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 December 31, 1996
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
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 DECEMBER 31, 1996
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $159,119,190 $111,836,578
OTHER ASSETS
Cash and cash equivalents 16,043,229 19,454,787
Investments 36,948,325 18,461,158
Notes receivable 12,369,192 14,869,904
Deferred acquisition costs 6,160,647 3,989,558
Prepaid expenses 4,163 6,211
Organization costs, net of
accumulated amortization (Note B) 627,197 388,935
Other assets 22,679,315 11,054,807
----------- -----------
$253,951,258 $180,061,938
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 802,902 $ 323,763
Syndication costs payable 901,110 311,359
Accounts payable affiliates 1,406,548 481,404
Capital contributions payable (Note D) 38,559,390 34,424,761
----------- -----------
41,669,950 35,541,287
----------- -----------
1<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31, March 31,
1996 1996
(Unaudited) (Audited)
------------ ------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 30,000,000
authorized BACs; 23,313,114 issued and
outstanding as of September 30, 1996 212,376,630 144,569,903
General Partner (122,296) (76,226)
Unrealized gain (loss) on securities
available for sale, net 26,974 26,974
----------- -----------
212,281,308 144,520,651
----------- -----------
$253,951,258 $180,061,938
=========== ===========
The accompanying notes are an integral part of these statements.
2<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 20
---------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $27,734,860 $28,849,038
OTHER ASSETS
Cash and cash equivalents 879,549 1,306,675
Investments 179,346 711,761
Notes receivable 909,819 1,808,615
Deferred acquisition costs 98,235 98,231
Prepaid expenses 4,163 4,163
Organization costs, net of
accumulated amortization (Note B) 62,997 80,461
Other assets 351,282 341,307
---------- ----------
$30,220,251 $33,200,251
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 810 $ -
Syndication costs payable - -
Accounts payable affiliates 478,910 194,678
Capital contributions payable (Note D) 2,018,105 3,873,666
---------- ----------
2,497,825 4,068,344
---------- ----------
3<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
-----------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,866,700 issued and
outstanding as of December 31, 1996 27,775,661 29,171,047
General Partner (53,343) (39,248)
Unrealized gain (loss) on securities
for sale, net 108 108
---------- ----------
27,722,426 29,131,907
---------- ----------
$30,220,251 $33,200,251
========== ==========
The accompanying notes are an integral part of these statements.
4<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 21
----------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $12,672,079 $14,407,266
OTHER ASSETS
Cash and cash equivalents 867,373 1,398,907
Investments 686,271 479,502
Notes receivable 221,165 321,165
Deferred acquisition costs 53,731 7,785
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 36,220 50,438
Other assets 203,527 228,554
---------- ----------
$14,740,366 $16,893,617
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Syndication costs payable - -
Accounts payable affiliates 315,530 146,150
Capital contributions payable (Note D) 1,193,620 2,042,344
---------- ----------
1,509,150 2,188,494
---------- ----------
5<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 1,892,700 issued and
outstanding as of December 31, 1996 13,260,091 14,719,259
General Partner (29,648) (14,909)
Unrealized gain (loss) on securities
for sale, net 773 773
---------- ----------
13,231,216 14,705,123
---------- ----------
$14,740,366 $16 893,617
========== ==========
The accompanying notes are an integral part of these statements.
6<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 22
---------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,970,657 $19,895,333
OTHER ASSETS
Cash and cash equivalents 542,785 1,686,347
Investments 612,916 454,939
Notes receivable 2,259,273 3,709,286
Deferred acquisition costs 37,905 169,557
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 147,649 47,308
Other assets 1,030,071 810,720
---------- ----------
$23,601,256 $26,773,490
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,093 $ 1,199
Syndication costs payable - -
Accounts payable affiliates 223,033 46,722
Capital contributions payable (Note D) 3,742,300 6,337,752
---------- ----------
3,966,426 6,385,673
---------- -----------
7<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
------------ ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 2,564,400 issued and
outstanding as of December 31, 1996 19,656,747 20,402,204
General Partner (22,741) (15,211)
Unrealized gain (loss) on securities
for sale, net 824 824
---------- ----------
19,634,830 20,387,817
---------- ----------
$23,601,256 $26 773,490
========== ==========
The accompanying notes are an integral part of these statements.
8 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 23
--------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $26,422,364 $27,189,858
OTHER ASSETS
Cash and cash equivalents 1,503,423 1,313,618
Investments 1,081,952 5,008,744
Notes receivable 2,361,398 3,902,391
Deferred acquisition costs 163,067 210,876
Prepaid expenses - 2,048
Organization costs, net of
accumulated amortization (Note B) 46,346 56,150
Other assets 925,962 859,400
---------- ----------
$32,504,512 $38,543,085
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Syndication costs payable - -
Accounts payable affiliates - 9,383
Capital contributions payable (Note D) 5,359,594 10,597,676
---------- ----------
5,359,594 10,607,059
---------- ----------
9<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,336,727 issued and
outstanding as of December 31, 1996 27,151,750 27,934,947
General Partner (13,463) (5,552)
Unrealized gain (loss) on securities
for sale, net 6,631 6,631
---------- ----------
27,144,918 27,936,026
---------- ----------
$32,504,512 $38,543,085
========== ==========
The accompanying notes are an integral part of these statements.
10<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 24
--------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,715,659 $10,012,941
OTHER ASSETS
Cash and cash equivalents 1,358,503 4,796,487
Investments 302,767 2,939,231
Notes receivable 1,338,531 1,800,402
Deferred acquisition costs 281,078 961,514
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 48,674 58,409
Other assets 1,545,405 2,131,218
---------- ----------
$21,590,617 $22,700,202
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,034 $ 236,334
Syndication costs payable - -
Accounts payable affiliates - 33,597
Capital contributions payable (Note D) 3,363,312 4,039,833
---------- ----------
3,364,346 4,309,764
---------- ----------
11<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 2,169,878 issued and
outstanding as of December 31, 1996 18,224,807 18,387,332
General Partner (3,081) (1,439)
Unrealized gain (loss) on securities
for sale, net 4,545 4,545
---------- ----------
18,226,271 18,390,438
---------- ----------
$21,590,617 $22,700,202
========== ==========
The accompanying notes are an integral part of these statements.
12 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 25
--------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $23,036,488 $ 7,863,180
OTHER ASSETS
Cash and cash equivalents 2,104,586 7,307,862
Investments 3,781,852 7,981,391
Notes receivable 310,000 1,924,960
Deferred acquisition costs 272,924 1,902,287
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 41,952 49,818
Other assets 4,127,574 3,686,254
---------- ----------
$33,675,376 $30,715,752
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,164 $ 591
Syndication costs payable - -
Accounts payable affiliates 250 1,459
Capital contributions payable (Note D) 7,833,203 4,911,886
---------- ----------
7,834,617 4,913,936
---------- ----------
13<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,026,109 issued and
outstanding as of December 31, 1996 25,827,164 25,788,647
General Partner 831 405
Unrealized gain (loss) on securities
for sale, net 12,764 12,764
---------- ----------
25,840,759 25,801,816
---------- ----------
$33,675,376 $30,715,752
========== ==========
The accompanying notes are an integral part of these statements.
14 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 26
--------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,788,761 $ 3,618,962
OTHER ASSETS
Cash and cash equivalents 2,649,611 1,644,891
Investments 15,878,720 885,590
Notes receivable 1,177,656 1,403,085
Deferred acquisition costs 2,107,034 639,308
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 85,189 46,351
Other assets 2,663,507 2,997,354
---------- ----------
$41,350,478 $11,235,541
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 10,721 $ 85,639
Syndication costs payable - 301,976
Accounts payable affiliates 300 58,798
Capital contributions payable (Note D) 7,309,742 2,621,604
---------- ----------
7,320,763 3,068,017
---------- ----------
15 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
December 31, March 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,995,900 issued and
outstanding as of December 31, 1996 34,029,009 8,166,467
General Partner (623) (272)
Unrealized gain (loss) on securities
for sale, net 1,329 1,329
---------- ----------
34,029,715 8,167,524
---------- ----------
$41,350,478 $11,235,541
========== ==========
The accompanying notes are an integral part of these statements.
16<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27* SERIES 28*
------------ -----------
December 31, December 31,
1996 1996
(Unaudited) (Unaudited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,495,760 $ 282,562
OTHER ASSETS
Cash and cash equivalents 2,458,298 3,679,101
Investments 8,177,421 6,247,080
Notes receivable 688,605 3,102,745
Deferred acquisition costs 448,701 2,697,972
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 74,231 83,939
Other assets 278,387 11,553,600
---------- ----------
$28,621,403 $27,646,999
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 722 $ 787 358
Syndication costs payable - 901,110
Accounts payable affiliates - 388,525
Capital contributions payable (Note D) 7,640,702 98,812
---------- ----------
7,641,424 2,175,805
---------- ----------
17 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27 SERIES 28
------------ -----------
December 31, December 31,
1996 1996
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 30,000,000
authorized BACs; 3,995,900 issued and
outstanding as of December 31, 1996 20,980,074 25,471,327
General Partner (95) (133)
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
20,979,979 25,471,194
---------- ----------
$28,621,403 $27,646,999
========== ==========
* Series 27 and Series 28 did not commence operations until after March 31,
1996 therefore, they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
18<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
1996 1995
---- ----
Income
Interest income $ 717,962 $ 315,046
---------- --------
717,962 315,046
---------- --------
Share of loss from
Operating Expenses (1,323,458) (328,137)
---------- --------
Expenses
Professional fees 51,869 10,386
Fund management fee (Note C) 472,307 305,647
Amortization 28,955 19,372
General and administrative expenses 314,902 146,308
---------- --------
868,033 481,713
---------- --------
NET INCOME (LOSS) $(1,473,529) $ (494,804)
========== ========
Net income (loss) allocated to
limited partners $(1,458,794) $ (489,857)
========== ========
Net income (loss) allocated to
general partner $ (14,735) $ (4,947)
========== ========
Net income (loss) per BAC $ (.57) $ (.16)
========== ========
The accompanying notes are an integral part of these statements.
19<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 20
-----------------------
1996 1995
---- ----
Income
Interest income $ 4,585 $ 30,782
-------- --------
4,585 30,782
-------- --------
Share of loss from Operating
Partnerships (350,306) (141,315)
-------- --------
Expenses
Professional fees 3,383 1,658
Fund management fee (Note C) 73,383 98,226
Amortization 5,821 5,821
General and administrative expense 13,927 18,197
-------- --------
96,514 123,902
-------- --------
NET INCOME (LOSS) $(442,235) $(234,435)
======== ========
Net income (loss) allocated to
limited partners $(437,813) $(232,091)
======== ========
Net income (loss) allocated to
general partner $ (4,422) $ (2,344)
======== ========
Net income (loss) per BAC $ (.11) $ (.06)
======== ========
The accompanying notes are an integral part of these statements.
20<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 21
-----------------------
1996 1995
---- ----
Income
Interest income $ 14,498 $ 46,368
-------- --------
14,498 46,368
-------- --------
Share of loss from Operating
Partnerships (291,795) (19,908)
-------- --------
Expenses
Professional fees 5,814 858
Fund management fee (Note C) 56,460 54,460
Amortization 4,739 4,739
General and administrative expense 9,114 10,138
-------- --------
76,127 70,195
-------- --------
NET INCOME (LOSS) $(353,424) $ (43,735)
======== ========
Net income (loss) allocated to
limited partners $(349,890) $ (43,298)
======== ========
Net income (loss) allocated to
general partner $ (3,534) $ (437)
======== ========
Net income (loss) per BAC $ (.18) $ (.02)
======== ========
The accompanying notes are an integral part of these statements.
21 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 22
-----------------------
1996 1995
---- ----
Income
Interest income $ 15,519 $ 27,763
-------- -------
15,519 27,763
-------- -------
Share of loss from Operating
Partnerships (243,351) (176,301)
-------- -------
Expenses
Professional fees 1,323 3,053
Fund management fee (Note C) 55,833 61,233
Amortization 1,146 3,135
General and administrative expense 15,330 15,372
-------- -------
73,632 82,793
-------- -------
NET INCOME (LOSS) $(301,464) $(231,331)
======== =======
Net income (loss) allocated to
limited partners $(298,449) $(229,018)
======== =======
Net income (loss) allocated to
general partner $ (3,015) $ (2,313)
======== =======
Net income (loss) per BAC $ (.12) $ (.09)
======== =======
The accompanying notes are an integral part of these statements.
22<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 23
-----------------------
1996 1995
---- ----
Income
Interest income $ 23,043 $ 116,657
-------- -------
23,043 116,657
-------- -------
Share of loss from Operating
Partnerships (249,964) 9,387
-------- -------
Expenses
Professional fees 611 1,876
Fund management fee (Note C) 57,250 74,396
Amortization 3,268 3,268
General and administrative expense 14,798 63,734
-------- -------
75,927 143,274
-------- -------
NET INCOME (LOSS) $(302,848) $ (17,230)
======== =======
Net income (loss) allocated to
limited partners $(299,820) $ (17,058)
======== =======
Net income (loss) allocated to
general partner $ (3,028) $ (172)
======== =======
Net income (loss) per BAC $ (.09) $ -
======== =======
The accompanying notes are an integral part of these statements.
23<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 24
-----------------------
1996 1995
---- ----
Income
Interest income $ 65,850 $ 65,199
-------- -------
65,850 65,199
-------- -------
Share of loss from Operating
Partnerships (82,278) -
-------- -------
Expenses
Professional fees 2,411 2,941
Fund management fee (Note C) 56,304 17,332
Amortization 3,245 2,409
General and administrative expense 15,647 19,735
-------- -------
77,607 42,417
-------- -------
NET INCOME (LOSS) $(94,035) $ 22,782
======== =======
Net income (loss) allocated to
limited partners $ (93,095) $ 22,554
======== =======
Net income (loss) allocated to
general partner $ (940) $ 228
======== =======
Net income (loss) per BAC $ (.04) $ -
======== =======
The accompanying notes are an integral part of these statements.
24
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 25
-----------------------
1996 1995
---- ----
Income
Interest income $ 138,362 $ 28,277
-------- -------
138,362 28,277
-------- -------
Share of loss from Operating
Partnerships (63,654) -
-------- -------
Expenses
Professional fees 8,390 -
Fund management fee (Note C) 58,472 -
Amortization 2,622 -
General and administrative expense 41,448 19,132
-------- -------
110,932 19,132
-------- -------
NET INCOME (LOSS) $ (36,224) $ 9,145
======== =======
Net income (loss) allocated to
limited partners $ (35,862) $ 9,054
======== =======
Net income (loss) allocated to
general partner $ (362) $ 91
======== =======
Net income (loss) per BAC $ (.01) $ -
======== =======
The accompanying notes are an integral part of these statements.
25
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 26* SERIES 27* SERIES 28*
----------- ------------ -----------
1996 1996 1996
---- ---- ----
Income
Interest income $ 329,629 $ 107,613 $ 18,863
-------- ------- -------
329,629 107,613 18,863
-------- ------- -------
Share of loss from Operating
Partnerships (42,110) - -
-------- ------- -------
Expenses
Professional fees 21,509 8,208 220
Fund management fee (Note C) 55,350 59,255 -
Amortization 4,733 3,381 -
General and administrative expense 109,890 62,804 31,944
-------- ------- -------
191,482 133,648 32,164
-------- ------- -------
NET INCOME (LOSS) $ 96,037 $ (26,035) $ (13,301)
======== ======= =======
Net income (loss) allocated to
limited partners $ 95,077 $ (25,775) $ (13,168)
======== ======= =======
Net income (loss) allocated to
general partner $ 960 $ (260) $ (133)
======== ======= =======
Net income (loss) per BAC $ .02 $ (.01) $ -
======== ======= =======
* Series 26, 27, and 28 did not commence operations until after December 31,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
26<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
1996 1995
---- ----
Income
Interest income $ 1,679,848 $ 689,054
---------- ---------
1,679,848 689,054
---------- ---------
Share of loss from
Operating Expenses (3,999,725) (1,239,317)
---------- ---------
Expenses
Professional fees 254,018 92,447
Fund management fee (Note C) 1,174,196 756,907
Amortization 81,337 48,042
General and administrative expenses 777,622 305,561
---------- ---------
2,287,173 1,202,957
---------- ---------
NET INCOME (LOSS) $(4,607,050) $(1,753,220)
========== =========
Net income (loss) allocated to
limited partners $(4,560,980) $(1,735,688)
========== =========
Net income (loss) allocated to
general partner $ (46,071) $ (17,532)
========== =========
Net income (loss) per BAC $ (1.74) $ (.63)
========== =========
The accompanying notes are an integral part of these statements.
27<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 20
-----------------------
1996 1995
---- ----
Income
Interest income $ 33,738 $ 124,362
--------- --------
33,738 124,362
--------- --------
Share of loss from Operating
Partnerships (1,114,155) (715,736)
--------- --------
Expenses
Professional fees 26,120 24,435
Fund management fee (Note C) 252,848 254,436
Amortization 17,464 17,464
General and administrative expense 32,632 46,732
--------- --------
329,064 343,067
--------- --------
NET INCOME (LOSS) $(1,409,481) $(934,441)
========= ========
Net income (loss) allocated to
limited partners $(1,395,386) $(925,097)
========= ========
Net income (loss) allocated to
general partner $ (14,095) $ (9,344)
========= ========
Net income (loss) per BAC $ (.36) $ (.24)
========= ========
The accompanying notes are an integral part of these statements.
28<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 21
-----------------------
1996 1995
---- ----
Income
Interest income $ 51,696 $ 95,143
--------- --------
51,696 95,143
--------- --------
Share of loss from Operating
Partnerships (1,283,602) (318,127)
--------- --------
Expenses
Professional fees 30,779 33,477
Fund management fee (Note C) 167,792 171,426
Amortization 14,218 12,229
General and administrative expense 29,212 25,064
--------- --------
242,001 242,196
--------- --------
NET INCOME (LOSS) $(1,473,907) $(465,180)
========= ========
Net income (loss) allocated to
limited partners $(1,459,168) $(460,528)
========= ========
Net income (loss) allocated to
general partner $ (14,739) $ (4,652)
========= ========
Net income (loss) per BAC $ (.77) $ (.24)
========= ========
The accompanying notes are an integral part of these statements.
29 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 22
-----------------------
1996 1995
---- ----
Income
Interest income $ 43,269 $ 70,008
-------- -------
43,269 70,008
-------- -------
Share of loss from Operating
Partnerships (551,467) (220,738)
-------- -------
Expenses
Professional fees 24,513 22,956
Fund management fee (Note C) 166,181 176,041
Amortization 9,404 9,404
General and administrative expense 44,691 33,615
-------- -------
244,789 242,016
-------- -------
NET INCOME (LOSS) $(752,987) $(392,746)
======== =======
Net income (loss) allocated to
limited partners $(745,457) $(388,819)
======== =======
Net income (loss) allocated to
general partner $ (7,530) $ (3,927)
======== =======
Net income (loss) per BAC $ (.29) $ (.15)
======== =======
The accompanying notes are an integral part of these statements.
30<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 23
-----------------------
1996 1995
---- ----
Income
Interest income $ 138,618 $ 289,320
-------- -------
138,618 289,320
-------- -------
Share of loss from Operating
Partnerships (646,747) 15,284
-------- -------
Expenses
Professional fees 18,489 8,638
Fund management fee (Note C) 176,128 137,672
Amortization 9,804 6,536
General and administrative expense 78,558 141,792
-------- -------
282,979 294,638
-------- -------
NET INCOME (LOSS) $(791,108) $ 9,966
======== =======
Net income (loss) allocated to
limited partners $(783,197) $ 9,866
======== =======
Net income (loss) allocated to
general partner $ (7,911) $ 100
======== =======
Net income (loss) per BAC $ (.23) $ -
======== =======
The accompanying notes are an integral part of these statements.
31<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 24
-----------------------
1996 1995
---- ----
Income
Interest income $ 179,679 $ 81,944
-------- -------
179,679 81,944
-------- -------
Share of loss from Operating
Partnerships (109,960) -
-------- -------
Expenses
Professional fees 24,746 2,941
Fund management fee (Note C) 133,855 17,332
Amortization 9,735 2,409
General and administrative expense 65,550 39,226
-------- -------
233,886 61,908
-------- -------
NET INCOME (LOSS) $(164,167) $ 20,036
======== =======
Net income (loss) allocated to
limited partners $(162,525) $ 19,836
======== =======
Net income (loss) allocated to
general partner $ (1,642) $ 200
======== =======
Net income (loss) per BAC $ (.07) $ -
======== =======
The accompanying notes are an integral part of these statements.
32
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 25
-----------------------
1996 1995
---- ----
Income
Interest income $ 378,354 $ 28,277
-------- -------
378,354 28,277
-------- -------
Share of loss from Operating
Partnerships (27,866) -
-------- -------
Expenses
Professional fees 34,993 -
Fund management fee (Note C) 122,728 -
Amortization 7,866 -
General and administrative expense 142,308 19,132
-------- -------
307,895 19,132
-------- -------
NET INCOME (LOSS) $ 42,593 $ 9,145
======== =======
Net income (loss) allocated to
limited partners $ 42,167 $ 9,054
======== =======
Net income (loss) allocated to
general partner $ 426 $ 91
======== =======
Net income (loss) per BAC $ (.01) $ -
======== =======
The accompanying notes are an integral part of these statements.
33
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 26* SERIES 27* SERIES 28*
----------- ------------ -----------
1996 1996 1996
---- ---- ----
Income
Interest income $ 697,795 $ 137,836 $ 18,863
-------- ------- -------
697,795 137,836 18,863
-------- ------- -------
Share of loss from Operating
Partnerships (265,928) - -
-------- ------- -------
Expenses
Professional fees 83,204 10,954 220
Fund management fee (Note C) 95,409 59,255 -
Amortization 9,465 3,381 -
General and administrative expense 278,937 73,790 31,944
-------- ------- -------
467,015 147,380 32,164
-------- ------- -------
NET INCOME (LOSS) $ (35,148) $ (9,544) $ (13,301)
======== ======= =======
Net income (loss) allocated to
limited partners $ (34,797) $ (9,449) $ (13,168)
======== ======= =======
Net income (loss) allocated to
general partner $ (351) $ (95) $ (133)
======== ======= =======
Net income (loss) per BAC $ (.01) $ - $ -
======== ======= =======
* Series 26, 27, and 28 did not commence operations until after December 31,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
34<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Partners' capital
(deficit)
April 1, 1996 $144,569,903 $ (76,226) $ 26,974 $144,520,651
Capital contribu-
tions 84,174,000 - - 84,174,000
Selling commissions
and registration
costs (11,806,293) - - (11,806,293)
Net income (loss) (4,560,980) (46,070) - (4,607,050)
---------- ------- ------- -----------
Partners' capital
(deficit),
December 31, 1996 $212,376,630 $(122,296) $ 26,974 $212,281,308
=========== ======= ======= ===========
The accompanying notes are an integral part of these statements.
35 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1996 $29,171,047 $ (39,248) $ 108 $29,131,907
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,395,386) (14,095) - (1,409,481)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1996 $27,775,661 $ (53,343) $ 108 $27,722,426
=========== ======== ======= ==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1996 $14,719,259 $ (14,909) $ 773 $14,705,123
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,459,168) (14,739) - (1,473,907)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1996 $13,260,091 $ (29,648) $ 773 $13,231,216
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
36<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1996 $20,402,204 $ (15,211) $ 824 $20,387,817
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (745,457) (7,530) - (752,987)
---------- -------- ------ ----------
Partners' capital
(deficit),
December 31, 1996 $19,656,747 $ (22,741) $ 824 $19,634,830
========== ======== ======= ==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1996 $27,934,947 $ (5,552) $ 6,631 $27,936,026
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (783,197) (7,911) - (791,108)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1996 $27,151,750 $ (13,463) $ 6,631 $27,144,918
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
37 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1996 $18,387,332 $ (1,439) $ 4,545 $18,390,438
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (162,525) (1,642) - (164,167)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1996 $18,224,807 $ (3,081) $ 4,545 $18,226,271
========== ======== ======= ==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1996 $25,788,647 $ 405 $ 12,764 $25,801,816
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (3,650) - - (3,650)
Net income (loss) 42,167 426 - 42,593
---------- ------- ------- ----------
Partners' capital
(deficit),
December 31, 1996 $25,827,164 $ 831 $ 12,764 $25,840,759
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
38 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1996 $ 8,166,467 $ (272) $ 1,329 $ 8,167,524
Capital contribu-
tions 30,013,000 - - 30,013,000
Selling commissions
and registration
costs (4,115,661) - - (4,115,661)
Net income (loss) (34,797) (351) - (35,148)
--------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1996 $34,029,009 $ (623) $ 1,329 $34,029,715
========== ====== ======= ==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1996 $ - $ - $ - $ -
Capital contribu-
tions 24,607,000 - - 24,607,000
Selling commissions
and registration
costs (3,617,477) - - (3,617,477)
Net income (loss) (9,449) (95) - (9,544)
--------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1996 $20,980,074 $ (95) $ - $20,979,979
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
39<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1996
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net Total
--------- ------- --------- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1996 $ - $ - $ - $ -
Capital contribu-
tions 29,554,000 - - 29,554,000
Selling commissions
and registration
costs (4,069,505) - - (4,069,505)
Net income (loss) (13,168) (133) - (13,301)
--------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1996 $25,471,327 $ (133) $ - $25,471,194
========== ====== ======= ==========
40<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (4,607,050) $(1,753,220)
Adjustments
Amortization 81,337 48,042
Distributions from
Operating Partnerships 397 -
Share of loss from Operating
Partnerships 3,999,725 1,239,317
Changes in assets and liabilities
Decrease (Increase) in
organization costs (209,854) (71,723)
(Decrease) Increase in accounts
payable and accrued expenses 1,380,256 1,662,878
Decrease (Increase) in prepaid
expenses - (676,878)
Decrease (Increase) in accounts
receivable (11,510,420) (14,422,919)
(Decrease) Increase in accounts
payable affiliates 613,782 412,673
----------- ----------
Net cash (used in) provided by
operating activities (10,251,827) (13,561,830)
----------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (8,942,927) (7,508,315)
Capital contributions paid to
Operating Partnerships (40,598,055) (21,554,066)
Advances to Operating Partnerships 2,500,712 (6,345,361)
Investments (18,487,167) (7,446,886)
----------- ----------
Net cash (used in) provided by
investing activities (65,527,437) (42,854,628)
----------- ----------
41<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (11,806,294) (9,943,090)
Capital contributions received 84,174,000 76,313,000
Net cash (used in) provided by ----------- ----------
financing activities 72,367,706 66,369,910
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,411,558) 9,953,452
Cash and cash equivalents, beginning 19,454,787 9,627,086
----------- ----------
Cash and cash equivalents, ending $ 16,043,229 $19,580,538
=========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 18,352,120 $18,930,130
=========== ==========
The accompanying notes are an integral part of these statements.
42<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $(1,409,481) $ (934,441)
Adjustments
Amortization 17,464 17,464
Distributions from
Operating Partnerships 19 -
Share of loss from Operating
Partnerships 1,114,155 715,736
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 810 -
Decrease (Increase ) in prepaid
expenses - (16,851)
Decrease (Increase) in accounts
receivable (9,975) 787,803
(Decrease) Increase in accounts
payable affiliates 284,232 88,140
---------- ----------
Net cash (used in) provided by
operating activities (2,776) 657,851
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - 57,189
Capital contributions paid to
Operating Partnerships (1,855,561) (2,457,799)
Advances to Operating Partnerships 898,796 (815,504)
Investments 532,415 269,676
---------- ----------
Net cash (used in) provided by
investing activities (424,350) (2,946,438)
---------- ----------
43<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
-------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - 439,553
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - 439,553
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (427,126) (1,849,034)
Cash and cash equivalents, beginning 1,306,675 3,453,823
---------- ----------
Cash and cash equivalents, ending $ 879,549 $ 1,604,789
========== ==========
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.
44<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $(1,473,907) $ (465,180)
Adjustments
Amortization 14,218 12,229
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 1,283,602 318,127
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses - (18,735)
Decrease (Increase ) in prepaid
expenses - (6,223)
Decrease (Increase) in accounts
receivable 37,990 887,716
(Decrease) Increase in accounts
payable affiliates 169,380 88,228
---------- ----------
Net cash (used in) provided by
operating activities 31,283 816,162
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (11,026)
Capital contributions paid to
Operating Partnerships (456,048) (3,161,640)
Advances to Operating Partnerships 100,000 542,602
Investments (206,769) 1,417,344
---------- ----------
Net cash (used in) provided by
investing activities (562,817) (1,212,720)
---------- ----------
45<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
-----------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - 323,288
Capital contributions received - -
Net cash (used in) provided by ---------- ---------
financing activities - 322,288
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (531,534) (73,810)
Cash and cash equivalents, beginning 1,398,907 1,697,368
---------- ----------
Cash and cash equivalents, ending $ 867,373 $ 1,623,558
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 319.435
========= ==========
The accompanying notes are an integral part of these statements.
46<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (752,987) $ (392,746)
Adjustments
Amortization 9,404 9,404
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 551,467 220,738
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (5,337)
(Decrease) Increase in accounts
payable and accrued expenses (106) (3,606)
Decrease (Increase ) in prepaid
expenses - (11,940)
Decrease (Increase) in accounts
receivable (249,088) 1,550,693
(Decrease) Increase in accounts
payable affiliates 176,311 (8,164)
---------- ----------
Net cash (used in) provided by
operating activities (264,999) 1,359,042
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (19,323) (128,186)
Capital contributions paid to
Operating Partnerships (2,151,276) (1,786,862)
Advances to Operating Partnerships 1,450,013 845,848
Investments (157,977) (795,133)
---------- ----------
Net cash (used in) provided by
investing activities (878,563) (1,864,333)
---------- ----------
47<PAGE>
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
---------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - 100,448
Capital contributions received - -
Net cash (used in) provided by ---------- ---------
financing activities - 100,448
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,143,562) (404,843)
Cash and cash equivalents, beginning 1,686,347 3,002,412
---------- ----------
Cash and cash equivalents, ending $ 542,785 $ 2,597,569
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 586,492 $ 2,204,031
========== ==========
The accompanying notes are an integral part of these statements.
48<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (791,108) $ 9,966
Adjustments
Amortization 9,804 6,536
Distributions from
Operating Partnerships 378 -
Share of loss from Operating
Partnerships 646,747 (15,284)
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (9,087)
(Decrease) Increase in accounts
payable and accrued expenses - (260,238)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 64,299 (1,611,685)
(Decrease) Increase in accounts
payable affiliates (9,383) (18,461)
---------- ----------
Net cash (used in) provided by
operating activities (79,263) (1,898,253)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (27,191) (2,623,673)
Capital contributions paid to
Operating Partnerships (5,171,526) (8,894,889)
Advances to Operating Partnerships 1,540,993 (1,036,459)
Investments 3,926,792 (6,361,090)
---------- ----------
Net cash (used in) provided by
investing activities 269,068 (18,916,111)
---------- ----------
49<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,350,133)
Capital contributions received - 24,338,000
Net cash (used in) provided by ---------- ----------
financing activities - 20,987,867
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 189,805 173,503
Cash and cash equivalents, beginning 1,313,618 1,473,483
---------- ----------
Cash and cash equivalents, ending $ 1,503,423 $ 1,646,986
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $10,283,629
========== ==========
The accompanying notes are an integral part of these statements.
50<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ (164,167) $ 20,036
Adjustments
Amortization 9,735 2,409
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 109,960 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (50,479)
(Decrease) Increase in accounts
payable and accrued expenses (235,300) 10,267
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 585,814 (1,780,149)
(Decrease) Increase in accounts
payable affiliates (33,597) -
---------- ----------
Net cash (used in) provided by
operating activities 272,445 (1,797,916)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (187,681) (2,079,394)
Capital contributions paid to
Operating Partnerships (6,621,083) (1,727,559)
Advances to Operating Partnerships 461,871 (3,694,574)
Investments 2,636,464 (1,977,683)
---------- ----------
Net cash (used in) provided by
investing activities (3,710,429) (9,479,210)
---------- ----------
51<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,162,429)
Capital contributions received - 21,697,000
Net cash (used in) provided by ---------- ----------
financing activities - 18,534,571
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,437,984) 7,257,445
Cash and cash equivalents, beginning 4,796,487 -
---------- ----------
Cash and cash equivalents, ending $ 1,358,503 $ 7,257,445
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 2,073,486 $ 4,439,168
========== ==========
The accompanying notes are an integral part of these statements.
52<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
---------------------
1996 1995
---- ----
Cash flows from operating activities:
Net income (loss) $ 42,593 $ 9,145
Adjustments
Amortization 7,866 -
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 27,866 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (6,820)
(Decrease) Increase in accounts
payable and accrued expenses 573 1,935,190
Decrease (Increase ) in prepaid
expenses - (499,406)
Decrease (Increase) in accounts
receivable (441,320) (14,399,215)
(Decrease) Increase in accounts
payable affiliates (1,209) 262,930
---------- ----------
Net cash (used in) provided by
operating activities (363,631) (12,698,176)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (294,736) (2,723,225)
Capital contributions paid to
Operating Partnerships (10,355,757) (3,525,317)
Advances to Operating Partnerships 1,614,960 (2,187,274)
Investments 4,199,539 -
---------- ----------
Net cash (used in) provided by
investing activities (4,835,994) (8,435,816)
---------- ----------
53<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
----------------------------
1996 1995
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,651) (4,293,817)
Capital contributions received - 30,278,000
Net cash (used in) provided by ---------- ----------
financing activities (3,651) 25,984,183
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (5,203,276) 4,850,191
Cash and cash equivalents, beginning 7,307,862 -
---------- ----------
Cash and cash equivalents, ending $ 2,104,586 $ 4,850,191
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 7,692,142 $ 1,683,867
========== ==========
The accompanying notes are an integral part of these statements.
54<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26* Series 27* Series 28*
----------- ------------- ------------
1996 1996 1996
---- ---- ----
Cash flows from operating activities:
Net income (loss) $ (35,148) $ (9,544)$ (13,301)
Adjustments
Amortization 9,465 3,381 -
Distributions from
Operating Partnerships - - -
Share of (income) loss from
operating partnerships 265,928 - -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (48,303) (77,612) (83,939)
(Decrease) Increase in accounts
payable and accrued expenses (74,918) 729 1,688,468
Decrease (Increase ) in prepaid
expenses - - -
Decrease (Increase) in accounts
receivable 333,847 (278,387) (11,553,600)
(Decrease) Increase in accounts
payable affiliates (360,477) - 388,525
---------- ---------- -----------
Net cash (used in) provided by
operating activities 90,394 (361,433) (9,573,847)
---------- ---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (3,157,466) (2,523,025) (2,733,505)
Capital contributions paid to
Operating Partnerships (7,057,846) (6,780,741) (148,217)
Advances to Operating Partnerships 225,429 (688,605) (3,102,745)
Investments (14,993,130) (8,177,421) (6,247,080)
---------- ---------- -----------
Net cash (used in) provided by
investing activities (24,983,013) (18,169,792) (12,231,547)
---------- ---------- -----------
55<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26* Series 27* Series 28*
---------- ---------- ----------
1996 1996 1996
---- ---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,115,661) 24,607,000 (4,069,505)
Capital contributions received 30,013,000 (3,617,477) 29,554,000
Net cash (used in) provided by ---------- ---------- -----------
financing activities 25,897,339 20,989,523 25,484,495
---------- ---------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,004,720 20,989,523 3,679,101
Cash and cash equivalents, beginning 1,644,891 - -
---------- ---------- -----------
Cash and cash equivalents, ending $ 2,649,611 $ 2,458,298 $ 3,679,101
========== ========== ===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 6,780,065 $ 7,640,702 $ 98,812
========== ========== ===========
*Series 26, 27 and 28 did not commence operation until after December 31,
1995, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
56<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the
laws of the State of Delaware as of October 5, 1993, for the purpose of
acquiring, holding, and disposing of limited partnership interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated low-income
apartment complexes ("Operating Partnerships"). The general partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and John P.
Manning, the principals of Boston Capital Partners, Inc., is the sole
general partner of the general partner. The limited partner of the
general partner is Capital Investment Holdings, a general partnership
whose partners are certain officers and employees of Boston Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner is
BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective December 16, 1993 which covered the offering (the "Public
Offering") of the Fund's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public in one
or more series. One April 18, 1996 an amendment to Form S-16 which
registered an additional 10,000,000 BACs for sale to the public in one or more
series became effective offers and sales of BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27 were
completed and the last of the BACs in Series 20, Series 21, Series 22, Series
23, Series 24, Series 25, Series 26 and Series 27 were issued by the Fund on
June 24, 1994, September 30, 1994, December 28, 1994, June 23, 1995,
September 22, 1995, December 29, 1995, June 25, 1996, and September 17, 1996
respectively. The Fund sold 3,866,700 of Series 20 BACs, for a total of
$38,667,000; 1,892,700 of Series 21 BACs for a total of $18,927,000; 2,564,400
of Series 22 BACs for a total of $25,644,000; 3,336,727 of Series 23 BACs for
a total of $33,366,000; 2,169,878 of Series 24 BACs for a total of
$21,697,000; 3,026,109 of Series 25 BACs for a total of $30,248,000; 3,995,900
of Series 26 BACs for a total of $39,959,000; 2,460,700 of Series 27 BACS for
a total of $24,607,000; and 2,956,238 of Series 28 BACs for a total of
$29,554,000. The Fund is continuing to offer BACs in Series 28.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of December 31, 1996 and for the
three and nine 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
57<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(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 December 31,
1996 by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $25,296,210
Due after one year 11,625,141
----------
Total $36,921,351
==========
The fair market value of the securities is $36,948,325. The difference
being an unrealized gain on securities available for sale of $26,974, as
of December 31, 1996.
58<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of December 31,
1996 and 1995 the Fund has accumulated amortization of $177,482 and $73,201,
respectively.
The breakdown of accumulated amortization within the fund is as follows:
1996 1995
---- ----
Series 20 $ 56,218 $32,933
Series 21 36,581 17,624
Series 22 26,237 13,699
Series 23 19,608 6,536
Series 24 15,504 2,409
Series 25 10,488 -
Series 26 9,465 -
Series 27 3,381 -
------- ------
$177,482 $73,201
======= ======
Series 28 organization costs will be amortized over 60 months beginning
April 1, 1997.
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 December 31, 1996, Boston Capital Services, Inc.
received $352,260 for Series 28 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 and Series 27 completed payment of all Dealer-Manager
fees prior to the quarter ended December 31, 1996.
Boston Capital Partners, Inc. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the Fund's
acquisition of interest in the Operating Partnerships. During the quarter
ended December 31, 1996, Series 28 paid $1,743,855 for acquisition fees to
Boston Capital Partners, Inc. Series 20, Series 21, Series 22, Series 23,
59<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Series 24, Series 25, Series 26 and Series 27 completed payment of all
acquisition fees prior to the quarter ended December 31, 1996. Of the total
acquisition fees and expenses incurred, $98,235, $53,731, $37,905, $163,067,
$281,078, $272,924, $2,107,034, $448,701 and $2,697,972 for Series 20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27 and
Series 28, respectively, related to costs incurred in connection with the
purchase of interests in Operating Partnerships not finalized as of December
31, 1996.
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 December 31, 1996 and
1995 are as follows:
1996 1995
---- ----
Series 20 $ 94,743 $ 73,226
Series 21 56,460 56,460
Series 22 60,129 -
------- -------
$211,332 $129,686
======= =======
The fund management fees paid for the quarters ended December 31, 1996 and
1995 are as follows:
1996 1995
---- ----
Series 20 $ - $ 20,000
Series 22 - 61,223
Series 23 57,250 74,396
Series 24 56,304 17,332
Series 25 58,472 -
Series 26 55,350 -
Series 27 59,255 -
------- -------
$286,631 $172,951
======= =======
60<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At December 31, 1996 and 1995, the Fund has limited partnership interests in
163 and 105 Operating Partnerships, respectively, which own or are
constructing apartment complexes. The breakdown of Operating Partnerships
within the Fund at December 31, 1996 and 1995 is as follows:
1996 1995
---- ----
Series 20 24 24
Series 21 14 15
Series 22 28 30
Series 23 22 22
Series 24 23 12
Series 25 20 2
Series 26 24 -
Series 27 7 -
Series 28 1 -
--- ---
163 105
=== ==
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 December 31, 1996 and 1995 are as
follows:
1996 1995
---- ----
Series 20 $ 2,018,106 $ 5,550,675
Series 21 1,193,620 2,450,499
Series 22 3,742,300 8,351,084
Series 23 5,359,594 12,354,064
Series 24 3,363,312 4,439,168
Series 25 7,833,203 1,683,867
Series 26 7,309,742 -
Series 27 7,640,702 -
Series 28 98,812 -
---------- ----------
$38,559,390 $34,829,357
========== ==========
61
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(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 nine
months ended September 30, 1996.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 20
---------------------------
1996 1995
---- ----
Revenues
Rental $ 5,721,327 $ 2,023,715
Interest and other 260,934 129,204
--------- ---------
5,982,261 2,152,919
--------- ---------
Expenses
Interest 2,451,867 732,692
Depreciation and amortization 1,564,264 653,435
Operating expenses 3,091,538 1,489,756
--------- ---------
7,107,669 2,875,883
--------- ---------
NET LOSS $(1,125,408) $ (722,964)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,114,155) $ (715,736)
========== ==========
Net loss allocated to
other partners $ (11,253) $ (7,228)
========== ==========
62
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 21
--------------------------
1996 1995
---- ----
Revenues
Rental $ 2,914,085 $ 641,453
Interest and other 124,052 60,494
--------- ---------
3,038,137 701,947
--------- ---------
Expenses
Interest 1,676,636 341,421
Depreciation and amortization 581,635 361,238
Operating expenses 2,096,384 320,629
--------- ---------
4,354,655 1,023,288
--------- ---------
NET INCOME (LOSS) $(1,316,518) $ (321,341)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,303,353) $ (318,127)
========= =========
Net loss allocated to
other partners $ (13,165) $ (3,214)
========= =========
63 <PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 22
--------------------------
1996 1995
Revenues ---- ----
Rental $2,601,079 $ 688,403
Interest and other 131,026 97,139
--------- ---------
2,732,105 785,542
--------- ---------
Expenses
Interest 783,490 236,896
Depreciation and amortization 932,910 340,346
Operating expenses 1,577,386 431,268
--------- ---------
3,293,786 1,008,510
--------- ---------
NET INCOME (LOSS) $ (561,681) $ (222,968)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (556,063) $ (220,738)
========= =========
Net loss allocated to
other partners $ (5,618) $ (2,230)
========= =========
64<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 23
----------------------------
1996 1995
Revenues ---- ----
Rental $ 2,254,369 $ 247,014
Interest and other 131,773 6,838
---------- ----------
2,386,142 253,852
---------- ----------
Expenses
Interest 1,020,951 64,701
Depreciation and amortization 596,609 45,276
Operating expenses 1,421,862 128,436
---------- ----------
3,039,422 238,413
---------- ----------
NET INCOME (LOSS) $ (653,280) $ 15,439
========== ==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (646,747) $ 15,285
========== ==========
Net income (loss) allocated to
other partners $ (6,533) $ 154
========== ==========
65<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 24*
------------------
1996
Revenues ----
Rental $ 1,069,035
Interest and other 84,807
---------
1,153,842
---------
Expenses
Interest 368,683
Depreciation and amortization 261,527
Operating expenses 658,190
---------
1,288,400
---------
NET INCOME (LOSS) $ (134,558)
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (133,212)
==========
Net loss allocated to
other partners $ (1,346)
==========
*The Operating Partnerships in Series 24 had not commenced operations as of
September 30, 1995, therefore they do not have comparative information to
report.
66<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 25* Series 26**
----------- -----------
1996 1996
Revenues ---- ----
Rental $ 480,941 $ 399,020
Interest and other 23,575 8,885
--------- ---------
504,516 407,905
--------- ---------
Expenses
Interest 108,803 231,169
Depreciation and amortization 69,908 228,036
Operating expenses 353,953 217,314
--------- ---------
532,664 676,519
--------- ---------
NET INCOME (LOSS) $ (28,148) $ (268,614)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (27,866) $ (265,928)
========= =========
Net income (loss) allocated to
other partners $ (282) $ (2,686)
========= =========
*The Operating Partnerships in Series 25 had not commenced operations as of
September 30, 1995, therefore they do not have comparative information to
report.
**Series 26 did not commence operations until after September 30, 1995,
therefore it does not have comparative information to report.
67<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1996
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for
the nine months ended September 30, 1996 and September 30, 1995 numerous
variances, some material in nature, exist. The variances are the result of a
number of factors including an increase in the number of Operating
Partnerships owned, an increase in the number which have completed
construction, and an increase in the number which have completed the lease-up
phase.
In prior quarters three Operating Partnerships were admitted to the Fund
without an initial outlay of capital. One was admitted to Series 21 and
Series 22, and two were admitted solely to Series 22. These short form
admissions were an agreement between the Operating Partnership General
Partners and the General Partner, that upon further due diligence, the Fund
had the Option to purchase the Operating Partnerships if it was in the best
interest of the Fund. Subsequent studies indicated that the Operating
Partnerships would not generate the originally anticipated amount of credits,
and the General Partner elected to have the Fund's interest repurchased.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1997 is expected
to differ from its loss for financial reporting purposes primarily due
to accounting differences in depreciation incurred by the Operating
Partnerships. No provision or benefit for income taxes has been included in
these financial statements since taxable income or loss passes through to, and
is reportable by, the partners and assignees individually.
68<PAGE>
Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public Offering.
Other sources of liquidity will include (i) interest earned on capital
contributions held pending investment and on working capital and (ii)
cash distributions from operations of the Operating Partnerships in which the
Fund has and will invest. The Fund does not anticipate significant cash
distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee for Series 20, Series
21 and Series 22. Pursuant to the Partnership Agreement, such liabilities
will be deferred until the Fund receives sales of refinancing proceeds from
Operating partnerships which will be used to satisfy such liabilities. The
Fund's working capital and sources of liquidity coupled with affiliated party
liability accruals allow sufficient levels of liquidity to meet the third
party obligations of the Fund. The Fund is currently unaware if any trends
which would create insufficient liquidity to meet future third party
obligations.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by the
Securities and Exchange Commission on December 16, 1993. The Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000,
$39,959,000, $24,607,000 and $29,554,000 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 and 2,956,238
BACs from investors admitted as BAC Holders in Series 20, Series 21, Series
22, Series 23, Series 24, Series 25, Series 26, Series 27 and Series 28,
respectively. As of December 31, 1996 the Fund was continuing to offer BACs in
Series 28.
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 $28,561,550.
During the quarter ended December 31, 1996, none of Series 20 net offering
proceeds had been used to pay capital contributions. Series 20 net offering
proceeds in the amount of $1,058,895 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of December 31, 1996.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and
sales of BACs in Series 21 were completed on December 31, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 14 Operating Partnerships in the amount of $13,872,730.
69<PAGE>
During the quarter ended December 31, 1996, $207,655 of Series 21 net
offering proceeds had been used to pay capital contributions. Series 21 net
offering proceeds in the amount of $1,193,620 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
21 has invested in as of December 31, 1996.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 28 Operating Partnerships in the amount of $18,517,848.
During the quarter ended December 31, 1996, $727,166 of Series 22 net
offering proceeds had been used to pay capital contributions. Series 22 net
offering proceeds in the amount of $1,155,701 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
22 has invested in as of December 31, 1996.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and
sales of BACs in Series 23 were completed on June 23, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $24,325,278.
During the quarter ended December 31, 1996, $666,154 of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $2,585,375 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of December 31, 1996.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and
sales of BACs in Series 24 were completed on September 22, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 23 Operating Partnerships in the amount of $15,151,422.
During the quarter ended December 31, 1996, $2,521,993 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 $1,661,270
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as of December 31,
1996.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers
and sales of BACs in Series 25 were completed on December 29, 1995. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 20 Operating Partnerships in the amount of $20,523,317.
70<PAGE>
During the quarter ended December 31, 1996, $3,695,291 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 $5,886,438
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of December 31,
1996.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 24 Operating Partnerships in the amount of $15,096,597.
During the quarter ended December 31, 1996, $2,299,698 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 $7,309,742
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of December 31,
1996.
Series 27
- ---------
The Fund commenced offering BACS in Series 27 on June 24, 1996. Offers and
sales of BACs in Series 27 were completed on September 17, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 7 Operating Partnerships in the amount of $14,421,443.
During the quarter ended December 31, 1996, $2,718,569 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 $7,640,702
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 27 has invested in as of December 31,
1996.
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 1 Operating Partnership in the amount of $257,029.
During the quarter ended December 31, 1996, $148,217 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 $98,812
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 28 has invested in as of December 31,
1996.
71
Results of Operations
- ---------------------
As of December 31, 1996 and 1995 the Fund held limited partnership interests
in 163 and 105 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 December 31, 1996 as Series 22, Series 24,
Series 25, Series 26, Series 27 and Series 28 continue to use the funds raised
to invest in partnership interests of additional Operating Partnerships and
the Fund continues to offer BACs in Series 28.
The Fund incurred a fund management fee to Boston Capital Asset Management
Limited Partnership (formerly Boston Communications Limited Partnership in an
amount equal to .5 percent of the aggregate cost of the apartment complexes
owned by the Operating Partnerships, less the amount of certain asset
management and reporting fees paid by the Operating Partnerships. The fund
management fees incurred for the quarter ended December 31, 1996 for Series
20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and
Series 27 were $73,383, $56,460, $55,833, $57,250, $56,304, $58,472, $55,350
and $59,255, 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 December 31, 1996 and 1995 the average Qualified Occupancy for the
series was 99.8% and 92.1%, respectively. The series had a total of 24
properties at December 31, 1996. Out of the total 23 were at 100% qualified
occupancy.
For the nine months being reported Series 20 reflects a net loss from
Operating Partnerships of $1,125,408. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$438,856. This is an interim period estimate; it is not indicative of the
final year end results.
72<PAGE>
During 1996, the Operating General Partner of Breeze Cove Limited Partnership
experienced financial difficulties. Shortly thereafter, the Operating General
Partner and its affiliated management company were replaced. The new
Operating General Partner and management company have conducted extensive
research and prepared budgets and summaries of the physical condition of the
Operating Partnership with the goal of improving the overall operations and
appearance of the property. Operations are anticipated to improve with the
change in management.
In August 1996, the General Partner was notified that Virginia Avenue Housing
Limited Partnership was named as defendant in a land encroachment complaint.
The Operating General Partner and its council are confident that the
partnership owns a clean title to all property in question, however, research
is being conducted into the title and title insurance.
Series 21
- ---------
As of December 31, 1996 and 1995 the average Qualified Occupancy for the
series was 93.3% and 83.1%, respectively. The series had a total of 14
properties at December 31, 1996. Out of the total 11 were at 100% qualified
occupancy and 2 were in active lease-up.
For the nine months being reported Series 21 reflects a net loss from
Operating Partnerships of $1,316,518. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of $734,883.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 22
- ---------
As of December 31, 1996 and 1995 the average Qualified Occupancy for the
series was 94.5% and 88.1% respectively. The series had a total of 28
properties at December 31, 1996. Out of the total 24 were at 100% qualified
occupancy and 2 were in active lease-up. The series also had 1 property which
was under construction at December 31, 1996.
For the six months being reported Series 22 reflects a net loss from
Operating Partnerships of $561,681. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$371,229. This is an interim period estimate; it is not indicative of the
final year end results.
Series 23
- ---------
As of December 31, 1996 and 1995 the average Qualified Occupancy for the
series was 93.4% and 67.9%, respectively. The series had a total of 22
properties at December 31, 1996. Out of the total 20 were at 100% qualified
occupancy and 2 were in active lease-up.
73<PAGE>
For the three months being reported Series 23 reflects a net loss from
Operating Partnerships of $653,280. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of
$56,671. This is an interim period estimate; it is not indicative of the
final year end results.
Series 24
- ---------
As of December 31, 1996 the average Qualified Occupancy for the series was
94.7% and 87.5%, respectively. The series had a total of 23 properties at
December 31, 1996. Out of the total 18 were at 100% qualified occupancy and
1 was in active lease-up. The series also had 3 properties which were under
construction and 1 property with multiple buildings, some of which were in
lease-up and some of which were under construction at December 31, 1996.
For the nine months being reported Series 24 reflects a net loss from
Operating Partnerships of $134,558. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$126,969. This is an interim period estimate; it is not indicative of the
final year end results.
Series 25
- ---------
As of December 31, 1996 the average Qualified Occupancy for the series was
65.7%. The series had a total of 20 properties at December 31, 1996. Out of
the total 4 were at 100% Qualified Occupancy and 6 were in active lease-up.
The series also had 10 properties which were under construction at December
31, 1996. Since all of the properties in Series 25 were under construction
as of December 31, 1995 there is no comparative information to report.
For the nine months being reported Series 25 reflects a net loss from
Operating Partnerships of $28,148. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations
of $41,760. This is an interim period estimate; it is not indicative of the
final year end results.
Series 26
- ---------
As of December 31, 1996 the average Qualified Occupancy for the series was
81.2%. The series had a total of 24 properties at December 31, 1996. Out of
the total 12 were at 100% qualified occupancy and 7 were in active lease-up.
The series also had 5 properties which were under construction at December
31, 1996. Since all of the properties in Series 26 were acquired after
December 31, 1995 there is no comparative information to report.
For the nine months being reported Series 26 reflects a net loss from
Operating Partnerships of $268,614. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of $40,578.
This is an interim period estimate; it is not indicative of the final year end
results.
74
Series 27
- ---------
As of December 31, 1996 the series was had a total of 7 properties. Out of the
total 6 were under construction and one which had just begun lease-up,
therefore there are no operations from Operating Partnerships to report.
Since all of the properties in Series 27 were acquired after December 31, 1995
there is no comparative information to report.
Series 28
- ---------
As of December 31, 1996 the series had 1 property which was under
construction. Since the property in Series 28 was acquired after December
31, 1995 there is no comparative information to report.
75<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
76<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: February 24, 1997 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal Financial
Officer
77
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