721)
Decrease (Increase) in accounts
receivable 1,603,062
(6,432,675)
(Decrease) Increase in accounts
payable affiliates 804,389
495,845
----------- -
- ----------
Net cash (used in) provided by
operating activities 2,214,315
(6,071,466)
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (6,339,728)
(5,706,148)
Capital contributions paid to
Operating Partnerships (29,652,651)
(27,874,008)
Advances to Operating Partnerships 1,041,644
3,484,799
Investments (6,351,796)
(16,009,344)
----------- -
- ----------
Net cash (used in) provided by
investing activities (41,302,531)
(46,104,701)
----------- -
- ----------
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (8,190,588)
(7,583,772)
Capital contributions received 60,378,750
54,620,000
Net cash (used in) provided by ----------- -
- ----------
financing activities 52,188,162
47,036,228
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 13,099,946
(5,139,939)
Cash and cash equivalents, beginning 14,801,634
19,454,787
----------- -
- ----------
Cash and cash equivalents, ending $ 27,901,580 $
14,314,848
===========
===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 21,288,772
$18,155,562
===========
==========
The accompanying notes are an integral part of these
statements.
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,312,207) $
(967,245)
Adjustments
Amortization 11,642
11,642
Distributions from
Operating Partnerships 25
18
Share of loss from Operating
Partnerships 1,142,743 763,849
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
3,756
Decrease (Increase ) in prepaid
expenses 4,410
(2,721)
Decrease (Increase) in accounts
receivable (19,285)
(263,825)
(Decrease) Increase in accounts
payable affiliates 189,488
189,489
----------
- ----------
Net cash (used in) provided by
operating activities 16,816
(265,037)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (1,340,776)
(2,116,257)
Advances to Operating Partnerships 874,787
863,612
Investments 499,749
534,259
----------
- ----------
Net cash (used in) provided by
investing activities 33,760
(718,386)
----------
- ----------
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
- -------------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 50,576
(983,423)
Cash and cash equivalents, beginning 429,105
1,306,675
----------
- ----------
Cash and cash equivalents, ending $ 479,681 $
323,252
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,004,750)
$(1,120,483)
Adjustments
Amortization 9,479
9,479
Distributions from
Operating Partnerships 21,714
- -
Share of loss from Operating
Partnerships 871,129
991,807
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 735
37,468
(Decrease) Increase in accounts
payable affiliates 112,920
112,920
----------
- ----------
Net cash (used in) provided by
operating activities 11,227
31,191
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (30,517)
(248,393)
Advances to Operating Partnerships -
- -
Investments 168,138
(200,285)
----------
- ----------
Net cash (used in) provided by
investing activities 137,621
(448,678)
----------
- ----------
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
- -----------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ---------- -
- ---------
financing activities -
- -
---------- -
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 148,848
(417,487)
Cash and cash equivalents, beginning 494,112
1,398,907
----------
- ----------
Cash and cash equivalents, ending $ 642,960 $
981,420
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
59
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (802,207) $
(451,523)
Adjustments
Amortization 6,269
6,269
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 639,672 308,116
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(470)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 350,946
(23,417)
(Decrease) Increase in accounts
payable affiliates 125,829
116,182
----------
- ----------
Net cash (used in) provided by
operating activities 320,509
(44,843)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (17,410)
(8,276)
Capital contributions paid to
Operating Partnerships (1,296,131)
(1,424,110)
Advances to Operating Partnerships 413,033
1,040,011
Investments 305,974
(153,609)
----------
- ----------
Net cash (used in) provided by
investing activities (594,534)
(545,984)
----------
- ----------
60
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
- ---------------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ---------
financing activities -
- -
----------
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (274,025)
(590,827)
Cash and cash equivalents, beginning 648,647
1,686,347
----------
- ----------
Cash and cash equivalents, ending $ 374,622 $
1,095,520
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 230,990 $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (946,678) $
(488,260)
Adjustments
Amortization 6,536
6,536
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 824,513
396,783
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses 2,047
- -
Decrease (Increase) in accounts
receivable (43,162)
(24,560)
(Decrease) Increase in accounts
payable affiliates 119,826
(9,387)
----------
- ----------
Net cash (used in) provided by
operating activities (36,918)
(118,888)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(7,686)
Capital contributions paid to
Operating Partnerships (930,907)
(4,505,372)
Advances to Operating Partnerships -
1,314,445
Investments 127,680
4,903,992
----------
- ----------
Net cash (used in) provided by
investing activities (803,227)
1,705,379
----------
- ----------
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (840,145)
1,586,491
Cash and cash equivalents, beginning 1,578,798
1,313,618
----------
- ----------
Cash and cash equivalents, ending $ 738,653 $
2,900,109
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (555,919) $
(70,131)
Adjustments
Amortization 6,490
6,490
Distributions from
Operating Partnerships 1,274
- -
Share of loss from Operating
Partnerships 420,497 27,682
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(233,647)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (87,033)
194,091
(Decrease) Increase in accounts
payable affiliates 107,161
(33,597)
----------
- ----------
Net cash (used in) provided by
operating activities (107,530)
(109,112)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (65,707)
(151,691)
Capital contributions paid to
Operating Partnerships (1,288,379)
(4,099,090)
Advances to Operating Partnerships 915,862
2,039
Investments 303,432
925,623
----------
- ----------
Net cash (used in) provided by
investing activities (134,792)
(3,323,119)
----------
- ----------
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (242,322)
(3,432,231)
Cash and cash equivalents, beginning 644,685
4,796,487
----------
- ----------
Cash and cash equivalents, ending $ 402,363 $
1,364,256
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 149,238 $
3,194,309
==========
==========
The accompanying notes are an integral part of these
statements.
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (368,829) $
78,817
Adjustments
Amortization 5,244
5,244
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 245,289 (35,788)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 8,107
3,451
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 598,572
(1,421,359)
(Decrease) Increase in accounts
payable affiliates (16,554)
(1,209)
----------
- ----------
Net cash (used in) provided by
operating activities 471,829
(1,370,844)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (163,468)
(149,478)
Capital contributions paid to
Operating Partnerships (1,580,243)
(6,660,466)
Advances to Operating Partnerships (72,000)
1,435,327
Investments 1,220,057
2,051,808
----------
- ----------
Net cash (used in) provided by
investing activities (595,654)
(3,322,809)
----------
- ----------
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(3,651)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(3,651)
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (123,825)
(4,697,304)
Cash and cash equivalents, beginning 956,365
7,307,862
----------
- ----------
Cash and cash equivalents, ending $ 832,540 $
2,610,558
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
6,572,876
==========
==========
The accompanying notes are an integral part of these
statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ 48,255 $
(131,186)
Adjustments
Amortization 9,465
4,733
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships (58,853) 223,818
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(48,304)
(Decrease) Increase in accounts
payable and accrued expenses -
(374,038)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 786,765
499,822
(Decrease) Increase in accounts
payable affiliates (9,630)
(58,363)
----------
- ----------
Net cash (used in) provided by
operating activities 776,002
116,482
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (226,313)
(3,078,904)
Capital contributions paid to
Operating Partnerships (3,634,181)
(4,758,148)
Advances to Operating Partnerships (1,100,320)
(309,561)
Investments 5,263,501
(16,549,008)
---------- -
- ----------
Net cash (used in) provided by
investing activities 302,687
(24,695,621)
---------- -
- ----------
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (9)
(4,111,322)
Capital contributions received -
30,013,000
Net cash (used in) provided by ----------
- ----------
financing activities (9)
25,901,678
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,078,680
1,322,539
Cash and cash equivalents, beginning 1,239,330
1,644,891
----------
- ----------
Cash and cash equivalents, ending $ 2,318,010 $
2,967,430
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 4,873,009 $
5,713,731
==========
==========
The accompanying notes are an integral part of these
statements.
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ 233,574 $
16,491
Adjustments
Amortization 7,761
- -
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships (246,556) -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(77,611)
(Decrease) Increase in accounts
payable and accrued expenses -
1,001,790
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (100,945)
(5,430,895)
(Decrease) Increase in accounts
payable affiliates -
179,810
----------
- ----------
Net cash (used in) provided by
operating activities (106,166)
(4,310,415)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (142,792)
(2,310,113)
Capital contributions paid to
Operating Partnerships (2,450,753)
(4,062,172)
Advances to Operating Partnerships (205,484)
(861,074)
Investments 2,214,070
(7,522,124)
---------- -
- ----------
Net cash (used in) provided by
investing activities (584,959)
(14,755,483)
---------- -
- ----------
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (11)
(3,468,799)
Capital contributions received -
24,607,000
Net cash (used in) provided by ----------
- ----------
financing activities (11)
21,138,201
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (691,136)
2,072,303
Cash and cash equivalents, beginning 2,180,687
- -
----------
- ----------
Cash and cash equivalents, ending $ 1,489,551 $
2,072,303
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,909,846 $
2,674,646
==========
==========
The accompanying notes are an integral part of these
statements.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28*
Series 29*
----------
- ----------
1997
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 181,684 $
179,925
Adjustments
Amortization 10,163
2,415
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
operating partnerships 237,704
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(11,446)
(Decrease) Increase in accounts
payable and accrued expenses (5,003)
(280,815)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (8,836)
1,739,691
(Decrease) Increase in accounts
payable affiliates (2,100)
(132,541)
----------
- -----------
Net cash (used in) provided by
operating activities 413,612
1,497,229
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (234,164)
(2,765,866)
Capital contributions paid to
Operating Partnerships (3,057,728)
(5,338,133)
Advances to Operating Partnerships 2,521,676
(1,743,277)
Investments (582,343)
(15,263,251)
----------
- -----------
Net cash (used in) provided by
investing activities (1,352,559)
(25,110,527)
----------
- -----------
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28*
Series 29*
----------
- ----------
1997
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid 275
(3,992,042)
Capital contributions received -
29,783,000
Net cash (used in) provided by ----------
- -----------
financing activities 275
25,790,958
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (938,672)
2,177,660
Cash and cash equivalents, beginning 4,589,026
2,040,879
----------
- -----------
Cash and cash equivalents, ending $ 3,650,354 $
4,218,539
==========
===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 2,926,509 $
6,077,903
==========
===========
*Series 28 and 29 did not commence operation until after
September 30, 1996,
therefor they do not have comparative information to report.
The accompanying notes are an integral part of these
statements.
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1997
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 61,710 $
(13,623)
Adjustments
Amortization -
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
operating partnerships - -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (42,971)
- -
(Decrease) Increase in accounts
payable and accrued expenses -
256,985
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (72,236)
(1,542,150)
(Decrease) Increase in accounts
payable affiliates 171,965
138,025
-----------
- -----------
Net cash (used in) provided by
operating activities 118,468
(1,160,763)
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,340,252)
(383,756)
Capital contributions paid to
Operating Partnerships (8,239,674)
(465,229)
Advances to Operating Partnerships (562,633)
- -
Investments (608,803)
- -
-----------
- -----------
Net cash (used in) provided by
investing activities (11,751,362)
(848,985)
-----------
- -----------
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1997
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,585,795)
(613,006)
Capital contributions received 26,490,750
4,105,000
Net cash (used in) provided by -----------
- ----------
financing activities 22,904,955
3,491,994
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 11,272,061
1,482,246
Cash and cash equivalents, beginning -
- -
-----------
- ----------
Cash and cash equivalents, ending $ 11,272,061 $
1,482,246
===========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 2,628,016 $
2,493,261
===========
==========
*Series 30 and 31 did not commence operation until after
September 30, 1996,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these
statements.
75
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 1997
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized
under the
laws of the State of Delaware as of October 5, 1993, for the
purpose of
acquiring, holding, and disposing of limited partnership
interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated
low-income
apartment complexes ("Operating Partnerships"). The general
partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the general partner. The limited partner of
the
general partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is
BCTC IV Assignor Corp., a Delaware corporation which is
wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form
S-11
Registration Statement with the Securities and Exchange
Commission,
effective December 16, 1993 which covered the offering (the
"Public
Offering") of the Fund's beneficial assignee certificates
("BACs")
representing assignments of units of the beneficial interest of
the
limited partnership interest of the Assignor Limited Partner.
The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public
in one
or more series. One April 18, 1996 an amendment to Form S-16
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective offers and sales of BACs in Series 20,
Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29 and Series 30 were completed and the last of
the BACs in Series 20, Series 21, Series 22, Series 23, Series
24, Series 25, Series 26, Series 27, Series 28, Series 29 and
Series 30 were issued by the Fund on
June 24, 1994, September 30, 1994, December 28, 1994, June 23,
1995,
September 22, 1995, December 29, 1995, June 25, 1996, September
17, 1996,
January 29, 1997, June 10, 1997 and September 10, 1997,
respectively. The
Fund sold 3,866,700 of Series 20 BACs, for a total of
$38,667,000; 1,892,700 of Series 21 BACs for a total of
$18,927,000; 2,564,400 of Series 22 BACs for a total of
$25,644,000; 3,336,727 of Series 23 BACs for a total of
$33,366,000; 2,169,878 of Series 24 BACs for a total of
$21,697,000; 3,026,109 of Series 25 BACs for a total of
$30,248,000; 3,995,900 of Series 26 BACs for a total of
$39,959,000; 2,460,700 of Series 27 BACS for a total of
$24,607,000; 4,000,738 of Series 28 BACs for a total of
$39,999,000; 3,918,000 of Series 29 BACs for a total of
$39,918,000; 2,649,075 of Series 30 BACs for a total of
$26,490,750; and 410,500 of Series 31 BACs for a total of
$4,105,000. The fund is continuing to offer BACs in Series 31 at
September 30, 1997.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30,
1997 and for the
three and six months then ended have been prepared by the Fund,
without audit,
pursuant to the rules and regulations of the Securities and
Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
76
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
using the equity method, whereby the Fund adjusts its investment
cost for its
share of each Operating Partnership's results of operations and
for any
distributions received or accrued. Costs incurred by the Fund in
acquiring
the investments in the Operating Partnerships are capitalized to
the
investment account.
The Fund's accounting and financial reporting policies are in
conformity
with generally accepted accounting principles and include
adjustments in
interim periods considered necessary for a fair presentation of
the
results of operations. Such adjustments are of a normal
recurring
nature. Certain information and footnote disclosures normally
included
in financial statements prepared in accordance with generally
accepted
accounting principals have been condensed or omitted pursuant to
such
rules and regulations. It is suggested that these condensed
financial
statements be read in conjunction with the financial statements
and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of it's investment securities
are to be
categorized as securities available for sale. Securities
classified as
available for sale are those debt securities that the Fund
purchased that may
be liquidated prior to the maturity date should the need arise.
These
securities are carried at approximate fair market value. All of
the
investments held by the Fund are tax-exempt municipal bonds.
The amortized cost of securities available for sale as of
September 30, 1997
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $36,498,764
Due after one year 23,995,854
----------
Total $60,494,618
==========
The fair market value of the securities is $60,551,361. The
difference
being an unrealized gain on securities available for sale of
$56,743, as
of September 30, 1997.
77
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
September 30,
1997 and 1996 the Fund has accumulated amortization of $285,237
and $146,540,
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1997 1996
---- ----
Series 20 $ 73,681 $ 50,397
Series 21 50,799 31,842
Series 22 35,641 23,103
Series 23 29,412 16,340
Series 24 25,239 12,259
Series 25 18,354 7,866
Series 26 18,930 4,733
Series 27 15,522 -
Series 28 15,244 -
Series 29 2,415 -
------- -------
$285,237 $146,540
======= =======
Series 30 organization costs will be amortized over 60 months
beginning
October 1, 1997. Series 31 organization costs will be amortized
over 60 months beginning January 1, 1998.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Partners, Inc.,
Boston
Capital Services, Inc., and Boston Capital Asset Management L.P.
(formerly
Boston Capital Communications Limited Partnership) as follows:
For the quarter ended September 30,1997, Boston Capital Services,
Inc.
received $502,099 for Series 30 and $76,450 for Series 31 as
Dealer-Manager fees for marketing advice and investment banking
services performed at the time of the Fund's offering of BACs.
Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28 and Series 29 completed payment
of all Dealer-Manager fees prior to the quarter ended September
30,1997.
Boston Capital Partners, Inc. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended September 30, 1997, Series 30 paid $2,251,714 and Series 31
paid $348,925 for acquisition fees to Boston Capital Partners,
Inc. Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25, Series 26, Series 27,
76
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Series 28 and Series 29 completed payment of all acquisition fees
prior to the quarter ended September 30, 1997. Of the total
acquisition fees and expenses incurred, $98,235, $53,731,
$128,575, $168,247, $266,336, $277,279, $755,137, $663,489,
$2,805,200, $1,495,771, $1,881,324, and $70,039 for Series 20,
Series 21, Series 22, Series 23, Series 24, Series 25, Series 26,
Series 27, Series 28, Series 29, Series 30 and Series 31,
respectively, related to costs incurred in connection with the
purchase of interests in Operating Partnerships not finalized as
of September 30, 1997.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P. (formerly
Boston
Capital Communications Limited Partnership).
The fund management fees accrued for the quarters ended September
30, 1997 and
1996 are as follows:
1997 1996
---- ----
Series 20 $ 94,743 $ 86,239
Series 21 56,460 54,872
Series 22 63,936 57,973
Series 23 59,913 59,814
Series 24 53,580 -
------- -------
$328,632 $258,898
======= =======
The fund management fees paid for the quarters ended September
30, 1997 and
1996 are as follows:
1997 1996
---- ----
Series 24 $ - $ 46,603
Series 25 68,326 44,759
Series 26 78,475 35,616
Series 27 64,061 -
Series 28 23,666 -
Series 29 49,706 -
------- -------
$284,234 $126,978
======= =======
79
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 1997 and 1996 the Fund has limited partnership
interests in
225 and 147 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at September 30, 1997 and 1996 is as follows:
1997 1996
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 27
Series 23 22 22
Series 24 24 21
Series 25 22 16
Series 26 41 20
Series 27 10 3
Series 28 19 -
Series 29 11 -
Series 30 6 -
Series 31 3 -
--- ---
225 147
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at September 30, 1997 and
1996 are as
follows:
1997 1996
---- ----
Series 20 $ 612,584 $ 1,757,409
Series 21 929,965 1,724,211
Series 22 2,191,702 3,861,909
Series 23 3,598,111 6,128,343
Series 24 2,274,311 5,375,905
Series 25 4,852,308 9,154,777
Series 26 10,017,004 6,692,455
Series 27 3,864,892 2,674,646
Series 28 2,926,509 -
Series 29 8,304,886 -
Series 30 2,628,016 -
Series 31 2,493,261 -
---------- ----------
$44,693,549 $37,369,655
========== ==========
80
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the six
months ended June 30, 1997.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 20
- ---------------------------
1997 1996
---- ----
Revenues
Rental $ 3,910,138 $
3,789,462
Interest and other 188,499
170,227
---------
- ---------
4,098,637
3,959,689
---------
- ---------
Expenses
Interest 1,582,273
1,660,989
Depreciation and amortization 1,511,120
1,039,678
Operating expenses 2,180,589
2,030,585
---------
- ---------
5,273,982
4,731,252
---------
- ---------
NET LOSS $(1,175,345) $
(771,563)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,142,743) $
(763,849)
==========
==========
Net loss allocated to
other partners $ (11,754) $
(7,714)
==========
==========
Net Loss Suspended $ (20,848) $
- -
==========
==========
81
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 21
- --------------------------
1997 1996
---- ----
Revenues
Rental $ 2,138,261
$1,874,941
Interest and other 118,460
86,456
---------
- ---------
2,256,721
1,961,397
---------
- ---------
Expenses
Interest 1,081,285
1,116,344
Depreciation and amortization 724,858
390,003
Operating expenses 1,330,506
1,476,826
---------
- ---------
3,136,649
2,983,173
---------
- ---------
NET INCOME (LOSS) $ (879,928)
$(1,021,776)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (871,129)
$(1,011,558)
=========
=========
Net loss allocated to
other partners $ (8,799) $
(10,218)
=========
=========
82
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 22
- --------------------------
1997 1996
Revenues ---- ----
Rental $2,125,697
$1,694,295
Interest and other 113,350
87,912
---------
- ---------
2,239,047
1,782,207
---------
- ---------
Expenses
Interest 730,394
490,855
Depreciation and amortization 903,225
604,748
Operating expenses 1,251,563
1,002,476
---------
- ---------
2,885,182
2,098,079
---------
- ---------
NET INCOME (LOSS) $ (646,135) $
(315,872)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (639,672) $
(312,712)
=========
=========
Net loss allocated to
other partners $ (6,463) $
(3,160)
=========
=========
83
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 23
- ----------------------------
1997 1996
Revenues ---- ----
Rental $ 2,475,124 $
1,368,625
Interest and other 115,222
87,378
----------
- ----------
2,590,346
1,456,003
----------
- ----------
Expenses
Interest 938,093
634,015
Depreciation and amortization 1,062,605
313,510
Operating expenses 1,422,490
909,269
----------
- ----------
3,423,188
1,856,794
----------
- ----------
NET INCOME (LOSS) $ (832,842) $
(400,791)
==========
==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (824,513) $
(396,783)
==========
==========
Net income (loss) allocated to
other partners $ (8,329) $
(4,008)
==========
==========
84
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 24
-------------------------
1997 1996
Revenues ---- --------
Rental $ 1,978,057 $ 631,753
Interest and other 70,414 50,169
--------- --------
2,048,471 681,922
--------- --------
Expenses
Interest 740,498 206,953
Depreciation and amortization 563,220 151,628
Operating expenses 1,169,496 374,791
--------- --------
2,473,214 733,372
--------- --------
NET INCOME (LOSS) $ (424,743) $ (51,450)
========== ========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (420,497) $ (50,935)
========== ========
Net loss allocated to
other partners $ (4,246) $ (515)
========== ========
85
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 25
---------------------
- ------
1997
1996
Revenues ---- -
- ---
Rental $2,970,941 $
145,776
Interest and other 92,219
15,558
--------- ----
- -----
3,063,160
161,334
--------- ----
- -----
Expenses
Interest 933,833
33,543
Depreciation and amortization 632,113
16,003
Operating expenses 1,744,981
75,639
--------- ----
- -----
3,310,927
125,185
--------- ----
- -----
NET INCOME (LOSS) $ (247,767) $
36,149
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (245,289) $
35,788
=========
=========
Net loss allocated to
other partners $ (2,478) $
361
=========
========
86
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 26
----------------
- ----------
1997 1996
Revenues ---- ----
Rental $2,235,107 $
202,498
Interest and other 186,793
3,882
---------
- ---------
2,421,900
206,380
---------
- ---------
Expenses
Interest 584,445
155,633
Depreciation and amortization 494,400
151,320
Operating expenses 1,283,608
125,506
---------
- ---------
2,362,453
432,459
---------
- ---------
NET INCOME (LOSS) $ 59,447 $
(226,079)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 58,853 $
(223,818)
=========
=========
Net income (loss) allocated to
other partners $ 594 $
(2,261)
=========
=========
87
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 27* Series
28**
--------- ----------
- -
1997 1997
Revenues ---- ----
Rental $ 793,467 $
122,351
Interest and other 327,588
91,669
---------
- ---------
1,121,055
214,020
---------
- ---------
Expenses
Interest 218,864
26,975
Depreciation and amortization 249,317
50,801
Operating expenses 403,827
376,349
---------
- ---------
872,008
454,125
---------
- ---------
NET INCOME (LOSS) $ 249,047 $
(240,105)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 246,556 $
(237,704)
=========
=========
Net income (loss) allocated to
other partners $ 2,491 $
(2,401)
=========
=========
* The Operating Partnerships in Series 27 did not commence
operations until after June 30, 1996 therefore they do not have
comparative information to report.
** Series 28 did not commence operations until after June 30,
1996 therefore it does not have comparative information to
report.
88
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the six months ended June 30, 1997 and June 30, 1996 numerous
variances,
some material in nature, exist. The variances are the result of
a number
of factors including an increase in the number of Operating
Partnerships
owned, an increase in the number which have completed
construction, and an
increase in the number which have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1998
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
89
Item 2. Management's Discussions and Analysis of Financial
Condition and
Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public
Offering.
Other sources of liquidity will include (i) interest earned on
capital
contributions held pending investment and on working capital and
(ii)
cash distributions from operations of the Operating Partnerships
in which the
Fund has and will invest. The Fund does not anticipate
significant cash
distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee for Series
20, Series
21, Series 22, Series 23 and Series 24. Pursuant to the
Partnership Agreement, such liabilities will be deferred until
the Fund receives sales or refinancing proceeds from Operating
partnerships which will be used to satisfy such liabilities. The
Fund's working capital and sources of liquidity coupled with
affiliated party liability accruals allow sufficient levels of
liquidity to meet the third party obligations of the Fund. The
Fund is currently unaware if any trends which would create
insufficient liquidity to meet future third party obligations.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by
the
Securities and Exchange Commission on December 16, 1993. The
Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000,
$30,248,000,
$39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750
and $4,105,000, representing 3,866,700, 1,892,700, 2,564,400,
3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 3,999,900,
3,991,800, 2,649,075 and 410,500 BACs from investors admitted as
BAC Holders in Series 20, Series 21, Series 22, Series 23, Series
24, Series 25, Series 26, Series 27, Series 28, Series 29, Series
30 and Series 31, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21,
1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$28,572,584.
During the quarter ended September 30, 1997, $525,596 of Series
20 net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $612,584 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of September 30, 1997.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994.
Offers and
sales of BACs in Series 21 were completed on December 31, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$13,872,730.
90
During the quarter ended September 30, 1997, none of Series 21
net
offering proceeds had been used to pay capital contributions.
Series 21 net
offering proceeds in the amount of $929,965 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
21 has invested in as of September 30, 1997.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,738,624.
During the quarter ended September 30, 1997, $806,892 of Series
22 net
offering proceeds had been used to pay capital contributions.
Series 22 net
offering proceeds in the amount of $690,168 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
22 has invested in as of September 30, 1997.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended September 30, 1997 $493,664 of Series 23
net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $1,711,342 remain to be used
by the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of September 30, 1997.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,939,004.
During the quarter ended September 30, 1997, none of Series 24
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 24 net offering proceeds in the amount of
$402,880
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as
September 30, 1997.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30,
1995. Offers
and sales of BACs in Series 25 were completed on December 29,
1995. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnerships in the amount of
$22,313,040.
91
During the quarter ended September 30, 1997, $305,160 of Series
25 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 25 net offering proceeds in the amount of
$2,677,870
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of
September 30, 1997.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 41 Operating Partnerships in the amount of
$25,924,615.
During the quarter ended September 30, 1997, $2,566,748 of Series
26 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 26 net offering proceeds in the amount of
$9,227,516
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of
September 30, 1997.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996.
Offers and
sales of BACs in Series 27 were completed on September 17, 1996.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 10 Operating Partnerships in the amount of
$14,538,235.
During the quarter ended September 30, 1997, $1,383,320 of Series
27 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 27 net offering proceeds in the amount of
$3,864,892
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of
September 30, 1997.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 19 Operating Partnership in the amount of
$7,617,716.
During the quarter ended September 30, 1997, $3,057,728 of Series
28 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 28 net offering proceeds in the amount of
$2,926,509
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of
September 30, 1997.
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 11 Operating Partnerships in the amount of
$15,959,236.
92
During the quarter ended September 30, 1997, $3,439,073 of Series
29 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 29 net offering proceeds in the amount of
$8,304,886
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of
September 30, 1997.
Series 30
- ---------
The Fund commenced offering BACs in Series 30 on June 23, 1997.
Offers
and sales of BACs in Series 29 were completed on September 10,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 6 Operating Partnerships in the amount of
$3,188,531.
During the quarter ended September 30, 1997, $560,515 of Series
30 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 30 net offering proceeds in the amount of
$2,628,016
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of
September 30, 1997.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997 and was continuing to offer BACS in Series 31 as of
September 30, 1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 3 Operating Partnerships in the amount of
$2,958,490.
During the quarter ended September 30, 1997, $465,229 of Series
30 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 30 net offering proceeds in the amount of
$1,482,246
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of
September 30, 1997.
Results of Operations
- ---------------------
As of September 30, 1997 and 1996 the Fund held limited
partnership interests
in 225 and 147 Operating Partnerships, respectively. In each
instance the
Apartment Complex owned by the applicable Operating Partnership
is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment
Complex which initially complied with the Minimum Set-Aside Test
(i.e.,
occupancy by tenants with incomes equal to no more than a certain
percentage
of area median income) and the Rent Restriction Test (i.e., gross
rent charged
tenants does not exceed 30% of the applicable income standards)
is referred to
hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and
each of the respective Apartment Complexes are described more
fully in the
Prospectus or applicable report on Form 8-K. The General Partner
believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary
significantly
from those for the period ended September 30, 1997 as Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, and Series
30 continue to use the funds raised to invest in partnership
interests of additional Operating Partnerships and the Fund
continues to offer BACs in Series 31.
93
The Fund incurred a fund management fee to Boston Capital Asset
Management
Limited Partnership (formerly Boston Capital Communications
Limited
Partnership) in an amount equal to .5 percent of the aggregate
cost of the
apartment complexes owned by the Operating Partnerships, less the
amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
September 30, 1997 for Series 20, Series 21, Series 22, Series
23, Series 24,
Series 25, Series 26, Series 27, Series 28 and Series 29 were
$42,884, $55,835, $63,936, $38,663, $52,330, $67,326, $78,475,
$21,190, $23,666 and $49,706, respectively.
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the
series was 100% and 99.8%, respectively. The series had a total
of 24
properties at September 30, 1997, all of which were at 100%
qualified
occupancy.
For the six months being reported Series 20 reflects a net loss
from
Operating Partnerships of $1,175,345. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$335,775. This is an interim period estimate; it is not
indicative of the
final year end results.
During 1996, the Operating General Partner of Breeze Cove Limited
Partnership
experienced financial difficulties. Shortly thereafter, the
Operating General
Partner and its affiliated management company were replaced. The
new
Operating General Partner and management company have conducted
extensive
research and prepared budgets and summaries of the physical
condition of the
Operating Partnership with the goal of improving the overall
operations and
appearance of the property. Operations are anticipated to
improve with the
change in management.
In August 1996, the General Partner was notified that Virginia
Avenue Housing
Limited Partnership was named as defendant in a land encroachment
complaint.
Efforts by the Operating General Partner to settle the complaint
have been
unsuccessful. At this time, the Investment General Partner is
examining the possibility of Operating General Partner removal
and the pursuit of a separate
settlement on behalf of the Operating Partnership.
Series 21
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the
series was 90.9% and 91.5%, respectively. The series had a total
of 14
properties at September 30, 1997. Out of the total 7 were at
100% qualified
occupancy and 2 were in active lease-up.
For the six months being reported Series 21 reflects a net loss
from
Operating Partnerships of $879,928. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$155,077.
This is an interim period estimate; it is not indicative of the
final year end
results.
94
Series 22
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the
series was 98.7% and 96.6% respectively. The series had a total
of 29
properties at September 30, 1997. Out of the total 26 were at
100% qualified
occupancy and 2 were in active lease-up. The series also had 1
property that was under-construction at September 30, 1997.
For the six months being reported Series 22 reflects a net loss
from
Operating Partnerships of $646,135. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$257,090. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 23
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the
series was 99.6% and 97.0%, respectively. The series had a total
of 22
properties at September 30, 1997. Out of the total 21 were at
100% qualified
occupancy and 1 was in active lease-up.
For the six months being reported Series 23 reflects a net loss
from
Operating Partnerships of $832,842. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect a positive
operations of
$229,763. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the series was 98.8% and 91.9%, respectively. The series had
a total of 24
properties at September 30, 1997. Out of the total 20 were at
100% qualified
occupancy and 2 were in active lease-up. The series also had 1
property that
was under construction at September 30, 1997.
For the six months being reported Series 24 reflects a net loss
from
Operating Partnerships of $424,743. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of $138,477. This is an interim period estimate; it
is not indicative of the final year end results.
Series 25
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the series was 90.2% and 77.9%, respectively. The series had
a total of 22 properties at September 30, 1997. Out of the total
13 were at 100% Qualified Occupancy and 7 were in active
lease-up. The series also had 1 property which was under
construction and 1 property with multiple buildings some of
which were under construction and some of which were in lease-up
at September 30, 1997.
For the six months being reported Series 25 reflects a net loss
from
Operating Partnerships of $247,767. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations
of $384,346. This is an interim period estimate; it is not
indicative of the
final year end results.
95
Series 26
- ---------
As of September 30, 1997 and 1996 the average Qualified Occupancy
for the series was 99.4% and 83.7%, respectively. The series had
a total of 41 properties at September 30, 1997. Out of the total
26 were at 100% qualified occupancy and 6 were in active
lease-up. The series also had 6 properties which were under
construction and 3 properties with multiple buildings
some of which were under construction and some of which were in
lease-up at September 30, 1997.
For the six months being reported Series 26 reflects positive
operations
from Operating Partnerships of $59,447. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$553,847. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 27
- ---------
As of September 30, 1997 the average Qualified Occupancy for the
series was 72.1%. The series had a total of 10 properties at
September 30, 1997. Out of the total 3 were at 100% qualified
occupancy and 2 were in active lease-up. The series also had 4
properties which were under construction and 1 property with
multiple buildings, some of which were under construction and
some of
which were in lease-up at September 30, 1997. Since all of the
properties in
Series 27 were under construction as of September 30, 1996, there
is no comparative information to report.
For the six months being reported Series 27 reflects positive
operations from Operating Partnerships of $249,047. When
adjusted for depreciation which is a non-cash item, the Operating
Partnerships reflect positive operations of $498,364. This is an
interim period estimate; it is not indicative of the final year
end results.
Series 28
- ---------
As of September 30, 1997 the average Qualified Occupancy for the
series was 100%. The series had a total of 19 properties at
September 30, 1997. Out of the total 10 were at 100% qualified
occupancy and 1 was under construction
at September 30, 1997. Since all of the properties in Series 28
were acquired after September 30, 1996, there is no comparative
information to report.
For the six months being reported Series 28 reflects a net loss
from
Operating Partnerships of $240,105. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$189,304.
This is an interim period estimate; it is not indicative of the
final year end
results.
96
Series 29
- ---------
As of September 30, 1997 the average qualified occupancy for the
Series was 53.0%. The series had a total of 11 properties at
September 30, 1997. Out of the total 1 was at 100% qualified
occupancy and 1 was in active lease-up.
The series also had 8 properties which were under construction
and 1 property with multiple buildings, some of which were under
construction and some of
which were in lease-up at September 30, 1997. Since all of the
properties in Series 29 were acquired after September 30, 1996,
there is no comparative information to report.
Series 30
- ---------
Series 30 had a total of 6 properties at September 30, 1997, all
of which were under construction. Since all of the properties in
Series 30 were acquired after September 30, 1996, there is no
comparative information to report.
Series 31
- ---------
Series 31 had a total of 3 properties at September 30, 1997 all,
of which were under construction. Since all of the properties in
Series 31 were acquired after September 30, 1996, there is no
comparative information to report.
97
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
a) Agreement of Limited Partnership of Maple
Limited Partnership (incorporated by
reference
from Registrants current report on form 8-k
as filed with the Securities and Exchange
Commission on July 16, 1997.)
b) Agreement of Limited Partnership of Byam
Limited Partnership (incorporated by
reference
from Registrants current report on form 8-k
as filed with the Securities and Exchange
Commission on July 22, 1997.)
c) Agreement of Limited Partnership of Harbor
Limited Partnership (incorporated by
reference
from registrants current report on form 8-k
as filed with the Securities and Exchange
Commission on July 22, 1997.)
d) Agreement of Limited Partnership of Bradley
Phase II Limited Partnership (incorporated
by
Reference from registrants current report on
form
8-K as filed with the Securities and
Exchange
Commission on July 22, 1997.)
98
e) Agreement of Limited Partnership of Butler
Street/
Hanover Towers Limited Partnership
(incorporated by
reference from registrants current report on
form 8-k
as filed with the Securities and Exchange
Commission
on July 22, 1997.)
f) Agreement of Limited Partnership of Bradley
Phase I
Limited Partnership (incorporated by
reference from
registrants current report on form 8-k as
filed with
the Securities and Exchange Commission on
July 22,
1997.)
g) Agreement of Limited Partnership of 1374
Boston Road
Limited Partnership (incorporated by
reference from
registrants current report on form 8-k as
filed with
the Securities and Exchange Commission on
August 5,
1997.)
h) Agreement of Limited Partnership of
Centenary Housing
Limited Partnership (incorporated by
reference from
registrants current report on form 8-k as
filed with
the Securities and Exchange Commission on
August 5,
1997.)
i) Agreement of Limited Partnership of Lake
Apartments II
Limited Partnership (incorporated by
reference from
registrants current report on form 8-k as
filed with
the Securities and Exchange Commission on
August 5,
1997.)
j) Agreement of Limited Partnership of AHAB
Project
One, LP (incorporated by reference from
registrants
current report on form 8-k as filed with the
Securities
and Exchange Commission on August 8, 1997.)
99
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: November 17, 1997 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
100
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<TOTAL-ASSETS> 317,822,028
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 317,822,028
<TOTAL-REVENUES> 1,893,760
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,192,825)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,299,065)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
