FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED September 30, 1998
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $312,812,677
$263,155,258
OTHER ASSETS
Cash and cash equivalents 9,535,295
4,193,020
Investments 61,059,864
70,135,961
Notes receivable 22,150,808
24,395,853
Deferred acquisition costs 5,072,287
5,541,912
Organization costs, net of
accumulated amortization (Note B) 594,212
603,443
Other assets 19,103,003
18,047,506
-----------
- -----------
$430,328,146
$386,072,953
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 3,868,075 $
5,486,292
Accounts payable affiliates 4,177,709
3,413,858
Capital contributions payable (Note D) 68,976,020
70,863,665
-----------
- -----------
77,021,804
79,763,815
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 45,764,907 issued and
outstanding as of September 30, 1998 353,462,690
306,404,507
General Partner (387,574)
(326,595)
Unrealized gain (loss) on securities
available for sale, net 231,226
231,226
-----------
- -----------
353,306,342
306,309,138
-----------
- -----------
$430,328,146
$386,072,953
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,215,835
$23,307,328
OTHER ASSETS
Cash and cash equivalents 193,293
198,679
Investments 1,041
374,317
Notes receivable -
- -
Deferred acquisition costs 98,235
98,235
Organization costs, net of
accumulated amortization (Note B) 22,249
33,891
Other assets 676,862
433,334
----------
- ----------
$23,207,515
$24,445,784
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 304 $
- -
Accounts payable affiliates 1,142,261
952,716
Capital contributions payable (Note D) 454,955
524,696
----------
- ----------
1,597,520
1,477,412
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of September 30, 1998 21,723,429
23,068,223
General Partner (114,475)
(100,892)
Unrealized gain (loss) on securities
for sale, net 1,041
1,041
----------
- ----------
21,609,995
22,968,372
----------
- ----------
$23,207,515
$24,445,784
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
- ----------------------------
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 9,044,548 $
9,560,326
OTHER ASSETS
Cash and cash equivalents 329,817
171,025
Investments 837,663
1,017,352
Notes receivable 641,542
641,542
Deferred acquisition costs 53,731
53,731
Organization costs, net of
accumulated amortization (Note B) 3,044
12,523
Other assets 248,584
249,118
----------
- ----------
$11,158,929
$11,705,617
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 121 $
- -
Accounts payable affiliates 710,750
597,830
Capital contributions payable (Note D) 848,917
860,126
----------
- ----------
1,559,788
1,457,956
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
-
- ----------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of September 30, 1998 9,662,314
10,304,349
General Partner (65,989)
(59,504)
Unrealized gain (loss) on securities
for sale, net 2,816
2,816
----------
- ----------
9,599,141
10,247,661
----------
- ----------
$11,158,929
$11,705,617
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
--------
- --------------------
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,047,769
$16,104,712
OTHER ASSETS
Cash and cash equivalents 263,485
99,260
Investments 292,966
385,678
Notes receivable 1,796,240
1,796,240
Deferred acquisition costs 168,647
202,011
Organization costs, net of
accumulated amortization (Note B) 15,963
22,232
Other assets 196,980
438,091
----------
- ----------
$18,782,050
$19,048,224
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 959 $
- -
Accounts payable affiliates 660,752
536,965
Capital contributions payable (Note D) 1,932,656
1,836,296
----------
- ----------
2,594,367
2,373,261
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of September 30, 1998 16,243,822
16,726,229
General Partner (57,215)
(52,342)
Unrealized gain (loss) on securities
for sale, net 1,076
1,076
----------
- ----------
16,187,683
16,674,963
----------
- ----------
$18,782,050
$19,048,224
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
------------------
- --------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,762,682
$23,271,914
OTHER ASSETS
Cash and cash equivalents 258,382
75,562
Investments 1,734
584,414
Notes receivable 2,186,398
2,186,398
Deferred acquisition costs 166,769
166,697
Organization costs, net of
accumulated amortization (Note B) 23,470
30,006
Other assets 711,204
713,561
----------
- ----------
$26,110,639
$27,028,552
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 267 $
- -
Accounts payable affiliates 418,023
297,891
Capital contributions payable (Note D) 2,353,855
2,724,109
----------
- ----------
2,772,145
3,022,000
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of September 30, 1998 23,388,239
24,049,616
General Partner (51,479)
(44,798)
Unrealized gain (loss) on securities
for sale, net 1,734
1,734
----------
- ----------
23,338,494
24,006,552
----------
- ----------
$26,110,639
$27,028,552
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
---------------------
- -----
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,714,742
$15,422,126
OTHER ASSETS
Cash and cash equivalents 204,775
275,033
Investments 202,130
198,587
Notes receivable 692,566
779,231
Deferred acquisition costs 278,244
276,690
Organization costs, net of
accumulated amortization (Note B) 25,960
32,450
Other assets 759,120
756,754
----------
- ----------
$16,877,537
$17,740,871
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 158 $
27,000
Accounts payable affiliates 429,685
313,111
Capital contributions payable (Note D) 1,408,457
1,518,325
----------
- ----------
1,838,300
1,858,436
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of September 30, 1998 15,073,635
15,908,401
General Partner (34,911)
(26,479)
Unrealized gain (loss) on securities
for sale, net 513
513
----------
- ----------
15,039,237
15,882,435
----------
- ----------
$16,877,537
$17,740,871
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------
- ------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,829,254
$22,681,362
OTHER ASSETS
Cash and cash equivalents 176,479
173,979
Investments 718,920
998,627
Notes receivable 766,250
754,841
Deferred acquisition costs 279,327
279,327
Organization costs, net of
accumulated amortization (Note B) 23,598
28,842
Other assets 1,429,188
1,713,420
----------
- ----------
$25,223,016
$26,630,398
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 220 $
- -
Accounts payable affiliates 136,338
- -
Capital contributions payable (Note D) 2,851,124
3,396,767
----------
- ----------
2,987,682
3,396,767
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of September 30, 1998 22,267,617
23,255,931
General Partner (35,119)
(25,136)
Unrealized gain (loss) on securities
for sale, net 2,836
2,836
----------
- ----------
22,235,334
23,233,631
----------
- ----------
$25,223,016
$26,630,398
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
- --------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,088,450
$29,729,194
OTHER ASSETS
Cash and cash equivalents 331,839
105,301
Investments 3,518,885
6,645,272
Notes receivable 923,962
1,173,727
Deferred acquisition costs 659,265
601,034
Organization costs, net of
accumulated amortization (Note B) 52,060
61,526
Other assets 5,910,841
3,764,864
----------
- ----------
$40,485,302
$42,080,918
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,433 $
82
Accounts payable affiliates 212,984
17,324
Capital contributions payable (Note D) 8,241,899
9,269,613
----------
- ----------
8,456,316
9,287,019
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of September 30, 1998 32,030,433
32,787,697
General Partner (20,182)
(12,533)
Unrealized gain (loss) on securities
for sale, net 18,735
18,735
----------
- ----------
32,028,986
32,793,899
----------
- ----------
$40,485,302
$42,080,918
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- --------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,546,986
$18,158,317
OTHER ASSETS
Cash and cash equivalents 206,336
258,292
Investments 1,425,625
2,664,947
Notes receivable 595,987
653,377
Deferred acquisition costs 417,907
458,280
Organization costs, net of
accumulated amortization (Note B) 46,567
54,328
Other assets 1,601,784
1,515,909
----------
- ----------
$22,841,192
$23,763,450
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 12,772 $
- -
Accounts payable affiliates 277,683
125,327
Capital contributions payable (Note D) 2,898,485
3,524,022
----------
- ----------
3,188,940
3,649,349
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- ---------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of September 30, 1998 19,659,120
20,116,351
General Partner (12,732)
(8,114)
Unrealized gain (loss) on securities
for sale, net 5,864
5,864
----------
- ----------
19,652,252
20,114,101
----------
- ----------
$22,841,192
$23,763,450
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------
- ------
September 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,001,252
$28,144,829
OTHER ASSETS
Cash and cash equivalents 401,089
483,635
Investments 9,743,277
12,270,184
Notes receivable 114,000
240,575
Deferred acquisition costs 620,183
539,209
Organization costs, net of
accumulated amortization (Note B) 66,059
76,222
Other assets 89,982
204,913
----------
- ----------
$39,035,842
$41,959,567
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 256 $
- -
Accounts payable affiliates 4,681
4,681
Capital contributions payable (Note D) 4,315,198
7,185,987
----------
- ----------
4,320,135
7,190,668
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
- ----------------------------
September 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of September 30,1998 34,685,183
34,737,846
General Partner 3,028
3,557
Unrealized gain (loss) on securities
for sale, net 27,496
27,496
----------
- ----------
34,715,707
34,768,899
----------
- ----------
$39,035,842
$41,959,567
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ---------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $30,545,384
$24,760,987
OTHER ASSETS
Cash and cash equivalents 508,818
305,731
Investments 7,836,909
13,567,187
Notes receivable 4,286,201
1,428,362
Deferred acquisition costs 112,826
816,252
Organization costs, net of
accumulated amortization (Note B) 58,081
64,663
Other assets 563,133
2,437,225
----------
- ----------
$43,911,352
$43,380,407
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 520 $
- -
Accounts payable affiliates 56,702
56,703
Capital contributions payable (Note D) 9,986,453
9,330,218
----------
- ----------
10,043,675
9,386,921
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of September 30, 1998 33,817,152
33,941,732
General Partner (3,987)
(2,758)
Unrealized gain (loss) on securities
for sale, net 54,512
54,512
----------
- ----------
33,867,677
33,993,486
----------
- ----------
$43,911,352
$43,380,407
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
---------------------
- -----
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- --
- -------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,299,141
$14,400,077
OTHER ASSETS
Cash and cash equivalents 1,871,377
1,162,518
Investments 4,652,026
10,891,290
Notes receivable 2,791,055
1,422,259
Deferred acquisition costs 882,180
1,062,082
Organization costs, net of
accumulated amortization (Note B) 55,429
62,358
Other assets 2,179,541
3,853,336
----------
- ----------
$28,730,749
$32,853,920
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 1,002
1,002
Capital contributions payable (Note D) 5,462,411
9,721,288
----------
- ----------
5,463,413
9,722,290
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
30
-----------------
- ---------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,100,
issued and outstanding
as of September 30, 1998 23,240,704
23,106,377
General Partner 4,692
3,313
Unrealized gain (loss) on securities
for sale, net 21,940
21,940
----------
- ----------
23,267,336
23,131,630
----------
- ----------
$28,730,749
$32,853,920
==========
==========
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------------
- ----
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $33,198,473
$29,042,410
OTHER ASSETS
Cash and cash equivalents 786,120
811,235
Investments 8,606,662
14,537,576
Notes receivable 6,456,607
7,309,603
Deferred acquisition costs 230,651
672,182
Organization costs, net of
accumulated amortization (Note B) 58,236
65,087
Other assets 1,353,789
489,053
----------
- ----------
$50,690,538
$52,927,146
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 29,514 $
27,359
Accounts payable affiliates 17,342
417,337
Capital contributions payable (Note D) 12,517,623
14,425,302
----------
- ----------
12,564,479
14,869,998
----------
- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------
- -----------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- -
- --------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of September 30, 1998 38,059,371
37,991,231
General Partner 74
(697)
Unrealized gain (loss) on securities
for sale, net 66,614
66,614
----------
- ----------
38,126,059
38,057,148
----------
- ----------
$50,690,538
$52,927,146
==========
==========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------------
- -----
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $40,117,947 $
8,571,676
OTHER ASSETS
Cash and cash equivalents 3,011,231
72,770
Investments 13,140,392
6,000,530
Notes receivable 600,000
6,009,698
Deferred acquisition costs -
316,182
Organization costs, net of
accumulated amortization (Note B) 50,418
59,315
Other assets 147,452
1,477,928
----------
- ----------
$57,067,440
$22,508,099
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 3,156,056 $
5,431,851
Accounts payable affiliates 1,976
92,971
Capital contributions payable (Note D) 13,081,735
6,546,916
----------
- ----------
16,239,767
12,071,738
----------
- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------
- -----------
September 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of September 30, 1998 40,800,909
10,410,524
General Partner 715
(212)
Unrealized gain (loss) on securities
for sale, net 26,049
26,049
----------
- ----------
40,827,673
10,436,361
----------
- ----------
$57,067,440
$22,508,099
==========
==========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33*
-------------
September 30,
1998
(Unaudited)
-----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $10,400,214
OTHER ASSETS
Cash and cash equivalents 992,254
Investments 10,081,634
Notes receivable 300,000
Deferred acquisition costs 1,104,322
Organization costs, net of
accumulated amortization (Note B) 93,078
Other assets 3,234,543
----------
$26,206,045
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 665,495
Accounts payable affiliates 107,530
Capital contributions payable (Note D) 2,622,252
----------
3,395,277
----------
29
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33*
-------------
September 30,
1998
(Unaudited)
-----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,200 issued and
outstanding as of September 30, 1998 22,810,762
General Partner 6
Unrealized gain (loss) on securities
for sale, net -
----------
22,810,768
----------
$26,206,045
==========
* Series 33 did not commence operations until after March 31,
1998, therefore
it does not have comparative information to report.
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
1998 1997
---- ----
Income
Interest income $ 1,169,430 $ 1,212,980
Other Income - -
---------- ----------
1,169,430 1,212,980
---------- ----------
Share of income (loss) from
Operating Partnerships (2,574,730)
(2,175,959)
---------- ----------
Expenses
Professional fees 271,162 261,322
Fund management fee (Note C) 842,054 493,971
Amortization 55,090 38,940
General and administrative expenses 388,628 346,315
---------- ----------
1,556,934 1,140,548
---------- ----------
NET INCOME (LOSS) $(2,962,234)
$(2,103,527)
========== ==========
Net income (loss) allocated to
limited partners $(2,932,611)
$(2,082,491)
========== ==========
Net income (loss) allocated to
general partner $ (29,623) $
(21,036)
========== ==========
Net income (loss) per BAC $ (1.06) $
(.78)
========== ==========
The accompanying notes are an integral part of these
statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 20
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 454 $
27,950
Other income -
- -
--------
- --------
454
27,950
--------
- --------
Share of income (loss) from Operating
Partnerships (467,815)
(532,388)
--------
- --------
Expenses
Professional fees 17,823
27,048
Fund management fee (Note C) 93,773
42,844
Amortization 5,821
5,821
General and administrative expense 11,245
15,845
--------
- --------
128,662
91,558
--------
- --------
NET INCOME (LOSS) $(596,023)
$(595,996)
========
========
Net income (loss) allocated to
limited partners $(590,063)
$(590,036)
========
========
Net income (loss) allocated to
general partner $ (5,960) $
(5,960)
========
========
Net income (loss) per BAC $ (.15) $
(.15)
========
========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 21
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 15,078 $
15,066
Other income -
- -
--------
- --------
15,078
15,066
--------
- --------
Share of income (loss) from Operating
Partnerships (349,369)
(402,917)
--------
- --------
Expenses
Professional fees 12,308
18,676
Fund management fee (Note C) 56,460
55,835
Amortization 4,739
4,739
General and administrative expense 10,159
9,890
--------
- --------
83,666
89,140
--------
- --------
NET INCOME (LOSS) $(417,957)
$(476,991)
========
========
Net income (loss) allocated to
limited partners $(413,777)
$(472,221)
========
========
Net income (loss) allocated to
general partner $ (4,180) $
(4,770)
========
========
Net income (loss) per BAC $ (.22) $
(.25)
========
========
The accompanying notes are an integral part of these
statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 22
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 6,633 $
11,859
Other income -
- -
-------- -
- -------
6,633
11,859
-------- -
- -------
Share of income (loss) from Operating
Partnerships (196,179)
(323,384)
-------- -
- -------
Expenses
Professional fees 20,903
29,591
Fund management fee (Note C) 58,783
63,936
Amortization 3,135
3,135
General and administrative expense 9,074
11,942
-------- -
- -------
91,895
108,604
-------- -
- -------
NET INCOME (LOSS) $(281,441)
$(420,129)
========
========
Net income (loss) allocated to
limited partners $(278,627)
$(415,928)
========
========
Net income (loss) allocated to
general partner $ (2,814) $
(4,201)
========
========
Net income (loss) per BAC $ (.11) $
(.16)
========
========
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 23
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 1,575 $
25,235
Other income -
- -
-------- -
- -------
1,575
25,235
-------- -
- -------
Share of income (loss) from Operating
Partnerships (243,370)
(456,741)
-------- -
- -------
Expenses
Professional fees 17,168
29,065
Fund management fee (Note C) 59,566
38,663
Amortization 3,268
3,268
General and administrative expense 10,687
16,653
-------- -
- -------
90,689
87,649
-------- -
- -------
NET INCOME (LOSS) $(332,484)
$(519,155)
========
========
Net income (loss) allocated to
limited partners $(329,159)
$(513,963)
========
========
Net income (loss) allocated to
general partner $ (3,325) $
(5,192)
========
========
Net income (loss) per BAC $ (.10) $
(.15)
========
========
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 24
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 4,254 $
4,448
Other income -
- -
-------- -
- -------
4,254
4,448
-------- -
- -------
Share of income (loss) from Operating
Partnerships (342,873)
(123,362)
-------- -
- -------
Expenses
Professional fees 17,724
25,753
Fund management fee (Note C) 39,287
52,330
Amortization 3,245
3,245
General and administrative expense 8,219
7,929
-------- -
- -------
68,475
89,257
-------- -
- -------
NET INCOME (LOSS) $(407,094)
$(208,171)
========
========
Net income (loss) allocated to
limited partners $(403,023)
$(206,089)
========
========
Net income (loss) allocated to
general partner $ (4,071) $
(2,082)
========
========
Net income (loss) per BAC $ (.19) $
(.09)
========
========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 25
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 12,378 $
52,149
Other income -
- -
-------- -
- -------
12,378
52,149
-------- -
- -------
Share of income (loss) from Operating
Partnerships (205,850)
(160,834)
-------- -
- -------
Expenses
Professional fees 19,377
28,704
Fund management fee (Note C) 72,469
67,326
Amortization 2,622
2,622
General and administrative expense 12,760
22,864
-------- -
- -------
107,228
121,516
-------- -
- -------
NET INCOME (LOSS) $(300,700)
$(230,201)
========
========
Net income (loss) allocated to
limited partners $(297,693)
$(227,899)
========
========
Net income (loss) allocated to
general partner $ (3,007) $
(2,302)
========
========
Net income (loss) per BAC $ (.19) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 26
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 45,070 $
174,701
Other income -
- -
-------- -
- -------
45,070
174,701
-------- -
- -------
Share of income (loss) from Operating
Partnerships (307,368)
(90,286)
-------- -
- -------
Expenses
Professional fees 33,758
39,677
Fund management fee (Note C) 79,830
78,475
Amortization 4,733
4,733
General and administrative expense 29,052
56,874
-------- -
- -------
147,373
179,759
-------- -
- -------
NET INCOME (LOSS) $(409,671) $
(95,344)
========
========
Net income (loss) allocated to
limited partners $(405,574) $
(94,391)
========
========
Net income (loss) allocated to
general partner $ (4,097) $
(953)
========
========
Net income (loss) per BAC $ (.10) $
(.02)
========
========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 27
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 24,349 $
81,763
Other income -
- -
-------- -
- -------
24,349
81,763
-------- -
- -------
Share of income (loss) from Operating
Partnerships (186,863)
56,217
-------- -
- -------
Expenses
Professional fees 15,647
4,805
Fund management fee (Note C) 73,527
21,190
Amortization 3,881
3,881
General and administrative expense 14,521
20,971
-------- -
- -------
107,576
50,847
-------- -
- -------
NET INCOME (LOSS) $(270,090) $
87,133
========
========
Net income (loss) allocated to
limited partners $(267,389) $
86,262
========
========
Net income (loss) allocated to
general partner $ (2,701) $
871
========
========
Net income (loss) per BAC $ (.11) $
.04
========
========
The accompanying notes are an integral part of these
statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 28
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 211,926 $ 471,708
Other income - -
-------- --------
211,926 471,708
-------- --------
Share of income (loss) from
Operating Partnerships (84,834) (142,264)
-------- --------
Expenses
Professional fees 29,171 36,520
Fund management fee (Note C) 70,977 23,666
Amortization 5,081 5,081
General and administrative expense 56,659 97,739
-------- --------
161,888 163,006
-------- --------
NET INCOME (LOSS) $ (34,796) $ 166,438
======== ========
Net income (loss) allocated to
limited partners $ (34,448) $ 164,774
======== ========
Net income (loss) allocated to
general partner $ (348) $ 1,664
======== ========
Net income (loss) per BAC $ (.01) $ .04
======== ========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 29
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 195,739 $ 263,093
Other income - -
-------- --------
195,739 263,093
-------- --------
Share of income (loss) from
Operating Partnerships (90,506) -
-------- --------
Expenses
Professional fees 26,094 18,264
Fund management fee (Note C) 69,216 49,706
Amortization 2,778 2,415
General and administrative expense 48,439 51,906
-------- --------
146,527 122,291
-------- --------
NET INCOME (LOSS) $ (41,294) $ 140,802
======== ========
Net income (loss) allocated to
limited partners $ (40,880) $ 139,394
======== ========
Net income (loss) allocated to
general partner $ (414) $ 1,408
======== ========
Net income (loss) per BAC $ (.01) $ .04
======== ========
The accompanying notes are an integral part of these
statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 30
------------------------
1998 1997
---- ----
Income
Interest income $ 113,023 $ 85,008
Other income - -
-------- --------
113,023 85,008
-------- --------
Share of income (loss) from
Operating Partnerships (7,693) -
-------- --------
Expenses
Professional fees 19,611 3,219
Fund management fee (Note C) 35,037 -
Amortization 3,464 -
General and administrative expense 33,942 20,079
-------- --------
92,054 23,298
-------- --------
NET INCOME (LOSS) $ 13,276 $ 61,710
======== ========
Net income (loss) allocated to
limited partners $ 13,143 $ 61,093
======== ========
Net income (loss) allocated to
general partner $ 133 $ 617
======== ========
Net income (loss) per BAC $ - $ .02
======== ========
The accompanying notes are an integral part of these
statements.
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 31
------------------------
1998 1997
---- ----
Income
Interest income $ 311,911 $ -
Other income - -
-------- --------
311,911 -
-------- --------
Share of income (loss) from
Operating Partnerships (84,361) -
-------- --------
Expenses
Professional fees 29,575 -
Fund management fee (Note C) 63,381 -
Amortization 3,426 -
General and administrative expense 53,789 13,623
-------- --------
150,171 13,623
-------- --------
NET INCOME (LOSS) $ 77,739 $ (13,623)
======== ========
Net income (loss) allocated to
limited partners $ 76,605 $ (13,487)
======== ========
Net income (loss) allocated to
general partner $ 774 $ (136)
======== ========
Net income (loss) per BAC $ .02 $ -
======== ========
The accompanying notes are an integral part of these
statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 32*
Series 33*
----------- -----
- ------
1998
1998
---- --
- --
Income
Interest income $209,445
$17,595
Other income -
- -
------- --
- ----
209,445
17,595
------- --
- ----
Share of (income) loss from Operating
Partnerships (7,649)
- -
------- --
- ----
Expenses
Professional fees 12,003
- -
Fund management fee (Note C) 65,662
4,086
Amortization 8,897
- -
General and administrative expense 77,129
12,953
------ --
- ----
163,691
17,039
------- --
- ----
NET INCOME (LOSS) $ 38,105 $
556
=======
======
Net income (loss) allocated to
limited partners $ 37,724 $
550
=======
======
Net income (loss) allocated to
general partner $ 381 $
6
=======
======
Net income (loss) per BAC $ .01 $
- -
=======
======
* Series 32 and Series 33 did not commence operations until after
September 30, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
1998 1997
---- ----
Income
Interest income $ 2,244,765 $ 1,893,760
Other Income 1,500 -
---------- ----------
2,246,265 1,893,760
---------- ----------
Share of income (loss) from
Operating Partnerships (5,471,178)
(4,076,138)
---------- ----------
Expenses
Professional fees 415,477 326,619
Fund management fee (Note C) 1,636,713 1,047,236
Amortization 102,307 75,464
General and administrative expenses 718,693 667,368
---------- ----------
2,873,190 2,116,687
---------- ----------
NET INCOME (LOSS) $(6,098,103)
$(4,299,065)
========== ==========
Net income (loss) allocated to
limited partners $(6,037,124)
$(4,256,076)
========== ==========
Net income (loss) allocated to
general partner $ (60,979) $
(42,989)
========== ==========
Net income (loss) per BAC $ (2.12) $
(1.63)
========== ==========
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 20
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 6,677 $
38,574
Other income -
- -
---------- --
- --------
6,677
38,574
---------- --
- --------
Share of income (loss) from Operating
Partnerships (1,119,184)
(1,142,743)
---------- --
- --------
Expenses
Professional fees 26,181
28,197
Fund management fee (Note C) 186,926
137,087
Amortization 11,642
11,642
General and administrative expense 21,121
31,112
---------- --
- --------
245,870
208,038
---------- --
- --------
NET INCOME (LOSS) $(1,358,377)
$(1,312,207)
==========
==========
Net income (loss) allocated to
limited partners $(1,344,794)
$(1,299,085)
==========
==========
Net income (loss) allocated to
general partner $ (13,583) $
(13,122)
==========
==========
Net income (loss) per BAC $ (.35) $
(.33)
==========
==========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 21
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 38,131 $
25,724
Other income -
- -
-------- --
- --------
38,131
25,724
-------- --
- --------
Share of income (loss) from Operating
Partnerships (534,637)
(871,129)
-------- --
- --------
Expenses
Professional fees 19,665
19,328
Fund management fee (Note C) 98,920
110,707
Amortization 9,479
9,479
General and administrative expense 23,950
19,831
-------- --
- --------
152,014
159,345
-------- --
- --------
NET INCOME (LOSS) $(648,520)
$(1,004,750)
========
==========
Net income (loss) allocated to
limited partners $(642,035) $
(994,703)
========
==========
Net income (loss) allocated to
general partner $ (6,485) $
(10,047)
========
==========
Net income (loss) per BAC $ (.34) $
(.53)
========
==========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 22
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 16,039 $
22,393
Other income 1,500
- -
-------- -
- -------
17,539
22,393
-------- -
- -------
Share of income (loss) from Operating
Partnerships (332,495)
(639,672)
-------- -
- -------
Expenses
Professional fees 28,496
32,066
Fund management fee (Note C) 119,526
122,929
Amortization 6,269
6,269
General and administrative expense 18,033
23,664
-------- -
- -------
172,324
184,928
-------- -
- -------
NET INCOME (LOSS) $(487,280)
$(802,207)
========
========
Net income (loss) allocated to
limited partners $(482,407)
$(794,185)
========
========
Net income (loss) allocated to
general partner $ (4,873) $
(8,022)
========
========
Net income (loss) per BAC $ (.19) $
(.31)
========
========
The accompanying notes are an integral part of these
statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 23
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 10,978 $
46,819
Other income -
- -
-------- -
- -------
10,978
46,819
-------- -
- -------
Share of income (loss) from Operating
Partnerships (509,233)
(824,513)
-------- -
- -------
Expenses
Professional fees 25,113
32,533
Fund management fee (Note C) 118,382
97,326
Amortization 6,536
6,536
General and administrative expense 19,772
32,589
-------- -
- -------
169,803
168,984
-------- -
- -------
NET INCOME (LOSS) $(668,058)
$(946,678)
========
========
Net income (loss) allocated to
limited partners $(661,377)
$(937,211)
========
========
Net income (loss) allocated to
general partner $ (6,681) $
(9,467)
========
========
Net income (loss) per BAC $ (.20) $
(.28)
========
========
The accompanying notes are an integral part of these
statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 24
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 9,743 $
9,805
Other income -
- -
-------- -
- -------
9,743
9,805
-------- -
- -------
Share of income (loss) from Operating
Partnerships (707,384)
(420,497)
-------- -
- -------
Expenses
Professional fees 25,962
26,053
Fund management fee (Note C) 97,574
96,060
Amortization 6,490
6,490
General and administrative expense 15,531
16,624
-------- -
- -------
145,557
145,227
-------- -
- -------
NET INCOME (LOSS) $(843,198)
$(555,919)
========
========
Net income (loss) allocated to
limited partners $(834,766)
$(550,360)
========
========
Net income (loss) allocated to
general partner $ (8,432) $
(5,559)
========
========
Net income (loss) per BAC $ (.38) $
(.25)
========
========
The accompanying notes are an integral part of these
statements.
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 25
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 33,697 $
93,392
Other income -
- -
-------- -
- -------
33,697
93,392
-------- -
- -------
Share of income (loss) from Operating
Partnerships (834,491)
(245,289)
-------- -
- -------
Expenses
Professional fees 28,283
31,718
Fund management fee (Note C) 136,838
132,044
Amortization 5,244
5,244
General and administrative expense 27,138
47,926
-------- -
- -------
197,503
216,932
-------- -
- -------
NET INCOME (LOSS) $(998,297)
$(368,829)
========
========
Net income (loss) allocated to
limited partners $(988,314)
$(365,141)
========
========
Net income (loss) allocated to
general partner $ (9,983) $
(3,688)
========
========
Net income (loss) per BAC $ (.33) $
(.12)
========
========
The accompanying notes are an integral part of these
statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 26
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 171,498 $
316,022
Other income -
- -
-------- -
- -------
171,498
316,022
-------- -
- -------
Share of income (loss) from Operating
Partnerships (639,699)
58,853
-------- -
- -------
Expenses
Professional fees 47,076
51,711
Fund management fee (Note C) 168,660
135,377
Amortization 9,465
9,465
General and administrative expense 71,511
130,067
-------- -
- -------
296,712
326,620
-------- -
- -------
NET INCOME (LOSS) $(764,913) $
48,255
========
========
Net income (loss) allocated to
limited partners $(757,264) $
47,772
========
========
Net income (loss) allocated to
general partner $ (7,649) $
483
========
========
Net income (loss) per BAC $ (.19) $
(.01)
========
========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 27
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 69,306 $
212,953
Other income -
- -
-------- -
- -------
69,306
212,953
-------- -
- -------
Share of income (loss) from Operating
Partnerships (315,720)
246,556
-------- -
- -------
Expenses
Professional fees 25,435
25,453
Fund management fee (Note C) 149,356
127,112
Amortization 7,761
7,761
General and administrative expense 32,883
65,609
-------- -
- -------
215,435
225,935
-------- -
- -------
NET INCOME (LOSS) $(461,849) $
233,574
========
========
Net income (loss) allocated to
limited partners $(457,231) $
231,238
========
========
Net income (loss) allocated to
general partner $ (4,618) $
2,336
========
========
Net income (loss) per BAC $ (.19) $
.09
========
========
The accompanying notes are an integral part of these
statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 28
-------------------------
1998 1997
---- ----
Income
Interest income $ 405,291 $ 728,158
Other income - -
-------- --------
405,291 728,158
-------- --------
Share of income (loss) from
Operating Partnerships (132,831) (237,704)
-------- --------
Expenses
Professional fees 47,630 57,460
Fund management fee (Note C) 140,154 38,888
Amortization 10,163 10,163
General and administrative expense 127,413 202,259
-------- --------
325,360 308,770
-------- --------
NET INCOME (LOSS) $ (52,900) $ 181,684
======== ========
Net income (loss) allocated to
limited partners $ (52,371) $ 179,867
======== ========
Net income (loss) allocated to
general partner $ (529) $ 1,817
======== ========
Net income (loss) per BAC $ (.01) $ .04
======== ========
The accompanying notes are an integral part of these
statements.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 29
-------------------------
1998 1997
---- ----
Income
Interest income $ 355,271 $ 314,912
Other income - -
-------- --------
355,271 314,912
-------- --------
Share of income (loss) from
Operating Partnerships (201,469) -
-------- --------
Expenses
Professional fees 42,499 18,881
Fund management fee (Note C) 138,434 49,706
Amortization 6,581 2,415
General and administrative expense 89,202 63,985
-------- --------
276,716 134,987
-------- --------
NET INCOME (LOSS) $(122,914) $ 179,925
======== ========
Net income (loss) allocated to
limited partners $(121,685) $ 178,126
======== ========
Net income (loss) allocated to
general partner $ (1,229) $ 1,799
======== ========
Net income (loss) per BAC $ (.03) $ .05
======== ========
The accompanying notes are an integral part of these
statements.
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 30
--------------------------
- -
1998 1997
---- ----
Income
Interest income $ 273,666 $ 85,008
Other income - -
-------- --------
273,666 85,008
-------- --------
Share of income (loss) from
Operating Partnerships 33,782 -
-------- --------
Expenses
Professional fees 31,193 3,219
Fund management fee (Note C) 65,396 -
Amortization 6,929 -
General and administrative expense 66,078 20,079
-------- --------
169,596 23,298
-------- --------
NET INCOME (LOSS) $ 137,852 $ 61,710
======== ========
Net income (loss) allocated to
limited partners $ 136,473 $ 61,093
======== ========
Net income (loss) allocated to
general partner $ 1,379 $ 617
======== ========
Net income (loss) per BAC $ .05 $ .02
======== ========
The accompanying notes are an integral part of these
statements.
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 31
--------------------------
1998 1997
---- ----
Income
Interest income $ 517,075 $ -
Other income - -
-------- --------
517,075 -
-------- --------
Share of income (loss) from
Operating Partnerships (156,370) -
-------- --------
Expenses
Professional fees 50,315 -
Fund management fee (Note C) 126,762 -
Amortization 6,851 -
General and administrative expense 99,654 13,623
-------- --------
283,582 13,623
-------- --------
NET INCOME (LOSS) $ 77,123 $ (13,623)
======== ========
Net income (loss) allocated to
limited partners $ 76,352 $ (13,487)
======== ========
Net income (loss) allocated to
general partner $ 771 $ (136)
======== ========
Net income (loss) per BAC $ .02 $ -
======== ========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 32*
Series 33*
----------- -----
- ------
1998 1998
---- -
- ---
Income
Interest income $ 319,798 $
17,595
Other income -
- -
---------- ---
- ------
319,798
17,595
---------- ---
- ------
Share of (income) loss from Operating
Partnerships (21,447)
- -
---------- ---
- ------
Expenses
Professional fees 17,629
- -
Fund management fee (Note C) 85,699
4,086
Amortization 8,897
- -
General and administrative expense 93,454
12,953
---------- --
- ------
205,679
17,039
---------- --
- ------
NET INCOME (LOSS) $ 92,672 $
556
==========
========
Net income (loss) allocated to
limited partners $ 91,745 $
550
==========
========
Net income (loss) allocated to
general partner $ 927 $
6
==========
========
Net income (loss) per BAC $ .02 $
- -
==========
========
* Series 32 and Series 33 did not commence operations until after
September 30, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
58
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Partners' capital
(deficit),
April 1, 1998 $306,404,507 $(326,595) $231,226
$306,309,138
Capital contribu-
tions 61,431,000 - -
61,431,000
Selling commissions
and registration
costs (8,335,693) - -
(8,335,693)
Net income (loss) (6,037,124) (60,979) -
(6,098,103)
----------- -------- -------
- -----------
Partners' capital
(deficit),
September 30,
1998 $353,462,690 $(387,574) $231,226
$353,306,342
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1998 $23,068,223 $(100,892) $ 1,041
$22,968,372
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,344,794) (13,583) -
(1,358,377)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $21,723,429 $(114,475) $ 1,041
$21,609,995
========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1998 $10,304,349 $ (59,504) $ 2,816
$10,247,661
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (642,035) (6,485) -
(648,520)
---------- -------- --------
- ----------
Partners' capital
(deficit),
September 30, 1998 $ 9,662,314 $ (65,989) $ 2,816 $
9,599,141
========== ======== ========
==========
The accompanying notes are an integral part of these
statements.
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1998 $16,726,229 $ (52,342) $ 1,076
$16,674,963
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (482,407) (4,873) -
(487,280)
---------- -------- ------
- ----------
Partners' capital
(deficit),
September 30, 1998 $16,243,822 $ (57,215) $ 1,076
$16,187,683
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1998 $24,049,616 $ (44,798) $ 1,734
$24,006,552
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (661,377) (6,681) -
(668,058)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $23,388,239 $ (51,479) $ 1,734
$23,338,494
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1998 $15,908,401 $ (26,479) $ 513
$15,882,435
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (834,766) (8,432) -
(843,198)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $15,073,635 $ (34,911) $ 513
$15,039,237
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1998 $23,255,931 $ (25,136) $ 2,836
$23,233,631
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (988,314) (9,983) -
(998,297)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $22,267,617 $ (35,119) $ 2,836
$22,235,334
========== ======== =======
==========
The accompanying notes are an integral part of these
statements.
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1998 $32,787,697 $(12,533) $ 18,735
$32,793,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (757,264) (7,649) -
(764,913)
---------- -------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $32,030,433 $(20,182) $ 18,735
$32,028,986
========== ======= =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1998 $20,116,351 $ (8,114) $ 5,864
$20,114,101
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (457,231) (4,618) -
(461,849)
--------- ------- -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $19,659,120 $(12,732) $ 5,864
$19,652,252
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1998 $34,737,846 $ 3,557 $ 27,496
$34,768,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (292) - -
(292)
Net income (loss) (52,371) (529) -
(52,900)
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $34,685,183 $ 3,028 $ 27,496
$34,715,707
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1998 $33,941,732 $(2,758) $ 54,512
$33,993,486
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (2,895) - -
(2,895)
Net income (loss) (121,685) (1,229) -
(122,914)
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $33,817,152 $(3,987) $ 54,512
$33,867,677
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1998 $23,106,377 $ 3,313 $ 21,940
$23,131,630
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (2,146) - -
(2,146)
Net income (loss) 136,473 1,379 -
137,852
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $23,240,704 $ 4,692 $ 21,940
$23,267,336
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1998 $37,991,231 $ (697) $ 66,614
$38,057,148
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (8,212) - -
(8,212)
Net income (loss) 76,352 771 -
77,123
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $38,059,371 $ 74 $ 66,614
$38,126,059
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1998 $10,410,524 $ (212) $ 26,049
$10,436,361
Capital contribu-
tions 35,069,000 - -
35,069,000
Selling commissions
and registration
costs (4,770,360) - -
(4,770,360)
Net income (loss) 91,745 927 -
92,672
---------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $40,800,909 $ 715 $ 26,049
$40,827,673
========== ====== =======
==========
Series 33
- --------
Partners' capital
(deficit),
April 1, 1998 $ - $ - $ - $
- -
Capital contribu-
tions 26,362,000 - -
26,362,000
Selling commissions
and registration
costs (3,551,788) - -
(3,551,788)
Net income (loss) 550 6 -
556
--------- ------ -------
- ----------
Partners' capital
(deficit),
September 30, 1998 $22,810,762 $ 6 $ -
$22,810,768
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(6,098,103) $
(4,299,065)
Adjustments
Amortization 102,307
75,464
Distributions from
Operating Partnerships (17,199)
23,013
Share of loss from Operating
Partnerships 5,471,178
4,076,138
Changes in assets and liabilities
Decrease (Increase) in
organization costs (93,078)
(54,417)
(Decrease) Increase in accounts
payable and accrued expenses (1,618,217)
(20,726)
Decrease (Increase) in prepaid
expenses -
6,457
Decrease (Increase) in accounts
receivable (1,055,498)
1,603,062
(Decrease) Increase in accounts
payable affiliates 763,852
804,389
----------- -
- ----------
Net cash (used in) provided by
operating activities (2,544,758)
2,214,315
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (6,396,438)
(6,339,728)
Capital contributions paid to
Operating Partnerships (43,962,830)
(29,652,651)
Advances to Operating Partnerships (3,925,104)
1,041,644
Investments 9,076,097
(6,351,796)
----------- -
- ----------
Net cash (used in) provided by
investing activities (45,208,275)
(41,302,531)
----------- -
- ----------
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (8,335,692)
(8,190,588)
Capital contributions received 61,431,000
60,378,750
Net cash (used in) provided by ----------- -
- ----------
financing activities 53,095,308
52,188,162
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 5,342,275
13,099,946
Cash and cash equivalents, beginning 4,193,020
14,801,634
----------- -
- ----------
Cash and cash equivalents, ending $ 9,535,295 $
27,901,580
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 26,693,278 $
21,288,772
===========
===========
The accompanying notes are an integral part of these
statements.
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
---
- ------------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,358,377)
$(1,312,207)
Adjustments
Amortization 11,642
11,642
Distributions from
Operating Partnerships 28
25
Share of loss from Operating
Partnerships 1,119,184 1,142,743
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 304
- -
Decrease (Increase ) in prepaid
expenses -
4,410
Decrease (Increase) in accounts
receivable (243,528)
(19,285)
(Decrease) Increase in accounts
payable affiliates 189,545
189,488
----------
- ----------
Net cash (used in) provided by
operating activities (281,202)
16,816
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (97,460)
(1,340,776)
Advances to Operating Partnerships -
874,787
Investments 373,276
499,749
----------
- ----------
Net cash (used in) provided by
investing activities 275,816
33,760
----------
- ----------
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
--
- --------------------------
1998
1997
----
- ----
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 (5,386)
50,576
Cash and cash equivalents, beginning 198,679
429,105
----------
- ----------
Cash and cash equivalents, ending $ 193,293 $
479,681
==========
==========
Supplemental schedule of non-cash
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.
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (648,520)
$(1,004,750)
Adjustments
Amortization 9,479
9,479
Distributions from
Operating Partnerships (18,859)
21,714
Share of loss from Operating
Partnerships 534,637
871,129
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 121
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 534
735
(Decrease) Increase in accounts
payable affiliates 112,920
112,920
----------
- ----------
Net cash (used in) provided by
operating activities (9,688)
11,227
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (11,209)
(30,517)
Advances to Operating Partnerships -
- -
Investments 179,689
168,138
----------
- ----------
Net cash (used in) provided by
investing activities 168,480
137,621
----------
- ----------
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
--
- -----------------------
1998
1997
----
- ----
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 158,792
148,848
Cash and cash equivalents, beginning 171,025
494,112
----------
- ----------
Cash and cash equivalents, ending $ 329,817 $
642,960
==========
==========
Supplemental schedule of non-cash
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.
72
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
------------------------
- --
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (487,280) $
(802,207)
Adjustments
Amortization 6,269
6,269
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 332,495 639,672
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 959
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 241,109
350,946
(Decrease) Increase in accounts
payable affiliates 123,787
125,829
----------
- ----------
Net cash (used in) provided by
operating activities 217,339
320,509
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,286)
(17,410)
Capital contributions paid to
Operating Partnerships (144,540)
(1,296,131)
Advances to Operating Partnerships -
413,033
Investments 92,712
305,974
----------
- ----------
Net cash (used in) provided by
investing activities (53,114)
(594,534)
----------
- ----------
73
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
- ---------------------------
1998
1997
----
- ----
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 164,225
(274,025)
Cash and cash equivalents, beginning 99,260
648,647
----------
- ----------
Cash and cash equivalents, ending $ 263,485 $
374,622
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 96,360 $
230,990
==========
==========
The accompanying notes are an integral part of these
statements.
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (668,058) $
(946,678)
Adjustments
Amortization 6,536
6,536
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 509,233 824,513
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 267
- -
Decrease (Increase ) in prepaid
expenses -
2,047
Decrease (Increase) in accounts
receivable 2,357
(43,162)
(Decrease) Increase in accounts
payable affiliates 120,132
119,826
----------
- ----------
Net cash (used in) provided by
operating activities (29,533)
(36,918)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (73)
- -
Capital contributions paid to
Operating Partnerships (370,254)
(930,907)
Advances to Operating Partnerships -
- -
Investments 582,680
127,680
----------
- ----------
Net cash (used in) provided by
investing activities 212,353
(803,227)
----------
- ----------
75
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
- ----------------------------
1998 1997
---- ----
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 182,820
(840,145)
Cash and cash equivalents, beginning 75,562
1,578,798
----------
- ----------
Cash and cash equivalents, ending $ 258,382 $
738,653
==========
==========
Supplemental schedule of non-cash
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.
76
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (843,198) $
(555,919)
Adjustments
Amortization 6,490
6,490
Distributions from
Operating Partnerships -
1,274
Share of loss from Operating
Partnerships 707,384 420,497
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses (26,842)
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (2,366)
(87,033)
(Decrease) Increase in accounts
payable affiliates 116,574
107,161
----------
- ----------
Net cash (used in) provided by
operating activities (41,958)
(107,530)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,554)
(65,707)
Capital contributions paid to
Operating Partnerships (109,868)
(1,288,379)
Advances to Operating Partnerships 86,665
915,862
Investments (3,543)
303,432
----------
- ----------
Net cash (used in) provided by
investing activities (28,300)
(134,792)
----------
- ----------
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
- ----------------------------
1998 1997
---- ----
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 (70,258)
(242,322)
Cash and cash equivalents, beginning 275,033
644,685
----------
- ----------
Cash and cash equivalents, ending $ 204,775 $
402,363
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
149,238
==========
==========
The accompanying notes are an integral part of these
statements.
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (998,297) $
(368,829)
Adjustments
Amortization 5,244
5,244
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 834,491 245,289
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 220
8,107
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 284,232
598,572
(Decrease) Increase in accounts
payable affiliates 136,338
(16,554)
----------
- ----------
Net cash (used in) provided by
operating activities 262,228
471,829
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(163,468)
Capital contributions paid to
Operating Partnerships (528,026)
(1,580,243)
Advances to Operating Partnerships (11,409)
(72,000)
Investments 279,707
1,220,057
----------
- ----------
Net cash (used in) provided by
investing activities (259,728)
(595,654)
----------
- ----------
79
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
- ----------------------------
1998 1997
---- ----
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 2,500
(123,825)
Cash and cash equivalents, beginning 173,979
956,365
----------
- ----------
Cash and cash equivalents, ending $ 176,479 $
832,540
==========
==========
Supplemental schedule of non-cash
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.
80
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (764,913) $
48,255
Adjustments
Amortization 9,465
9,465
Distributions from
Operating Partnerships 1,632
- -
Share of (income) loss from
Operating Partnerships 639,699
(58,853)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 1,351
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (2,145,977)
786,765
(Decrease) Increase in accounts
payable affiliates 195,660
(9,630)
----------
- ----------
Net cash (used in) provided by
operating activities (2,063,083)
776,002
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (58,229)
(226,313)
Capital contributions paid to
Operating Partnerships (1,028,302)
(3,634,181)
Advances to Operating Partnerships 249,765
(1,100,320)
Investments 3,126,387
5,263,501
---------- -
- ----------
Net cash (used in) provided by
investing activities 2,289,621
302,687
---------- -
- ----------
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(9)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(9) ----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 226,538
1,078,680
Cash and cash equivalents, beginning 105,301
1,239,330
----------
- ----------
Cash and cash equivalents, ending $ 331,839 $
2,318,010
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
4,873,009
==========
==========
The accompanying notes are an integral part of these
statements.
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (461,849) $
233,574
Adjustments
Amortization 7,761
7,761
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 315,720
(246,556)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 12,772
- -
Decrease (Increase) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (85,875)
(100,945)
(Decrease) Increase in accounts
payable affiliates 152,357
- -
----------
- ----------
Net cash (used in) provided by
operating activities (59,114)
(106,166)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (49,775)
(142,792)
Capital contributions paid to
Operating Partnerships (1,239,779)
(2,450,753)
Advances to Operating Partnerships 57,390
(205,484)
Investments 1,239,322
2,214,070
---------- -
- ----------
Net cash (used in) provided by
investing activities 7,158
(584,959)
---------- -
- ----------
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(11)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(11)
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (51,956)
(691,136)
Cash and cash equivalents, beginning 258,292
2,180,687
----------
- ----------
Cash and cash equivalents, ending $ 206,336 $
1,489,551
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 626,742 $
1,909,846
==========
==========
The accompanying notes are an integral part of these
statements.
84
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
28
---------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (52,900)
$ 181,684
Adjustments
Amortization 10,163
10,163
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 132,831
237,704
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 256
(5,003)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 114,933
(8,836)
(Decrease) Increase in accounts
payable affiliates -
(2,100)
----------
- -----------
Net cash (used in) provided by
operating activities 205,283
413,612
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (80,974)
(234,164) Capital contributions paid to
Operating Partnerships (2,860,045)
(3,057,728)
Advances to Operating Partnerships 126,575
2,521,676
Investments 2,526,907
(582,343)
----------
- -----------
Net cash (used in) provided by
investing activities (287,537)
(1,352,559)
----------
- -----------
85
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
28 --
- ------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (292)
275
Capital contributions received -
- -
Net cash (used in) provided by ----------
- -----------
financing activities (292)
275
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (82,546)
(938,672)
Cash and cash equivalents, beginning 483,635
4,589,026
----------
- -----------
Cash and cash equivalents, ending $ 401,089 $
3,650,354
==========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
2,926,509
==========
===========
The accompanying notes are an integral part of these
statements.
86
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
29
--------------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (122,914) $
179,925
Adjustments
Amortization 6,581
2,415
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 201,469
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(11,446)
(Decrease) Increase in accounts
payable and accrued expenses 520
(280,815)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 1,874,092
1,739,691
(Decrease) Increase in accounts
payable affiliates (1)
(132,541)
----------
- -----------
Net cash (used in) provided by
operating activities 1,959,747
1,497,229
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (39,702)
(2,765,866)
Capital contributions paid to
Operating Partnerships (4,586,503)
(5,338,133)
Advances to Operating Partnerships (2,857,839)
(1,743,277)
Investments 5,730,278
(15,263,251)
----------
- -----------
Net cash (used in) provided by
investing activities (1,753,766)
(25,110,527)
---------- -
- ----------
87
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
29
-----------------
- -----------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,894)
(3,992,042)
Capital contributions received -
29,783,000
Net cash (used in) provided by ---------
- -----------
financing activities (2,894)
25,790,958
---------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 203,087
2,177,660
Cash and cash equivalents, beginning 305,731
2,040,879
-----------
- -----------
Cash and cash equivalents, ending $ 508,818 $
4,218,539
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 4,637,920 $
6,077,903
===========
===========
The accompanying notes are an integral part of these
statements.
88
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
30
------------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 137,852 $
61,710
Adjustments
Amortization 6,929
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships (33,782)
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(42,971)
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 1,673,794
(72,236)
(Decrease) Increase in accounts
payable affiliates -
171,965
----------- -
- -----------
Net cash (used in) provided by
operating activities 1,784,793
118,468
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (55,652)
(2,340,252)
Capital contributions paid to
Operating Partnerships (5,888,604)
(8,239,674)
Advances to Operating Partnerships (1,368,796)
(562,633)
Investments 6,239,264
(608,803)
----------- -
- -----------
Net cash (used in) provided by
investing activities (1,073,788)
(11,751,362)
----------- -
- -----------
89
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
30
-----
- ----------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,146)
(3,585,795)
Capital contributions received -
26,490,750
Net cash (used in) provided by -----------
- ----------
financing activities (2,146)
22,904,955
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 708,859
11,272,061
Cash and cash equivalents, beginning 1,162,518
- -
-----------
- ----------
Cash and cash equivalents, ending $ 1,871,377
$11,272,061
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,637,668 $
2,628,016
===========
==========
The accompanying notes are an integral part of these
statements.
90
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
31
-----------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 77,123 $
(13,623)
Adjustments
Amortization 6,851
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 156,370
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 2,155
256,985
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (864,736)
(1,542,150)
(Decrease) Increase in accounts
payable affiliates (399,995)
(383,756)
----------- -
- -----------
Net cash (used in) provided by
operating activities (1,022,232)
(1,160,763)
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (100,751)
(383,756)
Capital contributions paid to
Operating Partnerships (5,677,830)
(465,229)
Advances to Operating Partnerships 852,996
- -
Investments 5,930,914
- -
----------- -
- -----------
Net cash (used in) provided by
investing activities 1,005,329
(848,985)
----------- -
- -----------
91
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series
31
----------------
- -----------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (8,212)
(613,006)
Capital contributions received -
4,105,000
Net cash (used in) provided by -----------
- ----------
financing activities (8,212)
3,491,994
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (25,115)
1,482,246
Cash and cash equivalents, beginning 811,235
- -
-----------
- ----------
Cash and cash equivalents, ending $ 786,120 $
1,482,246
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,229,588 $
2,493,261
===========
==========
The accompanying notes are an integral part of these
statements.
92
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32*
Series 33* -------
- ----- -------------
1998
1998
------
- ------
Cash flows from operating activities:
Net income (loss) $ 92,672
$ 556
Adjustments
Amortization 8,897
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 21,447
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(93,078)
(Decrease) Increase in accounts
payable and accrued expenses (2,275,795)
665,495
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 1,330,476
(3,234,543)
(Decrease) Increase in accounts
payable affiliates (90,995)
107,530
-----------
- ----------- Net cash (used in) provided by
operating activities (913,298)
(2,554,040)
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (3,596,307)
(2,412,135)
Capital contributions paid to
Operating Partnerships (21,120,410)
(300,000)
Advances to Operating Partnerships 5,409,698
(6,470,149)
Investments (7,139,862)
(10,081,634)
-----------
- -----------
Net cash (used in) provided by
investing activities (26,446,881)
(19,263,918)
-----------
- -----------
93
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32* Series 33*
------------- -
- ------------
1998
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,770,360)
(3,551,788)
Capital contributions received 35,069,000
26,362,000
Net cash (used in) provided by -----------
- -----------
financing activities 30,298,640
22,810,212
-----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,938,461
992,254
Cash and cash equivalents, beginning 72,770
- -
-----------
- -----------
Cash and cash equivalents, ending $ 3,011,231 $
992,254
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 9,951,924 $
10,513,076
===========
===========
*Series 32 Series 33 did not commence operation until after
September 30, 1998, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
94
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 1998
(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-11
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective. On April 2, 1998 an amendment to Form S-
11, which registered an additional 25,000,000 BACs for sale to
the public in one or more series became effective. Offers and
sales of BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31 and Series 32 were
completed and the last of the BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31, Series 32 and Series
33 were issued by the Fund on June 24, 1994, September 30, 1994,
December 28, 1994, June 23, 1995, September 22, 1995, December
29, 1995, June 25, 1996, September 17, 1996, January 29, 1997,
June 10, 1997, September 10, 1997, January 18, 1998, June 23,
1998 and September 21, 1998, respectively. The Fund sold
3,866,700 of Series 20 BACs, for a total of $38,667,000;
1,892,700 of Series 21 BACs for a total of $18,927,000; 2,564,400
of Series 22 BACs for a total of $25,644,000; 3,336,727 of Series
23 BACs for a total of $33,366,000; 2,169,878 of Series 24 BACs
for a total of $21,697,000; 3,026,109 of Series 25 BACs for a
total of $30,248,000; 3,995,900 of Series 26 BACs for a total of
$39,959,000; 2,460,700 of Series 27 BACS for a total of
$24,607,000; 4,000,738 of Series 28 BACs for a total of
$39,999,000; 3,918,000 of Series 29 BACs for a total of
$39,918,000; 2,649,075 of Series 30 BACs for a total of
$26,490,750; 4,417,857 of Series 31 BACs for a total of
$44,057,750; 4,754,198 of Series 32 BACs for a total of
$47,431,000; and 2,636,200 of Series 33 BACs for a total of
$26,362,000. The fund is continuing to offer BACs in Series 34
at September 30, 1998, but has not yet admitted any investors as
BAC holders.
95
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30,
1998 and for the
three and six months then ended have been prepared by the Fund,
without audit, pursuant to the rules and regulations of the
Securities and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
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 its 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 and
Certificates of Deposit.
The amortized cost of securities available for sale as of
September 30, 1998
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $33,264,657
Due after one year 27,563,981
----------
Total $60,828,638
==========
The fair market value of the securities is $61,059,864. The
difference
being an unrealized gain on securities available for sale of
$231,226, as
of September 30, 1998.
96
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
September 30, 1998 and 1997 the Fund has accumulated amortization
of $480,589 and $285,237
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1998 1997
---- ----
Series 20 $ 96,966 $ 73,681
Series 21 69,757 50,799
Series 22 48,180 35,641
Series 23 42,485 29,412
Series 24 38,218 25,239
Series 25 28,842 18,354
Series 26 42,595 18,930
Series 27 31,045 15,522
Series 28 35,570 15,244
Series 29 15,215 2,415
Series 30 12,542 -
Series 31 10,277 -
Series 32 8,897 -
------- -------
$480,589 $285,237
======= =======
Series 33 organization costs will be amortized over 60 months
beginning October 1, 1998.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Holdings Limited
Partnership, Boston Capital Services, Inc., and Boston Capital
Asset Management L.P. (formerly Boston Capital Communications
Limited Partnership) as follows:
For the quarter ended September 30, 1998, Boston Capital
Services, Inc.
received $490,750 for Series 33 as Dealer-Manager fees for
marketing advice and investment banking services performed at the
time of the Fund's offering of BACs. Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31 and Series 32
completed payment of all Dealer-Manager fees prior to the quarter
ended September 30, 1998.
Boston Capital Partners, Inc. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended September 30, 1998, Series 33 paid $2,240,770 for
acquisition fees to Boston Capital Holdings Limited Partnership.
Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28, Series 29 Series 30, Series 31
and Series 32 completed payment of all acquisition fees prior to
the quarter ended September 30, 1998.
97
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Of the total acquisition fees and expenses incurred, $98,235,
$53,731, $168,647, $166,769, $278,244, $297,327, $659,265,
$417,907, $620,183, $112,826, $882,180, $230,651, $0 and
$1,104,322 for Series 20, Series 21, Series 22, Series 23, Series
24, Series 25, Series 26, Series 27, Series 28, Series 29, Series
30, Series 31, and Series 32, respectively, related to costs
incurred in connection with the purchase of interests in
Operating Partnerships not finalized as of Septemeber 30, 1998.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P. (formerly
Boston
Capital Communications Limited Partnership).
The fund management fees accrued for the quarters ended September
30, 1998 and
1997 are as follows:
1998 1997
---- ----
Series 20 $ 94,773 $ 94,743
Series 21 56,460 56,460
Series 22 61,893 63,936
Series 23 60,066 59,913
Series 24 58,287 53,580
Series 25 68,169 -
Series 26 97,830 -
Series 27 76,526 -
------- -------
$574,004 $328,632
======= =======
The fund management fees paid for the quarters ended September
30, 1998 and
1997 are as follows:
1998 1997
---- ----
Series 25 $ - $ 68,326
Series 26 - 78,475
Series 27 - 64,061
Series 28 70,977 23,666
Series 29 69,216 49,706
Series 30 35,037 -
Series 31 63,381 -
Series 32 65,662 -
------- -------
$304,273 $284,234
======= =======
98
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 1998 and 1997 the Fund has limited partnership
interests in
289 and 225 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at September 30, 1998 and 1997 is as follows:
1998 1997
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 42 41
Series 27 14 10
Series 28 25 19
Series 29 19 11
Series 30 15 6
Series 31 25 3
Series 32 11 -
Series 33 3 -
--- ---
289 225
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at September 30, 1998 and
1997 are as
follows:
1998 1997
---- ----
Series 20 $ 454,955 $ 612,584
Series 21 848,917 929,965
Series 22 1,932,656 2,191,702
Series 23 2,353,855 3,598,111
Series 24 1,408,457 2,274,311
Series 25 2,851,124 4,852,308
Series 26 8,241,899 10,017,004
Series 27 2,898,485 3,864,892
Series 28 4,315,198 2,926,509
Series 29 9,986,453 8,304,886
Series 30 5,462,411 2,628,016
Series 31 12,517,623 2,493,261
Series 32 13,081,735 -
Series 33 2,622,252 -
---------- ----------
$68,976,020 $44,693,549
========== ==========
99
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the six
months ended June 30, 1998.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 20
- ---------------------------
1998
1997
----
- ----
Revenues
Rental $ 4,137,282 $
3,910,138
Interest and other 223,844
188,499
---------
- ---------
4,361,126
4,098,637
---------
- ---------
Expenses
Interest 1,593,535
1,582,273
Depreciation and amortization 1,419,299
1,511,120
Operating expenses 2,499,062
2,180,589
---------
- ---------
5,511,896
5,273,982
---------
- ---------
NET LOSS $(1,150,770)
$(1,175,345)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,119,184)
$(1,142,743)
==========
==========
Net loss allocated to
other partners $ (11,508) $
(11,754)
==========
==========
Net Loss Suspended $ (20,078) $
(20,848)
==========
==========
100
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 21
---------------------------
- -
1998 1997
---- ----
Revenues
Rental $ 2,361,237 $
2,138,261
Interest and other 88,237
118,460
---------
- ---------
2,449,474
2,256,721
---------
- ---------
Expenses
Interest 1,003,691
1,081,285
Depreciation and amortization 610,922
724,858
Operating expenses 1,374,898
1,330,506
---------
- ---------
2,989,511
3,136,649
---------
- ---------
NET INCOME (LOSS) $ (540,037) $
(879,928)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (534,637) $
(871,129)
=========
=========
Net loss allocated to
other partners $ (5,400) $
(8,799)
=========
=========
101
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 22
- --------------------------
1998 1997
Revenues ---- ----
Rental $2,162,202
$2,125,697
Interest and other 132,917
113,350
---------
- ---------
2,295,119
2,239,047
---------
- ---------
Expenses
Interest 640,655
730,394
Depreciation and amortization 742,697
903,225
Operating expenses 1,247,620
1,251,563
---------
- ---------
2,630,972
2,885,182
---------
- ---------
NET INCOME (LOSS) $ (335,853) $
(646,135)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (332,495) $
(639,672)
=========
=========
Net loss allocated to
other partners $ (3,358) $
(6,463)
=========
=========
102
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 23
- ----------------------------
1998 1997
Revenues ---- ----
Rental $ 2,601,903 $
2,475,124
Interest and other 133,364
115,222
----------
- ----------
2,735,267
2,590,346
----------
- ----------
Expenses
Interest 899,615
938,093
Depreciation and amortization 920,321
1,062,605
Operating expenses 1,429,709
1,422,490
----------
- ----------
3,249,645
3,423,188
----------
- ----------
NET LOSS $ (514,378) $
(832,842)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (509,233) $
(824,513)
==========
==========
Net loss allocated to
other partners $ (5,145) $
(8,329)
==========
==========
103
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 24
----------------------------
1998 1997
Revenues ---- ----
Rental $ 2,484,790 $1,978,057
Interest and other 73,600 70,414
--------- ---------
2,558,390 2,048,471
--------- ---------
Expenses
Interest 925,783 740,498
Depreciation and amortization 933,750 563,220
Operating expenses 1,413,386 1,169,496
--------- ---------
3,272,919 2,473,214
--------- ---------
NET INCOME (LOSS) $ (714,529) $ (424,743)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (707,384) $ (420,497)
========== =========
Net loss allocated to
other partners $ (7,145) $ (4,246)
========== =========
104
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 25
---------------------
- -----
1998
1997
Revenues ---- -
- ---
Rental $3,418,414
$2,970,941
Interest and other 82,891
92,219
--------- ----
- -----
3,501,305
3,063,160
--------- ----
- -----
Expenses
Interest 1,161,106
933,833
Depreciation and amortization 990,203
632,113
Operating expenses 2,192,917
1,744,981
--------- ----
- -----
4,344,226
3,310,927
--------- ----
- -----
NET INCOME (LOSS) $ (842,921) $
(247,767)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (834,491) $
(245,289)
=========
=========
Net loss allocated to
other partners $ (8,430) $
(2,478)
=========
=========
105
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 26
---------------------------
1998 1997
Revenues ---- ----
Rental $3,188,950
$2,235,107
Interest and other 134,823
186,793
---------
- ---------
3,323,773
2,421,900
---------
- ---------
Expenses
Interest 1,026,309
584,445
Depreciation and amortization 1,157,255
494,400
Operating expenses 1,786,370
1,283,608
---------
- ---------
3,969,934
2,362,453
---------
- ---------
NET INCOME (LOSS) $ (646,161) $
59,447
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (639,699) $
58,853
=========
=========
Net income (loss) allocated to
other partners $ (6,462) $
594
=========
=========
106
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 27
--------------------------
- -
1998 1997
Revenues ---- ----
Rental $1,929,135 $
793,467
Interest and other 86,757
327,588
---------
- ---------
2,015,892
1,121,055
---------
- ---------
Expenses
Interest 788,213
218,864
Depreciation and amortization 350,632
249,317
Operating expenses 1,195,956
403,827
---------
- ---------
2,334,801
872,008
---------
- ---------
NET INCOME (LOSS) $ (318,909) $
249,047
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (315,720) $
246,556
=========
=========
Net income (loss) allocated to
other partners $ (3,189) $
2,491
=========
=========
107
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 28
--------------------------
- -
1998 1997
Revenues ---- ----
Rental $1,353,349 $
122,351
Interest and other 41,133
91,669
---------
- ---------
1,394,482
214,020
---------
- ---------
Expenses
Interest 477,859
26,975
Depreciation and amortization 313,103
50,801
Operating expenses 737,693
376,349
---------
- ---------
1,528,652
454,125
---------
- ---------
NET LOSS $ (134,173) $
(240,105)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (132,831) $
(237,704)
=========
=========
Net loss allocated to
other partners $ (1,342) $
(2,401)
=========
=========
108
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 29* Series
30*
---------- --------
- --
1998 1998
Revenues ---- ----
Rental $ 882,901
$577,667
Interest and other 46,692
22,004
--------- ------
- -
929,593
599,671
--------- ------
- -
Expenses
Interest 304,521
154,853
Depreciation and amortization 109,112
35,827
Operating expenses 719,464
374,868
--------- ------
- -
1,133,097
565,548
--------- ------
- -
NET INCOME (LOSS) $ (203,504) $
34,123
=========
=======
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (201,469) $
33,782
=========
=======
Net income (loss) allocated to
other partners $ (2,035) $
341
=========
=======
* The Operating Partnerships in Series 29 and Series 30 did not
commence operations until after June 30, 1998 therefore they do
not have comparative information to report.
109
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 31* Series
32*
---------- --------
- ---
1998 1998
Revenues ---- ----
Rental $ 653,677 $ 65,772
Interest and other 18,949 1,398
-------- -------
672,626 67,170
-------- -------
Expenses
Interest 212,327 34,271
Depreciation and amortization 78,573 25,666
Operating expenses 539,675 28,896
-------- -------
830,575 88,833
-------- -------
NET INCOME (LOSS) $(157,949)
$(21,663)
======== =======
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $(156,370)
$(21,447)
======== =======
Net income (loss) allocated to
other partners $ (1,579) $
(216)
======== =======
* The Operating Partnerships in Series 31 and Series 32 did not
commence operations until after June 30, 1998 therefore they do
not have comparative information to report.
110
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the six months ended June 30, 1998 and June 30, 1997 numerous
variances, some material in nature, exist. The variances are the
result of a number of factors including an increase in the number
of Operating Partnerships owned, an increase in the number which
have completed construction, and an increase in the number which
have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1999
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.
111
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, Series 24, Series 25, Series 26 and
Series 27. Pursuant to the Partnership Agreement, such
liabilities will be deferred until the Fund receives sales or
refinancing proceeds from Operating partnerships which will be
used to satisfy such liabilities. The Fund's working capital and
sources of liquidity coupled with affiliated party liability
accruals allow sufficient levels of liquidity to meet the third
party obligations of the Fund. The Fund is currently unaware if
any trends which would create insufficient liquidity to meet
future third party obligations.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by
the
Securities and Exchange Commission on December 16, 1993. The
Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000,
$30,248,000,
$39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750,
$44,037,750, $47,431,000, and $26,362,000 representing 3,866,700,
1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900,
2,460,700, 3,999,900, 3,991,800, 2,649,075, 4,417,857, 4,754,198
and 2,636,200 BACs from investors admitted as BAC Holders in
Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28, Series 29, Series 30, Series 31,
Series 32 and Series 33, 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
$28,603,737.
During the quarter ended September 30, 1998, none of Series 20
net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $193,293 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of September 30, 1998.
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.
112
During the quarter ended September 30, 1998, $11,209 of Series 21
net offering proceeds had been used to pay capital contributions.
Series 21 net offering proceeds in the amount of $848,917 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
21 has invested in as of September 30, 1998.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,758,748.
During the quarter ended September 30, 1998, $144,540 of Series
22 net offering proceeds had been used to pay capital
contributions. Series 22 net offering proceeds in the amount of
$556,451 remain to be used by the Fund to pay remaining capital
contributions to the Operating Partnerships that Series
22 has invested in as of September 30, 1998.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended September 30, 1998 none of Series 23 net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $258,382 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of September 30, 1998.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,939,004.
During the quarter ended September 30, 1998, none of Series 24
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 24 net offering proceeds in the amount of
$406,905
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as
September 30, 1998.
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
$22,449,722.
113
During the quarter ended September 30, 1998, $88,300 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
$895,399
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of
September 30, 1998.
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 42 Operating Partnerships in the amount of
$27,756,420.
During the quarter ended September 30, 1998, $674,397 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
$3,850,724
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of
September 30, 1998.
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 14 Operating Partnerships in the amount of
$17,175,371.
During the quarter ended September 30, 1998, $376,109 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
$1,631,961
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of
September 30, 1998.
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 25 Operating Partnership in the amount of
$24,959,483.
During the quarter ended September 30, 1998, $1,838,929 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
$4,315,198
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of
September 30, 1998.
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 19 Operating Partnerships in the amount of
$27,479,751.
114
During the quarter ended September 30, 1998, $2,770,860 of Series
29 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 29 net offering proceeds in the amount of
$8,345,727
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of
September 30, 1998.
Series 30
- ---------
The Fund commenced offering BACs in Series 30 on June 23, 1997.
Offers
and sales of BACs in Series 30 were completed on September 10,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 15 Operating Partnerships in the amount of
$14,425,053.
During the quarter ended September 30, 1998, $2,931,350 of Series
30 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 30 net offering proceeds in the amount of
$5,462,414
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of
September 30, 1998.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997. Offers
and sales of BACs in Series 31 were completed on January 18,
1998. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 25 Operating Partnerships in the amount of
$29,198,135.
During the quarter ended September 30, 1998, $2,720,576 of Series
31 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 31 net offering proceeds in the amount of
$9,392,782
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 31 has invested in as of
September 30, 1998.
Series 32
- ---------
The Fund commenced offering BACs in Series 32 on January 19,
1998. Offers
and sales of BACs in Series 32 were completed on June 23, 1998.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 11 Operating Partnerships in the amount of
$35,149,030.
During the quarter ended September 30, 1998, $8,551,018 of Series
32 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 32 net offering proceeds in the amount of
$13,081,735
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 32 has invested in as of
September 30, 1998.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998.
Offers and sales of BACs in Series 33 were completed on September
21, 1998. The fund has committed proceeds to pay initial and
additional installments of capital contributions to 3 Operating
Partnerships in the amount of $9,092,401.
During the quarter ended September 30, 1998, $6,470,149 of Series
33 net
offering proceeds had been used to pay initial and additional
capital contributions. Series 33 net offering proceeds in the
amount of $2,622,252 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships
that Series 33 has invested in as of September 30, 1998.
115
Results of Operations
- ---------------------
As of September 30, 1998 and 1997 the Fund held limited
partnership interests
in 289 and 225 Operating Partnerships, respectively. In each
instance the
Apartment Complex owned by the applicable Operating Partnership
is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment
Complex which initially complied with the Minimum Set-Aside Test
(i.e.,
occupancy by tenants with incomes equal to no more than a certain
percentage
of area median income) and the Rent Restriction Test (i.e., gross
rent charged
tenants does not exceed 30% of the applicable income standards)
is referred to
hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and
each of the respective Apartment Complexes are described more
fully in the
Prospectus or applicable report on Form 8-K. The General Partner
believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary
significantly
from those for the period ended September 30, 1998 as Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series 31, Series 32 and Series 33 continue to use the funds
raised to invest in partnership interests of additional Operating
Partnerships, and the Fund continues to offer BACs in Series 34.
The final BACs in Series 33 were issued on September 21, 1998
bringing the total dollars raised for Series 33 to $2,362,000.
The Fund has started offering BACs in Series 34 and has collected
equity totaling $365,000 as of September 30, 1998. No investors
have been admitted to Series 34 as of September 30, 1998.
The Fund incurred a fund management fee to Boston Capital Asset
Management
Limited Partnership (formerly Boston Capital Communications
Limited
Partnership) in an amount equal to .5 percent of the aggregate
cost of the
apartment complexes owned by the Operating Partnerships, less the
amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
September 30, 1998 for Series 20, Series 21, Series 22, Series
23, Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series
31, Series 32 and Series 33 were $98,773, $56,460, $58,783,
$59,566, $39,287, $72,469, $79,830, $73,527, $70,977, $69,216,
$35,037, $63,381, 65,662 and $4,086, respectively.
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the
series was 100%. The series had a total of 24 properties at
September 30, 1998, all of which were at 100% qualified
occupancy.
For the six months being reported Series 20 reflects a net loss
from
Operating Partnerships of $1,150,770. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$268,529. This is an interim period estimate; it is not
indicative of the
final year end results.
116
Breeze Cove Limited Partnership (Breeze Cove Apartments)
experienced financial difficulties in 1997 due to vacancy issues
and high expenses. The management company has steadily improved
occupancies throughout 1997 and 1998, and occupancy currently
stands at 96%. The Operating General Partner is pushing the
management company to reduce expenses as well. The Operating
General Partner filed a refinancing applications with a new
lender in October 1998, and capital needs are anticipated to be
addressed as part of the refinancing package.
The Operating General Partner of East Douglas Apartments Limited
Partnership (East Douglas Apartments) failed to meet his
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April,
1998. The new management company is focusing on improving the
property's physical occupancy and operations. The property's
mortgages have gone into default. The new Operating General
Partner has worked out a forbearance agreement with the lenders.
The property's refinancing package is expected to close by
November 30, 1998. Once complete, the property is expected to
remain stable.
In August 1996 the Investment General Partner was notified that
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) was named as defendant in a land encroachment
complaint. Initial efforts to settle the complaint were
unsuccessful, but recently a judgment was issued by which the
operating partnership would receive an appropriate quit claim
deed and other title related documents confirming the
partnership's interest in the disputed property. The appropriate
title information has been received by the Operating General
Partner and is in the process of execution. The delivery of
these documents will remove any uncertainty as to the
partnership's possession of the land.
Series 21
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the
series was 93.9% and 90.9%, respectively. The series had a total
of 14
properties at September 30, 1998. Out of the total 9 were at
100% qualified
occupancy.
For the six months being reported Series 21 reflects a net loss
from
Operating Partnerships of $540,037. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $70,885. This is an interim period estimate; it is
not indicative of the final year end results.
The Internal Revenue Service is auditing Pinedale II Limited
Partnership (Pinedale Apartments II) and Pumphouse Crossing II
Limited Partnership's (Pumphouse Crossing II Apartments)
compliance with the requirements of the Low-Income Housing Tax
Credit Program. At this time management cannot determine the
final outcome of the ongoing audit.
Series 22
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the
series was 99.9% and 98.7% respectively. The series had a total
of 29
properties at September 30, 1998. Out of the total, 28 were at
100% qualified occupancy and 1 was in active lease-up.
117
For the six months being reported Series 22 reflects a net loss
from
Operating Partnerships of $335,853. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$406,844. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 23
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the
series was 100% and 99.6%, respectively. The series had a total
of 22
properties at September 30, 1998 all of which were at 100%
qualified
occupancy.
For the six months being reported Series 23 reflects a net loss
from
Operating Partnerships of $514,378. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $405,943. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the series was 99.8% and 98.8%, respectively. The series had
a total of 24
properties at September 30, 1998. Out of the total 23 were at
100% qualified
occupancy.
For the six months being reported Series 24 reflects a net loss
from
Operating Partnerships of $714,529. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of $219,221. This is an interim period estimate; it
is not indicative of the final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997 construction was completed, and the property
reached 100% qualified occupancy by December 1997. The new
Operating General Partner, in conjunction with the Operating
Partnership's lender, successfully converted the partnership's
construction loan to permanent status. The property's operations
continue to be strong and average physical occupancy remains at
95%.
Series 25
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the series was 99.1% and 90.2%, respectively. The series had
a total of 22 properties at September 30, 1998. Out of the total
19 were at 100% Qualified Occupancy and 1 was in active lease-up.
For the six months being reported Series 25 reflects a net loss
from
Operating Partnerships of $842,921. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations of $147,282. This is an interim period estimate; it is
not indicative of the final year end results.
118
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997
construction was completed, and the property reached 100%
qualified occupancy by December 1997. The new Operating General
Partner, in conjunction with the Operating Partnership's lender,
successfully converted the partnership's construction loan to
permanent status. The property's operations continue to be
strong and average physical occupancy remains at 95%.
Series 26
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the series was 96.4% and 99.4%, respectively. The series had
a total of 42 properties at September 30, 1998. Out of the total
35 were at 100% qualified occupancy and 3 were in active
lease-up. The series also had 2 properties which were under
construction and 1 property with multiple buildings some of which
were under construction and some of which were in lease-up at
September 30, 1998.
For the six months being reported Series 26 reflects a net loss
from Operating Partnerships of $646,161. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$511,094. This is an interim period estimate; it is not
indicative of the
final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Hazeltine Limited
Partnership (Hazeltine Apartments). As a result, the Operating
General Partner was removed in August 1997. The new Operating
General Partner is currently working with a local construction
consultant to complete the final payments of the subcontractors.
In addition, the new Operating General Partner is currently
working with the Operating Partnership's mortgage lender to
convert to permanent loan status by the end of the year.
Operations are strong, and as of the end of the second quarter,
occupancy had increased to 94%.
Series 27
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the series was 80.4% and 72.1%, respectively. The series had
a total of 14 properties at September 30, 1998. Out of the total
8 were at 100% qualified occupancy and 4 were in active lease-up.
The series also had 2 properties which were under construction
September 30, 1998.
For the six months being reported Series 27 reflects a net loss
from Operating Partnerships of $318,909. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$31,723. This is an interim period estimate; it is not indicative
of the final year end results.
Series 28
- ---------
As of September 30, 1998 and 1997 the average Qualified Occupancy
for the series was 95.9% and 100%, respectively. The series had a
total of 25
119
properties at September 30, 1998. Out of the total 19 were at
100% qualified occupancy and 4 were in active lease-up. The
series also had 2 properties which were under construction at
September 30, 1998.
For the six months being reported Series 28 reflects a net loss
from
Operating Partnerships of $134,173. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $178,930. This is an interim period estimate; it
is not indicative of the final year end results.
Series 29
- ---------
As of September 30, 1998 and 1997 the average qualified occupancy
for the Series was 92% and 53%, respectively. The series had a
total of 19 properties at September 30, 1998. Out of the total
12 were at 100% qualified occupancy and 3 were in active lease-
up. The series also had 4 properties which were under
construction at September 30, 1998
For the six months being reported Series 29 reflects a net loss
from
Operating Partnerships of $203,504. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$94,392.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 30
- ---------
As of September 30, 1998 the average qualified occupancy for the
series was 72.5%. The series had a total of 15 properties at
September 30, 1998. Out of the total 2 were at 100% qualified
occupancy and 4 were in active lease-up. The series also had 7
properties that were under construction and 2 properties with
multiple buildings some of which were in lease-up and some of
which were under construction at September 30, 1998. Since all
of the properties in Series 30 were under construction at
September 30, 1997, there is no comparative information to
report.
For the six months being reported Series 30 reflects a net income
from
Operating Partnerships of $34,123. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $69,950. This is an interim period estimate; it is
not indicative of the final year end results.
Series 31
- ---------
As of September 30, 1998 the average qualified occupancy for the
series was 89.9%. The series had a total of 25 properties at
September 30, 1998. Out of the total 6 were at 100% qualified
occupancy and 10 were in active lease-up. The series also had 4
properties that were under construction and 5 properties with
multiple buildings some of which were in lease-up and some of
which were under construction at September 30, 1998. Since all
of the properties in Series 31 were under construction September
30, 1997, there is no comparative information to report.
For the six months being reported Series 31 reflects a net loss
from
Operating Partnerships of $157,949. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$79,376.
This is an interim period estimate; it is not indicative of the
final year end
results.
120
Series 32
- ---------
As of September 30, 1998 the average qualified occupancy for the
series was 88%. The series had a total of 11 properties at
September 30, 1998. Out of the total 3 were at 100% qualified
occupancy and 1 was in active lease-up.
The series also had 7 properties that were under construction at
September 30, 1998. Since all of the properties in Series 32
were acquired after September 30, 1997, there is no comparative
information to report.
For the six months being reported Series 32 reflects a net loss
from
Operating Partnerships of $21,663. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $4,003. This is an interim period estimate; it is
not indicative of the final year end results.
Series 33
- ---------
The Series had a total of 3 properties as of September 30, 1998,
all of which were under construction. Since all of the
properties were acquired after September 30, 1998, there is no
comparative information to report.
121
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
122
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: November 20, 1998 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
123
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV LP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> SEP-30-1998
<TOTAL-ASSETS> 430,328,146
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 430,328,146
<TOTAL-REVENUES> 2,246,265
<INCOME-TAX> 0
<INCOME-CONTINUING> (8,344,368)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,098,103)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
