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 June 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 JUNE 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
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $181,834,854 $164,581,635
OTHER ASSETS
Cash and cash equivalents 17,352,659 14,801,634
Investments 53,319,830 46,568,694
Notes receivable 15,165,290 12,972,311
Deferred acquisition costs 7,600,622 6,888,731
Prepaid expenses 6,211 6,458
Organization costs, net of
accumulated amortization (Note B) 509,891 534,968
Other assets 14,945,861 12,846,156
----------- -----------
$290,735,218 $259,200,587
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 471,483 $ 6,683
Syndication costs payable 321,290 280,815
Accounts payable affiliates 1,861,362 1,536,042
Capital contributions payable (Note D) 41,736,599 34,744,876
----------- -----------
44,390,734 36,568,416
----------- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 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; 31,231,852 issued and
outstanding as of June 30, 1997 246,501,225 222,767,338
General Partner (213,484) (191,910)
Unrealized gain (loss) on securities
available for sale, net 56,743 56,743
----------- -----------
246,344,484 222,632,171
----------- -----------
$290,735,218 $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
---------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $25,230,365 $25,829,683
OTHER ASSETS
Cash and cash equivalents 240,185 429,105
Investments 766,406 778,954
Notes receivable 118,013 874,787
Deferred acquisition costs 98,235 98,235
Prepaid expenses 4,163 4,410
Organization costs, net of
accumulated amortization (Note B) 51,355 57,176
Other assets 393,992 255,951
---------- ----------
$26,902,714 $28,328,301
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 25 $ -
Syndication costs payable - -
Accounts payable affiliates 668,396 573,651
Capital contributions payable (Note D) 1,138,180 1,942,326
---------- ----------
1,806,601 2,515,977
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
-----------------------------
June 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 June 30, 1997 25,174,977 25,884,026
General Partner (79,612) (72,450)
Unrealized gain (loss) on securities
for sale, net 748 748
---------- ----------
25,096,113 25,812,324
---------- ----------
$26,902,714 $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
----------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $11,018,572 $11,515,577
OTHER ASSETS
Cash and cash equivalents 495,009 494,112
Investments 691,984 701,042
Notes receivable 641,542 641,542
Deferred acquisition costs 53,731 53,731
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 26,741 31,480
Other assets 246,831 245,722
---------- ----------
$13,174,410 $13,683,206
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 98 $ -
Syndication costs payable - -
Accounts payable affiliates 428,450 371,990
Capital contributions payable (Note D) 929,965 967,561
---------- ----------
1,358,513 1,339,551
---------- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
June 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 June 30, 1997 11,858,956 12,381,436
General Partner (43,801) (38,523)
Unrealized gain (loss) on securities
for sale, net 742 742
---------- ----------
11,815,897 12,343,655
---------- ----------
$13,174,410 $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
---------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,260,670 $17,576,959
OTHER ASSETS
Cash and cash equivalents 546,762 648,647
Investments 613,860 621,520
Notes receivable 1,796,240 2,209,273
Deferred acquisition costs 166,855 166,684
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 31,636 34,770
Other assets 551,254 518,706
---------- ----------
$20,967,277 $21,776,559
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 142 $ -
Syndication costs payable - -
Accounts payable affiliates 351,290 289,397
Capital contributions payable (Note D) 2,669,008 3,158,246
---------- ----------
3,020,440 3,447,643
---------- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
June 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 June 30, 1997 17,985,692 18,363,950
General Partner (39,620) (35,799)
Unrealized gain (loss) on securities
for sale, net 765 765
---------- ----------
17,946,837 18,328,916
---------- ----------
$20,967,277 $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
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,641,877 $25,009,648
OTHER ASSETS
Cash and cash equivalents 1,159,751 1,578,798
Investments 1,083,256 1,100,369
Notes receivable 2,186,398 2,186,398
Deferred acquisition costs 168,247 243,247
Prepaid expenses 2,048 2,048
Organization costs, net of
accumulated amortization (Note B) 39,810 43,078
Other assets 437,232 359,706
---------- ----------
$29,718,619 $30,523,292
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 179 $ -
Syndication costs payable - -
Accounts payable affiliates 120,128 60,215
Capital contributions payable (Note D) 4,091,775 4,529,018
---------- ----------
4,212,082 4,589,233
---------- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
June 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 June 30, 1997 25,534,753 25,958,000
General Partner (29,796) (25,521)
Unrealized gain (loss) on securities
for sale, net 1,580 1,580
---------- ----------
25,506,537 25,934,059
---------- ----------
$29,718,619 $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
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,514,091 $15,915,977
OTHER ASSETS
Cash and cash equivalents 435,295 644,685
Investments 105,858 303,949
Notes receivable 737,790 1,654,702
Deferred acquisition costs 223,496 313,911
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 42,185 45,429
Other assets 1,468,030 1,438,557
---------- ----------
$19,526,745 $20,317,210
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 8,841 $ -
Syndication costs payable - -
Accounts payable affiliates 133,544 79,964
Capital contributions payable (Note D) 2,274,311 2,779,449
---------- ----------
2,416,696 2,859,413
---------- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
June 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 June 30, 1997 17,123,734 17,468,005
General Partner (14,202) (10,725)
Unrealized gain (loss) on securities
for sale, net 517 517
---------- ----------
17,110,049 17,457,797
---------- ----------
$19,526,745 $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
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,178,024 $24,266,974
OTHER ASSETS
Cash and cash equivalents 396,812 956,365
Investments 2,816,910 3,065,387
Notes receivable 477,700 405,700
Deferred acquisition costs 189,515 113,810
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 36,708 39,330
Other assets 1,970,976 2,638,118
---------- ----------
$30,066,645 $31,485,684
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 149 $ 983
Syndication costs payable - -
Accounts payable affiliates 16,554 16,554
Capital contributions payable (Note D) 5,158,262 6,437,839
---------- ----------
5,174,965 6,455,376
---------- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
June 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 June 30, 1997 24,894,690 25,031,932
General Partner (8,588) (7,202)
Unrealized gain (loss) on securities
for sale, net 5,578 5,578
---------- ----------
24,891,680 25,030,308
---------- ----------
$30,066,645 $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
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $27,919,085 $21,613,713
OTHER ASSETS
Cash and cash equivalents 896,237 1,239,330
Investments 9,942,661 12,173,007
Notes receivable 2,392,095 1,070,887
Deferred acquisition costs 883,630 1,471,671
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 75,724 80,457
Other assets 3,290,019 3,275,364
---------- ----------
$45,399,451 $40,924,429
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 17,749 $ -
Syndication costs payable - -
Accounts payable affiliates 9,630 9,630
Capital contributions payable (Note D) 11,417,788 7,104,113
---------- ----------
11,445,167 7,113,743
---------- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
June 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 June 30, 1997 33,935,825 33,793,663
General Partner (936) (2,372)
Unrealized gain (loss) on securities
for sale, net 19,395 19,395
---------- ----------
33,954,284 33,810,686
---------- ----------
$45,399,451 $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
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,117,919 $13,365,524
OTHER ASSETS
Cash and cash equivalents 1,429,405 2,180,687
Investments 5,913,271 6,919,629
Notes receivable 1,104,275 565,365
Deferred acquisition costs 826,300 929,985
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 65,970 69,850
Other assets 564,427 341,850
---------- ----------
$25,021,567 $24,372,890
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 30,857 $ -
Syndication costs payable - -
Accounts payable affiliates - -
Capital contributions payable (Note D) 3,903,474 3,470,122
---------- ----------
3,934,331 3,470,122
---------- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
---------------------------
June 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 June 30, 1997 21,078,084 20,895,461
General Partner 1,602 (243)
Unrealized gain (loss) on securities
for sale, net 7,550 7,550
---------- ----------
21,087,236 20,902,768
---------- ----------
$25,021,567 $24,372,890
========== ==========
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 28
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 5,272,321 $ 3,387,008
OTHER ASSETS
Cash and cash equivalents 2,277,259 4,589,026
Investments 22,207,884 20,904,837
Notes receivable 3,812,177 3,363,657
Deferred acquisition costs 3,110,809 3,239,183
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 91,466 96,548
Other assets 271,924 266,712
---------- ----------
$37,043,840 $35,846,971
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 34,356 $ 5,700
Syndication costs payable - -
Accounts payable affiliates 2,100 2,100
Capital contributions payable (Note D) 2,491,677 1,338,985
---------- ----------
2,528,133 1,346,785
---------- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
---------------------------
June 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 June 30, 1997 34,494,770 34,479,402
General Partner 1,069 916
Unrealized gain (loss) on securities
for sale, net 19,868 19,868
---------- ----------
34,515,707 34,500,186
---------- ----------
$37,043,840 $35,846,971
========== ==========
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
--------------------------
June 30, March 31,
1997 1997
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,681,930 $ 6,100,572
OTHER ASSETS
Cash and cash equivalents 9,475,944 2,040,879
Investments 9,177,740 -
Notes receivable 1,899,060 -
Deferred acquisition costs 1,879,804 258,274
Prepaid expenses - -
Organization costs, net of
accumulated amortization (Note B) 48,296 36,850
Other assets 5,751,176 3,505,470
---------- ----------
$42,913,950 $11,942,045
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 379,087 $ -
Syndication costs payable 321,290 280,815
Accounts payable affiliates 131,270 132,541
Capital contributions payable (Note D) 7,662,159 3,017,217
---------- ----------
8,493,806 3,430,573
---------- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
---------------------------
June 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 June 30, 1997 34,419,744 8,511,463
General Partner 400 9
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
34,420,144 8,511,472
---------- ----------
$42,913,950 $11,942,045
========== ==========
The accompanying notes are an integral part of these statements.
22
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
1997 1996
---- ----
Income
Interest income $ 648,562 $ 375,974
---------- ----------
648,562 375,974
---------- ----------
Share of income (loss) from
Operating Partnerships (1,900,179) (1,867,573)
---------- ----------
Expenses
Professional fees 48,568 62,966
Fund management fee (Note C) 510,394 316,014
Amortization 36,525 22,830
General and administrative expenses 310,396 215,649
---------- ----------
905,883 617,459
---------- ----------
NET INCOME (LOSS) $(2,157,500) $(2,109,058)
========== ==========
Net income (loss) allocated to
limited partners $(2,135,926) $(2,087,967)
========== ==========
Net income (loss) allocated to
general partner $ (21,574) $ (21,091)
========== ==========
Net income (loss) per BAC $ (.84) $ (.65)
========== ==========
The accompanying notes are an integral part of these statements.
23
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 20
-----------------------
1997 1996
---- ----
Income
Interest income $ 10,624 $ 17,615
-------- --------
10,624 17,615
-------- --------
Share of (income) loss from Operating
Partnerships (610,355) (877,000)
-------- --------
Expenses
Professional fees 1,148 623
Fund management fee (Note C) 94,243 93,226
Amortization 5,821 5,821
General and administrative expense 15,268 14,695
-------- --------
116,480 114,365
-------- --------
NET INCOME (LOSS) $(716,211) $(973,750)
======== ========
Net income (loss) allocated to
limited partners $(709,049) $(964,013)
======== ========
Net income (loss) allocated to
general partner $ (7,162) $ (9,737)
======== ========
Net income (loss) per BAC $ (.18) $ (.25)
======== ========
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 June 30,
(Unaudited)
SERIES 21
-----------------------
1997 1996
---- ----
Income
Interest income $ 10,658 $ 21,062
-------- --------
10,658 21,062
-------- --------
Share of (income) loss from Operating
Partnerships (468,212) (530,822)
-------- --------
Expenses
Professional fees 652 564
Fund management fee (Note C) 54,872 56,460
Amortization 4,739 4,739
General and administrative expense 9,941 17,955
-------- --------
70,204 79,718
-------- --------
NET INCOME (LOSS) $(527,758) $(589,478)
======== ========
Net income (loss) allocated to
limited partners $(522,480) $(583,583)
======== ========
Net income (loss) allocated to
general partner $ (5,278) $ (5,895)
======== ========
Net income (loss) per BAC $ (.28) $ (.31)
======== ========
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 June 30,
(Unaudited)
SERIES 22
-----------------------
1997 1996
---- ----
Income
Interest income $ 10,534 $ 12,605
-------- -------
10,534 12,605
-------- -------
Share of income (loss) from Operating
Partnerships (316,288) (163,569)
-------- -------
Expenses
Professional fees 2,475 7,311
Fund management fee (Note C) 58,993 52,376
Amortization 3,135 3,135
General and administrative expense 11,722 12,772
-------- -------
76,325 75,594
-------- -------
NET INCOME (LOSS) $(382,079) $(226,558)
======== =======
Net income (loss) allocated to
limited partners $(378,258) $(224,292)
======== =======
Net income (loss) allocated to
general partner $ (3,821) $ (2,266)
======== =======
Net income (loss) per BAC $ (.15) $ (.08)
======== =======
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 June 30,
(Unaudited)
SERIES 23
-----------------------
1997 1996
---- ----
Income
Interest income $ 21,584 $ 55,908
-------- -------
21,584 55,908
-------- -------
Share of income (loss) from Operating
Partnerships (367,772) (159,596)
-------- -------
Expenses
Professional fees 3,468 4,041
Fund management fee (Note C) 58,663 59,064
Amortization 3,268 3,268
General and administrative expense 15,935 43,910
-------- -------
81,334 110,283
-------- -------
NET INCOME (LOSS) $(427,522) $(213,971)
======== =======
Net income (loss) allocated to
limited partners $(423,247) $(211,831)
======== =======
Net income (loss) allocated to
general partner $ (4,275) $ (2,140)
======== =======
Net income (loss) per BAC $ (.13) $ (.01)
======== =======
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 June 30,
(Unaudited)
SERIES 24
-----------------------
1997 1996
---- ----
Income
Interest income $ 5,357 $ 52,390
-------- -------
5,357 52,390
-------- -------
Share of income (loss) from Operating
Partnerships (297,135) (2,727)
-------- -------
Expenses
Professional fees 300 8,976
Fund management fee (Note C) 43,730 30,948
Amortization 3,245 3,245
General and administrative expense 8,695 24,573
-------- -------
55,970 67,742
-------- -------
NET INCOME (LOSS) $(347,748) $ (18,079)
======== =======
Net income (loss) allocated to
limited partners $(344,271) $ (17,898)
======== =======
Net income (loss) allocated to
general partner $ (3,477) $ (181)
======== =======
Net income (loss) per BAC $ (.16) $ -
======== =======
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 June 30,
(Unaudited)
SERIES 25
-----------------------
1997 1996
---- ----
Income
Interest income $ 41,243 $ 121,033
-------- -------
41,243 121,033
-------- -------
Share of income (loss) from Operating
Partnerships (84,455) -
-------- -------
Expenses
Professional fees 3,014 11,149
Fund management fee (Note C) 64,718 19,497
Amortization 2,622 2,622
General and administrative expense 25,062 49,368
-------- -------
95,416 82,636
-------- -------
NET INCOME (LOSS) $(138,628) $ 38,397
======== =======
Net income (loss) allocated to
limited partners $(137,242) $ 38,013
======== =======
Net income (loss) allocated to
general partner $ (1,386) $ 384
======== =======
Net income (loss) per BAC $ (.05) $ -
======== =======
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 June 30,
(Unaudited)
SERIES 26
-----------------------
1997 1996
---- ----
Income
Interest income $ 141,321 $ 95,361
-------- -------
141,321 95,361
-------- -------
Share of income (loss) from Operating
Partnerships 149,139 (133,859)
-------- -------
Expenses
Professional fees 12,034 30,302
Fund management fee (Note C) 56,902 4,443
Amortization 4,733 -
General and administrative expense 73,193 52,376
-------- -------
146,862 87,121
-------- -------
NET INCOME (LOSS) $ 143,598 $(125,619)
======== =======
Net income (loss) allocated to
limited partners $ 142,162 $(124,363)
======== =======
Net income (loss) allocated to
general partner $ 1,436 $ (1,256)
======== =======
Net income (loss) per BAC $ (.04) $ -
======== =======
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 June 30,
(Unaudited)
SERIES 27* SERIES 28* SERIES 29*
----------- ------------ -----------
1997 1997 1997
---- ---- ----
Income
Interest income $ 98,971 $ 256,450 $ 51,820
-------- ------- -------
98,971 256,450 51,820
-------- ------- -------
Share of income (loss) from
Operating Partnerships 190,339 (95,440) -
-------- ------- -------
Expenses
Professional fees 3,919 20,941 617
Fund management fee (Note C) 63,051 15,222 -
Amortization 3,881 5,081 -
General and administrative expense 33,980 104,520 12,080
-------- ------- -------
104,831 145,764 12,697
-------- ------- -------
NET INCOME (LOSS) $ 184,479 $ 15,246 $ 39,123
======== ======= =======
Net income (loss) allocated to
limited partners $ 182,634 $ 15,093 $ 38,732
======== ======= =======
Net income (loss) allocated to
general partner $ 1,845 $ 153 $ 391
======== ======= =======
Net income (loss) per BAC $ .07 $ - $ -
======== ======= =======
* Series 27, 28, and 29 did not commence operations until after June 30,
1996, therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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 29,783,000 - - 29,783,000
Selling commissions
and registration
costs (3,913,187) - - (3,913,187)
Net income (loss) (2,135,926) (21,574) - (2,157,500)
---------- ------- ------- -----------
Partners' capital
(deficit),
June 30, 1997 $246,501,225 $(213,484) $ 56,743 $246,344,484
=========== ======= ======= ===========
The accompanying notes are an integral part of these statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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) (709,049) (7,162) - (716,211)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1997 $25,174,977 $ (79,612) $ 748 $25,096,113
=========== ======== ======= ==========
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) (522,480) (5,278) - (527,758)
---------- -------- -------- ----------
Partners' capital
(deficit),
June 30, 1997 $11,858,956 $ (43,801) $ 742 $11,815,897
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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) (378,258) (3,821) - (382,079)
---------- -------- ------ ----------
Partners' capital
(deficit),
June 30, 1997 $17,985,692 $ (39,620) $ 765 $17,946,837
========== ======== ======= ==========
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) (423,247) (4,275) - (427,522)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1997 $25,534,753 $ (29,796) $ 1,580 $25,506,537
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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) (344,271) (3,477) - (347,748)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1997 $17,123,734 $ (14,202) $ 517 $17,110,049
========== ======== ======= ==========
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) (137,242) (1,386) - (138,628)
---------- -------- ------- ----------
Partners' capital
(deficit),
June 30, 1997 $24,894,690 $ (8,588) $ 5,578 $24,891,680
========== ======== ======= ==========
The accompanying notes are an integral part of these statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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) 142,162 1,436 - 143,598
--------- ------ ------- ----------
Partners' capital
(deficit),
June 30, 1997 $33,935,825 $ (936) $ 19,395 $33,954,284
========== ====== ======= ==========
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) 182,634 1,845 - 184,479
--------- ------ ------- ----------
Partners' capital
(deficit),
June 30, 1997 $21,078,084 $ 1,602 $ 7,550 $21,087,236
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 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) 15,093 153 - 15,246
--------- ------ ------- ----------
Partners' capital
(deficit),
June 30, 1997 $34,494,770 $ 1,069 $ 19,868 $34,515,707
========== ====== ======= ==========
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 (3,913,451) - - (3,913,451)
Net income (loss) 38,732 391 - 39,123
--------- ------ ------- ----------
Partners' capital
(deficit),
June 30, 1997 $34,419,744 $ 400 $ - $34,420,144
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $(2,157,500) $(2,109,058)
Adjustments
Amortization 36,525 22,830
Distributions from
Operating Partnerships 22,988 -
Share of loss from Operating
Partnerships 1,900,179 1,867,573
Changes in assets and liabilities
Decrease (Increase) in
organization costs (11,447) (34,309)
(Decrease) Increase in accounts
payable and accrued expenses 403,694 (500,535)
Decrease (Increase) in prepaid
expenses 247 -
Decrease (Increase) in accounts
receivable (2,024,707) (423,354)
(Decrease) Increase in accounts
payable affiliates 426,900 117,571
----------- ----------
Net cash (used in) provided by
operating activities (1,403,121) (1,059,282)
----------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (3,199,880) (3,043,990)
Capital contributions paid to
Operating Partnerships 8,813,398 (11,231,678)
Advances to Operating Partnerships (3,151,242) 463,431
Investments (6,751,138) (12,026,533)
----------- ----------
Net cash (used in) provided by
investing activities (21,915,658) (25,838,770)
----------- ----------
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,913,196) (3,993,561)
Capital contributions received 29,783,000 30,013,000
Net cash (used in) provided by ----------- ----------
financing activities 25,869,804 26,019,439
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,551,025 (878,613)
Cash and cash equivalents, beginning 14,801,634 19,454,787
----------- ----------
Cash and cash equivalents, ending $ 17,352,659 $18,576,174
=========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 12,037,104 $ 9,987,854
=========== ==========
The accompanying notes are an integral part of these statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $(716,211) $ (973,750)
Adjustments
Amortization 5,821 5,821
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 610,355 877,000
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 25 6,066
Decrease (Increase ) in prepaid
expenses 247 -
Decrease (Increase) in accounts
receivable (138,041) (55,538)
(Decrease) Increase in accounts
payable affiliates 94,745 98,226
---------- ----------
Net cash (used in) provided by
operating activities (143,059) (42,175)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships (815,180) (609,888)
Advances to Operating Partnerships 756,774 (118,013)
Investments 12,545 55,543
---------- ----------
Net cash (used in) provided by
investing activities (45,861) (672,358)
---------- ----------
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 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 (188,920) (714,533)
Cash and cash equivalents, beginning 429,105 1,306,675
---------- ----------
Cash and cash equivalents, ending $ 240,185 $ 592,142
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $(527,758) $ (589,478)
Adjustments
Amortization 4,739 4,739
Distributions from
Operating Partnerships 21,714 -
Share of loss from Operating
Partnerships 468,212 530,822
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 98 4,710
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (1,109) 35,455
(Decrease) Increase in accounts
payable affiliates 56,460 56,462
---------- ----------
Net cash (used in) provided by
operating activities 22,356 42,710
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships (30,517) (38,080)
Advances to Operating Partnerships - -
Investments 9,058 (93,531)
---------- ----------
Net cash (used in) provided by
investing activities (21,459) (131,611)
---------- ----------
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 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 897 (88,901)
Cash and cash equivalents, beginning 494,112 1,398,907
---------- ----------
Cash and cash equivalents, ending $ 495,009 $ 1,310,006
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
43
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ (382,079) $ (226,558)
Adjustments
Amortization 3,135 3,135
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 316,288 163,569
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 142 9,112
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (32,548) (29,711)
(Decrease) Increase in accounts
payable affiliates 61,893 56,053
---------- ----------
Net cash (used in) provided by
operating activities (33,169) (24,400)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (170) (6,615)
Capital contributions paid to
Operating Partnerships (489,239) (368,324)
Advances to Operating Partnerships 413,033 241,400
Investments 7,660 (64,712)
---------- ----------
Net cash (used in) provided by
investing activities (68,716) (198,251)
---------- ----------
44
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 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 (101,885) (222,651)
Cash and cash equivalents, beginning 648,647 1,686,347
---------- ----------
Cash and cash equivalents, ending $ 546,762 $ 1,463,696
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ (427,522) $ (213,971)
Adjustments
Amortization 3,268 3,268
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 367,772 159,596
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 179 (6,263)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (2,528) 19,371
(Decrease) Increase in accounts
payable affiliates 59,913 -
---------- ----------
Net cash (used in) provided by
operating activities 1,082 (37,999)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (4,896)
Capital contributions paid to
Operating Partnerships (437,243) (1,585,225)
Advances to Operating Partnerships - (103,167)
Investments 17,114 1,762,318
---------- ----------
Net cash (used in) provided by
investing activities (420,129) 69,030
---------- ----------
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 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 (419,047) 31,031
Cash and cash equivalents, beginning 1,578,798 1,313,618
---------- ----------
Cash and cash equivalents, ending $ 1,159,751 $ 1,344,649
========== ==========
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.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ (347,748) $ (18,079)
Adjustments
Amortization 3,245 3,245
Distributions from
Operating Partnerships 1,274 -
Share of loss from Operating
Partnerships 297,135 2,727
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses 8,841 (197,317)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (29,473) 139,245
(Decrease) Increase in accounts
payable affiliates 53,579 (33,598)
---------- ----------
Net cash (used in) provided by
operating activities (13,147) (103,777)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (22,867) (92,604)
Capital contributions paid to
Operating Partnerships (1,288,379) (2,382,415)
Advances to Operating Partnerships 916,912 13,379
Investments 198,091 90,902
---------- ----------
Net cash (used in) provided by
investing activities (196,243) (2,370,738)
---------- ----------
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 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 (209,390) (2,474,515)
Cash and cash equivalents, beginning 644,685 4,796,487
---------- ----------
Cash and cash equivalents, ending $ 435,295 $ 2,321,972
========== ==========
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.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ (138,628) $ 38,397
Adjustments
Amortization 2,622 2,622
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 84,455 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses (834) 5,202
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 667,142 590,977
(Decrease) Increase in accounts
payable affiliates - (1,209)
---------- ----------
Net cash (used in) provided by
operating activities 614,757 635,989
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (75,704) (103,591)
Capital contributions paid to
Operating Partnerships (1,275,083) (5,315,879)
Advances to Operating Partnerships (72,000) 1,435,327
Investments 248,477 2,011,026
---------- ----------
Net cash (used in) provided by
investing activities (1,174,310) (1,973,117)
---------- ----------
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - (3,621)
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - (3,621)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (559,553) (1,340,749)
Cash and cash equivalents, beginning 956,365 7,307,862
---------- ----------
Cash and cash equivalents, ending $ 396,812 $ 5,967,113
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 4,169,222
========== ==========
The accompanying notes are an integral part of these statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
---------------------
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ 143,598 $ (125,619)
Adjustments
Amortization 4,733 -
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships (149,139) 133,859
Changes in assets and liabilities
Decrease (Increase) in
organization costs - (34,309)
(Decrease) Increase in accounts
payable and accrued expenses 17,749 (322,045)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (14,655) (1,123,153)
(Decrease) Increase in accounts
payable affiliates - (58,363)
---------- ----------
Net cash (used in) provided by
operating activities 2,286 1,529,630
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (187,075) (2,836,284)
Capital contributions paid to
Operating Partnerships (1,067,433) (931,867)
Advances to Operating Partnerships (1,321,208) (1,005,495)
Investments 2,230,346 (15,788,079)
---------- -----------
Net cash (used in) provided by
investing activities (345,370) (20,561,725)
---------- -----------
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (9) (3,989,940)
Capital contributions received - 30,013,000
Net cash (used in) provided by ---------- ----------
financing activities (9) 26,023,060
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (343,093) 3,931,705
Cash and cash equivalents, beginning 1,239,330 1,644,891
---------- ----------
Cash and cash equivalents, ending $ 896,237 $ 5,576,596
========== ==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 4,817,771 $ 2,624,323
========== ==========
The accompanying notes are an integral part of these statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27* Series 28* Series 29*
----------- ------------- ------------
1997 1997 1997
---- ---- ----
Cash flows from operating activities:
Net income (loss) $ 184,479 $ 15,246 $ 39,123
Adjustments
Amortization 3,881 5,081 -
Distributions from
Operating Partnerships - - -
Share of (income) loss from
operating partnerships (190,339) 95,440 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (1) - (11,446)
(Decrease) Increase in accounts
payable and accrued expenses 30,857 28,656 317,981
Decrease (Increase ) in prepaid
expenses - - -
Decrease (Increase) in accounts
receivable (222,577) (5,212) (2,245,706)
(Decrease) Increase in accounts
payable affiliates - - 100,310
---------- ---------- -----------
Net cash (used in) provided by
operating activities (193,700) 139,211 (1,799,738)
---------- ---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (92,741) (120,700) (2,700,623)
Capital contributions paid to
Operating Partnerships (932,278) (578,986) (1,899,060)
Advances to Operating Partnerships (538,910) (448,520) (2,857,323)
Investments 1,006,358 (1,303,047) (9,177,740)
---------- ---------- -----------
Net cash (used in) provided by
investing activities (557,571) (2,451,253) (16,634,746)
---------- ---------- -----------
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27* Series 28* Series 29*
---------- ---------- ----------
1997 1997 1997
---- ---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (11) 275 (3,913,451)
Capital contributions received - - 29,783,000
Net cash (used in) provided by ---------- ---------- -----------
financing activities (11) 275 25,869,549
---------- ---------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (751,282) (2,311,767) 7,435,065
Cash and cash equivalents, beginning 2,180,687 4,589,026 2,040,879
---------- ---------- -----------
Cash and cash equivalents, ending $ 1,429,405 $ 2,277,259 $ 9,475,944
========== ========== ===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 902,310 $ 1,293,023 $ 4,874,762
========== ========== ===========
*Series 27, 28 and 29 did not commence operation until after June 30, 1996,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
55
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 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 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; 4,000,738 of Series 28 BACs for a total of
$39,999,000; and 3,918,000 of Series 29 BACs for a total of $39,918,000. The
Fund is continuing to offer BACs in Series 30.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of June 30, 1997 and for the
three 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
56
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 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 June 30, 1997
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $36,597,351
Due after one year 16,665,736
----------
Total $53,263,087
==========
The fair market value of the securities is $53,319,830. The difference
being an unrealized gain on securities available for sale of $56,743, as
of June 30, 1997.
57
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of June 30,
1997 and 1996 the Fund has accumulated amortization of $251,855 and $118,976,
respectively.
The breakdown of accumulated amortization within the fund is as follows:
1997 1996
---- ----
Series 20 $ 67,860 $ 44,575
Series 21 46,060 27,103
Series 22 32,507 19,968
Series 23 26,144 13,072
Series 24 21,994 9,014
Series 25 16,554 5,244
Series 26 18,931 -
Series 27 11,642 -
Series 28 10,163 -
------- -------
$251,855 $118,976
======= =======
Series 29 organization costs will be amortized over 60 months beginning
July 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 June 30,1997, Boston Capital Services, Inc.
received $496,550 for Series 29 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 and Series 28 completed payment of all
Dealer-Manager fees prior to the quarter ended June 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 June 30, 1997, Series 29 paid $2,242,700 for acquisition fees to
Boston Capital Partners, Inc. Series 20, Series 21, Series 22, Series 23,
58
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Series 24, Series 25, Series 26, Series 27 and Series 28 completed payment of
all acquisition fees prior to the quarter ended June 30, 1997. Of the total
acquisition fees and expenses incurred, $98,235, $53,731, $166,855, $168,247,
$223,496, $189,515, $883,630, $826,300, $3,110,809 and $1,879,804 for Series
20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series
27 Series 28 and Series 29, respectively, related to costs incurred in
connection with the purchase of interests in Operating Partnerships not
finalized as of June 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 June 30, 1997 and
1996 are as follows:
1997 1996
---- ----
Series 20 $ 94,745 $ 93,226
Series 21 56,460 56,460
Series 22 61,893 59,064
Series 23 59,913 -
Series 24 53,580 -
------- -------
$326,591 $208,750
======= =======
The fund management fees paid for the quarters ended June 30, 1997 and
1996 are as follows:
1997 1996
---- ----
Series 20 $ - $ -
Series 21 - -
Series 22 - -
Series 23 - 59,064
Series 24 - 30,948
Series 25 64,718 19,497
Series 26 71,902 4,443
Series 27 63,051 -
Series 28 15,122 -
------- -------
$214,793 $113,952
======= =======
59
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At June 30, 1997 and 1996 the Fund has limited partnership interests in
204 and 135 Operating Partnerships, respectively, which own or are
constructing apartment complexes. The breakdown of Operating Partnerships
within the Fund at June 30, 1997 and 1996 is as follows:
1997 1996
---- ----
Series 20 24 24
Series 21 14 15
Series 22 28 30
Series 23 22 22
Series 24 24 20
Series 25 22 13
Series 26 40 11
Series 27 9 -
Series 28 14 -
Series 29 7 -
--- ---
204 135
=== ===
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 June 30, 1997 and 1996 are as
follows:
1997 1996
---- ----
Series 20 $ 1,138,180 $ 3,263,778
Series 21 929,965 2,004,264
Series 22 2,669,008 5,936,371
Series 23 4,091,775 8,975,555
Series 24 2,274,311 6,304,973
Series 25 5,158,262 7,400,958
Series 26 11,417,788 5,245,928
Series 27 3,903,474 -
Series 28 2,491,677 -
Series 29 7,662,159 -
---------- ----------
$41,736,599 $39,131,827
========== ==========
60
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 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 three
months ended March 31, 1997.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 20
---------------------------
1997 1996
---- ----
Revenues
Rental $ 1,896,765 $ 1,834,912
Interest and other 81,194 78,327
--------- ---------
1,977,959 1,913,239
--------- ---------
Expenses
Interest 781,855 1,225,659
Depreciation and amortization 736,410 614,661
Operating expenses 1,087,985 958,777
--------- ---------
2,606,250 2,799,097
--------- ---------
NET LOSS $ (628,291) $ (885,858)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (610,355) $ (877,000)
========== ==========
Net loss allocated to
other partners $ (6,283) $ (8,859)
========== ==========
Net Loss Suspended $ (11,653) $ -
========== ==========
61
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 21
--------------------------
1997 1996
---- ----
Revenues
Rental $ 1,020,299 $ 950,567
Interest and other 51,328 33,110
--------- ---------
1,071,627 983,677
--------- ---------
Expenses
Interest 555,826 584,972
Depreciation and amortization 386,864 200,424
Operating expenses 601,878 729,103
--------- ---------
1,544,568 1,514,499
--------- ---------
NET INCOME (LOSS) $ (472,941) $ (530,822)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (468,212) $ (525,514)
========= =========
Net loss allocated to
other partners $ (4,729) $ (5,308)
========= =========
62
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 22
--------------------------
1997 1996
Revenues ---- ----
Rental $1,092,233 $ 823,568
Interest and other 53,954 47,722
--------- ---------
1,146,187 871,290
--------- ---------
Expenses
Interest 396,429 241,324
Depreciation and amortization 449,333 302,822
Operating expenses 619,908 492,365
--------- ---------
1,465,670 1,036,511
--------- ---------
NET INCOME (LOSS) $ (319,483) $ (165,221)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (316,288) $ (163,569)
========= =========
Net loss allocated to
other partners $ (3,195) $ (1,652)
========= =========
63
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 23
----------------------------
1997 1996
Revenues ---- ----
Rental $ 1,255,291 $ 510,515
Interest and other 58,220 42,130
---------- ----------
1,313,511 552,645
---------- ----------
Expenses
Interest 460,702 209,688
Depreciation and amortization 524,278 144,078
Operating expenses 700,018 360,087
---------- ----------
1,684,998 713,853
---------- ----------
NET INCOME (LOSS) $ (371,487) $ (161,208)
========== ==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (367,772) $ (159,596)
========== ==========
Net income (loss) allocated to
other partners $ (3,715) $ (1,612)
========== ==========
64
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 24
-------------------------
1997 1996
Revenues ---- --------
Rental $ 951,135 $ 319,239
Interest and other 19,608 32,419
--------- --------
970,743 351,658
--------- --------
Expenses
Interest 367,244 105,836
Depreciation and amortization 286,807 65,118
Operating expenses 616,827 183,459
--------- --------
1,270,878 354,413
--------- --------
NET INCOME (LOSS) $ (300,135) $ (2,755)
========== ========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (297,135) $ (2,727)
========== ========
Net loss allocated to
other partners $ (3,000) $ (28)
========== ========
65
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 25
-------------
1997
Revenues ----
Rental $ 1,834,216
Interest and other 57,776
---------
1,891,992
---------
Expenses
Interest 455,561
Depreciation and amortization 302,080
Operating expenses 1,219,659
---------
1,977,300
---------
NET INCOME (LOSS) $ (85,308)
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (84,455)
==========
Net loss allocated to
other partners $ (853)
==========
The Operating Partnerships acquired by Series 25 as of March 31, 1996 were under
construction, therefore they do not have comparative information to report.
66
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 26
--------------------------
1997 1996
Revenues ---- ----
Rental $ 732,902 $ 35,524
Interest and other 158,295 347
--------- ---------
891,197 35,871
--------- ---------
Expenses
Interest 137,075 70,639
Depreciation and amortization 111,570 62,604
Operating expenses 491,907 37,839
--------- ---------
740,552 171,082
--------- ---------
NET INCOME (LOSS) $ 150,645 $ (135,211)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 149,139 $ (133,859)
========= =========
Net income (loss) allocated to
other partners $ 1,506 $ (1,353)
========= =========
67
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 27* Series 28*
--------- ---------
1997 1997
Revenues ---- ----
Rental $ 223,707 $ 27,715
Interest and other 85,977 66,696
--------- ---------
309,684 94,411
--------- ---------
Expenses
Interest 15,278 2,522
Depreciation and amortization 9,450 4,112
Operating expenses 92,694 184,181
--------- ---------
117,422 190,815
--------- ---------
NET INCOME (LOSS) $ 192,262 $ (96,404)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 190,339 $ (95,440)
========= =========
Net income (loss) allocated to
other partners $ 1,923 $ (964)
========= =========
* Series 27 and 28 did not commence operations until after March 31, 1996
therefore they do not have comparative information to report.
68
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1997
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for
the three months ended March 31, 1997 and March 31, 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.
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, 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.
69
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 and $39,918,000 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 and 3,991,800 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 and Series 29 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 June 30, 1997, $815,180 of Series 20 net offering
proceeds had been used to pay capital contributions. Series 20 net offering
proceeds in the amount of $1,006,591 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of June 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.
70
During the quarter ended June 30, 1997, $30,517 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 June 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 28 Operating Partnerships in the amount of $18,517,848.
During the quarter ended June 30, 1997, $489,239 of Series 22 net
offering proceeds had been used to pay capital contributions. Series 22 net
offering proceeds in the amount of $1,160,622 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
22 has invested in as of June 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 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 $24,352,278.
During the quarter ended June 30, 1997 $437,243 of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $2,243,007 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of June 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 June 30, 1997, $1,288,379 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 $541,153
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as June 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.
71
During the quarter ended June 30, 1997, $1,275,083 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 $3,213,722
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of June 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 24 Operating Partnerships in the amount of $24,943,655.
During the quarter ended June 30, 1997, $1,067,433 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 $10,838,898
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of June 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 9 Operating Partnerships in the amount of $13,058,342.
During the quarter ended June 30, 1997, $932,278 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 $3,903,474
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 27 has invested in as of June 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 14 Operating Partnership in the amount of $4,704,143.
During the quarter ended June 30, 1997, $578,996 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 $2,491,677
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 28 has invested in as of June 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 7 Operating Partnerships in the amount of $12,835,699.
72
During the quarter ended June 30, 1997, $1,899,060 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 $7,662,159
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 29 has invested in as of June 30, 1997.
Results of Operations
- ---------------------
As of June 30, 1997 and 1996 the Fund held limited partnership interests
in 204 and 135 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 June 30, 1997 as Series 24, Series 25, Series
26, Series 27, Series 28, and Series 29 continue to use the funds raised
to invest in partnership interests of additional Operating Partnerships and
the Fund begins to offer BACs in Series 30.
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 June 30, 1997 for Series
20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
and Series 28 were $94,243, $54,872, $58,993, $58,663, $43,730, $64,718,
$56,902, $63,501 and $15,222, 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 June 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 June 30, 1997 all of which were at 100% qualified
occupancy.
73
For the three months being reported Series 20 reflects a net loss from
Operating Partnerships of $628,291. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$108,119. 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 June 30, 1997 and 1996 the average Qualified Occupancy for the
series was 89.5% and 89.3%, respectively. The series had a total of 14
properties at June 30, 1997. Out of the total 7 were at 100% qualified
occupancy and 2 were in active lease-up.
For the three months being reported Series 21 reflects a net loss from
Operating Partnerships of $472,941. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of $86,077.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 22
- ---------
As of June 30, 1997 and 1996 the average Qualified Occupancy for the
series was 95.4% and 91.6% respectively. The series had a total of 28
properties at June 30, 1997. Out of the total 25 were at 100% qualified
occupancy and 2 were in active lease-up.
For the three months being reported Series 22 reflects a net loss from
Operating Partnerships of $319,483. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$129,850. This is an interim period estimate; it is not indicative of the
final year end results.
Series 23
- ---------
As of June 30, 1997 and 1996 the average Qualified Occupancy for the
series was 98.5% and 91.6%, respectively. The series had a total of 22
properties at June 30, 1997. Out of the total 20 were at 100% qualified
occupancy and 2 were in active lease-up.
74
For the three months being reported Series 23 reflects a net loss from
Operating Partnerships of $371,487. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a positive operations of
$152,791. This is an interim period estimate; it is not indicative of the final
year end results.
Series 24
- ---------
As of June 30, 1997 and 1996 the average Qualified Occupancy for the series was
96.2% and 87.1%, respectively. The series had a total of 24 properties at
June 30, 1997. Out of the total 19 were at 100% qualified occupancy and
3 were in active lease-up. The series also had 1 property that was under
construction at June 30, 1997.
For the three months being reported Series 24 reflects a net loss from
Operating Partnerships of $300,135. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect a net loss of $13,328. This
is an interim period estimate; it is not indicative of the final year end
results.
Series 25
- ---------
As of June 30, 1997 and 1996 the average Qualified Occupancy for the series was
88.7% and 56%, respectively. The series had a total of 22 properties at June
30, 1997. Out of the total 12 were at 100% Qualified Occupancy and 7 were in
active lease-up. The series also had 2 properties which were under construction
and one property with multiple buildings some of which were
under construction and some of which were in lease-up at June 30, 1997.
For the three months being reported Series 25 reflects a net loss from
Operating Partnerships of $85,308. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations
of $216,772. This is an interim period estimate; it is not indicative of the
final year end results.
Series 26
- ---------
As of June 30, 1997 and 1996 the average Qualified Occupancy for the series was
92.2% and 62.9%, respectively. The series had a total of 40 properties at June
30, 1997. Out of the total 25 were at 100% qualified occupancy and 7 were in
active lease-up. The series also had 7 properties which were under construction
and four properties with multiple buildings some of which were
under construction and some of which were in lease-up at June 30, 1997.
For the three months being reported Series 26 reflects positive operations
from Operating Partnerships of $150,645. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$262,215. This is an interim period estimate; it is not indicative of the
final year end results.
75
Series 27
- ---------
As of June 30, 1997 the average Qualified Occupancy for the series was 82%. The
series had a total of 9 properties at June 30, 1997. Out of the total 3 were at
100% qualified occupancy and 1 was in active lease-up. The series also had 4
properties which were under construction and one property with multiple
buildings, some of which were under construction and some of which
were in lease-up at June 30, 1997. Since all of the properties in Series 27
were acquired after June 30, 1996, there is no comparative information to
report.
For the three months being reported Series 27 reflects positive operations from
Operating Partnerships of $192,262. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$201,712. This is an interim period estimate; it is not indicative of the final
year end results.
Series 28
- ---------
As of June 30, 1997 the average Qualified Occupancy for the series was 56.7%.
The series had a total of 14 properties at June 30, 1997. Out of the total 2
were at 100% qualified occupancy and 4 were in active lease-up. The series also
had 7 properties which were under construction and one property with
multiple buildings, some of which were under construction and some of which
were in lease-up at June 30, 1997. Since all of the properties in Series 28
were acquired after June 30, 1996, there is no comparative information to
report.
For the three months being reported Series 28 reflects a net loss from
Operating Partnerships of $96,404. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of $92,292.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 29
- ---------
As of June 30, 1997 the average qualified occupancy for the Series was 100%.
The series had a total of 7 properties at June 30, 1997. Out of the total 1 was
at 100% qualified occupancy, 6 were under construction and one had just begun
lease-up. Since all of the properties in Series 29 were acquired after June 30,
1996, there is no comparative information to report.
76
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 Elm Street
Associates, Limited Partnership (incorporated
by reference from Registrants current report
on form 8-k as filed with the Securities and
Exchange Commission on April 4, 1997.)
b) Agreement of Limited Partnership of Brookhaven
Apartments, A Louisiana Partnership in Commendam
(incorporated by reference from Registrants current
report on form 8-k as filed with the Securities and
Exchange Commission on May 21, 1997.)
77
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: August 20, 1997 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal Financial
Officer
78
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<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
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<PERIOD-START> APR-01-1997
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