FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED December 31, 1997
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $243,863,108
$164,581,635
OTHER ASSETS
Cash and cash equivalents 10,097,179
14,801,634
Investments 66,357,863
46,568,694
Notes receivable 14,388,034
12,972,311
Deferred acquisition costs 6,640,383
6,888,731
Prepaid expenses -
6,458
Organization costs, net of
accumulated amortization (Note B) 515,596
534,968
Other assets 24,547,616
12,846,156
-----------
- -----------
$366,409,779
$259,200,587
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 2,466,951 $
6,683
Syndication costs payable -
280,815
Accounts payable affiliates 2,915,872
1,536,042
Capital contributions payable (Note D) 63,086,757
34,744,876
-----------
- -----------
68,469,580
36,568,416
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
------------
- ------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 40,000,000
authorized BACs; 37,884,302 issued and
outstanding as of December 31, 1997 298,144,725
222,767,338
General Partner (261,269)
(191,910)
Unrealized gain (loss) on securities
available for sale, net 56,743
56,743
-----------
- -----------
297,940,199
222,632,171
-----------
- -----------
$366,409,779
$259,200,587
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 20
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,055,963
$25,829,683
OTHER ASSETS
Cash and cash equivalents 434,664
429,105
Investments 280,619
778,954
Notes receivable -
874,787
Deferred acquisition costs 98,235
98,235
Prepaid expenses -
4,410
Organization costs, net of
accumulated amortization (Note B) 39,713
57,176
Other assets 299,163
255,951
----------
- ----------
$25,208,357
$28,328,301
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 857,882
573,651
Capital contributions payable (Note D) 582,584
1,942,326
----------
- ----------
1,440,466
2,515,977
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- -----------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,866,700 issued and
outstanding as of December 31, 1997 23,860,037
25,884,026
General Partner (92,894)
(72,450)
Unrealized gain (loss) on securities
for sale, net 748
748
----------
- ----------
23,767,891
25,812,324
----------
- ----------
$25,208,357
$28,328,301
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 21
- ----------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $10,267,708
$11,515,577
OTHER ASSETS
Cash and cash equivalents 642,058
494,112
Investments 532,218
701,042
Notes receivable 641,542
641,542
Deferred acquisition costs 53,731
53,731
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 17,262
31,480
Other assets 246,583
245,722
----------
- ----------
$12,401,102
$13,683,206
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 541,370
371,990
Capital contributions payable (Note D) 929,965
967,561
----------
- ----------
1,471,335
1,339,551
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
- ----------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 1,892,700 issued and
outstanding as of December 31, 1997 10,981,687
12,381,436
General Partner (52,662)
(38,523)
Unrealized gain (loss) on securities
for sale, net 742
742
----------
- ----------
10,929,767
12,343,655
----------
- ----------
$12,401,102
$13,683,206
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 22
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,026,214
$17,576,959
OTHER ASSETS
Cash and cash equivalents 361,314
648,647
Investments 316,021
621,520
Notes receivable 1,796,240
2,209,273
Deferred acquisition costs 138,222
166,684
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 25,367
34,770
Other assets 168,917
518,706
----------
- ----------
$19,832,295
$21,776,559
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 479,162
289,397
Capital contributions payable (Note D) 2,192,425
3,158,246
----------
- ----------
2,671,587
3,447,643
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
------------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,564,400 issued and
outstanding as of December 31, 1997 17,207,424
18,363,950
General Partner (47,481)
(35,799)
Unrealized gain (loss) on securities
for sale, net 765
765
----------
- ----------
17,160,708
18,328,916
----------
- ----------
$19,832,295
$21,776,559
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 23
- --------------------------
September 30,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $23,762,123
$25,009,648
OTHER ASSETS
Cash and cash equivalents 433,970
1,578,798
Investments 967,491
1,100,369
Notes receivable 2,186,398
2,186,398
Deferred acquisition costs 168,254
243,247
Prepaid expenses -
2,048
Organization costs, net of
accumulated amortization (Note B) 33,274
43,078
Other assets 782,014
359,706
----------
- ----------
$28,333,524
$30,523,292
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 239,954
60,215
Capital contributions payable (Note D) 3,598,834
4,529,018
----------
- ----------
3,838,788
4,589,233
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,336,727 issued and
outstanding as of December 31, 1997 24,533,070
25,958,000
General Partner (39,914)
(25,521)
Unrealized gain (loss) on securities
for sale, net 1,580
1,580
----------
- ----------
24,494,736
25,934,059
----------
- ----------
$28,333,524
$30,523,292
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 24
- --------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,184,618
$15,915,977
OTHER ASSETS
Cash and cash equivalents 364,888
644,685
Investments 517
303,949
Notes receivable 756,782
1,654,702
Deferred acquisition costs 276,283
313,911
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 35,695
45,429
Other assets 1,326,950
1,438,557
----------
- ----------
$18,945,733
$20,317,210
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 240,704
79,964
Capital contributions payable (Note D) 2,050,311
2,779,449
----------
- ----------
2,291,015
2,859,413
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,169,878 issued and
outstanding as of December 31, 1997 16,672,957
17,468,005
General Partner (18,756)
(10,725)
Unrealized gain (loss) on securities
for sale, net 517
517
----------
- ----------
16,654,718
17,457,797
----------
- ----------
$18,945,733
$20,317,210
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 25
- --------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $23,853,686
$24,266,974
OTHER ASSETS
Cash and cash equivalents 408,646
956,365
Investments 1,268,066
3,065,387
Notes receivable 414,777
405,700
Deferred acquisition costs 279,309
113,810
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 31,464
39,330
Other assets 1,908,050
2,638,118
----------
- ----------
$28,163,998
$31,485,684
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
983
Syndication costs payable -
- -
Accounts payable affiliates -
16,554
Capital contributions payable (Note D) 3,742,346
6,437,839
----------
- ----------
3,742,346
6,455,376
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,026,109 issued and
outstanding as of December 31, 1997 24,429,363
25,031,932
General Partner (13,289)
(7,202)
Unrealized gain (loss) on securities
for sale, net 5,578
5,578
----------
- ----------
24,421,652
25,030,308
----------
- ----------
$28,163,998
$31,485,684
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 26
- --------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,061,986
$21,613,713
OTHER ASSETS
Cash and cash equivalents 1,237,931
1,239,330
Investments 6,309,251
12,173,007
Notes receivable 1,021,837
1,070,887
Deferred acquisition costs 787,685
1,471,671
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 66,258
80,457
Other assets 3,345,619
3,275,364
----------
- ----------
$41,830,567
$40,924,429
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates -
9,630
Capital contributions payable (Note D) 8,115,340
7,104,113
----------
- ----------
8,115,340
7,113,743
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,995,900 issued and
outstanding as of December 31, 1997 33,699,159
33,793,663
General Partner (3,327)
(2,372)
Unrealized gain (loss) on securities
for sale, net 19,395
19,395
----------
- ----------
33,715,227
33,810,686
----------
- ----------
$41,830,567
$40,924,429
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27
- --------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,737,325
$13,365,524
OTHER ASSETS
Cash and cash equivalents 1,098,642
2,180,687
Investments 2,229,530
6,919,629
Notes receivable 653,377
565,365
Deferred acquisition costs 470,156
929,985
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 58,209
69,850
Other assets 437,410
341,850
----------
- ----------
$23,684,649
$24,372,890
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
- -
Accounts payable affiliates 42,380
- -
Capital contributions payable (Note D) 2,662,827
3,470,122
----------
- ----------
2,705,207
3,470,122
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
27
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,460,700 issued and
outstanding as of December 31, 1997 20,979,370
20,895,461
General Partner 522
(243)
Unrealized gain (loss) on securities
for sale, net 7,550
7,550
----------
- ----------
20,987,442
20,902,768
----------
- ----------
$23,692,649
$24,372,890
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 28
- --------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,627,688 $
3,387,008
OTHER ASSETS
Cash and cash equivalents 801,395
4,589,026
Investments 17,505,966
20,904,837
Notes receivable 1,079,817
3,363,657
Deferred acquisition costs 1,384,018
3,239,183
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 81,303
96,548
Other assets 272,117
266,712
----------
- ----------
$41,752,304
$35,846,971
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
5,700
Syndication costs payable -
- -
Accounts payable affiliates -
2,100
Capital contributions payable (Note D) 7,017,602
1,338,985
----------
- ----------
7,017,602
1,346,785
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
28
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 4,000,738 issued and
outstanding as of December 31, 1997 34,711,571
34,479,402
General Partner 3,263
916
Unrealized gain (loss) on securities
for sale, net 19,868
19,868
----------
- ----------
34,734,702
34,500,186
----------
- ----------
$41,752,304
$35,846,971
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ----------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,647,211 $
6,100,572
OTHER ASSETS
Cash and cash equivalents 1,682,508
2,040,879
Investments 15,592,053
- -
Notes receivable 1,827,399
- -
Deferred acquisition costs 1,459,095
258,274
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 43,466
36,850
Other assets 711,338
3,505,470
----------
- ----------
$40,963,070
$11,942,045
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Syndication costs payable -
280,815
Accounts payable affiliates -
132,541
Capital contributions payable (Note D) 6,465,057
3,017,217
----------
- ----------
6,465,057
3,430,573
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 3,991,800 issued and
outstanding as of December 31, 1997 34,495,577
8,511,463
General Partner 2,436
9
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
34,498,013
8,511,472
----------
- ----------
$40,963,070
$11,942,045
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30*
Series 31*
------------ --
- ----------
December 31,
December 31,
1997
1997
(Unaudited)
(Unaudited)
----------- ---
- --------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,780,822
$32,857,764
OTHER ASSETS
Cash and cash equivalents 16,471,521
861,038
Investments 158,214
6,496,521
Notes receivable -
4,009,865
Deferred acquisition costs 1,525,395
- -
Prepaid expenses -
- -
Organization costs, net of
accumulated amortization (Note B) 40,822
42,763
Other assets 2,572,411
12,477,044
----------
- ----------
$28,549,185
$56,744,995
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 747 $
2,466,204
Syndication costs payable -
- -
Accounts payable affiliates -
514,420
Capital contributions payable (Note D) 5,619,715
20,109,751
----------
- ----------
5,620,462
23,090,375
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30*
Series 31*
-----------
- -----------
December 31,
December 31,
1997
1997
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 40,000,000
authorized BACs; 2,649,075 and 3,889,475,
respectively, issued and
outstanding as of December 31, 1997 22,927,270
33,655,240
General Partner 1,453
(620)
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
22,928,723
33,654,620
----------
- ----------
$28,549,185
$56,744,995
==========
==========
*Series 30 and Series 31 did not commence operations until after
March 31, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
1997 1996
---- ----
Income
Interest income $ 810,933 $ 138,362
---------- ----------
810,933 138,362
---------- ----------
Share of income (loss) from
Operating Partnerships (2,220,876)
(63,654)
---------- ----------
Expenses
Professional fees 96,230 8,390
Fund management fee (Note C) 644,995 58,472
Amortization 41,089 2,622
General and administrative expenses 444,389 41,448
---------- ----------
1,226,703 110,932
---------- ----------
NET INCOME (LOSS) $(2,636,646) $
(36,224)
========== ==========
Net income (loss) allocated to
limited partners $(2,610,279) $
(35,862)
========== ==========
Net income (loss) allocated to
general partner $ (26,367) $
(362)
========== ==========
Net income (loss) per BAC $ (.93) $
(.53)
========== ==========
The accompanying notes are an integral part of these
statements.
25
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 20
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 5,574 $
4,585
--------
- --------
5,574
4,585
--------
- --------
Share of income (loss) from Operating
Partnerships (639,363)
(350,306)
--------
- --------
Expenses
Professional fees 1,446
3,383
Fund management fee (Note C) 76,839
73,383
Amortization 5,821
5,821
General and administrative expense 14,331
13,927
--------
- --------
98,437
96,514
--------
- --------
NET INCOME (LOSS) $(732,226)
$(442,235)
========
========
Net income (loss) allocated to
limited partners $(724,904)
$(437,813)
========
========
Net income (loss) allocated to
general partner $ (7,322) $
(4,422)
========
========
Net income (loss) per BAC $ (.18) $
(.11)
========
========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 21
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 8,835 $
14,498
--------
- --------
8,835
14,498
--------
- --------
Share of income (loss) from Operating
Partnerships (345,751)
(291,795)
--------
- --------
Expenses
Professional fees 1,182
5,814
Fund management fee (Note C) 55,460
56,460
Amortization 4,739
4,739
General and administrative expense 10,841
9,114
--------
- --------
72,222
76,127
--------
- --------
NET INCOME (LOSS) $(409,138)
$(353,424)
========
========
Net income (loss) allocated to
limited partners $(405,047)
$(349,890)
========
========
Net income (loss) allocated to
general partner $ (4,091) $
(3,534)
========
========
Net income (loss) per BAC $ (.21) $
(.18)
========
========
The accompanying notes are an integral part of these
statements.
27
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 22
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 5,135 $
15,519
-------- -
- -------
5,135
15,519
-------- -
- -------
Share of income (loss) from Operating
Partnerships (293,560)
(243,351)
-------- -
- -------
Expenses
Professional fees 1,462
1,323
Fund management fee (Note C) 60,911
55,833
Amortization 3,135
1,146
General and administrative expense 12,068
15,330
-------- -
- -------
77,576
73,632
-------- -
- -------
NET INCOME (LOSS) $(366,001)
$(301,464)
========
========
Net income (loss) allocated to
limited partners $(362,341)
$(298,449)
========
========
Net income (loss) allocated to
general partner $ (3,660) $
(3,015)
========
========
Net income (loss) per BAC $ (.14) $
(.12)
========
========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 23
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 11,836 $
23,043
-------- -
- -------
11,836
23,043
-------- -
- -------
Share of income (loss) from Operating
Partnerships (423,376)
(249,964)
-------- -
- -------
Expenses
Professional fees 2,060
611
Fund management fee (Note C) 58,349
57,250
Amortization 3,268
3,268
General and administrative expense 17,429
14,798
-------- -
- -------
81,106
75,927
-------- -
- -------
NET INCOME (LOSS) $(492,646)
$(302,848)
========
========
Net income (loss) allocated to
limited partners $(487,720)
$(299,820)
========
========
Net income (loss) allocated to
general partner $ (4,926) $
(3,028)
========
========
Net income (loss) per BAC $ (.15) $
(.09)
========
========
The accompanying notes are an integral part of these
statements.
29
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 24
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 2,539 $
65,850
-------- -
- -------
2,539
65,850
-------- -
- -------
Share of income (loss) from Operating
Partnerships (180,749)
(82,278)
-------- -
- -------
Expenses
Professional fees 3,043
2,411
Fund management fee (Note C) 53,580
56,304
Amortization 3,245
3,245
General and administrative expense 9,081
15,647
-------- -
- -------
68,949
77,607
-------- -
- -------
NET INCOME (LOSS) $(247,159) $
(94,035)
========
========
Net income (loss) allocated to
limited partners $(244,687) $
(93,095)
========
========
Net income (loss) allocated to
general partner $ (2,472) $
(940)
========
========
Net income (loss) per BAC $ (.11) $
(.04)
========
========
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 25
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 18,579 $
138,362
-------- -
- -------
18,579
138,362
-------- -
- -------
Share of income (loss) from Operating
Partnerships (162,531)
(63,654)
-------- -
- -------
Expenses
Professional fees 2,862
8,390
Fund management fee (Note C) 68,319
58,472
Amortization 2,622
2,622
General and administrative expense 22,072
41,448
-------- -
- -------
95,875
110,932
-------- -
- -------
NET INCOME (LOSS) $(239,827) $
(36,224)
========
========
Net income (loss) allocated to
limited partners $(237,429) $
(35,862)
========
========
Net income (loss) allocated to
general partner $ (2,398) $
(362)
========
========
Net income (loss) per BAC $ (.08) $
(.01)
========
========
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 December 31,
(Unaudited)
SERIES 26
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 88,256 $
329,629
-------- -
- -------
88,256
329,629
-------- -
- -------
Share of income (loss) from Operating
Partnerships (55,508)
(42,110)
-------- -
- -------
Expenses
Professional fees 19,865
21,509
Fund management fee (Note C) 95,899
55,350
Amortization 4,733
4,733
General and administrative expense 55,956
109,890
-------- -
- -------
176,453
191,482
-------- -
- -------
NET INCOME (LOSS) $(143,705) $
96,037
========
========
Net income (loss) allocated to
limited partners $(142,267) $
95,077
========
========
Net income (loss) allocated to
general partner $ (1,438) $
960
========
========
Net income (loss) per BAC $ (.02) $
.02
========
========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 27
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 33,370 $
137,836
-------- -
- -------
33,370
137,836
-------- -
- -------
Share of income (loss) from Operating
Partnerships (126,019)
- -
-------- -
- -------
Expenses
Professional fees 1,910
10,954
Fund management fee (Note C) 21,190
59,255
Amortization 3,881
3,381
General and administrative expense 37,396
73,790
-------- -
- -------
64,377
147,380
-------- -
- -------
NET INCOME (LOSS) $(157,026) $
(9,544)
========
========
Net income (loss) allocated to
limited partners $(155,456) $
(9,449)
========
========
Net income (loss) allocated to
general partner $ (1,570) $
(95)
========
========
Net income (loss) per BAC $ (.06) $
- -
========
========
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 December 31,
(Unaudited)
Series 28
---------------
- -----------
1997 1996
---- ----
Income
Interest income $ 228,944 $ 18,863
-------- --------
228,944 18,863
-------- --------
Share of income (loss) from
Operating Partnerships 20,960 -
-------- --------
Expenses
Professional fees 20,529 220
Fund management fee (Note C) 66,478 -
Amortization 5,081 -
General and administrative expense 104,770 31,944
-------- --------
196,858 32,164
-------- --------
NET INCOME (LOSS) $ 53,046 $ (13,301)
======== ========
Net income (loss) allocated to
limited partners $ 52,516 $ (13,168)
======== ========
Net income (loss) allocated to
general partner $ 530 $ (133)
======== ========
Net income (loss) per BAC $ .01 $ -
======== ========
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 December 31,
(Unaudited)
SERIES 29*
- -----------
1997
----
Income
Interest income $ 199,420
--------
199,420
--------
Share of income (loss) from
Operating Partnerships (14,979)
--------
Expenses
Professional fees 14,106
Fund management fee (Note C) 37,884
Amortization 2,415
General and administrative expense 67,230
--------
121,635
--------
NET INCOME (LOSS) $ 62,806
========
Net income (loss) allocated to
limited partners $ 62,178
========
Net income (loss) allocated to
general partner $ 628
========
Net income (loss) per BAC $ (.01)
========
* Series 29 did not commence operations until after December 31,
1996, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
SERIES 30* SERIES
31*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 170,915 $ 37,530
-------- --------
170,915 37,530
-------- --------
Share of income (loss) from
Operating Partnerships - -
-------- --------
Expenses
Professional fees 8,388 19,377
Fund management fee (Note C) 18,795 31,291
Amortization 2,149 -
General and administrative expense 57,986 35,229
-------- --------
87,318 85,897
-------- --------
NET INCOME (LOSS) $ 83,597 $ (48,367)
======== ========
Net income (loss) allocated to
limited partners $ 82,761 $ (47,883)
======== ========
Net income (loss) allocated to
general partner $ 836 $ (484)
======== ========
Net income (loss) per BAC $ .03 $ -
======== ========
* Series 30 and 31 did not commence operations until after
December 31,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
1997 1996
---- ----
Income
Interest income $ 2,704,694 $ 1,679,848
---------- ----------
2,704,694 1,679,848
---------- ----------
Share of income (loss) from
Operating Partnerships (6,297,014)
(3,999,925)
---------- ----------
Expenses
Professional fees 422,848 254,018
Fund management fee (Note C) 1,692,231 1,174,196
Amortization 116,554 81,337
General and administrative expenses 1,111,757 777,622
---------- ----------
3,343,390 2,287,173
---------- ----------
NET INCOME (LOSS) $(6,935,710)
$(4,607,050)
========== ==========
Net income (loss) allocated to
limited partners $(6,866,351)
$(4,560,980)
========== ==========
Net income (loss) allocated to
general partner $ (69,359) $
(46,070)
========== ==========
Net income (loss) per BAC $ (2.54) $
(1.74)
========== ==========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 20
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 44,148 $
33,738
----------
- --------
44,148
33,738
----------
- --------
Share of (income) loss from Operating
Partnerships (1,782,106)
(1,114,155)
----------
- --------
Expenses
Professional fees 29,642
26,120
Fund management fee (Note C) 213,926
252,848
Amortization 17,464
17,464
General and administrative expense 45,443
32,632
----------
- --------
306,475
329,064
----------
- --------
NET INCOME (LOSS) $(2,044,433)
$(1,409,481)
==========
========
Net income (loss) allocated to
limited partners $(2,023,989)
$(1,395,386)
==========
========
Net income (loss) allocated to
general partner $ (20,444) $
(14,095)
==========
========
Net income (loss) per BAC $ (.52) $
(.36)
==========
========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 21
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 34,559 $
51,696
---------- --
- --------
34,559
51,696
---------- --
- --------
Share of (income) loss from Operating
Partnerships (1,216,880)
(1,283,602)
---------- --
- --------
Expenses
Professional fees 20,510
30,779
Fund management fee (Note C) 166,167
167,792
Amortization 14,218
14,218
General and administrative expense 30,672
29,212
---------- --
- --------
231,567
242,001
---------- --
- --------
NET INCOME (LOSS) $(1,413,888)
$(1,473,907)
==========
==========
Net income (loss) allocated to
limited partners $(1,399,749)
$(1,459,168)
==========
==========
Net income (loss) allocated to
general partner $ (14,139) $
(14,739)
==========
==========
Net income (loss) per BAC $ (.74) $
(.77)
==========
==========
The accompanying notes are an integral part of these
statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 22
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 27,529 $
43,269
-------- -
- -------
27,529
43,269
-------- -
- -------
Share of income (loss) from Operating
Partnerships (933,232)
(551,467)
-------- -
- -------
Expenses
Professional fees 33,528
24,513
Fund management fee (Note C) 183,840
166,181
Amortization 9,404
9,404
General and administrative expense 35,733
44,691
-------- -
- -------
262,505
244,789
-------- -
- -------
NET INCOME (LOSS) $(1,168,208)
$(752,987)
========
========
Net income (loss) allocated to
limited partners $(1,156,526)
$(745,457)
========
========
Net income (loss) allocated to
general partner $ (11,682) $
(7,530)
========
========
Net income (loss) per BAC $ (.45) $
(.29)
========
========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 23
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 58,655 $
138,618
--------- -
- -------
58,655
138,618
--------- -
- -------
Share of income (loss) from Operating
Partnerships (1,247,889)
(646,747)
--------- -
- -------
Expenses
Professional fees 34,592
18,489
Fund management fee (Note C) 155,675
176,128
Amortization 9,804
9,804
General and administrative expense 50,018
78,558
--------- -
- -------
250,089
282,979
--------- -
- -------
NET INCOME (LOSS) $(1,439,323) $
(791,108)
=========
========
Net income (loss) allocated to
limited partners $(1,424,930) $
(783,197)
=========
========
Net income (loss) allocated to
general partner $ (14,393) $
(7,911)
=========
========
Net income (loss) per BAC $ (.43) $
(.23)
=========
========
The accompanying notes are an integral part of these
statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 24
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 12,343 $
179,679
-------- -
- -------
12,343
179,679
-------- -
- -------
Share of income (loss) from Operating
Partnerships (601,246)
(109,960)
-------- -
- -------
Expenses
Professional fees 29,096
24,746
Fund management fee (Note C) 149,640
133,855
Amortization 9,735
9,735
General and administrative expense 25,705
65,550
-------- -
- -------
214,176
233,886
-------- -
- -------
NET INCOME (LOSS) $(803,079)
$(164,167)
========
========
Net income (loss) allocated to
limited partners $(795,048)
$(162,525)
========
========
Net income (loss) allocated to
general partner $ (8,031) $
(1,642)
========
========
Net income (loss) per BAC $ (.37) $
(.07)
========
========
The accompanying notes are an integral part of these
statements.
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 25
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 111,971 $
378,354
-------- -
- -------
111,971
378,354
-------- -
- -------
Share of income (loss) from Operating
Partnerships (407,820)
(27,866)
-------- -
- -------
Expenses
Professional fees 34,580
34,993
Fund management fee (Note C) 200,363
122,728
Amortization 7,866
7,866
General and administrative expense 69,998
142,308
-------- -
- -------
312,807
307,895
-------- -
- -------
NET INCOME (LOSS) $(608,656) $
42,593
========
========
Net income (loss) allocated to
limited partners $(602,569) $
42,167
========
========
Net income (loss) allocated to
general partner $ (6,087) $
426
========
========
Net income (loss) per BAC $ (.20) $
.01
========
========
The accompanying notes are an integral part of these
statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 26
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 404,278 $
697,795
-------- -
- -------
404,278
697,795
-------- -
- -------
Share of income (loss) from Operating
Partnerships 3,345
(265,928)
-------- -
- -------
Expenses
Professional fees 71,576
83,204
Fund management fee (Note C) 231,276
95,409
Amortization 14,198
9,465
General and administrative expense 186,023
278,937
-------- -
- -------
503,073
467,015
-------- -
- -------
NET INCOME (LOSS) $ (95,450) $
(35,148)
========
========
Net income (loss) allocated to
limited partners $ (94,495) $
(34,797)
========
========
Net income (loss) allocated to
general partner $ (955) $
(351)
========
========
Net income (loss) per BAC $ (.02) $
(.01)
========
========
The accompanying notes are an integral part of these
statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 27
- -----------------------
1997
1996
----
- ----
Income
Interest income $ 246,324 $
137,836
-------- -
- -------
246,324
137,836
-------- -
- -------
Share of income (loss) from Operating
Partnerships 120,537
- -
-------- -
- -------
Expenses
Professional fees 27,363
10,954
Fund management fee (Note C) 148,302
59,255
Amortization 11,642
3,381
General and administrative expense 103,004
73,790
-------- -
- -------
290,311
147,380
-------- -
- -------
NET INCOME (LOSS) $ 76,550 $
(9,544)
========
========
Net income (loss) allocated to
limited partners $ 75,785 $
(9,449)
========
========
Net income (loss) allocated to
general partner $ 765 $
(95)
========
========
Net income (loss) per BAC $ .03 $
- -
========
========
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 28
----------------
- -----------
1997 1996
---- ----
Income
Interest income $ 957,102 $ 18,863
-------- --------
957,102 18,863
-------- --------
Share of income (loss) from
Operating Partnerships (216,744) -
-------- --------
Expenses
Professional fees 77,989 220
Fund management fee (Note C) 105,366 -
Amortization 15,244 -
General and administrative expense 307,029 31,944
-------- --------
505,628 32,164
-------- --------
NET INCOME (LOSS) $ 234,730 $ (13,301)
======== ========
Net income (loss) allocated to
limited partners $ 232,383 $ (13,168)
======== ========
Net income (loss) allocated to
general partner $ 2,347 $ (133)
======== ========
Net income (loss) per BAC $ .06 $ -
======== ========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 29
- -----------
1997
----
Income
Interest income $ 514,332
--------
514,332
--------
Share of income (loss) from
Operating Partnerships (14,979)
--------
Expenses
Professional fees 32,988
Fund management fee (Note C) 87,590
Amortization 4,830
General and administrative expense 131,215
--------
256,623
--------
NET INCOME (LOSS) $ 242,730
========
Net income (loss) allocated to
limited partners $ 240,303
========
Net income (loss) allocated to
general partner $ 2,427
========
Net income (loss) per BAC $ .05
========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
SERIES 30* SERIES
31*
-----------
- -----------
1997 1997
---- ----
Income
Interest income $ 255 923 $ 37,530
-------- --------
255,923 37,530
-------- --------
Share of income (loss) from
Operating Partnerships - -
-------- --------
Expenses
Professional fees 11,607 19,377
Fund management fee (Note C) 18,795 31,291
Amortization 2,149 -
General and administrative expense 78,065 48,852
-------- --------
110,616 99,520
-------- --------
NET INCOME (LOSS) $ 145,307 $ (61,990)
======== ========
Net income (loss) allocated to
limited partners $ 143,854 $ (61,370)
======== ========
Net income (loss) allocated to
general partner $ 1,453 $ (620)
======== ========
Net income (loss) per BAC $ .05 $ (.02)
======== ========
* Series 30 and 31 did not commence operations until after
December 31,
1996, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Partners' capital
(deficit)
April 1, 1997 $222,767,338 $ (191,910) $ 56,743
$222,632,171
Capital contribu-
tions 95,168,500 - -
95,168,500
Selling commissions
and registration
costs (12,924,762) - -
(12,924,762)
Net income (loss) (6,866,351) (69,359) -
(6,935,710)
---------- -------- -------
- -----------
Partners' capital
(deficit),
December 31, 1997 $298,144,725 $(261,269) $ 56,743
$297,940,199
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1997 $25,884,026 $ (72,450) $ 748
$25,812,324
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (2,023,989) (20,444) -
(2,044,433)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $23,860,037 $ (92,894) $ 748
$23,767,891
=========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1997 $12,381,436 $ (38,523) $ 742
$12,343,655
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,399,749) (14,139) -
(1,413,888)
---------- -------- --------
- ----------
Partners' capital
(deficit),
December 31, 1997 $10,981,687 $ (52,662) $ 742
$10,929,767
========== ======== ========
==========
The accompanying notes are an integral part of these
statements.
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1997 $18,363,950 $ (35,799) $ 765
$18,328,916
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,156,526) (11,682) -
(1,168,208)
---------- -------- ------
- ----------
Partners' capital
(deficit),
December 31, 1997 $17,207,424 $ (47,481) $ 765 $
17,160,708
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1997 $25,958,000 $ (25,521) $ 1,580
$25,934,059
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,424,930) (14,393) -
(1,439,323)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $24,533,070 $ (39,914) $ 1,580
$24,494,736
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1997 $17,468,005 $ (10,725) $ 517
$17,457,797
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (795,048) (8,031) -
(803,079)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $16,672,957 $ (18,756) $ 517
$16,654,718
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1997 $25,031,932 $ (7,202) $ 5,578
$25,030,308
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (602,569) (6,087) -
(608,656)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $24,429,363 $ (13,289) $ 5,578
$24,421,652
========== ======== =======
==========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1997 $33,793,663 $(2,372) $ 19,395
$33,810,686
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (9) - -
(9)
Net income (loss) (94,495) (955) -
(95,450)
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $33,699,159 $(3,327) $ 19,395
$33,715,227
========== ====== =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1997 $20,895,461 $ (243) $ 7,550
$20,902,768
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs 124 - -
124
Net income (loss) 75,785 765 -
76,550
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $20,971,370 $ 522 $ 7,550
$20,979,442
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1997 $34,479,402 $ 916 $ 19,868
$34,500,186
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (214) - -
(214)
Net income (loss) 232,383 2,347 -
234,730
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $34,711,571 $ 3,263 $ 19,868
$34,734,702
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1997 $ 8,511,463 $ 9 $ - $
8,511,472
Capital contribu-
tions 29,783,000 - -
29,783,000
Selling commissions
and registration
costs (4,039,189) - -
(4,039,189)
Net income (loss) 240,303 2,427 -
242,730
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $34,495,577 $ 2,436 $ -
$34,498,013
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1997
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1997 $ - $ - $ - $
- -
Capital contribu-
tions 26,490,750 - -
26,490,750 -
Selling commissions
and registration
costs (3,707,334)
(3,707,334)
Net income (loss) 143,854 1,453 -
145,307
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $22,927,270 $ 1,453 $ -
$22,928,723
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1997 $ - $ - $ - $
- -
Capital contribu-
tions 38,894,750 - -
38,894,750
Selling commissions
and registration
costs (5,178,140) - -
(5,178,140)
Net income (loss) (61,370) (620) -
(61,990)
--------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1997 $33,655,240 $ (620) $ -
$33,654,620
========== ====== =======
==========
The accompanying notes are an integral part of these statements.
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(6,935,710) $
(4,607,050)
Adjustments
Amortization 116,554
81,337
Distributions from
Operating Partnerships 29,961
397
Share of loss from Operating
Partnerships 6,297,014
3,999,725
Changes in assets and liabilities
Decrease (Increase) in
organization costs (97,180)
(209,854)
(Decrease) Increase in accounts
payable and accrued expenses 2,179,453
1,380,256
Decrease (Increase) in prepaid
expenses 6,458
- -
Decrease (Increase) in accounts
receivable (12,182,939)
(11,510,420)
(Decrease) Increase in accounts
payable affiliates 1,379,831
613,782
----------- -
- ----------
Net cash (used in) provided by
operating activities (9,206,558)
10,251,827
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (10,013,610)
(8,942,927)
Capital contributions paid to
Operating Partnerships (46,523,133)
(40,598,055)
Advances to Operating Partnerships (1,415,723)
2,500,712
Investments (19,789,169)
(18,487,167)
----------- -
- ----------
Net cash (used in) provided by
investing activities (77,741,635)
(65,527,437)
----------- -
- ----------
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (12,924,762)
(11,806,294)
Capital contributions received 95,168,500
84,174,000
Net cash (used in) provided by ----------- -
- ----------
financing activities 82,243,738
72,367,706
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (4,704,455)
(3,411,558)
Cash and cash equivalents, beginning 14,801,634
19,454,787
----------- -
- ----------
Cash and cash equivalents, ending $ 10,097,179 $
16,043,229
===========
===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 43,171,434
$18,352,120
===========
==========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(2,044,433)
$(1,409,481)
Adjustments
Amortization 17,464
17,464
Distributions from
Operating Partnerships 2,647
19
Share of loss from Operating
Partnerships 1,782,106 1,114,155
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
810
Decrease (Increase ) in prepaid
expenses 4,410
- -
Decrease (Increase) in accounts
receivable (43,212)
(9,975)
(Decrease) Increase in accounts
payable affiliates 284,231
284,232
----------
- ----------
Net cash (used in) provided by
operating activities 3,213
(2,776)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (1,370,776)
(1,855,561)
Advances to Operating Partnerships 874,787
898,796
Investments 498,335
532,415
----------
- ----------
Net cash (used in) provided by
investing activities 2,346
(424,350)
----------
- ----------
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
- -------------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 5,559
(427,126)
Cash and cash equivalents, beginning 429,105
1,306,675
----------
- ----------
Cash and cash equivalents, ending $ 434,664 $
879,549
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,413,888)
$(1,473,907)
Adjustments
Amortization 14,218
14,218
Distributions from
Operating Partnerships 22,157
- -
Share of loss from Operating
Partnerships 1,216,880
1,283,602
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 892
37,990
(Decrease) Increase in accounts
payable affiliates 169,380
169,380
----------
- ----------
Net cash (used in) provided by
operating activities 9,639
31,283
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (30,517)
(456,048)
Advances to Operating Partnerships -
100,000
Investments 168,824
(206,769)
----------
- ----------
Net cash (used in) provided by
investing activities 138,307
(562,817)
----------
- ----------
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
- -----------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ---------- -
- ---------
financing activities -
- -
---------- -
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 147,946
(531,534)
Cash and cash equivalents, beginning 494,112
1,398,907
----------
- ----------
Cash and cash equivalents, ending $ 642,058 $
867,373
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
61
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,168,208) $
(752,987)
Adjustments
Amortization 9,404
9,404
Distributions from
Operating Partnerships 3,342
- -
Share of loss from Operating
Partnerships 933,232 551,467
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(106)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 349,789
(249,088)
(Decrease) Increase in accounts
payable affiliates 189,765
176,311
----------
- ----------
Net cash (used in) provided by
operating activities 317,324
(264,999)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (27,058)
(19,323)
Capital contributions paid to
Operating Partnerships (1,296,131)
(2,151,276)
Advances to Operating Partnerships 413,033
1,450,013
Investments 305,499
(157,977)
----------
- ----------
Net cash (used in) provided by
investing activities (604,657)
(878,563)
----------
- ----------
62
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
- ---------------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ---------
financing activities -
- -
----------
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (287,333)
(1,143,562)
Cash and cash equivalents, beginning 648,647
1,686,347
----------
- ----------
Cash and cash equivalents, ending $ 361,314 $
542,785
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 230,990 $
586,492
==========
==========
The accompanying notes are an integral part of these
statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,439,323) $
(791,108)
Adjustments
Amortization 9,804
9,804
Distributions from
Operating Partnerships 359
378
Share of loss from Operating
Partnerships 1,247,889
646,747
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses 2,048
- -
Decrease (Increase) in accounts
receivable (347,308)
64,299
(Decrease) Increase in accounts
payable affiliates 179,739
(9,383)
----------
- ----------
Net cash (used in) provided by
operating activities (346,792)
(79,263)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (7)
(27,191)
Capital contributions paid to
Operating Partnerships (930,907)
(5,171,526)
Advances to Operating Partnerships -
1,540,993
Investments 132,878
3,926,792
----------
- ----------
Net cash (used in) provided by
investing activities (798,036)
269,068
----------
- ----------
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,144,828)
189,805
Cash and cash equivalents, beginning 1,578,798
1,313,618
----------
- ----------
Cash and cash equivalents, ending $ 433,970 $
1,503,423
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (803,079) $
(164,167)
Adjustments
Amortization 9,735
9,735
Distributions from
Operating Partnerships 1,276
- -
Share of loss from Operating
Partnerships 601,246 109,960
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(235,300)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 111,606
585,814
(Decrease) Increase in accounts
payable affiliates 160,740
(33,597)
----------
- ----------
Net cash (used in) provided by
operating activities 81,524
272,445
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (75,654)
(187,681)
Capital contributions paid to
Operating Partnerships (1,487,019)
(6,621,083)
Advances to Operating Partnerships 897,920
461,871
Investments 303,432
2,636,464
----------
- ----------
Net cash (used in) provided by
investing activities (361,321)
(3,710,429)
----------
- ----------
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (279,797)
(3,437,984)
Cash and cash equivalents, beginning 644,685
4,796,487
----------
- ----------
Cash and cash equivalents, ending $ 364,888 $
1,358,503
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 149,238 $
2,073,486
==========
==========
The accompanying notes are an integral part of these
statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (608,656) $
42,593
Adjustments
Amortization 7,866
7,866
Distributions from
Operating Partnerships 180
- -
Share of loss from Operating
Partnerships 407,820 27,866
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses (983)
573
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 730,068
(441,320)
(Decrease) Increase in accounts
payable affiliates (16,554)
(1,209)
----------
- ----------
Net cash (used in) provided by
operating activities 519,741
(363,631)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (165,499)
(294,736)
Capital contributions paid to
Operating Partnerships (2,690,205)
(10,355,757)
Advances to Operating Partnerships (9,077)
1,614,960
Investments 1,797,321
4,199,539
----------
- ----------
Net cash (used in) provided by
investing activities (1,067,460)
(4,835,994)
----------
- ----------
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
3,651
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(3,651)
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (547,719)
(5,203,276)
Cash and cash equivalents, beginning 956,365
7,307,862
----------
- ----------
Cash and cash equivalents, ending $ 408,646 $
2,104,586
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
7,692,142
==========
==========
The accompanying notes are an integral part of these
statements.
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ (95,450) $
(35,148)
Adjustments
Amortization 14,198
9,465
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships (3,345) 265,928
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(48,303)
(Decrease) Increase in accounts
payable and accrued expenses -
(74,918)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (67,229)
333,847
(Decrease) Increase in accounts
payable affiliates (9,630)
(360,477)
----------
- ----------
Net cash (used in) provided by
operating activities (161,456)
90,394
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (258,858)
(3,157,466)
Capital contributions paid to
Operating Partnerships (5,493,882)
(7,057,846)
Advances to Operating Partnerships 49,050
225,429
Investments 5,863,756
(14,993,130)
---------- -
- ----------
Net cash (used in) provided by
investing activities 160,066
(24,983,013)
---------- -
- ----------
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (9)
(4,115,661)
Capital contributions received -
30,013,000
Net cash (used in) provided by ----------
- ----------
financing activities (9)
25,897,339
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,399)
1,004,720
Cash and cash equivalents, beginning 1,239,330
1,644,891
----------
- ----------
Cash and cash equivalents, ending $ 1,237,931 $
2,649,611
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 4,308,500 $
6,780,065
==========
==========
The accompanying notes are an integral part of these
statements.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
- ---------------------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ 76,550 $
(9,544)
Adjustments
Amortization 11,642
3,381
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships (120,537) -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(77,612)
(Decrease) Increase in accounts
payable and accrued expenses -
729
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (95,560)
(278,387)
(Decrease) Increase in accounts
payable affiliates 42,380
- -
----------
- ----------
Net cash (used in) provided by
operating activities (85,525)
(361,433)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (200,510)
(2,523,025)
Capital contributions paid to
Operating Partnerships (5,398,221)
(6,780,741)
Advances to Operating Partnerships (88,012)
(688,605)
Investments 4,690,099
(8,177,421)
---------- -
- ----------
Net cash (used in) provided by
investing activities (996,644)
(18,169,792)
---------- -
- ----------
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
- ----------------------------
1997 1996
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid 124
24,607,000
Capital contributions received -
(3,617,477)
Net cash (used in) provided by ----------
- ----------
financing activities 124
20,989,523
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,082,045)
20,989,523
Cash and cash equivalents, beginning 2,180,687
- -
----------
- ----------
Cash and cash equivalents, ending $ 1,098,642 $
2,458,298
==========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,656,208 $
7,640,702
==========
==========
The accompanying notes are an integral part of these
statements.
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
28
---------------
- ----------
1997
1996
----
- ----
Cash flows from operating activities:
Net income (loss) $ 234,730 $
(13,301)
Adjustments
Amortization 15,244
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
operating partnerships 216,744
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(83,939)
(Decrease) Increase in accounts
payable and accrued expenses (5,700)
1,688,468
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (5,401)
(11,553,600)
(Decrease) Increase in accounts
payable affiliates (2,100)
(388,525)
----------
- -----------
Net cash (used in) provided by
operating activities 453,517
(9,573,847)
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (340,079)
(2,733,505)
Capital contributions paid to
Operating Partnerships (9,583,566)
(148,217)
Advances to Operating Partnerships 2,283,840
(3,102,745)
Investments 3,398,871
(6,247,080)
----------
- -----------
Net cash (used in) provided by
investing activities (4,240,934)
(12,231,547)
----------
- -----------
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
28
- ---------------------
1997
1996
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (214)
(4,069,505)
Capital contributions received -
29,554,000
Net cash (used in) provided by ----------
- -----------
financing activities (214)
25,484,495
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,787,631)
3,679,101
Cash and cash equivalents, beginning 4,589,026
- -
----------
- -----------
Cash and cash equivalents, ending $ 801,395 $
3,679,101
==========
===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 6,063,272
$ 98,812
==========
===========
The accompanying notes are an integral part of these
statements.
75
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 29
- ----------
1996
- ----
Cash flows from operating activities:
Net income (loss) $
242,730
Adjustments
Amortization
4,830
Distributions from
Operating Partnerships
- -
Share of (income) loss from
operating partnerships
14,979
Changes in assets and liabilities
Decrease (Increase) in
organization costs
(11,446)
(Decrease) Increase in accounts
payable and accrued expenses
(280,815)
Decrease (Increase ) in prepaid
expenses
- -
Decrease (Increase) in accounts
receivable
2,794,132
(Decrease) Increase in accounts
payable affiliates
(132,540)
- -----------
Net cash (used in) provided by
operating activities
2,631,870
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire
(2,908,743)
Capital contributions paid to
Operating Partnerships
(8,405,857)
Advances to Operating Partnerships
(1,827,399)
Investments
(15,592,053)
- -----------
Net cash (used in) provided by
investing activities
(28,734,052)
-
- ----------
76
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 29*
- ----------
1997
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid
(4,039,189)
Capital contributions received
29,783,000
Net cash (used in) provided by
- -----------
financing activities
25,743,811
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(358,371)
Cash and cash equivalents, beginning
2,040,879
- -----------
Cash and cash equivalents, ending $
1,682,508
===========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $
5,033,760
===========
*Series 29 did not commence operation until after December 31,
1996,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these
statements.
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1997
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 145,307 $
(61,990)
Adjustments
Amortization 2,149
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
operating partnerships - -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (42,971)
(42,763)
(Decrease) Increase in accounts
payable and accrued expenses 747
2,466,204
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (2,572,411)
(13,038,305)
(Decrease) Increase in accounts
payable affiliates -
514,420
-----------
- -----------
Net cash (used in) provided by
operating activities (2,467,179)
(10,162,434)
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,466,647)
(3,570,555)
Capital contributions paid to
Operating Partnerships (1,219,855)
(8,616,197)
Advances to Operating Partnerships -
(4,009,865)
Investments (14,859,610)
(6,496,521)
-----------
- -----------
Net cash (used in) provided by
investing activities (18,546,112)
(22,693,138)
-----------
- -----------
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1997
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,707,334)
(5,178,140)
Capital contributions received 26,490,750
38,894,750
Net cash (used in) provided by -----------
- ----------
financing activities 22,783,416
33,716,610
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,770,125
861,038
Cash and cash equivalents, beginning -
- -
-----------
- ----------
Cash and cash equivalents, ending $ 1,770,125 $
861,038
===========
==========
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 5,619,715
$20,109,751
===========
==========
*Series 30 and 31 did not commence operation until after December
31, 1996,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these
statements.
79
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized
under the
laws of the State of Delaware as of October 5, 1993, for the
purpose of
acquiring, holding, and disposing of limited partnership
interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated
low-income
apartment complexes ("Operating Partnerships"). The general
partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the general partner. The limited partner of
the
general partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is
BCTC IV Assignor Corp., a Delaware corporation which is
wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form
S-11
Registration Statement with the Securities and Exchange
Commission,
effective December 16, 1993 which covered the offering (the
"Public
Offering") of the Fund's beneficial assignee certificates
("BACs")
representing assignments of units of the beneficial interest of
the
limited partnership interest of the Assignor Limited Partner.
The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public
in one
or more series. One April 18, 1996 an amendment to Form S-16
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective offers and sales of BACs in Series 20,
Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29 and Series 30 were completed and the last of
the BACs in Series 20, Series 21, Series 22, Series 23, Series
24, Series 25, Series 26, Series 27, Series 28, Series 29 and
Series 30 were issued by the Fund on
June 24, 1994, September 30, 1994, December 28, 1994, June 23,
1995,
September 22, 1995, December 29, 1995, June 25, 1996, September
17, 1996,
January 29, 1997, June 10, 1997 and September 10, 1997,
respectively. The
Fund sold 3,866,700 of Series 20 BACs, for a total of
$38,667,000; 1,892,700 of Series 21 BACs for a total of
$18,927,000; 2,564,400 of Series 22 BACs for a total of
$25,644,000; 3,336,727 of Series 23 BACs for a total of
$33,366,000; 2,169,878 of Series 24 BACs for a total of
$21,697,000; 3,026,109 of Series 25 BACs for a total of
$30,248,000; 3,995,900 of Series 26 BACs for a total of
$39,959,000; 2,460,700 of Series 27 BACS for a total of
$24,607,000; 4,000,738 of Series 28 BACs for a total of
$39,999,000; 3,918,000 of Series 29 BACs for a total of
$39,918,000; 2,649,075 of Series 30 BACs for a total of
$26,490,750; and 3,889,475 of Series 31 BACs for a total of
$38,894,750. The fund is continuing to offer BACs in Series 31
at December 31, 1997.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of December 31, 1997
and for the
three and nine months then ended have been prepared by the Fund,
without audit, pursuant to the rules and regulations of the
Securities and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
80
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
using the equity method, whereby the Fund adjusts its investment
cost for its
share of each Operating Partnership's results of operations and
for any
distributions received or accrued. Costs incurred by the Fund in
acquiring
the investments in the Operating Partnerships are capitalized to
the
investment account.
The Fund's accounting and financial reporting policies are in
conformity
with generally accepted accounting principles and include
adjustments in
interim periods considered necessary for a fair presentation of
the
results of operations. Such adjustments are of a normal
recurring
nature. Certain information and footnote disclosures normally
included
in financial statements prepared in accordance with generally
accepted
accounting principals have been condensed or omitted pursuant to
such
rules and regulations. It is suggested that these condensed
financial
statements be read in conjunction with the financial statements
and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of it's investment securities
are to be
categorized as securities available for sale. Securities
classified as
available for sale are those debt securities that the Fund
purchased that may
be liquidated prior to the maturity date should the need arise.
These
securities are carried at approximate fair market value. All of
the
investments held by the Fund are tax-exempt municipal bonds.
The amortized cost of securities available for sale as of
December 31, 1997
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $42,123,822
Due after one year 24,177,298
----------
Total $66,301,120
==========
The fair market value of the securities is $66,357,863. The
difference
being an unrealized gain on securities available for sale of
$56,743, as
of December 31, 1997.
81
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
December 31,
1997 and 1996 the Fund has accumulated amortization of $341,059
and $177,482
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1997 1996
---- ----
Series 20 $ 79,502 $ 56,218
Series 21 55,538 36,581
Series 22 38,776 26,237
Series 23 32,680 19,608
Series 24 28,484 15,504
Series 25 20,975 10,488
Series 26 28,396 9,465
Series 27 19,403 3,381
Series 28 30,326 -
Series 29 4,830 -
Series 30 2,149 -
------- -------
$341,059 $177,482
======= =======
Series 31 organization costs will be amortized over 60 months
beginning January 1, 1998.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Partners, Inc.,
Boston
Capital Services, Inc., and Boston Capital Asset Management L.P.
(formerly
Boston Capital Communications Limited Partnership) as follows:
For the quarter ended December 31,1997, Boston Capital Services,
Inc.
received $762,288 for Series 31 as Dealer-Manager fees for
marketing advice and investment banking services performed at the
time of the Fund's offering of BACs. Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29 and Series 30 completed payment of all
Dealer-Manager fees prior to the quarter ended December 31,1997.
Boston Capital Partners, Inc. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended December 31, 1997, Series 31 paid $2,957,129 for
acquisition fees to Boston Capital Partners, Inc. Series 20,
Series 21, Series 22, Series 23, Series 24, Series 25, Series 26,
Series 27,
82
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Series 28, Series 29 and Series 30 completed payment of all
acquisition fees prior to the quarter ended December 31, 1997.
Of the total acquisition fees and expenses incurred, $98,235,
$53,731, $138,222, $168,254, $276,283, $279,309, $787,685,
$470,156, $1,384,018, $1,459,095, $1,525,395, and 0 for Series
20, Series 21, Series 22, Series 23, Series 24, Series 25, Series
26, Series 27, Series 28, Series 29, Series 30 and Series 31,
respectively, related to costs incurred in connection with the
purchase of interests in Operating Partnerships not finalized as
of December 31, 1997.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P. (formerly
Boston
Capital Communications Limited Partnership).
The fund management fees accrued for the quarters ended December
31, 1997 and
1996 are as follows:
1997 1996
---- ----
Series 20 $ 94,743 $ 94,743
Series 21 56,460 56,460
Series 22 63,936 60,129
Series 23 59,913 -
Series 24 53,580 -
Series 27 42,380 -
------- -------
$371,012 $211,332
======= =======
The fund management fees paid for the quarters ended December 31,
1997 and
1996 are as follows:
1997 1996
---- ----
Series 23 $ - $ 57,250
Series 24 - 56,304
Series 25 68,319 58,472
Series 26 95,899 55,350
Series 27 21,190 59,255
Series 28 66,478 -
Series 29 37,884 -
Series 30 18,795 -
Series 31 31,291 -
------- -------
$339,856 $286,631
======= =======
83
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At December 31, 1997 and 1996 the Fund has limited partnership
interests in
253 and 163 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at December 31, 1997 and 1996 is as follows:
1997 1996
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 28
Series 23 22 22
Series 24 24 23
Series 25 22 20
Series 26 41 24
Series 27 12 7
Series 28 22 1
Series 29 15 -
Series 30 7 -
Series 31 21 -
--- ---
253 163
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at December 31, 1997 and
1996 are as
follows:
1997 1996
---- ----
Series 20 $ 582,584 $ 2,018,106
Series 21 929,965 1,193,620
Series 22 2,192,425 3,742,300
Series 23 3,598,834 5,359,594
Series 24 2,050,311 3,363,312
Series 25 3,742,346 7,833,203
Series 26 8,115,340 7,309,742
Series 27 2,662,827 7,640,702
Series 28 7,017,602 98,812
Series 29 6,465,057 -
Series 30 5,619,715 -
Series 31 20,109,751 -
---------- ----------
$63,086,757 $38,559,391
========== ==========
84
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the nine
months ended September 30, 1997.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 20
- ---------------------------
1997 1996
---- ----
Revenues
Rental $ 5,961,526 $
5,721,327
Interest and other 262,464
260,934
---------
- ---------
6,223,990
5,982,261
---------
- ---------
Expenses
Interest 2,393,033
2,451,867
Depreciation and amortization 2,284,542
1,564,264
Operating expenses 3,377,799
3,091,538
---------
- ---------
8,055,374
7,107,669
---------
- ---------
NET LOSS $(1,831,384)
$(1,125,408)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,782,106)
$(1,114,155)
==========
==========
Net loss allocated to
other partners $ (18,314) $
(11,253)
==========
==========
Net Loss Suspended $ (30,964) $
- -
==========
==========
85
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 21
- --------------------------
1997 1996
---- ----
Revenues
Rental $ 3,300,633 $
2,914,085
Interest and other 195,823
124,052
---------
- ---------
3,496,456
3,038,137
---------
- ---------
Expenses
Interest 1,608,493
1,676,636
Depreciation and amortization 1,062,852
581,635
Operating expenses 2,054,283
2,096,384
---------
- ---------
4,725,628
4,354,655
---------
- ---------
NET INCOME (LOSS) $(1,229,172)
$(1,316,518)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,216,880)
$(1,303,353)
=========
=========
Net loss allocated to
other partners $ (12,292) $
(13,165)
=========
=========
86
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 22
- --------------------------
1997 1996
Revenues ---- ----
Rental $3,164,863
$2,601,079
Interest and other 172,681
131,026
---------
- ---------
3,337,544
2,732,105
---------
- ---------
Expenses
Interest 1,065,390
783,490
Depreciation and amortization 1,355,387
932,910
Operating expenses 1,859,427
1,577,386
---------
- ---------
4,280,204
3,293,786
---------
- ---------
NET INCOME (LOSS) $ (942,660) $
(561,681)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (933,232) $
(556,063)
=========
=========
Net loss allocated to
other partners $ (9,428) $
(5,618)
=========
=========
87
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 23
- ----------------------------
1997 1996
Revenues ---- ----
Rental $ 3,731,241 $
2,254,369
Interest and other 181,140
131,773
----------
- ----------
3,912,381
2,386,142
----------
- ----------
Expenses
Interest 1,419,446
1,020,951
Depreciation and amortization 1,595,608
596,609
Operating expenses 2,157,822
1,421,862
----------
- ----------
5,172,876
3,039,422
----------
- ----------
NET INCOME (LOSS) $(1,260,495) $
(653,280)
==========
==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,247,889) $
(646,747)
==========
==========
Net income (loss) allocated to
other partners $ (12,606) $
(6,533)
==========
==========
88
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 24
-------------------------
1997 1996
Revenues ---- --------
Rental $ 3,033,324 $1,069,035
Interest and other 94,440 84,807
--------- ---------
3,127,764 1,153,842
--------- ---------
Expenses
Interest 1,178,274 368,683
Depreciation and amortization 832,785 261,527
Operating expenses 1,724,023 658,190
--------- ---------
3,735,082 1,288,400
--------- ---------
NET INCOME (LOSS) $ (607,318) $ (134,558)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (601,246) $ (133,212)
========== =========
Net loss allocated to
other partners $ (6,072) $ (1,346)
========== =========
89
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31,1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 25
---------------------
- ------
1997
1996
Revenues ---- -
- ---
Rental $4,070,503 $
480,941
Interest and other 125,989
23,575
--------- ----
- -----
4,196,492
504,516
--------- ----
- -----
Expenses
Interest 1,383,880
108,803
Depreciation and amortization 954,590
69,908
Operating expenses 2,269,961
353,953
--------- ----
- -----
4,608,431
532,664
--------- ----
- -----
NET INCOME (LOSS) $ (411,939) $
(28,148)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (407,820) $
(27,866)
=========
==========
Net loss allocated to
other partners $ (4,119) $
(282)
=========
========
90
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended December 31,
(Unaudited)
Series 26
----------------
- ----------
1997 1996
Revenues ---- ----
Rental $3,711,473 $
399,020
Interest and other 231,715
8,885
---------
- ---------
3,943,188
407,905
---------
- ---------
Expenses
Interest 1,025,543
231,169
Depreciation and amortization 882,673
228,036
Operating expenses 2,031,594
217,314
---------
- ---------
3,939,810
676,519
---------
- ---------
NET INCOME (LOSS) $ 3,378 $
(268,614)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 3,345 $
(265,928)
=========
=========
Net income (loss) allocated to
other partners $ 34 $
(2,686)
=========
=========
91
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 27* Series
28**
--------- ----------
- -
1997 1997
Revenues ---- ----
Rental $1,417,049 $
122,351
Interest and other 334,142
91,669
---------
- ---------
1,751,191
214,020
---------
- ---------
Expenses
Interest 470,264
26,975
Depreciation and amortization 489,184
50,801
Operating expenses 669,988
376,349
---------
- ---------
1,629,436
454,125
---------
- ---------
NET INCOME (LOSS) $ 121,755 $
(240,105)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 120,537 $
(237,704)
=========
=========
Net income (loss) allocated to
other partners $ 1,218 $
(2,401)
=========
=========
* The Operating Partnerships in Series 27 did not commence
operations until after September 30, 1996 therefore they do not
have comparative information to report.
** Series 28 did not commence operations until after September
30, 1996 therefore it does not have comparative information to
report.
92
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1997
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 29**
---------
1997
Revenues ----
Rental $ 4,763
Interest and other 838
---------
5,601
---------
Expenses
Interest -
Depreciation and amortization 5,521
Operating expenses 15,210
---------
20,731
---------
NET INCOME (LOSS) $ (15,130)
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (14,979)
=========
Net income (loss) allocated to
other partners $ (151)
=========
** Series 29 did not commence operations until after September
30, 1996 therefore it does not have comparative information to
report.
93
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1997
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the nine months ended September 30, 1997 and September 30, 1996
numerous variances,some material in nature, exist. The variances
are the result of a number of factors including an increase in
the number of Operating Partnerships owned, an increase in the
number which have completed construction, and an increase in the
number which have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1998
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
94
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 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
and $4,105,000, representing 3,866,700, 1,892,700, 2,564,400,
3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 3,999,900,
3,991,800, 2,649,075 and 3,889,475 BACs from investors admitted
as BAC Holders in Series 20, Series 21, Series 22, Series 23,
Series 24, Series 25, Series 26, Series 27, Series 28, Series 29,
Series 30 and Series 31, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21,
1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$28,572,584.
During the quarter ended December 31, 1997, $30,000 of Series 20
net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $582,584 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of December 31, 1997.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994.
Offers and
sales of BACs in Series 21 were completed on December 31, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$13,872,730.
95
During the quarter ended December 31, 1997, none of Series 21 net
offering proceeds had been used to pay capital contributions.
Series 21 net
offering proceeds in the amount of $929,965 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
21 has invested in as of December 31, 1997.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,738,624.
During the quarter ended December 31, 1997, none of Series 22 net
offering proceeds had been used to pay capital contributions.
Series 22 net
offering proceeds in the amount of $672,196 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
22 has invested in as of December 31, 1997.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended December 31, 1997 none of Series 23 net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $1,386,182 remain to be used
by the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of December 31, 1997.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,939,004.
During the quarter ended December 31, 1997, $198,640 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
$364,888
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as December
31, 1997.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30,
1995. Offers
and sales of BACs in Series 25 were completed on December 29,
1995. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnerships in the amount of
$22,313,040.
96
During the quarter ended December 31, 1997, $1,109,962 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
$1,676,712
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of
December 31, 1997.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 41 Operating Partnerships in the amount of
$25,917,546.
During the quarter ended December 31, 1997, $1,859,701 of Series
26 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 26 net offering proceeds in the amount of
$7,431,657
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of
December 31, 1997.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996.
Offers and
sales of BACs in Series 27 were completed on September 17, 1996.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 12 Operating Partnerships in the amount of
$16,283,639.
During the quarter ended December 31, 1997, $2,947,468 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
$2,662,827
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of
December 31, 1997.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnership in the amount of
$18,234,649.
During the quarter ended December 31, 1997, $6,525,784 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
$7,017,602
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of
December 31, 1997.
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 14 Operating Partnerships in the amount of
$17,187,130.
97
During the quarter ended December 31, 1997, $3,067,724 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
$6,465,056
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of
December 31, 1997.
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 7 Operating Partnerships in the amount of
$6,839,570.
During the quarter ended December 31, 1997, $657,222 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
$5,619,715
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of
December 31, 1997.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997 and was continuing to offer BACS in Series 31 as of December
31, 1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 21 Operating Partnerships in the amount of
$28,725,950.
During the quarter ended December 31, 1997, $8,616,197 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
$7,357,559
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 31 has invested in as of
December 31, 1997.
Results of Operations
- ---------------------
As of December 31, 1997 and 1996 the Fund held limited
partnership interests
in 253 and 163 Operating Partnerships, respectively. In each
instance the
Apartment Complex owned by the applicable Operating Partnership
is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment
Complex which initially complied with the Minimum Set-Aside Test
(i.e.,
occupancy by tenants with incomes equal to no more than a certain
percentage
of area median income) and the Rent Restriction Test (i.e., gross
rent charged
tenants does not exceed 30% of the applicable income standards)
is referred to
hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and
each of the respective Apartment Complexes are described more
fully in the
Prospectus or applicable report on Form 8-K. The General Partner
believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary
significantly
from those for the period ended December 31, 1997 as Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, and Series
30 continue to use the funds raised to invest in partnership
interests of additional Operating Partnerships. As of December
31, 1997 the Fund continued to offer BACs in Series 31.
98
The final BACs in Series 31 were issued on January 23, 1998
bringing the total
dollars raised for Series 31 to $44,057,750. The Fund has
started offering BACs in Series 32 and has investors with equity
totaling $3,330,000 as of February 19, 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
December 31, 1997 for Series 20, Series 21, Series 22, Series 23,
Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30
and Series
31 were $76,839, $55,460, $60,911, $58,349, $53,580, $68,319,
$95,899, $66,478, $37,884, $18,795 and $31,291, respectively.
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the
series was 100% and 99.8%, respectively. The series had a total
of 24
properties at December 31, 1997, all of which were at 100%
qualified
occupancy.
For the nine months being reported Series 20 reflects a net loss
from
Operating Partnerships of $1,831,384. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$453,158. This is an interim period estimate; it is not
indicative of the
final year end results.
During 1996, the Operating General Partner of Breeze Cove Limited
Partnership
experienced financial difficulties. Shortly thereafter, the
Operating General
Partner and its affiliated management company were replaced. The
new
Operating General Partner and management company have conducted
extensive
research and prepared budgets and summaries of the physical
condition of the
Operating Partnership with the goal of improving the overall
operations and
appearance of the property. Operations are anticipated to
improve with the
change in management.
In August 1996, the General Partner was notified that Virginia
Avenue Housing
Limited Partnership was named as defendant in a land encroachment
complaint.
Efforts by the Operating General Partner to settle the complaint
have been
unsuccessful. At this time, the Investment General Partner is
examining the possibility of Operating General Partner removal
and the pursuit of a separate
settlement on behalf of the Operating Partnership.
Series 21
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the
series was 93.0% and 93.3%, respectively. The series had a total
of 14
properties at December 31, 1997. Out of the total 7 were at 100%
qualified
occupancy and 2 were in active lease-up.
99
For the nine months being reported Series 21 reflects a net loss
from
Operating Partnerships of $1,229,172. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$166,320.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 22
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the
series was 100% and 94.5% respectively. The series had a total
of 29
properties at December 31, 1997 all of which were at 100%
qualified
occupancy.
For the nine months being reported Series 22 reflects a net loss
from
Operating Partnerships of $942,660. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$412,727. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 23
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the
series was 100% and 93.4%, respectively. The series had a total
of 22
properties at December 31, 1997 all of which were at 100%
qualified
occupancy.
For the nine months being reported Series 23 reflects a net loss
from
Operating Partnerships of $1,260,495. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $335,113. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the series was 98.8% and 94.7%, respectively. The series had
a total of 24
properties at December 31, 1997. Out of the total 22 were at
100% qualified
occupancy and 2 were in active lease-up.
For the nine months being reported Series 24 reflects a net loss
from
Operating Partnerships of $607,318. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of $225,467. This is an interim period estimate; it
is not indicative of the final year end results.
In the third quarter the Investment General Partner became aware
of the Operating General Partners intention to not completely
fund construction costs of SG Wyandotte. Consequently the
Operating General Partner was removed in August. BCTC 94, Inc.,
the Special Limited Partner, became the new Operating General
Partner and is currently working with a local construction
consultant to pay-off the subcontractors. During the first
quarter 1998, construction has been completed.
Series 25
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the series was 98.5% and 65.7%, respectively. The series had
a total of 22
100
properties at September 30, 1997. Out of the total 18 were at
100% Qualified
Occupancy and 18 were in active lease-up. The series also had 1
with multiple
buildings some of which were under construction and some of which
were in lease-up at December 31, 1997.
For the nine months being reported Series 25 reflects a net loss
from
Operating Partnerships of $411,939. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations
of $542,651. This is an interim period estimate; it is not
indicative of the
final year end results.
In the third quarter the Investment General Partner became aware
of the Operating General Partners intention to not completely
fund construction costs of SG Wyandotte. Consequently the
Operating General Partner was removed in August. BCTC 94, Inc.,
the Special Limited Partner, became the new Operating General
Partner and is currently working with a local construction
consultant to pay-off the subcontractors. During the first
quarter 1998, construction has been completed.
Series 26
- ---------
As of December 31, 1997 and 1996 the average Qualified Occupancy
for the series was 92.7% and 81.2%, respectively. The series had
a total of 41 properties at December 31, 1997. Out of the total
31 were at 100% qualified occupancy and 5 were in active
lease-up. The series also had 1 property which was under
construction and 4 properties with multiple buildings
some of which were under construction and some of which were in
lease-up at December 31, 1997.
For the nine months being reported Series 26 reflects positive
operations
from Operating Partnerships of $3,378. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$883,051. This is an interim period estimate; it is not
indicative of the
final year end results.
In the third quarter the Investment General Partner became aware
of the
Operating General Partners intention to not completely fund
construction costs of SG Hazeltine L.P.. Consequently the
Operating General Partner was removed in August. BCTC 94, Inc.,
the Special Limited Partner, became the new Operating General
Partner and is currently working with a local construction
consultant to pay-off the subcontractors. During the first
quarter 1998, construction has been completed.
Series 27
- ---------
As of December 31, 1997 the average Qualified Occupancy for the
series was 76.0%. The series had a total of 12 properties at
December 31, 1997. Out of the total 3 were at 100% qualified
occupancy and 5 were in active lease-up. The series also had 4
properties which were under construction December 31, 1997.
Since all of the properties in Series 27 were under construction
as of December 31, 1996, there is no comparative information to
report.
101
For the nine months being reported Series 27 reflects positive
operations from Operating Partnerships of $121,755. When
adjusted for depreciation which is a non-cash item, the Operating
Partnerships reflect positive operations of
$610,939. This is an interim period estimate; it is not
indicative of the final year end results.
Series 28
- ---------
As of December 31, 1997 the average Qualified Occupancy for the
series was 90.3%. The series had a total of 22 properties at
December 31, 1997. Out of the total 14 were at 100% qualified
occupancy and 2 properties which were in active lease-up. The
series also had 5 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 December 31,
1997.
Since all of the properties in Series 28 were under construction
as of December 31, 1996, there is no comparative information to
report.
For the nine months being reported Series 28 reflects a net loss
from
Operating Partnerships of $218,933. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$121,443.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 29
- ---------
As of December 31, 1997 the average qualified occupancy for the
Series was 70.1%. The series had a total of 15 properties at
December 31, 1997. Out of the total 2 were at 100% qualified
occupancy and 5 were in active lease-up.
The series also had 6 properties which were under construction
and 2 properties with multiple buildings, some of which were
under construction and some of which were in lease-up at December
31, 1997. Since all of the properties in Series 29 were acquired
after December 30, 1996, there is no comparative information to
report.
For the nine months being reported Series 29 reflects a net loss
from
Operating Partnerships of $15,130. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$9,609.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 30
- ---------
Series 30 had a total of 7 properties at December 31, 1997, all
of which were under construction. Since all of the properties in
Series 30 were acquired after December 31, 1996, there is no
comparative information to report.
Series 31
- ---------
Series 31 had a total of 21 properties at December 31, 1997 all,
of which were under construction. Since all of the properties in
Series 31 were acquired after December 31, 1996, there is no
comparative information to report.
102
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
103
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: February 20, 1998 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
104
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